Document:

EX-10.25

 Exhibit 10.25 

Pursuant to Regulation S-K, Item 601(a)(5), the schedules and exhibits to the Credit and Security Agreement (Term Loan) as referred to herein have not been
filed. The Registrant agrees to furnish supplementally a copy of any omitted schedules or exhibits to the Securities and Exchange Commission upon request. 
  

 
  

CREDIT AND SECURITY AGREEMENT (TERM LOAN) 

dated as of March 26, 2021 

by and among 
 ALPHA
TEKNOVA, INC., 
 and any additional borrower that hereafter becomes party hereto, each as Borrower, and collectively as Borrowers,

 and 
 MIDCAP
FINANCIAL TRUST, 
 as Agent and as a Lender, 

and 
 THE ADDITIONAL
LENDERS 
 FROM TIME TO TIME PARTY HERETO 
  

 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 - DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	 	 Certain Defined Terms
	  	 	1	 
	 Section 1.2
	 	 Accounting Terms and Determinations
	  	 	31	 
	 Section 1.3
	 	 Other Definitional and Interpretive Provisions
	  	 	31	 
	 Section 1.4
	 	 Settlement and Funding Mechanics
	  	 	32	 
	 Section 1.5
	 	 Time is of the Essence
	  	 	32	 
	 Section 1.6
	 	 Time of Day
	  	 	32	 
		
	 ARTICLE 2 - LOANS
	  	 	32	 
			
	 Section 2.1
	 	 Loans
	  	 	32	 
	 Section 2.2
	 	 Interest, Interest Calculations and Certain Fees
	  	 	36	 
	 Section 2.3
	 	 Notes
	  	 	37	 
	 Section 2.4
	 	 Reserved
	  	 	37	 
	 Section 2.5
	 	 Reserved
	  	 	37	 
	 Section 2.6
	 	 General Provisions Regarding Payment; Loan Account
	  	 	37	 
	 Section 2.7
	 	 Maximum Interest
	  	 	38	 
	 Section 2.8
	 	 Taxes; Capital Adequacy
	  	 	38	 
	 Section 2.9
	 	 Appointment of Borrower Representative
	  	 	42	 
	 Section 2.10
	 	 Joint and Several Liability; Rights of Contribution; Subordination and
Subrogation
	  	 	43	 
	 Section 2.11
	 	 Reserved
	  	 	45	 
	 Section 2.12
	 	 Termination; Restriction on Termination
	  	 	45	 
		
	 ARTICLE 3 - REPRESENTATIONS AND WARRANTIES
	  	 	46	 
			
	 Section 3.1
	 	 Existence and Power
	  	 	46	 
	 Section 3.2
	 	 Organization and Governmental Authorization; No Contravention
	  	 	46	 
	 Section 3.3
	 	 Binding Effect
	  	 	47	 
	 Section 3.4
	 	 Capitalization
	  	 	47	 
	 Section 3.5
	 	 Financial Information
	  	 	47	 
	 Section 3.6
	 	 Litigation
	  	 	47	 
	 Section 3.7
	 	 Ownership of Property
	  	 	47	 
	 Section 3.8
	 	 No Default
	  	 	47	 
	 Section 3.9
	 	 Labor Matters
	  	 	47	 
	 Section 3.10
	 	 Investment Company Act
	  	 	48	 
	 Section 3.11
	 	 Margin Regulations
	  	 	48	 
	 Section 3.12
	 	 Compliance With Laws; Anti-Terrorism Laws
	  	 	48	 
	 Section 3.13
	 	 Taxes
	  	 	48	 
	 Section 3.14
	 	 Compliance with ERISA
	  	 	49	 
	 Section 3.15
	 	 Consummation of Financing Documents; Brokers
	  	 	49	 
	 Section 3.16
	 	 [Reserved]
	  	 	49	 
	 Section 3.17
	 	 Material Contracts
	  	 	49	 
	 Section 3.18
	 	 Compliance with Environmental Requirements; No Hazardous Materials
	  	 	50	 
	 Section 3.19
	 	 Intellectual Property and License Agreements
	  	 	50	 
	 Section 3.20
	 	 Solvency
	  	 	50	 
	 Section 3.21
	 	 Full Disclosure
	  	 	50	 

  
 i 

							
	 Section 3.22
	  	 Subsidiaries
	  	 	51	 
	 Section 3.23
	  	 Healthcare Laws
	  	 	51	 
	 Section 3.24
	  	 Senior Indebtedness Status
	  	 	51	 
	 Section 3.25
	  	 Accuracy of Schedules
	  	 	51	 
		
	 ARTICLE 4 - AFFIRMATIVE COVENANTS
	  	 	51	 
			
	 Section 4.1
	  	 Financial Statements and Other Reports and Notices
	  	 	51	 
	 Section 4.2
	  	 Payment and Performance of Obligations
	  	 	53	 
	 Section 4.3
	  	 Maintenance of Existence
	  	 	53	 
	 Section 4.4
	  	 Maintenance of Property; Insurance
	  	 	53	 
	 Section 4.5
	  	 Compliance with Laws and Material Contracts
	  	 	55	 
	 Section 4.6
	  	 Inspection of Property, Books and Records
	  	 	55	 
	 Section 4.7
	  	 Use of Proceeds
	  	 	55	 
	 Section 4.8
	  	 Reserved
	  	 	55	 
	 Section 4.9
	  	 Notices of Material Contracts, Litigation and Defaults
	  	 	55	 
	 Section 4.10
	  	 Hazardous Materials; Remediation
	  	 	56	 
	 Section 4.11
	  	 Further Assurances
	  	 	57	 
	 Section 4.12
	  	 Reserved
	  	 	57	 
	 Section 4.13
	  	 Power of Attorney
	  	 	58	 
	 Section 4.14
	  	 Reserved
	  	 	58	 
	 Section 4.15
	  	 Reserved
	  	 	58	 
	 Section 4.16
	  	 Intellectual Property and Licensing
	  	 	58	 
	 Section 4.17
	  	 Permits
	  	 	59	 
		
	 ARTICLE 5 - NEGATIVE COVENANTS
	  	 	59	 
			
	 Section 5.1
	  	 Debt; Contingent Obligations
	  	 	59	 
	 Section 5.2
	  	 Liens
	  	 	59	 
	 Section 5.3
	  	 Distributions
	  	 	59	 
	 Section 5.4
	  	 Restrictive Agreements
	  	 	60	 
	 Section 5.5
	  	 Payments and Modifications of Subordinated Debt
	  	 	60	 
	 Section 5.6
	  	 Consolidations, Mergers and Sales of Assets;
	  	 	60	 
	 Section 5.7
	  	 Purchase of Assets, Investments
	  	 	61	 
	 Section 5.8
	  	 Transactions with Affiliates
	  	 	61	 
	 Section 5.9
	  	 Modification of Organizational Documents
	  	 	61	 
	 Section 5.10
	  	 Modification of Certain Agreements
	  	 	61	 
	 Section 5.11
	  	 Conduct of Business
	  	 	62	 
	 Section 5.12
	  	 Reserved
	  	 	62	 
	 Section 5.13
	  	 Limitation on Sale and Leaseback Transactions
	  	 	62	 
	 Section 5.14
	  	 Deposit Accounts and Securities Accounts; Payroll and Benefits Accounts
	  	 	62	 
	 Section 5.15
	  	 Compliance with Anti-Terrorism Laws
	  	 	62	 
	 Section 5.16
	  	 Change in Accounting
	  	 	63	 
	 Section 5.17
	  	 Investment Company Act
	  	 	63	 
		
	 ARTICLE 6 - FINANCIAL COVENANTS
	  	 	63	 
			
	 Section 6.1
	  	 Minimum Net Revenue
	  	 	63	 
	 Section 6.2
	  	 Evidence of Compliance
	  	 	63	 

  
 ii 

							
	 ARTICLE 7 - CONDITIONS
	  	 	64	 
			
	 Section 7.1
	  	 Conditions to Closing
	  	 	64	 
	 Section 7.2
	  	 Conditions to Each Loan
	  	 	64	 
	 Section 7.3
	  	 Searches
	  	 	65	 
	 Section 7.4
	  	 Post-Closing Requirements
	  	 	66	 
		
	 ARTICLE 8 – [RESERVED]
	  	 	66	 
		
	 ARTICLE 9 - SECURITY AGREEMENT
	  	 	66	 
			
	 Section 9.1
	  	 Generally
	  	 	66	 
	 Section 9.2
	  	 Representations and Warranties and Covenants Relating to Collateral
	  	 	66	 
		
	 ARTICLE 10 EVENTS OF DEFAULT
	  	 	70	 
			
	 Section 10.1
	  	 Events of Default
	  	 	70	 
	 Section 10.2
	  	 Acceleration and Suspension or Termination of Term Loan Commitment
	  	 	72	 
	 Section 10.3
	  	 UCC Remedies
	  	 	73	 
	 Section 10.4
	  	 Reserved
	  	 	74	 
	 Section 10.5
	  	 Default Rate of Interest
	  	 	74	 
	 Section 10.6
	  	 Setoff Rights
	  	 	74	 
	 Section 10.7
	  	 Application of Proceeds
	  	 	75	 
	 Section 10.8
	  	 Waivers
	  	 	75	 
	 Section 10.9
	  	 Injunctive Relief
	  	 	77	 
	 Section 10.10
	  	 Marshalling; Payments Set Aside
	  	 	77	 
		
	 ARTICLE 11 - AGENT
	  	 	77	 
			
	 Section 11.1
	  	 Appointment and Authorization
	  	 	77	 
	 Section 11.2
	  	 Agent and Affiliates
	  	 	78	 
	 Section 11.3
	  	 Action by Agent
	  	 	78	 
	 Section 11.4
	  	 Consultation with Experts
	  	 	78	 
	 Section 11.5
	  	 Liability of Agent
	  	 	78	 
	 Section 11.6
	  	 Indemnification
	  	 	78	 
	 Section 11.7
	  	 Right to Request and Act on Instructions
	  	 	79	 
	 Section 11.8
	  	 Credit Decision
	  	 	79	 
	 Section 11.9
	  	 Collateral Matters
	  	 	79	 
	 Section 11.10
	  	 Agency for Perfection
	  	 	79	 
	 Section 11.11
	  	 Notice of Default
	  	 	80	 
	 Section 11.12
	  	 Assignment by Agent; Resignation of Agent; Successor Agent
	  	 	80	 
	 Section 11.13
	  	 Payment and Sharing of Payment
	  	 	81	 
	 Section 11.14
	  	 Right to Perform, Preserve and Protect
	  	 	82	 
	 Section 11.15
	  	 Additional Titled Agents
	  	 	82	 
	 Section 11.16
	  	 Amendments and Waivers
	  	 	82	 
	 Section 11.17
	  	 Assignments and Participations
	  	 	83	 
	 Section 11.18
	  	 Funding and Settlement Provisions Applicable When
Non-Funding Lenders Exist
	  	 	85	 
		
	 ARTICLE 12 - MISCELLANEOUS
	  	 	86	 
			
	 Section 12.1
	  	 Survival
	  	 	86	 
	 Section 12.2
	  	 No Waivers
	  	 	86	 
	 Section 12.3
	  	 Notices
	  	 	86	 
	 Section 12.4
	  	 Severability
	  	 	87	 
	 Section 12.5
	  	 Headings
	  	 	87	 

  
 iii 

							
	 Section 12.6
	  	 Confidentiality
	  	 	87	 
	 Section 12.7
	  	 Waiver of Consequential and Other Damages
	  	 	88	 
	 Section 12.8
	  	 GOVERNING LAW; SUBMISSION TO JURISDICTION
	  	 	88	 
	 Section 12.9
	  	 WAIVER OF JURY TRIAL
	  	 	89	 
	 Section 12.10
	  	 Publication; Advertisement
	  	 	89	 
	 Section 12.11
	  	 Counterparts; Integration
	  	 	90	 
	 Section 12.12
	  	 No Strict Construction
	  	 	90	 
	 Section 12.13
	  	 Lender Approvals
	  	 	90	 
	 Section 12.14
	  	 Expenses; Indemnity
	  	 	90	 
	 Section 12.15
	  	 Reinstatement
	  	 	92	 
	 Section 12.16
	  	 Successors and Assigns
	  	 	92	 
	 Section 12.17
	  	 USA PATRIOT Act Notification
	  	 	92	 
	 Section 12.18
	  	 Acknowledgement and Consent to Bail-In of
Affected Financial Institutions
	  	 	92	 
	 Section 12.19
	  	 Cross Default and Cross Collateralization
	  	 	93	 

  
 iv 

 CREDIT AND SECURITY AGREEMENT (TERM LOAN) 

This CREDIT AND SECURITY AGREEMENT (TERM LOAN) (as the same may be amended, supplemented, restated or otherwise modified from time to
time, the “Agreement”) is dated as of March 26, 2021 by and among APLHA TEKNOVA, INC., a Delaware corporation, and each additional borrower that may hereafter be added to this Agreement (each individually as a
“Borrower”, and collectively with any entities that become party hereto as Borrower and each of their successors and permitted assigns, the “Borrowers”), MIDCAP FINANCIAL TRUST, a Delaware statutory trust,
individually as a Lender, and as Agent, and the financial institutions or other entities from time to time parties hereto, each as a Lender. 

RECITALS 
 Borrowers have
requested that Lenders make available to Borrowers the financing facilities as described herein. Lenders are willing to extend such credit to Borrowers under the terms and conditions herein set forth. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, Borrowers, Lenders and Agent agree as follows: 

ARTICLE 1 - DEFINITIONS 

Section 1.1    Certain Defined Terms. The following terms have the following meanings: 

“Acceleration Event” means the occurrence of an Event of Default (a) in respect of which Agent has declared all or any
portion of the Obligations to be immediately due and payable pursuant to Section 10.2, (b) pursuant to Section 10.1(a), and in respect of which Agent has suspended or terminated the Term Loan Commitment pursuant to Section 10.2,
and/or (c) pursuant to either Section 10.1(e) and/or Section 10.1(f). 
 “Account Debtor” means
“account debtor”, as defined in Article 9 of the UCC, and any other obligor in respect of an Account. 

“Accounts” means, collectively, (a) any right to payment of a monetary obligation, whether or not earned by performance,
(b) without duplication, any “account” (as defined in the UCC), any accounts receivable (whether in the form of payments for services rendered or goods sold, rents, license fees or otherwise), any “payment intangibles” (as
defined in the UCC) and all other rights to payment and/or reimbursement of every kind and description, whether or not earned by performance, (c) all accounts, “general intangibles” (as defined in the UCC), Intellectual Property,
rights, remedies, Guarantees, “supporting obligations” (as defined in the UCC), “letter-of-credit rights” (as defined in the UCC) and security
interests in respect of the foregoing, all rights of enforcement and collection, all books and records evidencing or related to the foregoing, and all rights under the Financing Documents in respect of the foregoing, and (d) all proceeds of any
of the foregoing. 
 “Acquisition” means any transaction or series of related transactions for the purpose of or resulting,
directly or indirectly, in (a) the acquisition (including through licensing) of all or substantially all of the assets of a Person, or of any business, line of business or division or other unit of operation of a Person, (b) the
acquisition of fifty percent (50%) or more of the Equity Interests of any Person, whether or not involving a merger or consolidation with such other Person, or otherwise causing any Person to become a

 
Subsidiary of a Borrower, (c) any merger or consolidation or any other combination with another Person or (d) the acquisition (including through licensing) of any product, product line
or Intellectual Property of or from any other Person (but in each case excluding in-bound licenses and purchases of
over-the-counter and other software that is commercially available to the public, open source licenses and enabling licenses in the Ordinary Course of Business). 

“Additional Titled Agents” has the meaning set forth in Section 11.15. 

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 

“Affiliate” means, with respect to any Person, (a) any Person that directly or indirectly controls such Person,
(b) any Person which is controlled by or is under common control with such controlling Person, and (c) each of such Person’s (other than, with respect to any Lender, any Lender’s) officers or directors (or Persons functioning in
substantially similar roles). As used in this definition, the term “control” of a Person means the possession, directly or indirectly, of the power to vote twenty percent (20%) or more of any class of voting securities of such Person or to
direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Affiliated Credit Agreement” that certain Credit and Security Agreement (Revolving Loan) (as the same may be amended,
restated, supplemented or otherwise modified from time to time), among the Affiliated Financing Agent, the lenders party thereto and Borrowers pursuant to which such Affiliated Financing Agent and lenders have extended a revolving credit facility to
Borrowers. 
 “Affiliated Financing Agent” means the “Agent” under and as defined in the Affiliated Credit
Agreement. 
 “Affiliated Financing Documents” means the “Financing Documents” as defined in the
Affiliated Credit Agreement. 
 “Affiliated Intercreditor Agreement” means that certain Intercreditor Agreement dated as of
the date hereof between Agent and the Affiliated Financing Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Affiliated Obligations” means all “Obligations”, as such term is defined in the Affiliated Financing Documents.

 “Agent” means MCF, in its capacity as administrative agent for itself and for Lenders hereunder, as such capacity is
established in, and subject to the provisions of, Article 11, and the successors and assigns of MCF in such capacity. 

“Anti-Terrorism Laws” means any Laws relating to terrorism or money laundering, including, without limitation, Executive
Order No. 13224 (effective September 24, 2001), the USA PATRIOT Act, the Laws comprising or implementing the Bank Secrecy Act and the Laws administered by OFAC. 

“Applicable Margin” six and forty-five one-hundredths percent (6.45%).  

“Approved Fund” means any (a) investment company, fund, trust, securitization vehicle or conduit that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business, or (b) any Person (other than a natural person) which temporarily warehouses loans for any
Lender or any entity described in the preceding 

  
 2 

 
clause (a) and that, with respect to each of the preceding clauses (a) and (b), is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) a
Person (other than a natural person) or an Affiliate of a Person (other than a natural person) that administers or manages a Lender. 

“Asset Disposition” means any sale, lease, license, transfer, assignment or other consensual disposition (including by
merger, allocation of assets (including allocation of assets to any series of a limited liability company), division, consolidation or amalgamation) by any Credit Party or any Subsidiary thereof of any asset of such Credit Party or such Subsidiary.

 “Assignment Agreement” means an assignment agreement in form and substance acceptable to Agent. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as the same may be amended,
modified or supplemented from time to time, and any successor statute thereto. 
 “Base LIBOR Rate” means, for each
Interest Period, the rate per annum, determined by Agent in accordance with its customary procedures, and utilizing such electronic or other quotation sources as it considers appropriate (rounded upwards, if necessary, to the next 1/100%), to be the
rate at which Dollar deposits (for delivery on the first day of such Interest Period) in the amount of $1,000,000 are offered to major banks in the London interbank market on or about 11:00 a.m. (London time) two (2) Business Days prior to the
commencement of such Interest Period, for a term comparable to such Interest Period, which determination shall be conclusive in the absence of manifest error; provided, however, if (a) the administrator responsible for determining and
publishing such rate per annum, determined by Agent in accordance with its customary procedures, has made a public announcement identifying a date certain on or after which such rate shall no longer be provided or published, as the case may be; or
(b) timely, adequate and reasonable means do not exist for ascertaining such rate and the circumstances giving rise to the Agent’s inability to ascertain LIBOR are unlikely to be temporary as determined in Agent’s reasonable
discretion, then Agent may, upon prior written notice to Borrower Representative, choose, in consultation with Borrower, a reasonably comparable index or source together with corresponding adjustments to “Applicable Margin” or scale
factor, spread adjustment or floor to such index that Agent, in its reasonable discretion, has determined is necessary to preserve (but, for the avoidance of doubt, not increase) the current all-in rate of
interest (including, interest rate margins, any interest rate floors, but without regard to future fluctuations of such alternative index, it being acknowledged and agreed that neither Agent nor any Lender shall have any liability whatsoever from
such future fluctuations) to use as the basis for Base LIBOR Rate. 
 “Base Rate” means a per annum rate of interest equal
to the greater of (a) one and one half percent (1.50%) per annum and (b) (i) a per annum rate of interest equal to the rate of interest announced, from time to time, within Wells Fargo Bank, National Association (“Wells
Fargo”) at its principal office in San Francisco as its “prime rate,” with the understanding that the “prime rate” is one of Wells Fargo’s base rates 

  
 3 

 
(not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording
thereof after its announcement in such internal publications as Wells Fargo may designate; provided, however, that Agent may, upon prior written notice to Borrower, choose a reasonably comparable index or source to use as the basis for the
Base Rate; minus (ii) the amount by which the average daily prime rate during the twelve-month period immediately preceding the first occurrence of an Eurodollar Disruption Event exceeded the average daily LIBOR Rate during such period.

 “BERT Lease” means that certain Commercial Lease Agreement, dated as of June 21, 2017 (as amended by that certain
Addendum to Commercial Lease Agreement, dated July 1, 2019), relating to the premises located at 2200 Bert Drive, Hollister, CA as more fully described therein, by and between Alpha Teknova, Inc. and Thomas E. Davis, LLC, as in effect on the
Closing Date. 
 “Blocked Person” means any Person: (a) listed in the annex to, or is otherwise subject to the
provisions of, Executive Order No. 13224, (b) owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (c) with
which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law, (d) that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order No. 13224,
or (e) that is named a “specially designated national” or “blocked person” on the most current list published by OFAC or other similar list or is named as a “listed person” or “listed entity” on other
lists made under any Anti-Terrorism Law. 
 “Borrower” and “Borrowers” has the meaning set forth in the
introductory paragraph hereto. 
 “Borrower Representative” means Alpha Teknova, Inc., in its capacity as Borrower
Representative pursuant to the provisions of Section 2.9, or any successor Borrower Representative selected by Borrowers and approved by Agent. 

“Borrower Unrestricted Cash” means, as of any date of determination, unrestricted cash and Cash Equivalents of the Borrowers
that (a) are held in the name of a Borrower in a Deposit Account or Securities Account located in the United States that is subject to a Deposit Account Control Agreement or Securities Account Control Agreement, as applicable, in favor of
Agent, (b) are not subject to any Lien (other than Permitted Liens), and (c) are not funds for the payment of a drawn or committed but unpaid draft, ACH or EFT transaction as of the applicable date of determination. 

“Borrowing Base” has the meaning set forth in the Affiliated Credit Agreement. 

“Business Day” means any day except a Saturday, Sunday or other day on which either the New York Stock Exchange is closed, or
on which commercial banks in New York, New York are authorized by Law to close and, in the case of a Business Day which relates to a determination of the LIBOR Rate, a day on which dealings are carried on in the London interbank eurodollar market.

 “Capital Lease” of any Person means any lease of any property by such Person as lessee which would, in accordance with
GAAP, be required to be accounted for as a capital lease on the balance sheet of such Person. 
 “Cash Equivalents” means,
as of any date of determination, any of the following: (a) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States government, or (ii) issued by any agency of the
United States the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one (1) year after such date; (b) marketable direct obligations issued by any state of the United States or
any political subdivision of any 

  
 4 

 
such state or any public instrumentality thereof, in each case maturing within one (1) year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (c) commercial paper maturing no more than one (1) year from the date of creation thereof and having, at the time
of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s, or carrying an equivalent rating by a nationally recognized rating
agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally; (d) certificates of deposit or bankers’ acceptances maturing within one (1) year after such date and issued or accepted
by any Lender or by any commercial bank organized under the laws of the United States or any state thereof or the District of Columbia that (i) is at least “adequately capitalized” (as defined in the regulations of its primary federal
banking regulator), and (ii) has Tier 1 capital (as defined in such regulations) of not less than $100,000,000; and (e) shares of any money market mutual fund that (i) has substantially all of its assets invested continuously in the
types of investments referred to in clauses (a) and (b) above, (ii) has net assets of not less than $500,000,000, and (iii) has the highest rating obtainable from either S&P or Moody’s. 

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C.A. § 9601
et seq., as the same may be amended from time to time. 
 “Change in Control” means an event or series of events by
which: (a) prior to the consummation of a Qualifying IPO, THP and its controlled Affiliates cease to, directly or indirectly, own and control at least (i) fifty-one percent (51.0%) of the voting and
economic interests of the Equity Interests of Alpha Teknova, Inc. and/or (ii) that percentage of the outstanding voting Equity Interests of Alpha Teknova, Inc. necessary at all times to elect a majority of the board of directors (or similar
governing body) of Alpha Teknova, Inc. and to direct the management policies and decisions of Alpha Teknova, Inc.; (b) following the consummation of a Qualifying IPO, any “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934) other than THP and its controlled Affiliates becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire,
whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of (i) forty percent (40%) or more of the combined voting power of all voting stock of Alpha
Teknova, Inc., or any other Borrower (as applicable) on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right) and/or (ii) that percentage of the
outstanding voting Equity Interests of Alpha Teknova, Inc. necessary at all times to elect a majority of the board of directors (or similar governing body) of Alpha Teknova, Inc. and to direct the management policies and decisions of Alpha Teknova,
Inc.; (c) during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body of Borrower cease to be composed of individuals (i) who were members of that board or
equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election
or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above
constituting at the time of such election or nomination at least a majority of that board or equivalent governing body, in each case unless any such change of a majority of the members of the board of directors or other equivalent governing body of
Borrower is caused by the same equity holder(s) who appointed the members of that board or equivalent governing body that existed on the first day of any such period; (d) Borrower ceases to own and control, directly or indirectly, all of the
economic and voting rights associated with the outstanding securities of each of its Subsidiaries (except as otherwise permitted by this Agreement), or (e) the occurrence of a “Change of Control”, “Fundamental Change”,
“Change in Control”, “Deemed Liquidation Event” or terms of similar import under any document or instrument governing or relating to Debt of or Equity Interests of such Person, as such documents may be amended or otherwise
modified from time to time in accordance with the terms of this Agreement. 

  
 5 

 Notwithstanding the foregoing, the consummation of a Qualifying IPO shall not constitute a
“Change in Control”. 
 “Closing Date” means the date of this Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral” means all property, other than Excluded Property, now existing or hereafter acquired, mortgaged or pledged to,
or purported to be subjected to a Lien in favor of, Agent, for the benefit of Agent and Lenders, pursuant to this Agreement and the Security Documents, including, without limitation, all of the property described in
Schedule 9.1 hereto. 
 “Commitment Annex” means Annex A to this
Agreement. 
 “Competitor” means, at any time of determination, (a) any Person that is directly engaged in the same or
substantially the same line of business as the Borrower or any of its material Subsidiaries and (b) each Person identified as a competitor on the list delivered to Agent by the Borrowers prior to the Closing Date. For the purposes of
clarification, only a Person that is described in clause (a) above or a Person that either directly owns more than 50% of the voting securities of a Person described in clause (a) above or is wholly owned direct or indirect subsidiary of
such a Person will be considered to be a Competitor for the purposes of this Agreement. Furthermore, notwithstanding anything herein to the contrary, under no circumstances will a Person that is primarily in the business of lending money or
extending credit be considered a Competitor regardless of whether or not any of its Affiliates may be deemed to be a Competitor. 

“Compliance Certificate” means a certificate, duly executed by a Responsible Officer of Borrower Representative,
appropriately completed and substantially in the form of Exhibit B hereto. 
 “Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Consolidated EBITDA” has the meaning provided in the Tranche 3 EBITDA Certificate, appropriately completed and substantially
in the form of Exhibit F hereto. 
 “Consolidated Subsidiary” means, at any date, any Subsidiary
the accounts of which would be consolidated with those of “parent” Borrower (or any other Person, as the context may require hereunder) in its consolidated financial statements if such statements were prepared as of such date. 

“Contingent Obligation” means, with respect to any Person, any direct or indirect liability of such Person: (a) with
respect to any Debt of another Person (a “Third Party Obligation”) if the purpose or intent of such Person incurring such liability, or the effect thereof, is to provide assurance to the obligee of such Third Party Obligation that
such Third Party Obligation will be paid or discharged, or that any agreement relating thereto will be complied with, or that any holder of such Third Party Obligation will be protected, in whole or in part, against loss with respect thereto;
(b) with respect to any undrawn portion of any letter of credit issued for the account of such Person or as to which such Person is otherwise liable for the reimbursement of any drawing; (c) under any Swap Contract, to the extent not yet
due and payable; (d) to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement; or (e) for
any obligations of another Person pursuant to any Guarantee or pursuant to any agreement to purchase, repurchase or otherwise acquire any obligation or any property constituting security therefor, to provide funds for the payment or discharge of
such obligation or to preserve the solvency, financial condition or level of income of another Person. The amount of any Contingent Obligation shall be equal to the amount of the obligation so Guaranteed or otherwise supported or, if not a fixed and
determinable amount, the maximum amount so Guaranteed or otherwise supported. 

  
 6 

 “Controlled Group” means all members of a group of corporations and all
members of a group of trades or businesses (whether or not incorporated) under common control which, together with the Credit Parties, are treated as a single employer under Section 414(b), (c), (m) or (o) of the Code or
Section 4001(b) of ERISA and, solely for purposes of Section 412 and 436 of the Code, Section 414(m) or (o) of the Code. 

“Credit Card Cash Collateral Account” means, collectively, each segregated Deposit Account from time to time identified to
Agent in writing established by Borrower for the sole purpose of securing Borrower’s obligations under clause (h) of the definition Permitted Debt and containing only such cash or Cash Equivalents that have been required to be pledged to
secure such obligations of Borrower; provided, that the aggregate amount of cash or Cash Equivalents deposited in all such Credit Card Cash Collateral Account(s) does not, at any time, exceed $250,000 in the aggregate. 

“Credit Party” means each Borrower and each Guarantor and “Credit Parties” means all such Persons,
collectively. 
 “Debt” of a Person means at any date, without duplication, (a) all obligations of such Person for
borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts
payable arising and paid on a timely basis and in the Ordinary Course of Business, (d) all Capital Leases of such Person, (e) all non-contingent obligations of such Person to reimburse any bank or
other Person in respect of amounts paid under a letter of credit, banker’s acceptance or similar instrument, (f) all Disqualified Equity Interests, (g) all obligations secured by a Lien on any asset of such Person, whether or not such
obligation is otherwise an obligation of such Person, (h) “earnouts”, purchase price adjustments, profit sharing arrangements, deferred purchase money amounts and similar payment obligations or continuing obligations of any nature of
such Person arising out of purchase and sale contracts entered into in connection with an Acquisition or any other material commercial or licensing transaction (provided that the amount of such indebtedness shall be deemed to be the amount
that is required to be reflected on the balance sheet of such Person in accordance with GAAP), (i) all Debt of others Guaranteed by such Person, and (j) obligations in respect of litigation settlement agreements or similar arrangements.
Without duplication of any of the foregoing, Debt of Borrowers shall include any and all Loans. 
 “Default” means any
condition or event which with the giving of notice or lapse of time or both would, unless cured or waived, become an Event of Default. 

“Defaulted Lender” means, so long as such failure shall remain in existence and uncured, any Lender which shall have failed
to make any Loan or other credit accommodation, disbursement, settlement or reimbursement required pursuant to the terms of any Financing Document. 

“Defined Period” means (a) for purposes of calculating Consolidated EBITDA for any given calendar month, the six
(6) month period immediately preceding and ending on the last day of such calendar month, and (b) for purposes of calculating Net Revenue for any given calendar month, the immediately preceding twelve (12) month period ending on the
last day of such calendar month. 
 “Deposit Account” means a “deposit account” (as defined in Article 9 of
the UCC), an investment account, or other account in which funds are held or invested for credit to or for the benefit of any Credit Party. 

  
 7 

 “Deposit Account Control Agreement” means an agreement, in form and
substance reasonably satisfactory to Agent, among Agent, any Borrower and a financial institution in which such Borrower maintains a Deposit Account, pursuant to which Agent obtains control (within the meaning of the UCC, as applicable) for the
benefit of the Lenders over such Deposit Account and which agreement provides that (a) such financial institution shall comply with instructions originated by Agent directing disposition of the funds in such Deposit Account without further
consent by the applicable Borrower, and (b) such financial institution shall agree that it shall have no Lien on, or right of setoff or recoupment against, such Deposit Account or the contents thereof, other than in respect of usual and
customary service fees and returned items for which Agent has been given value, in each case expressly consented to by Agent, and containing such other terms and conditions as Agent may reasonably require. 

“Disqualified Equity Interests” means, with respect to any Person, any Equity Interest in such Person that within less than
91 days after the Termination Date, either by its terms (or by the terms of any security or any other Equity Interest into which it is convertible or for which it is exchangeable) or upon the happening of any event or condition, (a) matures or
is mandatorily redeemable (other than solely for Permitted Debt or other Equity Interests in such Person or of Alpha Teknova, Inc. that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests),
pursuant to a sinking fund obligation or otherwise, (b) is redeemable at the option of the holder thereof, in whole or in part (other than solely for Permitted Debt or other Equity Interests in such Person or of Alpha Teknova, Inc. that do not
constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests), (c) provides for the scheduled payments of dividends or distributions in cash, or (d) is or becomes convertible into or exchangeable for
Debt (other than Permitted Debt) or any other Equity Interest that would constitute Disqualified Equity Interests. 

“Distribution” means as to any Person (a) any dividend or other distribution or payment (whether in cash, securities or
other property) on, or in respect of, any Equity Interest in such Person (except those payable solely in its Equity Interests other than Disqualified Equity Interests), (b) any payment by such Person on account of (i) the purchase,
redemption, retirement, defeasance, surrender, cancellation, termination or acquisition of any Equity Interests in such Person or any claim respecting the purchase or sale of any Equity Interest in such Person, or (ii) any option, warrant or
other right to acquire any Equity Interests in such Person, (c) any management fees, salaries or other fees or compensation to any Person holding an Equity Interest in a Borrower or a Subsidiary of a Borrower (other than reasonable and
customary (i) payments of salaries to individuals, (ii) directors fees, and (iii) advances and reimbursements to employees or directors, all in the Ordinary Course of Business), an Affiliate of a Borrower or an Affiliate of any
Subsidiary of a Borrower, (d) any lease or rental payments to Affiliate or Subsidiary of a Borrower (except with respect to the BERT Lease, as the same is in effect on the Closing Date) or (e) repayments of or debt service on loans or
other indebtedness (other than conversion to Equity Interests other than Disqualified Equity Interests) held by an Affiliate of a Borrower (other than any Credit Party) unless permitted under and made pursuant to a Subordination Agreement applicable
to such loans or other indebtedness. 
 “Dollars” or “$” means the lawful currency of the United States of
America. 
 “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA
Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

  
 8 

 “EEA Member Country” means any of the member states of the European Union,
Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative authority or any person
entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any
other Person (other than a natural person) approved by Agent; provided, however, that notwithstanding the foregoing, (x) “Eligible Assignee” shall not include (i) any Credit Party or any of a Credit Party’s
Subsidiaries or (ii) any Competitor; provided that the restrictions on assignment set forth in this clause (ii) shall not apply if an Event of Default has occurred and is continuing under Section 10.1(a)(i) (Payment),
10.1(a)(ii) (solely with respect to a breach of Section 6 (financial covenants)), 10.1(e) & (f) (bankruptcy) or Section 10.1(o) (Material Adverse Effect), and (y) no proposed assignee intending to assume any unfunded portion of
the Term Loan Commitment shall be an Eligible Assignee unless such proposed assignee either already holds a portion of such Term Loan Commitment, or has been approved as an Eligible Assignee by Agent. 

“Environmental Laws” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations,
standards, policies and other governmental directives or requirements, as well as common law, pertaining to the environment, natural resources, pollution, health (including any environmental clean-up statutes
and all regulations adopted by any local, state, federal or other Governmental Authority, and any statute, ordinance, code, order, decree, law rule or regulation all of which pertain to or impose liability or standards of conduct concerning medical
waste or medical products, equipment or supplies), safety or clean-up that apply to any Borrower and relate to Hazardous Materials, including, without limitation, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980 (42 U.S.C. § 9601 et seq.), the Resource Conservation and Recovery Act of 1976 (42 U.S.C. § 6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. § 1251 et seq.),
the Hazardous Materials Transportation Act (49 U.S.C. § 5101 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Federal Insecticide, Fungicide and Rodenticide Act (7 U.S.C. § 136 et seq.), the Emergency
Planning and Community Right-to-Know Act (42 U.S.C. § 11001 et seq.), the Occupational Safety and Health Act (29 U.S.C. § 651 et seq.), the
Residential Lead-Based Paint Hazard Reduction Act (42 U.S.C. § 4851 et seq.), any analogous state or local laws, any amendments thereto, and the regulations promulgated pursuant to said laws, together with all amendments from time to
time to any of the foregoing and judicial interpretations thereof. 
 “Equity Interests” means, with respect to any Person,
all shares of capital stock, partnership interests, membership interests in a limited liability company or other ownership in participation or equivalent interests (however designated, whether voting or
non-voting) of such Person’s equity capital (including any warrants, options or other purchase rights with respect to the foregoing), whether now outstanding or issued after the Closing Date. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as the same may be amended, modified or supplemented from
time to time, and any successor statute thereto, and any and all rules or regulations promulgated from time to time thereunder. 

“ERISA Plan” means any “employee benefit plan”, as such term is defined in Section 3(3) of ERISA (other than a
Multiemployer Plan), which any Credit Party or any Subsidiary maintains, sponsors or contributes to, or, in the case of an employee benefit plan which is subject to Section 412 of the Code or Title IV of ERISA, to which any Credit Party or
any Subsidiary has any liability, including on account of any member of the Controlled Group, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA, or by reason of being deemed to
be a contributing sponsor under Section 4069 of ERISA. 

  
 9 

 “EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurodollar Disruption Event” means the occurrence of any of the following: (a) any Lender shall have notified Agent of
a determination by such Lender that it would be contrary to law or to the directive of any central bank or other Governmental Authority (whether or not having the force of law) to obtain dollars in the London interbank market to fund any Loan,
(b) the inability of any Lender to obtain timely information for purposes of determining the LIBOR Rate, (c) any Lender shall have notified Agent of a determination by such Lender that the rate at which deposits of dollars are being
offered to such Lender in the London interbank market does not accurately reflect the cost to such Lender of making, funding or maintaining any Loan or (d) any Lender shall have notified Agent of the inability of such Lender to obtain dollars
in the London interbank market to make, fund or maintain any Loan. 
 “Event of Default” has the meaning set forth in
Section 10.1. 
 “Excluded Accounts” has the meaning set forth in Section 5.14(b). 

“Excluded Property” means, collectively: 

(a)    any lease, license, contract, permit, letter of credit, purchase money arrangement, instrument or agreement to
which any Credit Party is a party or any of its rights or interests thereunder if and to the extent that the grant of such security interest shall constitute a result in (i) the abandonment, invalidation or unenforceability of any right, title
or interest of any Credit Party therein or (ii) result in a breach or termination pursuant to the terms of, or default under, any such lease, license, contract, permit, letter of credit, purchase money arrangement, instrument or agreement; 

(b)    any governmental licenses or state or local franchises, charters and authorizations, to the extent that Agent may
not validly possess a security interest in any such license, franchise, charter or authorization under applicable Law; 

(c)    any asset which is subject to a purchase money Lien or Capital Lease permitted hereunder to the extent the
granting of a security interest in such asset is prohibited pursuant to the terms of the contract governing such purchase money Lien or Capital Lease; and 

(d)    any “intent-to-use”
trademarks or service mark applications for which an amendment to allege use or statement of use has not been filed under 15 U.S.C. § 1051 Section 1(c) or Section 1(d), respectively or if filed, has not been deemed in conformance
with 15 U.S.C. § 1051(a) or examined and accepted, respectively by the United States Patent and Trademark Office; 
 provided that (x) any
such limitation described in the foregoing clauses (a) and (b) on the security interests granted hereunder shall apply only to the extent that any such prohibition could not be rendered ineffective pursuant to the UCC or any other
applicable Law (including Sections 9-406, 9-407 and 9-408 of the UCC) or principles of equity, (y) in the event of the
termination or elimination of any such prohibition or the requirement for any consent contained in such contract, agreement, permit, lease or license or in any applicable Law, to the extent sufficient to permit any such item to become Collateral
hereunder, or upon the granting of any such consent, or waiving or terminating any requirement for such consent, a security interest in such contract, agreement, permit, lease, license, franchise, authorization or asset shall be automatically and
simultaneously granted hereunder and shall be included as Collateral hereunder, and 

  
 10 

 
(z) all rights to payment of money due or to become due pursuant to, and all products and proceeds (and rights to the proceeds) from the sale of, any Excluded Property shall be and at all
times remain subject to the security interests created by this Agreement (unless such proceeds would independently constitute Excluded Property). 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to Agent, any Lender or any other recipient of
any payment to be made by or on behalf of any obligation of the Credit Parties hereunder or the Obligations or required to be withheld or deducted from a payment to Agent, such Lender or such recipient (including any interest and penalties thereon):
(a) Taxes to the extent imposed on or measured by Agent’s, any Lender’s or such recipient’s net income (however denominated), branch profits Taxes, and franchise Taxes and similar Taxes, in each case, (i) imposed by the
jurisdiction (or any political subdivision thereof) under which Agent, such Lender or such recipient is organized, has its principal office or conducts business with respect to entering into any of the Financing Documents or taking any action
thereunder or (ii) that are Other Connection Taxes; (b) in the case of a Lender, United States withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Loans pursuant
to a Law in effect on the date on which (i) such Lender becomes a party to this Agreement other than as a result of an assignment requested by a Credit Party under Section 2.8(i) or Section 11.17(c) or (ii) such Lender changes
its lending office, except in each case to the extent that, pursuant to Section 2.8, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan
or Term Loan Commitment or to such Lender immediately before it changed its lending office; (c) Taxes attributable to Agent’s, such Lender’s or such recipient’s failure to comply with Section 2.8(c); and (d) any
U.S. federal withholding taxes imposed under FATCA. 
 “FATCA” means Sections 1471 through 1474 of the Code as of the date
of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future U.S. Treasury regulations or official interpretations thereof and any agreement entered
into pursuant to the implementation of Section 1471(b)(1) of the Code, and any intergovernmental agreement, treaty or convention between the United States Internal Revenue Service, the U.S. Government and any governmental or taxation authority
under any other jurisdiction implementing such sections of the Code. 
 “FDA” means the Food and Drug Administration of the
United States of America, any comparable state or local Governmental Authority, any comparable Governmental Authority in any non-United States jurisdiction, and any successor agency of any of the foregoing.

 “Federal Funds Rate” means, for any day, the rate of interest per annum (rounded upwards, if necessary, to the nearest
whole multiple of 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding
such day, provided, however, that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day, and (b) if no such rate is so published on such
next preceding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to Agent on such day on such transactions as determined by Agent in a commercially reasonable manner. 

“Fee Letter” means each agreement between Agent and Borrower relating to fees payable to Agent and/or Lenders in connection
with this Agreement. 
 “Financing Documents” means this Agreement, any Notes, the Security Documents, each Fee Letter, the
Affiliated Intercreditor Agreement, each subordination or intercreditor agreement pursuant to which any Debt and/or any Liens securing such Debt is subordinated to all or any portion of the Obligations

  
 11 

 
and all other documents, instruments and agreements related to the Obligations and heretofore executed, executed concurrently herewith or executed at any time and from time to time hereafter, as
any or all of the same may be amended, supplemented, restated or otherwise modified from time to time. 
 “Foreign Lender”
has the meaning set forth in Section 2.8(c)(i). 
 “GAAP” means generally accepted accounting principles set forth
from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with
similar functions of comparable stature and authority within the United States accounting profession), which are applicable to the circumstances as of the date of determination. 

“General Intangible” means any “general intangible” as defined in Article 9 of the UCC, and any personal
property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property,
letter-of-credit rights, letters of credit, money, and oil, gas or other minerals before extraction, but including payment intangibles and software. 

“Governmental Authority” means any nation or government, any state, local or other political subdivision thereof, and any
agency, department or Person exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any corporation or other Person owned or controlled (through stock or capital ownership or otherwise)
by any of the foregoing, whether domestic or foreign. 
 “Guarantee” by any Person means any obligation, contingent or
otherwise, of such Person directly or indirectly guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person
(a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or
services, to take-or-pay, or to maintain financial statement conditions or otherwise), or (b) entered into for the purpose of assuring in any other manner the
obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part), provided, however, that the term Guarantee shall not include endorsements for collection
or deposit in the Ordinary Course of Business. The term “Guarantee” used as a verb has a corresponding meaning. 

“Guarantor” means any Credit Party that has executed or delivered, or shall in the future execute or deliver, any Guarantee
of any portion of the Obligations. 
 “Hazardous Materials” means petroleum and petroleum products and compounds containing
them, including gasoline, diesel fuel and oil; explosives, flammable materials; radioactive materials; polychlorinated biphenyls and compounds containing them; lead and lead-based paint; asbestos or asbestos-containing materials; underground or
above-ground storage tanks, whether empty or containing any substance; any substance the presence of which is prohibited by any Environmental Laws; toxic mold, any substance that requires special handling under Environmental Laws; and any other
material or substance now or in the future defined as a “hazardous substance,” “hazardous material,” “hazardous waste,” “toxic substance,” “toxic pollutant,” “contaminant,”
“pollutant” or other words of similar import within the meaning of any Environmental Law, including: (a) any “hazardous substance” defined as such in (or for purposes of) CERCLA, or any
so-called “superfund” or “superlien” Law, including the judicial interpretation thereof; (b) any “pollutant or contaminant” as defined in 42 U.S.C.A. § 9601(33);
(c) any material now defined as “hazardous waste” pursuant to 40 C.F.R. Part 260; (d) any petroleum or petroleum by-products, including crude oil or any fraction thereof; (e) natural
gas, natural gas liquids, liquefied natural 

  
 12 

 
gas, or synthetic gas usable for fuel; (f) any “hazardous chemical” as defined pursuant to 29 C.F.R. Part 1910; (g) any toxic or harmful substances, wastes, materials,
pollutants or contaminants (including, without limitation, asbestos, polychlorinated biphenyls, flammable explosives, radioactive materials, infectious substances, materials containing lead-based paint or raw materials which include hazardous
constituents); and (h) any other toxic substance or contaminant that is subject to any Environmental Laws or other past or present requirement of any Governmental Authority. 

“Hazardous Materials Contamination” means contamination (whether now existing or hereafter occurring) of the improvements,
buildings, facilities, personalty, soil, groundwater, air or other elements on or of the relevant property by Hazardous Materials, or any derivatives thereof, or on or of any other property as a result of Hazardous Materials, or any derivatives
thereof, generated on, emanating from or disposed of in connection with the relevant property. 
 “Healthcare Laws” means
all applicable Laws relating to the procurement, development, provision, clinical and non-clinical evaluation or investigation, product approval or clearance, manufacture, production, analysis, distribution,
dispensing, importation, exportation, use, handling, quality, reimbursement, sale, labeling, advertising, promotion, or postmarket requirements of any drug, medical device, clinical laboratory service, food, dietary supplement, or other product
(including, without limitation, any ingredient or component of, or accessory to, the foregoing products) subject to regulation under the Federal Food, Drug and Cosmetic Act, as amended, 21 U.S.C. Section 301, Clinical Laboratory Improvement
Amendments of 1988 (42 U.S.C. §263a et seq) and its implementing regulations (42 C.F.R. Part 493), as enforced by CMS, and similar state or foreign laws, controlled substances laws, pharmacy laws, consumer product safety laws, Medicare,
Medicaid, TRICARE, HIPAA, the Patient Protection and Affordable Care Act (P.L. 111-1468), all federal and state fraud and abuse laws, including, without limitation, the federal Anti-Kickback Statute (42 U.S.C.
§1320a-7b(6)), the Stark Law (42 U.S.C. §1395nn), the civil False Claims Act (31 U.S.C. §3729 et seq.) and all laws, policies, procedures, requirements and regulations pursuant to which Permits
are issued, in each case, as the same may be amended from time to time.  
 “Indemnified Taxes” means
(a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Borrowers or any other Credit Party under any Financing Documents and (b) to the extent not otherwise described in
(a), Other Taxes. 
 “Instrument” means “instrument”, as defined in Article 9 of the UCC. 

“Intellectual Property” means all copyright rights, copyright applications, copyright registrations and like protections in
each work of authorship and derivative work, whether published or unpublished, any patents, patent applications and like protections, including improvements, divisions, continuations, renewals, reissues, extensions, and continuations-in-part of the same, trademarks, trade names, service marks, mask works, rights of use of any name, domain names, or any other similar rights, any applications
therefor, whether registered or not, know-how, operating manuals, trade secret rights, clinical and non-clinical data, rights to unpatented inventions, and any claims
for damage by way of any past, present, or future infringement of any of the foregoing. 
 “Interest Period” means any
period commencing on the first day of a calendar month and ending on the last day of such calendar month. 
 “Inventory”
means “inventory” as defined in Article 9 of the UCC. 
 “Investment” means, with respect to any Person,
directly or indirectly, (a) to purchase or acquire any stock or stock equivalents, or any obligations or other securities of, or any interest in, any Person, 

  
 13 

 
including the establishment or creation of a Subsidiary, (b) to make or otherwise consummate any Acquisition, or (c) make, purchase or hold any advance, loan, extension of credit or
capital contribution to or in, or any other investment in, any Person. The amount of any Investment shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or
write-ups, write-downs or write-offs with respect thereto. 
 “IRS” has the meaning
set forth in Section 2.8(c)(i). 
 “Joinder Requirements” has the meaning set forth in Section 4.11(c). 

“Laws” means any and all federal, state, provincial, territorial, local and foreign statutes, laws, judicial decisions,
regulations, ordinances, rules, judgments, orders, decrees, codes, injunctions, permits, governmental agreements and governmental restrictions, whether now or hereafter in effect, which are applicable to any Credit Party in any particular
circumstance. “Laws” includes, without limitation, Healthcare Laws and Environmental Laws. 
 “L/C Cash Collateral
Accounts” means, collectively, each segregated Deposit Account from time to time identified to Agent in writing established by Borrower for the sole purpose of securing Borrower’s obligations under clause (h) of the definition
Permitted Contingent Obligations and containing only such cash or Cash Equivalents that have been required to be pledged to secure such obligations of Borrower; provided, that the aggregate amount of cash or Cash Equivalents deposited in all
such L/C Cash Collateral Account(s) does not, at any time, exceed $250,000 in the aggregate. 
 “Lender” means each
of (a) MCF, in its capacity as a lender hereunder, (b) each other Person party hereto in its capacity as a lender hereunder, (c) each other Person that becomes a party hereto as Lender pursuant to Section 11.17, and (d) the
respective successors of all of the foregoing, and “Lenders” means all of the foregoing. 
 “LIBOR Rate”
means, for each Loan, a per annum rate of interest equal to the greater of (a) one and one half percent (1.50%) and (b) the rate determined by Agent (rounded upwards, if necessary, to the next 1/100th%) by dividing (i) the Base
LIBOR Rate for the Interest Period, by (ii) the sum of one minus the daily average during such Interest Period of the aggregate maximum reserve requirement (expressed as a decimal) then imposed under Regulation D of the Board of
Governors of the Federal Reserve System (or any successor thereto) for “Eurocurrency Liabilities” (as defined therein). 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, in
respect of such asset. For the purposes of this Agreement and the other Financing Documents, any Borrower or any Subsidiary shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or
lessor under any conditional sale agreement, Capital Lease or other title retention agreement relating to such asset. 

“Litigation” means any action, suit or proceeding before any court, mediator, arbitrator or Governmental Authority. 

“Loan Account” has the meaning set forth in Section 2.6(b). 

“Loan(s)” means the Term Loan and each and every advance under the Term Loan. All references herein to the
“making” of a Loan or words of similar import mean, with respect to the Term Loan, the making of any advance in respect of a Term Loan. 

  
 14 

 “Margin Stock” means “margin stock” as such term is defined in
Regulation T, U, or X of the Board of Governors of the Federal Reserve System. 
 “Material Adverse Effect” means with
respect to any event, act, condition or occurrence of whatever nature (including any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), whether singly or in conjunction with any other event or events,
act or acts, condition or conditions, occurrence or occurrences, whether or not related, a material adverse change in, or a material adverse effect upon, any of (a) the condition (financial or otherwise), operations, business or properties of
the Credit Parties taken as a whole, (b) the rights and remedies of Agent or Lenders under any Financing Document, or the ability of any Credit Party to perform any of its obligations under any Financing Document to which it is a party,
(c) the legality, validity or enforceability of any Financing Document, (d) the existence, perfection or priority of any security interest granted to Agent or the Lenders in any Financing Document, except solely as a result of any action
or inaction of Agent or any Lender (provided that such action or inaction is not caused by a Credit Party’s failure to comply with the terms of the Financing Documents), (e) the value of any material Collateral, or (f) a material
impairment of the prospect of repayment of any portion of the Obligations. 
 “Material Contracts” means (a) the
agreements listed on Schedule 3.17 and (b) any other agreement or contract to which such Credit Party or its Subsidiaries is a party the termination of which could reasonably be expected to result in a Material Adverse Effect. 

“Material Intangible Assets” means all of (a) Intellectual Property owned by the Credit Parties or their Subsidiaries
and (b) license or sublicense agreements or other agreements with respect to rights in Intellectual Property not owned by a Credit Party or a Subsidiary thereof, in each case, that are material to the condition (financial or other), business or
operations of Credit Parties and their Subsidiaries (taken as a whole) as determined by Agent in its reasonable discretion. 

“Maturity Date” means March 1, 2026. 

“Maximum Lawful Rate” has the meaning set forth in Section 2.7. 

“MCF” means MidCap Financial Trust, a Delaware statutory trust, and its successors and assigns. 

“Minimum Net Revenue Threshold” means, for each Defined Period, the minimum amount set forth on Schedule 6.1 for such
Defined Period. 
 “Monthly Cash Burn Amount” means, with respect to Borrowers and their Consolidated Subsidiaries, an
amount equal to (a) the Borrowers’ and their Consolidated Subsidiaries change in cash and Cash Equivalents, without giving effect to any increase resulting from the proceeds of financings, the sale or issuance of Equity Interests or any
other extraordinary receipts, for either (i) the immediately preceding six (6) month period as determined as of the last day of the month immediately preceding the proposed consummation of the applicable Permitted Acquisition and based
upon the financial statements delivered to Agent in accordance with this Agreement for such period, or (ii) the immediately succeeding six (6) month period based upon the Transaction Projections delivered with respect to such proposed
Permitted Acquisition, using whichever calculation as between clause (i) and clause (ii) demonstrates a higher burn rate (or, in other words, more cash used), in both cases, divided by (b) six (6). 

“Multiemployer Plan” means a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any Borrower
or any other member of the Controlled Group (or any Person who in the last five years was a member of the Controlled Group) is making or accruing an obligation to make contributions or has within the preceding five plan years (as determined on the
applicable date of determination) made contributions. 

  
 15 

 “Net Revenue” means, for any applicable Defined Period, the consolidated
revenue of Borrowers and its Subsidiaries, as determined in accordance with GAAP, generated during such Defined Period through the commercial sale of Products and services by Borrowers or their Subsidiaries to third parties, in all cases, in the
Ordinary Course of Business. 
 “Notes” has the meaning set forth in Section 2.3. 

“Notice of Borrowing” means a notice of a Responsible Officer of Borrower Representative, appropriately completed and
substantially in the form of Exhibit D hereto. 
 “Obligations” means all obligations,
liabilities and indebtedness (monetary (including, without limitation, the payment of interest and other amounts arising after the commencement of any case with respect to any Credit Party under the Bankruptcy Code or any similar statute which would
accrue and become due but for the commencement of such case, whether or not such amounts are allowed or allowable in whole or in part in such case) or otherwise) of each Credit Party under this Agreement or any other Financing Document, in each case
howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due. 

“OFAC” means the U.S. Department of Treasury Office of Foreign Assets Control. 

“OFAC Lists” means, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to
Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable
Executive Orders. 
 “Ordinary Course of Business” means, in respect of any transaction involving any Credit Party or any
Subsidiary, the ordinary course of business of such Credit Party or Subsidiary, as conducted by such Credit Party or Subsidiary in accordance with past practices. 

“Organizational Documents” means, with respect to any Person other than a natural person, the documents by which such Person
was organized (such as a certificate of incorporation, articles of incorporation, certificate of limited partnership or articles of organization, and including, without limitation, any certificates of designation for preferred stock or other forms
of preferred equity) and which relate to the internal governance of such Person (such as by-laws, a partnership agreement or an operating agreement, joint venture agreement, limited liability company agreement
or members agreement), including any and all shareholder agreements or voting agreements relating to the capital stock or other Equity Interests of such Person. 

“Other Connection Taxes” means taxes imposed as a result of a present or former connection between Agent or any Lender and
the jurisdiction imposing such tax (other than connections arising from Agent or such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, engaged in any other transaction pursuant to or
enforced any Financing Document, or sold or assigned an interest in any Loans or any Financing Document). 
 “Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection
of a security interest under, or otherwise with respect to, any Financing Document, except any such taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.8(i)). 

  
 16 

 “Participant Register” has the meaning set forth in
Section 11.17(a)(iii). 
 “Payment Account” means the account specified on the signature pages hereof into which all
payments by or on behalf of each Borrower to Agent under the Financing Documents shall be made, or such other account as Agent shall from time to time specify by notice to Borrower Representative. 

“PBGC” means the Pension Benefit Guaranty Corporation and any Person succeeding to any or all of its functions under ERISA.

 “Pension Plan” means any ERISA Plan that is subject to Section 412 of the Code or Title IV of ERISA. 

“Perfection Certificate” means the Perfection Certificate delivered to Agent as of the Closing Date, together with any
amendments thereto required under this Agreement. 
 “Permit” means all licenses, certificates, accreditations, product
clearances or approvals, provider numbers or provider authorizations, supplier numbers, marketing authorizations, drug or device authorizations and approvals, other authorizations, franchises, qualifications, accreditations, registrations, permits,
consents and approvals of a Credit Party issued or required under Laws applicable to the business of Borrowers or any of their Subsidiaries or necessary in the manufacturing, importing, exporting, possession, ownership, warehousing, marketing,
promoting, sale, labeling, furnishing, distribution or delivery of goods or services under Laws applicable to the business of Borrower or any of its Subsidiaries. 

“Permitted Acquisition” means any Acquisition by a Borrower, in each case, to the extent that each of the following
conditions shall have been satisfied: 
  

	 	(a)	 the Borrower Representative shall have delivered to Agent at least ten (10) Business Days (or such shorter
period as may be agreed by Agent) prior to the closing of the proposed Acquisition: (i) a description of the proposed Acquisition; (ii) to the extent available in the case of an Acquisition for cash consideration in excess of $1,000,000, a
due diligence package (including, to the extent available, a quality of earnings report); and (iii) copies of the respective agreements, documents or instruments pursuant to which such Acquisition is to be consummated (or substantially final
drafts thereof), any schedules to such agreements, documents or instruments and all other material ancillary agreements, instruments and documents to be executed or delivered in connection therewith, and, to the extent required to be completed prior
to the closing of such Acquisition under the related acquisition agreement and reasonably requested by Agent, all material regulatory and third party approvals and copies of any environmental assessments, if applicable; 

 

	 	(b)	 the Credit Parties (including any new Subsidiary to the extent required by Section 4.11) shall execute and
deliver the agreements, instruments and other documents to the extent required the terms of this Agreement, including, without limitation, by Section 4.11 hereof, including such agreements, instruments and other documents (including those
governed by foreign law) necessary to ensure that Agent receives a first priority perfected Lien in all entities and assets acquired in connection with the Acquisition to the extent required by this Agreement; 

 

	 	(c)	 at the time of such Acquisition and after giving effect thereto, no Event of Default has occurred and is
continuing; 

  
 17 

	 	(d)	 the Acquisition would not result in a Change in Control and each Borrower remains a surviving legal entity
after such Acquisition; 

  

	 	(e)	 with respect to any Acquisition involving an in-license to a Credit
Party, all such in-licenses or agreements related thereto shall constitute “Collateral” and Agent to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in
accordance with Agent’s rights and remedies under this Agreement and the other Financing Documents; 

  

	 	(f)	 all transactions in connection with such Acquisition shall be consummated in all material respects in
accordance with applicable Laws; 

  

	 	(g)	 the assets acquired in such Acquisition are for use in the same, similar, related or complementary lines of
business as the Credit Parties are currently engaged or a similar, related or complementary line of business reasonably related, ancillary or supplemental thereto or incidental thereto or reasonably expansive thereof; 

 

	 	(h)	 if required, such Acquisition shall have been approved by the board of directors (or other similar body) and/or
the stockholders or other equity holders of any Person being acquired in such Acquisition; 

  

	 	(i)	 no Debt or Liens are assumed or created (other than Permitted Liens and Permitted Debt) in connection with such
Acquisition; 

  

	 	(j)	 Agent shall have received a certificate of a Responsible Officer of the Borrower Representative demonstrating,
on a pro forma basis after giving effect to the consummation of such Acquisition, that Credit Parties are in compliance with the financial covenants set forth in Article 6 hereof; 

 

	 	(k)	 unless Agent shall otherwise consent in writing (in its sole discretion), (x) if the Acquisition is an equity
purchase or merger, the target and its Subsidiaries must have as their jurisdiction of formation a state within the United States or the District of Columbia, and (y) if the Acquisition is an asset purchase, not less than 90% of the fair market
value of all of the assets so acquired shall be located within (or in the case of Registered Intellectual Property, registered in) the United States; provided, however, that this clause (k) shall not be deemed to prohibit Acquisitions of
a target having a jurisdiction of organization of Germany or the Netherlands or an asset purchase of assets located in Germany or the Netherlands unless Agent shall determine (in its reasonable discretion) that Agent is unable to obtain Guarantee
from the target or to perfect its security interest in the material assets of the target or the material assets acquired by the Credit Parties in connection with such Acquisition under the laws of Germany or the Netherlands (as applicable);

  

	 	(l)	 the consideration payable by the Credit Parties and their Subsidiaries in connection with such Acquisition
shall consist solely of (x) noncash Equity Interests (other than Disqualified Equity Interest) in Alpha Teknova, Inc. and/or (y) cash and Cash Equivalents not to exceed in the aggregate the cap set forth in clause (m) below;

  

	 	(m)	 the sum of all cash amounts (including Cash Equivalents) paid or payable in connection with all Permitted
Acquisitions (including all Debt, liabilities and Contingent Obligations (in each case to the extent otherwise permitted hereunder) incurred or assumed and the maximum amount of any royalties, earn-outs or comparable payment obligation in connection
therewith, regardless of when due or payable and whether or not reflected on a consolidated balance sheet of Borrowers) (all such consideration, the “Acquisition Consideration”) shall not exceed $10,000,000 in the aggregate during
the term of this Agreement; 

  
 18 

	 	(n)	 prior to the consummation of each such Acquisition, Borrowers have provided a certificate (and such other
evidence as Agent may reasonably require) demonstrating to Agent’s reasonable satisfaction that, following the consummation of such Acquisition and after giving pro forma effect to the payment of all Acquisition Consideration in connection
therewith (including all deferred Acquisition Consideration as if such amounts were payable upon the closing of such Acquisition), Borrowers will have Borrower Unrestricted Cash in an amount equal to or greater than the greater of (x) $20,000,000
and (y) an amount equal to positive value of the product of (I) 12 multiplied by (II) the Monthly Cash Burn Amount; provided, however, that Borrower shall not be required to comply with the requirements of this clause
(n) with respect to Acquisitions to the extent the aggregate amount of Acquisition Consideration paid or payable in connection with such Acquisitions (collectively) does not exceed $2,000,000; and 

 

	 	(o)	 Agent has received, prior to the consummation of such Acquisition, updated financial projections, in form and
substance reasonably satisfactory to Agent, for the immediately succeeding four (4) quarters following the proposed consummation of the Acquisition beginning with the quarter during which the Acquisition is to be consummated (the
“Transaction Projections.”) 

 “Permitted Asset Dispositions” means the following Asset
Dispositions, provided, however, that at the time of such Asset Disposition, no Default or Event of Default exists or would result from such Asset Disposition: 
  

	 	(a)	 dispositions of Inventory in the Ordinary Course of Business and not pursuant to any bulk sale;

  

	 	(b)	 dispositions of furniture, fixtures and equipment in the Ordinary Course of Business that the applicable Credit
Party or Subsidiary determines in good faith is no longer used or useful in the business of such Credit Party and its Subsidiaries; 

  

	 	(c)	 expiration, forfeiture, invalidation, cancellation, abandonment or lapse (including, without limitation, the
narrowing of claims) of Intellectual Property (other than Material Intangible Assets) that is, in the reasonable good faith judgment of a Credit Party, no longer useful in the conduct of the business of the Credit Parties or any of their
Subsidiaries; 

  

	 	(d)	 the granting of Permitted Licenses and the use of cash and Cash Equivalents to make Permitted Investments;

  

	 	(e)	 (i) Asset Dispositions by any Borrower to another Borrower, and (ii) Asset Dispositions by any Guarantor
or other Subsidiary to a Borrower or another Credit Party; 

  

	 	(f)	 sales, forgiveness or discounting, on a non-recourse basis and in the
Ordinary Course of Business, of past due Accounts in connection with the settlement of delinquent Accounts or in connection with the bankruptcy or reorganization of suppliers or customers in accordance with the applicable terms of this Agreement;

  

	 	(g)	 to the extent constituting an Asset Disposition, the use of cash and Cash Equivalents to make Permitted
Investments, Permitted Investments made pursuant to clause (k) of the definition thereof, or the granting of Permitted Liens; 

  
 19 

	 	(h)	 dispositions consisting of the use or payment of cash or Cash Equivalents in the Ordinary Course of Business
and in a manner that is not prohibited by the terms of this Agreement or the other Financing Documents; 

  

	 	(i)	 dispositions of tangible personal property (and not, for the avoidance of doubt, any Intellectual Property or
other intangible assets) so long as (i) the assets subject to such Asset Dispositions are sold for fair value, as determined by the Borrowers in good faith, (ii) at least 50% of the consideration therefor is cash or Cash Equivalents and
(ii) the aggregate amount of such Asset Dispositions in any twelve (12) month period does not exceed $500,000;  

  

	 	(j)	 Asset Dispositions (i) by any Borrower to any other Borrower and (ii) by any Guarantor to any
Borrower; and 

  

	 	(k)	 other dispositions approved by Agent from time to time in its sole discretion. 

“Permitted Contest” means, with respect to any tax obligation or other obligation allegedly or potentially owing from any
Credit Party or its Subsidiary to any governmental tax authority or other third party, a contest maintained in good faith by appropriate proceedings promptly instituted and diligently conducted and with respect to which such reserve or other
appropriate provision, if any, as shall be required in conformity with GAAP shall have been made on the books and records and financial statements of the applicable Credit Party(ies); provided, however, that (a) compliance with
the obligation that is the subject of such contest is effectively stayed during such challenge; (b) Credit Parties’ and their Subsidiaries’ title to, and its right to use, the Collateral is not adversely affected thereby and
Agent’s Lien and priority on the Collateral are not adversely affected, altered or impaired thereby; (c) the Collateral or any part thereof or any interest therein shall not be in any danger of being sold, forfeited or lost by reason of
such contest by Credit Parties or their Subsidiaries; and (d) upon a final determination of such contest, Credit Parties and their Subsidiaries shall promptly comply with the requirements thereof. 

“Permitted Contingent Obligations” means 
  

	 	(a)	 Contingent Obligations arising in respect of the Debt under the Financing Documents or the Affiliated Financing
Documents; 

  

	 	(b)	 Contingent Obligations resulting from endorsements for collection or deposit in the Ordinary Course of
Business; 

  

	 	(c)	 Contingent Obligations outstanding on the date of this Agreement and set forth on Schedule 5.1 (but not
including any refinancings, extensions, increases or amendments to the indebtedness underlying such Contingent Obligations other than extensions of the maturity thereof without any other change in terms); 

 

	 	(d)	 Contingent Obligations incurred in the Ordinary Course of Business with respect to surety and appeal bonds,
performance bonds and other similar obligations not to exceed $250,000 in the aggregate at any time outstanding; 

  

	 	(e)	 Contingent Obligations arising under indemnity agreements with title insurers to cause such title insurers to
issue to Agent mortgagee title insurance policies; 

  

	 	(f)	 Contingent Obligations arising with respect to customary indemnification obligations in favor of purchasers in
connection with dispositions of personal property assets permitted under Section 5.6, or in connection with any other commercial agreement entered into by a Borrower or a Subsidiary thereof in the Ordinary Course of Business;

  
 20 

	 	(g)	 so long as there exists no Event of Default both immediately before and immediately after giving effect to any
such transaction, Contingent Obligations existing or arising under any Swap Contract, provided, however, that such obligations are (or were) entered into by Borrower or a Subsidiary thereof in the Ordinary Course of Business for the purpose
of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person and not for purposes of speculation; 

 

	 	(h)	 Contingent Obligations existing or arising in connection with any letter of credit for the primary purpose of
securing a lease of real property in the Ordinary Course of Business, provided that the aggregate amount of all such letter of credit reimbursement obligations does not at any time exceed $500,000 outstanding; 

 

	 	(i)	 unsecured Contingent Obligations arising with respect to customary indemnification obligations, adjustment of
purchase price or similar obligations of any Credit Party, to the extent such Contingent Obligations arise in connection with a Permitted Acquisition and such obligations do not exceed the lesser of (i) an amount equal to (x) $2,000,000 minus
(y) the amount of any Debt outstanding pursuant to clause (l) of the definition of Permitted Debt and (ii) the cap on Acquisition Consideration set forth in clause (m) or clause (n) of the definition of Permitted Acquisition
after taking into account all other Acquisition Consideration paid or payable by Borrowers during the term of this Agreement; provided that no payment with respect to such obligations shall be made unless no Event of Default has occurred and
is continuing or would result from the making of such payments; and 

  

	 	(j)	 other Contingent Obligations not permitted by clauses (a) through (i) above, not to exceed $500,000 in the
aggregate at any time outstanding. 

 “Permitted Debt” means: 

 

	 	(a)	 Borrowers’ and its Subsidiaries’ Debt to Agent and each Lender under this Agreement and the other
Financing Documents; 

  

	 	(b)	 Debt incurred as a result of endorsing negotiable instruments received in the Ordinary Course of Business;

  

	 	(c)	 purchase money Debt and Capital Leases not to exceed $1,000,000 in the aggregate at any time (whether in the
form of a loan or a lease) used solely to acquire equipment and secured only by such equipment and any Permitted Refinancing thereof; 

  

	 	(d)	 Debt existing on the date of this Agreement and described on Schedule 5.1 (but not including any
refinancings, extensions, increases or amendments to such Debt other than extensions of the maturity thereof without any other change in terms); 

  

	 	(e)	 so long as there exists no Event of Default both immediately before and immediately after giving effect to any
such transaction, Debt existing or arising under any Swap Contract, provided, however, that such obligations are (or were) entered into by Borrower or an Affiliate in the Ordinary Course of Business for the purpose of directly mitigating risks
associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person and not for purposes of speculation; 

  
 21 

	 	(f)	 Debt not to exceed $250,000 in the aggregate at any time outstanding owed to any Person providing property,
casualty, liability, or other insurance to the Credit Parties, including to finance insurance premiums , so long as the amount of such Debt is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such
insurance for the policy year in which such Debt is incurred and such Debt is outstanding only during such policy year; 

  

	 	(g)	 Debt consisting of unsecured intercompany loans and advances incurred by (1) any Borrower owing to any
other Borrower or (2) any Borrower or any Guarantor owing to any Guarantor; provided that any such Debt owed by a Credit Party shall, at the request of Agent, be subordinated to the payment in full of the Obligations pursuant to
documentation in form and substance reasonably satisfactory to Agent; 

  

	 	(h)	 Debt secured solely by cash collateral held in a Credit Card Cash Collateral Account, in an aggregate amount
not to exceed $250,000 at any time outstanding, in respect of credit cards, credit card processing services, debit cards, stored value cards, purchase cards (including so-called “procurement cards”
or “P-cards”) or other similar cash management or merchant services, in each case, incurred in the Ordinary Course of Business; 

 

	 	(i)	 trade accounts payable arising in the Ordinary Course of Business; 

 

	 	(j)	 Debt of the Credit Parties incurred under the Affiliated Financing Documents; 

 

	 	(k)	 to the extent also constituting Permitted Debt (without duplication), Permitted Contingent Obligations;

  

	 	(l)	 unsecured earn-out obligations and other similar contingent purchase
price obligations constituting Acquisition Consideration and incurred in connection with a Permitted Acquisition (and not including any seller notes or other non-contingent Debt unless otherwise constituting
Permitted Debt), in an amount not to exceed the lesser of (i) an amount equal to (x) $2,000,000 minus (y) the amount of any Contingent Obligations outstanding pursuant to clause (i) of the definition of Permitted Contingent
Obligations and (ii) the cap on Acquisition Consideration set forth in clause (m) or clause (n) of the definition of Permitted Acquisition after taking into account all other Acquisition Consideration paid or payable by Borrowers
during the term of this Agreement; provided that no payment with respect to such obligations shall be made unless no Event of Default has occurred and is continuing or would result from the making of such payments; 

 

	 	(m)	 Subordinated Debt; 

  

	 	(n)	 unsecured Debt assumed in connection with a Permitted Acquisition up to $500,000; provided that such
Debt exists at the time such Person becomes a Credit Party or the assets subject to such Debt were acquired and is not created or incurred in connection with or in contemplation thereof; 

 

	 	(o)	 unsecured obligations in respect of litigation settlement agreements or similar arrangements in an aggregate
amount not exceeding $250,000 outstanding at any time; and 

  

	 	(p)	 other unsecured Debt not to exceed $500,000 in the aggregate at any time at any time outstanding.

  
 22 

 “Permitted Distributions” means the following Distributions:
(a) Distributions by any Subsidiary of a Credit Party to its direct parent; (b) dividends payable solely in common stock (other than Disqualified Equity Interests); (c) repurchases of stock of current or former employees, directors or
consultants pursuant to stock purchase agreements so long as an Event of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase, provided, however, that such repurchase does not exceed Two
Hundred Fifty Thousand Dollars ($250,000) in the aggregate per fiscal year, (d) distributions of Equity Interests (other than Disqualified Equity Interests) upon the conversion or exchange of Equity Interest (including options and warrants) or
Subordinated Debt (and payments in respect of fractional shares), (e) payments in lieu of fractional shares of equity securities arising out of stock dividends, splits, combinations or conversions in an aggregate amount not to exceed One Hundred
Thousand Dollars ($100,000) during the term of this Agreement; (f) the issuance of its Equity Interests (other than Disqualified Equity Interest) upon the exercise of warrants or options to purchase Equity Interests of Alpha Teknova, Inc.;
provided that no cash payments are made in connection therewith except for de minimis cash payable in lieu of fractional shares; (g) the distribution of rights pursuant to a stockholder rights plan or redemption of such rights for no or
nominal consideration (including, for the avoidance of doubt, cash consideration); provided that such redemption is in accordance with the terms of such plan; (h) Distributions in connection with the retention of Equity Interests in
payment of withholding taxes in connection with equity-based compensation plans in an aggregate amount not to exceed $250,000 in any twelve (12) month period; and (i) payments or distributions to dissenting stockholders pursuant to
applicable Law in connection with any Permitted Acquisition, provided that such amounts when taken together with the aggregate Acquisition Consideration paid or payable for all Permitted Acquisitions shall not exceed the amounts permitted by clause
(m) of the definition of Permitted Acquisition. 
 “Permitted Investments” means: 

 

	 	(a)	 Investments shown on Schedule 5.7 and existing on the Closing Date; 

 

	 	(b)	 to the extent constituting an Investment, the holding by a Person of cash and Cash Equivalents owned by such
Person; 

  

	 	(c)	 Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar
transactions in the Ordinary Course of Business; 

  

	 	(d)	 Investments consisting of (i) travel advances and employee relocation loans and other employee loans and
advances in the Ordinary Course of Business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrowers or their Subsidiaries pursuant to employee stock purchase plans or agreements approved by
Borrowers’ Board of Directors (or other governing body), but the aggregate of all such loans and advances outstanding pursuant to this clause (d) may not exceed $250,000 at any time; 

 

	 	(e)	 Investments (including debt obligations) received in connection with the bankruptcy or reorganization of
customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the Ordinary Course of Business; 

 

	 	(f)	 Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers
and suppliers who are not Affiliates, in the Ordinary Course of Business, provided, however, that this clause (f) shall not apply to Investments of any Credit Party in any Subsidiary; 

 

	 	(g)	 Investments consisting of Deposit Accounts or Securities Accounts; 

  
 23 

	 	(h)	 Investments by any Borrower in (1) any other Borrower, or (2) any other Credit Party organized under
the laws of the United States or any State thereof that has provided a Guarantee of the Obligations of the Borrowers which Guarantee is secured by a Lien granted by such Subsidiary to Agent in all or substantially all of its property of the type
described in Schedule 9.1 hereto and otherwise made in compliance with Section 4.11(c); 

  

	 	(i)	 so long as no Event of Default exists or results therefrom, the granting of Permitted Licenses;

  

	 	(j)	 Investments constituting Permitted Acquisitions; 

 

	 	(k)	 so long as no Event of Default exists at the time of such Investment or after giving effect to such Investment,
Investments of cash and Cash Equivalents, in an aggregate amount not to exceed $750,000, by Borrower to purchase the undeveloped land located at 2200 Bert Drive, Hollister, CA 95023 on commercially reasonable terms; provided that Agent shall
receive a mortgage and such other documents as are reasonably necessary or desirable in order for Agent to obtain a first priority perfected security interest (subject to Permitted Liens) in respect of the acquired real property by the date that is
forty-five (45) days after the purchase by Borrower thereof; 

  

	 	(l)	 (i) Non-cash Investments by Borrowers and their Subsidiaries in joint
ventures or strategic alliances in the Ordinary Course of Business consisting of the non-exclusive licensing of technology, the development of technology or the providing of technical support; provided
that no Asset Dispositions are made by Borrowers or their Subsidiaries in connection with such Investments other than Permitted Asset Dispositions and (ii) Investments of cash and Cash Equivalents in joint ventures and strategic alliance in
an aggregate amount not to exceed $500,000 in any fiscal year; and 

  

	 	(m)	 so long as no Event of Default exists at the time of such Investment or after giving effect to such Investment,
other Investments of cash and Cash Equivalents in an amount not exceeding Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate at any time outstanding. 

“Permitted License” means: 
  

	 	(a)	 any non-exclusive license or sublicense of rights to Intellectual
Property (other than any source code licenses or sublicenses thereto) of Borrower or its Subsidiaries so long as all such licenses (i) are granted in the Ordinary Course of Business, (ii) do not result in a legal transfer of title to the
licensed property, and (iii) have been granted in exchange for fair consideration; 

  

	 	(b)	 any exclusive license or sublicense of rights to Intellectual Property (other than any source code licenses or
sublicenses thereto thereto) of Borrower or its Subsidiaries so long as such licenses or sublicenses (i) are granted to third parties in the Ordinary Course of Business, (ii) do not result in a legal transfer of title to the licensed
property, (iii) have been granted in exchange for fair consideration, (iv) are exclusive solely as to discrete geographical areas outside of the United States (and are not exclusive in any other respect), (v) Borrowers or such Subsidiary
has given Agent at least ten (10) days’ written notice prior to entering in such license, and (vi) no Event of Default has occurred and is continuing at the time such license or sublicense is granted or would arise from the granting
of such license or sublicense; and 

  
 24 

	 	(c)	 any exclusive license or sublicense of rights to Intellectual Property of Borrower or its Subsidiaries so long
as such Permitted Licenses have been approved in advance in writing by Agent, in its sole discretion. 

“Permitted Liens” means: 
  

	 	(a)	 deposits or pledges of cash arising in the Ordinary Course of Business to secure obligations under
workmen’s compensation, social security or similar laws, or under unemployment insurance (but excluding Liens arising under ERISA or, with respect to any Pension Plan or Multiemployer Plan, the Code) pertaining to a Borrower’s or its
Subsidiary’s employees, if any; 

  

	 	(b)	 deposits or pledges of cash and Cash Equivalents in the Ordinary Course of Business to secure leases and other
obligations of like nature arising in the Ordinary Course of Business; 

  

	 	(c)	 carrier’s, warehousemen’s, mechanic’s, workmen’s, landlord’s, materialmen’s or
other like Liens on Collateral arising in the Ordinary Course of Business with respect to obligations which are not due, or which are being contested pursuant to a Permitted Contest; 

 

	 	(d)	 Liens, other than on Collateral that is part of the Borrowing Base, for taxes or other governmental
charges not at the time delinquent or thereafter payable without penalty or the subject of a Permitted Contest; 

  

	 	(e)	 attachments, stay or appeal bonds, judgments and other similar Liens on Collateral for sums not exceeding
$250,000 in the aggregate arising in connection with court proceedings; provided, however, that the execution or other enforcement of such Liens is effectively stayed and the claims secured thereby are the subject of a Permitted
Contest; 

  

	 	(f)	 Liens with respect to real estate, easements, rights of way, restrictions, minor defects or irregularities of
title, none of which, individually or in the aggregate, materially interfere with the benefits of the security intended to be provided by the Security Documents, materially affect the value or marketability of the Collateral, impair the use or
operation of the Collateral for the use currently being made thereof or impair Borrowers’ ability to pay the Obligations in a timely manner or impair the use of the Collateral or the ordinary conduct of the business of any Borrower or any
Subsidiary and which, in the case of any real estate that is part of the Collateral, are set forth as exceptions to or subordinate matters in the title insurance policy accepted by Agent insuring the lien of the Security Documents;

  

	 	(g)	 Liens and encumbrances in favor of Agent under the Financing Documents; 

 

	 	(h)	 Liens existing on the date hereof and set forth on Schedule 5.2 and Liens granted in a Permitted
Refinancing of the obligations or liabilities secured by such Liens; 

  

	 	(i)	 any Lien on any equipment securing Debt permitted under clause (c) of the definition of Permitted Debt,
provided, however, that such Lien attaches concurrently with or within one hundred twenty (120) days after the acquisition thereof and Liens incurred in a Permitted Refinancing of such Debt secured by such Liens;

  
 25 

	 	(j)	 Liens that are rights of set-off, bankers’ liens or similar non-consensual Liens relating to deposit or securities accounts in favor of banks, other depositary institutions and securities intermediaries solely to secure payment of fees and similar costs and expenses and
arising in the Ordinary Course of Business; 

  

	 	(k)	 purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating
leases or consignments of personal property entered into the Ordinary Course of Business; 

  

	 	(l)	 Liens granted in the Ordinary Course of Business on the unearned portion of insurance premiums securing the
financing of insurance premiums to the extent the financing is permitted clause (f) of the definition of Permitted Debt; 

  

	 	(m)	 Liens in favor of customs and revenue authorities arising as a matter of Law to secure payment of customs
duties in connection with the importation of goods in the Ordinary Course of Business; 

  

	 	(n)	 Leases or subleases of real property granted in the Ordinary Course of Business; 

 

	 	(o)	 Liens solely in respect of the Credit Card Cash Collateral Accounts and amounts deposited therein to the extent
securing obligations permitted pursuant to clause (h) of the definition of Permitted Debt; 

  

	 	(p)	 Liens solely in respect of the L/C Cash Collateral Accounts and amounts deposited therein to the extent
securing obligations permitted pursuant to clause (h) of the definition of Permitted Contingent Obligations;  

  

	 	(q)	 Liens, deposits and pledges encumbering cash, Cash Equivalents with a value not to exceed Two Hundred Fifty
Thousand Dollars ($250,000) in the aggregate at any time, to secure the performance of bids, tenders, contracts (other than contracts for the payment of money), public or statutory obligations, surety, indemnity, performance or other similar bonds
or other similar obligations arising in the Ordinary Course of Business; 

  

	 	(r)	 Liens and encumbrances in favor of the holders of the Affiliated Financing Documents; and

  

	 	(s)	 to the extent constituting a Lien, the granting of a Permitted License. 

“Permitted Modifications” means (a) such amendments or other modifications to a Borrower’s or Subsidiary’s
Organizational Documents as are required under this Agreement or by applicable Law, and (b) such amendments or modifications to a Borrower’s or Subsidiary’s Organizational Documents (other than those involving a change in the name of
a Borrower or Subsidiary or involving a reorganization of a Borrower or Subsidiary under the laws of a different jurisdiction) that would not adversely affect the rights and interests of Agent or Lenders in any material respect. 

“Permitted Refinancing” means Debt constituting a refinancing, extension or renewal of Debt; provided that the refinanced,
extended, or renewed Debt (a) has an aggregate outstanding principal amount not greater than the aggregate principal amount of the Debt being refinanced or extended (plus any reasonable and customary interest, fees, premiums and costs and
expenses) (b) has a weighted average maturity (measured as of the date of such refinancing or extension) and maturity no shorter than that of the Debt being refinanced or extended, (c) is not entered into as part of a sale leaseback
transaction, (d) is not 

  
 26 

 
secured by a Lien on any assets other than the collateral securing the Debt being refinanced or extended, (e) the obligors of which are the same as the obligors of the Debt being refinanced
or extended and (f) is otherwise on terms no less favorable to Credit Parties and their Subsidiaries, taken as a whole, than those of the Debt being refinanced or extended. 

“Person” means any natural person, corporation, limited liability company, professional association, limited partnership,
general partnership, joint stock company, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, and any Governmental Authority. 

“Prepayment Fee” has the meaning set forth in Section 2.2. 

“Pro Rata Share” means (a) with respect to a Lender’s obligation to make advances in respect of a Term Loan and
such Lender’s right to receive payments of principal and interest with respect to the Term Loans, the Term Loan Commitment Percentage of such Lender in respect of such Term Loan, and (b) for all other purposes (including, without
limitation, the indemnification obligations arising under Section 11.6) with respect to any Lender, the percentage obtained by dividing (i) the Term Loan Commitment Amount of such Lender (or, in the event the Term Loan Commitment
shall have been terminated, such Lender’s then outstanding principal advances of such Lender under the Term Loan), by (ii) the sum of the Term Loan Commitment (or, in the event the Term Loan Commitment shall have been terminated,
the then outstanding principal advances of such Lenders under the Term Loan) of all Lenders. 
 “Products” means, from time
to time, any products currently manufactured, sold, developed, tested or marketed by any Borrower or any of its Subsidiaries. 

“Qualifying IPO” means the issuance and sale by Alpha Teknova, Inc. of its common stock in an underwritten public offering
(other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement (whether alone or in connection with a secondary public offering) filed with the
SEC in accordance with the Securities Act of 1933, as amended, following which Alpha Teknova, Inc.’s common stock is listed on a nationally-recognized stock exchange in the United States. 

“Registered Intellectual Property” means any patent, registered trademark or servicemark, registered copyright, registered
mask work, or any pending application for any of the foregoing. 
 “Required Lenders” means at any time Lenders holding
(a) fifty percent (50%) or more of the sum of the applicable Term Loan Commitment (taken as a whole), or (b) if the Term Loan Commitments have been terminated or expired, fifty percent (50%) or more of the then aggregate outstanding
principal balance of the applicable tranche of Term Loans. 
 “Resolution Authority” means an EEA Resolution
Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 
 “Responsible Officer” means any
of the President, Chief Executive Officer, Chief Financial Officer, General Counsel or any other officer of the applicable Borrower requested by the Borrower and acceptable to Agent. 

“Revolving Loans” has the meaning set forth in the Affiliated Credit Agreement. 

“SEC” means the United States Securities and Exchange Commission. 

  
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 “Securities Account” means a “securities account” (as defined in
Article 9 of the UCC), an investment account, or other account in which investment property or securities are held or invested for credit to or for the benefit of any Borrower. 

“Securities Account Control Agreement” means an agreement, in form and substance satisfactory to Agent, among Agent, any
applicable Borrower and each securities intermediary in which such Borrower maintains a Securities Account pursuant to which Agent shall obtain “control” (as defined in Article 9 of the UCC) over such Securities Account. 

“Security Document” means this Agreement and each other agreement, document or instrument executed concurrently herewith or
at any time hereafter pursuant to which one or more Credit Parties or any other Person either (a) Guarantees payment or performance of all or any portion of the Obligations, and/or (b) provides, as security for all or any portion of the
Obligations, a Lien on any of its assets in favor of Agent for its own benefit and the benefit of the Lenders, as any or all of the same may be amended, supplemented, restated or otherwise modified from time to time. 

“Solvent” means, with respect to any Person, that such Person (a) owns and will own assets the fair saleable value of
which are (i) greater than the total amount of its debts and liabilities (including subordinated and Contingent Obligations), and (ii) greater than the amount that will be required to pay the probable liabilities of its then existing debts
as they become absolute and matured considering all financing alternatives and potential asset sales reasonably available to it; (b) has capital that is not unreasonably small in relation to its business as presently conducted or after giving
effect to any contemplated transaction; and (c) does not intend to incur and does not believe that it will incur debts beyond its ability to pay such debts as they become due. 

“Stated Rate” has the meaning set forth in Section 2.7. 

“Subordinated Debt” means any Debt of Borrowers incurred pursuant to the terms of the Subordinated Debt Documents and with
the prior written consent of Agent, all of which documents must be in form and substance reasonably acceptable to Agent in its sole discretion. As of the Closing Date, there is no Subordinated Debt. 

“Subordinated Debt Documents” means any documents evidencing and/or securing Debt governed by a Subordination Agreement, all
of which documents must be in form and substance acceptable to Agent in its sole discretion. As of the Closing Date, there are no Subordinated Debt Documents. 

“Subordination Agreement” means each agreement between Agent and another creditor of the Credit Parties, as the same may be
amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof, pursuant to which the Debt owing from any Credit Party and/or the Liens securing such Debt granted by any Credit Party to such creditor are
subordinated in any way to the Obligations and the Liens created under the Security Documents, the terms and provisions of such Subordination Agreements to have been agreed to by and be acceptable to Agent in the exercise of its sole discretion.

 “Subsidiary” means, with respect to any Person, (a) any corporation (or any foreign equivalent thereof) of which an
aggregate of more than fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, capital stock of any other class or
classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, owned legally or beneficially by such Person or one or more Subsidiaries of such Person, or with
respect to which any such Person has the right to vote or designate the vote of more than fifty percent (50%) of such capital 

  
 28 

 
stock whether by proxy, agreement, operation of law or otherwise, and (b) any partnership or limited liability company (or any foreign equivalent thereof) in which such Person and/or one or
more Subsidiaries of such Person shall have an interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%) or of which any such Person is a general partner or may exercise the powers
of a general partner. Unless the context otherwise requires, each reference to a Subsidiary shall be a reference to a Subsidiary of a Borrower. 

“Swap Contract” means any “swap agreement”, as defined in Section 101 of the Bankruptcy Code, that is obtained
by Borrower to provide protection against fluctuations in interest or currency exchange rates, but only if Agent provides its prior written consent to the entry into such “swap agreement”. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Termination Date” means the earliest to occur of (a) the Maturity Date, (b) any date on which the maturity of the
Loans is accelerated pursuant to Section 10.2, or (c) the termination date stated in any notice of termination of this Agreement provided by Borrowers or Agent or Required Lenders in accordance with Section 2.12. 

“Term Loan” means, collectively, the Term Loan Tranche 1, Term Loan Tranche 2 and Term Loan Tranche 3. 

“Term Loan Commitment” means the sum of each Lender’s Term Loan Commitment Amount. 

“Term Loan Commitment Amount” means, with respect to each Lender, the sum of such Lender’s Term Loan Tranche 1
Commitment Amount, Term Loan Tranche 2 Commitment Amount and Term Loan Tranche 3 Commitment Amount. 
 “Term Loan Commitment
Percentage” means, as to any Lender with respect to each of such Lender’s Term Loan Commitments, (a) on the Closing Date, with respect to each tranche of the Term Loan, the applicable percentage set forth opposite such
Lender’s name on the Commitment Annex under the column “Term Loan Tranche 1 Commitment Percentage,” “Term Loan Tranche 2 Commitment Percentage” and “Term Loan Tranche 3 Commitment Percentage” (if such Lender’s
name is not so set forth thereon, then, on the Closing Date, such percentage for such Lender shall be deemed to be zero), and (b) on any date following the Closing Date, as applicable to each tranche of Term Loan, the percentage equal to
(i) the Term Loan Tranche 1 Commitment of such Lender on such date divided by the aggregate Term Loan Tranche 1 Commitments on such date, (ii) the Term Loan Tranche 2 Commitment of such Lender of such date divided by the
aggregate Term Loan Tranche 2 Commitments on such date, or (iii) the Term Loan Tranche 3 Commitment of such Lender on such date divided by the aggregate Term Loan Tranche 3 Commitments on such date. 

“Term Loan Tranche 1” has the meaning set forth in Section 2.1(a)(i)(A). 

“Term Loan Tranche 1 Commitment Amount” means, with respect to each Lender, the amount set forth opposite such Lender’s
name on Annex A hereto under the caption “Term Loan Tranche 1 Commitment Amount”, as amended from time to time to reflect any permitted and effective assignments and as such amount may be reduced or terminated pursuant to this
Agreement. 
 “Term Loan Tranche 1 Commitments” means the sum of each Lender’s Term Loan Tranche 1 Commitment Amount.

  
 29 

 “Term Loan Tranche 2” has the meaning set forth in
Section 2.1(a)(i)(B). 
 “Term Loan Tranche 2 Activation Date” means September 30, 2021 unless the Term Loan
Tranche 2 Commitment Termination Date occurs prior thereto. 
 “Term Loan Tranche 2 Commitment Amount” means, with respect
to each Lender, the amount set forth opposite such Lender’s name on Annex A hereto under the caption “Term Loan Tranche 2 Commitment Amount”, as amended from time to time to reflect any permitted and effective assignments and as such
amount may be reduced or terminated pursuant to this Agreement. 
 “Term Loan Tranche 2 Commitment Termination Date” means
the earlier of (a) December 31, 2021 and (b) the date on which Agent provides notice to the Credit Parties, following the occurrence of an Event of Default (which has not been waived or cured as of the date such notice is given), that
the Term Loan Tranche 2 Commitments have been terminated. 
 “Term Loan Tranche 2 Commitments” means the sum of each
Lender’s Term Loan Tranche 2 Commitment Amount. 
 “Term Loan Tranche 3” has the meaning set forth in
Section 2.1(a)(i)(C). 
 “Term Loan Tranche 3 Activation Date” means January 1, 2022 unless the Term Loan Tranche
3 Commitment Termination Date occurs prior thereto. 
 “Term Loan Tranche 3 Commitment Amount” means, with respect to each
Lender, the amount set forth opposite such Lender’s name on Annex A hereto under the caption “Term Loan Tranche 3 Commitment Amount”, as amended from time to time to reflect any permitted and effective assignments and as such amount
may be reduced or terminated pursuant to this Agreement. 
 “Term Loan Tranche 3 Commitment Termination Date” means the
earlier of (a) September 30, 2022 and (b) the date on which Agent provides notice to the Credit Parties, following the occurrence of an Event of Default (which has not been waived or cured as of the date such notice is given), that
the Term Loan Tranche 3 Commitments have been terminated. 
 “Term Loan Tranche 3 Commitments” means the sum of each
Lender’s Term Loan Tranche 3 Commitment Amount. 
 “THP” means, collectively, Telegraph Hill Partners IV, L.P. and
Telegraph IV Affiliates LLC. 
 “Tranche 3 EBITDA Certificate” means a certificate, duly executed by a Responsible Officer
of Borrower Representative, appropriately completed and substantially in the form of Exhibit F hereto. 

“UCC” means the Uniform Commercial Code of the State of New York or of any other state the laws of which are required to be
applied in connection with the perfection of security interests in any Collateral. 
 “UK Financial Institution” means any
BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to
time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

  
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 “UK Resolution Authority” means the Bank of England or any other public
administrative authority having responsibility for the resolution of any UK Financial Institution. 
 “United States” means
the United States of America. 
 “U.S. Tax Compliance Certificate” has the meaning set forth in Section 2.8(c)(i).

 “Withholding Agent” means any Borrower or Agent. 

“Write-Down and Conversion Powers” (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 

Section 1.2    Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms
used herein shall be interpreted, all accounting determinations hereunder (including, without limitation, determinations made pursuant to the exhibits hereto) shall be made, and all financial statements required to be delivered hereunder shall
be prepared on a consolidated basis in accordance with GAAP applied on a basis consistent with the most recent audited consolidated financial statements of each Borrower and its Consolidated Subsidiaries delivered to Agent and each of the Lenders on
or prior to the Closing Date, except with respect to unaudited financial statements (i) for non-compliance with FAS 123R, and (ii) for the absence of footnotes and subject to year-end audit adjustments; provided that (x) all obligations of any Person that are or would have been treated as operating leases for purposes of GAAP prior to the issuance by the Financial Accounting
Standards Board on February 25, 2016 of an Accounting Standards Update (the “ASU”) shall continue to be accounted for as operating leases for purposes of all financial definitions, calculations and covenants for purposes of this
Agreement (whether or not such operating lease obligations were in effect on such date), notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be treated as
capitalized lease obligations in accordance with GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or financial requirement set forth in any Financing Document, and either Borrowers or the Required Lenders
shall so request, Agent, the Lenders and Borrowers shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders);
provided, however, that until so amended, (a) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (b) Borrowers shall provide to Agent and the Lenders financial
statements and other documents required under this Agreement which include a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding any other provision contained
herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting
Standards 159 (or any other Financial Accounting Standard having a similar result or effect) to value any Debt or other liabilities of any Credit Party or any Subsidiary of any Credit Party at “fair value”, as defined therein. 

Section 1.3    Other Definitional and Interpretive Provisions. References in this Agreement to
“Articles”, “Sections”, “Annexes”, “Exhibits”, or “Schedules” shall be to Articles, Sections, Annexes, 

  
 31 

 
Exhibits or Schedules of or to this Agreement unless otherwise specifically provided. Any term defined herein may be used in the singular or plural. “Include”, “includes” and
“including” shall be deemed to be followed by “without limitation”. Except as otherwise specified or limited herein, references to any Person include the successors and assigns of such Person. References “from” or
“through” any date mean, unless otherwise specified, “from and including” or “through and including”, respectively. References to any statute or act shall include all related current regulations and all amendments and
any successor statutes, acts and regulations. All amounts used for purposes of financial calculations required to be made herein shall be without duplication. References to any statute or act, without additional reference, shall be deemed to refer
to federal statutes and acts of the United States. References to any agreement, instrument or document shall include all schedules, exhibits, annexes and other attachments thereto. References to capitalized terms that are not defined herein, but are
defined in the UCC, shall have the meanings given them in the UCC. All references herein to times of day shall be references to daylight or standard time, as applicable. All references herein to a merger, transfer, consolidation, amalgamation,
assignment, sale or transfer, or analogous term, will be construed to mean also a division of or by a limited liability company, as if it were a merger, transfer, consolidation, amalgamation, assignment, sale or transfer, or similar term, as
applicable. Any series of limited liability company shall be considered a separate Person. 

Section 1.4    Settlement and Funding Mechanics. Unless otherwise specified herein, the settlement of all
payments and fundings hereunder between or among the parties hereto shall be made in lawful money of the United States and in immediately available funds. 

Section 1.5    Time is of the Essence. Time is of the essence in Borrower’s and each other Credit
Party’s performance under this Agreement and all other Financing Documents. 
 Section 1.6    Time of
Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight savings or standard, as applicable). 

ARTICLE 2 - LOANS 

Section 2.1    Loans. 

(a)    Term Loans. 

(i)    Term Loan Amounts. 

(A)    On the terms and subject to the conditions set forth herein and in the other Financing Documents,
each Lender with a Term Loan Tranche 1 Commitment Amount severally hereby agrees to make to Borrowers a Term Loan on the Closing Date in an original aggregate principal amount equal to the Term Loan Tranche 1 Commitments (the “Term Loan
Tranche 1”). Each such Lender’s obligation to fund the Term Loan Tranche 1 shall be limited to such Lender’s Term Loan Tranche 1 Commitment Percentage, and no Lender shall have any obligation to fund any portion of any Term Loan
required to be funded by any other Lender, but not so funded. 
 (B)    On the terms and subject to the
conditions set forth herein and in the other Financing Documents, each Lender with a Term Loan Tranche 2 Commitment Amount severally hereby agrees to make to Borrowers a Term Loan on a Business Day occurring on or after the Term Loan Tranche 2
Activation Date and on or prior to the Term Loan Tranche 2 Commitment Termination Date (the “Term Loan Tranche 2 Funding Date”) in an original aggregate principal amount equal to the Term Loan Tranche 2 Commitments (the
“Term Loan Tranche 2”). Each such Lender’s obligation to fund the 

  
 32 

 
Term Loan Tranche 2 shall be limited to such Lender’s Term Loan Tranche 2 Commitment Percentage, and no Lender shall have any obligation to fund any portion of any Term Loan required to be
funded by any other Lender, but not so funded. Unless previously terminated, upon the Term Loan Tranche 2 Commitment Termination Date, the Term Loan Tranche 2 Commitments shall thereupon automatically be terminated and the Term Loan Tranche 2
Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitments. Without limiting the foregoing, until the Term Loan Tranche 2 Activation Date has occurred,
no Borrower shall be entitled to request and no Lender shall be required to advance any principal amount in respect of the Term Loan Tranche 2. 

(C)    On the terms and subject to the conditions set forth herein and in the other Financing Documents,
each Lender with a Term Loan Tranche 3 Commitment Amount severally hereby agrees to make to Borrowers a Term Loan on a Business Day occurring on or after the Term Loan Tranche 3 Activation Date and on or prior to the Term Loan Tranche 3 Commitment
Termination Date (the “Term Loan Tranche 3 Funding Date”) in an original aggregate principal amount equal to the Term Loan Tranche 3 Commitments (the “Term Loan Tranche 3”). Each such Lender’s obligation to
fund the Term Loan Tranche 3 shall be limited to such Lender’s Term Loan Tranche 3 Commitment Percentage, and no Lender shall have any obligation to fund any portion of any Term Loan required to be funded by any other Lender, but not so funded.
Unless previously terminated, upon the Term Loan Tranche 3 Commitment Termination Date, the Term Loan Tranche 3 Commitments shall thereupon automatically be terminated and the Term Loan Tranche 3 Commitment Amount of each Lender as of such date
shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitments. Without limiting the foregoing, until the Term Loan Tranche 3 Activation Date has occurred, no Borrower shall be entitled to request and no
Lender shall be required to advance any principal amount in respect of the Term Loan Tranche 3. 

(D)    No Borrower shall have any right to reborrow any portion of the Term Loan that is repaid or prepaid
from time to time. Borrowers shall deliver to Agent a Notice of Borrowing with respect to each proposed Term Loan advance, such Notice of Borrowing to be delivered, (i) in the case of a Term Loan Tranche 1 borrowing, no later than 12:00 P.M.
(Eastern time) on the Closing Date or (ii) in the case of a Term Loan Tranche 2 or Term Loan Tranche 3 borrowing, no later than 1:00 P.M. (Eastern time) ten (10) Business Days (or such shorter period as may be agreed by Agent and the
Lenders) prior to such proposed borrowing. 
 (ii)    Scheduled Repayments; Mandatory Prepayments;
Optional Prepayments. 
 (A)    There shall become due and payable, and Borrowers shall repay each
Term Loan through, scheduled principal payments as set forth on Schedule 2.1 attached hereto. Notwithstanding the payment schedule set forth above, the outstanding principal amount of each Term Loan shall become immediately
due and payable in full on the Termination Date. 
 (B)    There shall become due and payable and
Borrowers shall prepay the Term Loan in the following amounts and at the following times: 

(i)    Unless Agent shall otherwise consent in writing, subject to Borrower’s option to apply
casualty proceeds in accordance with the last 

  
 33 

 
sentence of this Section 2.1(a)(ii), within five (5) Business Days of the date on which any Credit Party (or Agent as loss payee or assignee) receives any casualty proceeds in excess of
$500,000 with respect to assets upon which Agent maintained a Lien, an amount equal to one hundred percent (100%) of such proceeds (net of out-of-pocket expenses and
repayment of secured debt permitted under clause (c) of the definition of Permitted Debt and encumbering the property that suffered such casualty), or such lesser portion of such proceeds as Agent shall elect to apply to the Obligations; 

(ii)    an amount equal to any interest that is deemed to be in excess of the Maximum Lawful Rate (as
defined below) and is required to be applied to the reduction of the principal balance of the Loans by any Lender as provided for in Section 2.7; and 

(iii)    without limiting Section 5.6(b), unless Agent shall otherwise consent in writing, within
five (5) Business Days of receipt by any Credit Party of the proceeds of any Asset Disposition that is not made in the Ordinary Course of Business greater than $1,000,000, an amount equal to one hundred percent (100%) of the net cash proceeds
of such Asset Disposition (net of out of pocket expenses and repayment of secured debt permitted under clause (c) of the definition of Permitted Debt and encumbering such asset and any and all fees, costs, expenses and taxes incurred in
connection with such Asset Disposition), or such lesser portion as Agent shall elect to apply to the Obligations. 
 Notwithstanding the foregoing and so
long as no Event of Default or Default then exists: (1) any such casualty proceeds in excess of $500,000 may be used by Borrowers within one hundred eighty (180) days from the receipt of such proceeds to replace or repair any assets in
respect of which such proceeds were paid so long as such proceeds are deposited into a Deposit Account that is subject to a Deposit Account Control Agreement promptly upon receipt by such Borrower; and (2) proceeds of personal property Asset
Dispositions that are not made in the Ordinary Course of Business may be used by Borrowers within one hundred eighty (180) days from the receipt of such proceeds to purchase new or replacement assets of comparable value, provided, however, that
such proceeds are deposited into a Deposit Account that is subject to a Deposit Account Control Agreement promptly upon receipt by such Borrower. All sums held by Agent pending reinvestment as described in subsections (1) and (2) above shall be
deemed additional collateral for the Obligations and may be commingled with the general funds of Agent. 

(C)    Borrowers may from time to time, with at least five (5) Business Days prior irrevocable
written notice (which notice may be conditioned on the closing of a refinancing or other applicable transaction) to Agent, prepay the Term Loans in whole by tranche but not in part (other than mandatory partial prepayments required under this
Agreement); provided, that such prepayment shall be accompanied by all prepayment fees or other fees required hereunder and any fees required under the Fee Letter or any Financing Document in connection with such prepayments. 

(iii)    All Prepayments. Except as this Agreement may specifically provide otherwise, all
prepayments of the Term Loan shall be applied by Agent to the Obligations in inverse order of maturity. The monthly payments required under Schedule 2.1 shall continue in the same amount (for so long as the Term Loan and/or
(if applicable) any advance thereunder shall remain outstanding) notwithstanding any partial prepayment, whether mandatory or optional, of the Term Loan. Notwithstanding anything to the contrary contained in the foregoing, in the event that there
have been multiple advances under the Term Loan each of which such advances has a separate 

  
 34 

 
amortization schedule of principal payments under Schedule 2.1 attached hereto, each prepayment of the Term Loan shall be applied by Agent to reduce and prepay the principal balance of the
earliest-made advance then outstanding in the inverse order of maturity of the scheduled payments with respect to such advance until such earliest-made advance is paid in full (and to the extent the total amount of any such partial prepayment shall
exceed the outstanding principal balance of such earliest-made advance, the remainder of such prepayment shall be applied successively to the remaining advances under the Term Loan in the direct order of the respective advance dates in the manner
provided for in this sentence). 
 (iv)    LIBOR Rate. 

(A)     Except as provided in subsection (C) below, the Term Loan shall accrue interest at the LIBOR
Rate plus the Applicable Margin. 
 (B)    The LIBOR Rate may be adjusted by Agent with respect
to any Lender on a prospective basis to take into account any additional or increased costs to such Lender of maintaining or obtaining any eurodollar deposits or increased costs, in each case, due to changes in applicable Law occurring subsequent to
the commencement of the then applicable Interest Period, including changes in tax laws (except changes of general applicability in corporate income tax laws) and changes in the reserve requirements imposed by the Board of Governors of the Federal
Reserve System (or any successor), which additional or increased costs would increase the cost of funding loans bearing interest based upon the LIBOR Rate; provided, however, that notwithstanding anything in this Agreement to the contrary,
(i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a
“change in applicable Law”, regardless of the date enacted, adopted or issued. In any such event, the affected Lender shall give Borrowers and Agent notice of such a determination and adjustment and Agent promptly shall transmit the notice
to each other Lender and, upon its receipt of the notice from the affected Lender, Borrowers may, by notice to such affected Lender (I) require such Lender to furnish to Borrowers a statement setting forth the basis for adjusting such LIBOR
Rate and the method for determining the amount of such adjustment, or (II) repay the Loans bearing interest based upon the LIBOR Rate with respect to which such adjustment is made. 

(C)    In the event that any change in market conditions or any law, regulation, treaty, or directive, or
any change therein or in the interpretation of application thereof, shall at any time after the date hereof, in the reasonable opinion of any Lender, make it unlawful or impractical for such Lender to maintain Loans bearing interest based upon the
LIBOR Rate or to continue such maintaining, or to determine or charge interest rates at the LIBOR Rate, such Lender shall give notice of such changed circumstances to Agent and Borrowers and Agent promptly shall transmit the notice to each other
Lender, (I) in the case of the pro rata share of the Term Loan held by such Lender and then outstanding, the date specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of such portion of the Term Loan,
and interest upon such portion thereafter shall accrue interest at the Base Rate plus the Applicable Margin, and (II) such portion of the Term Loan shall continue to accrue interest at the Base Rate plus the Applicable Margin
until such Lender determines that it would no longer be unlawful or impractical to maintain such Term Loan at the LIBOR Rate. 

  
 35 

 (D)    Anything to the contrary contained herein
notwithstanding, neither Agent nor any Lender is required actually to acquire eurodollar deposits to fund or otherwise match fund any Obligation as to which interest accrues based on the LIBOR Rate. 

(b)    Reserved. 

Section 2.2    Interest, Interest Calculations and Certain Fees. 

(a)    Interest. From and following the Closing Date, except as expressly set forth in this Agreement, Loans and
the other Obligations shall bear interest at the sum of the LIBOR Rate plus the Applicable Margin. Interest on the Loans shall be paid monthly in arrears on the first (1st) day of each month and on the maturity of such Loans, whether by
acceleration or otherwise. Interest on all other Obligations shall be payable upon demand. 
 (b)    Reserved.

 (c)    Fee Letter. In addition to the other fees set forth herein, the Borrowers agree to pay Agent the fees
set forth in the Fee Letter. 
 (d)    Reserved. 

(e)    Reserved. 

(f)    Origination Fee. Contemporaneous with Borrowers execution of this Agreement, Borrowers shall pay Agent, for
the pro rata benefit of all Lenders committed to make Term Loans on the Closing Date, a fee in an amount equal to $110,000. All fees payable pursuant to this paragraph shall be deemed fully earned when due and payable and, once paid, shall be
non-refundable. 
 (g)    Reserved. 

(h)    Prepayment Fee. If any advance under the Term Loan is prepaid at any time, in whole or in part, for any
reason (whether by voluntary or mandatory prepayment by Borrower, by reason of the occurrence of an Event of Default or otherwise, or if the Term Loan shall become accelerated (including any automatic acceleration due to the occurrence of an
Event of Default described in Section 10.1(f)) or otherwise) and due and payable in full, Borrowers shall pay to Agent, for the benefit of all Lenders committed to make Term Loan advances, as compensation for the costs of such Lenders making
funds available to Borrowers under this Agreement, a prepayment fee (the “Prepayment Fee”) calculated in accordance with this subsection. The Prepayment Fee shall be equal to an amount determined by multiplying the amount
being prepaid (or required to be prepaid, if such amount is greater) by the following applicable percentage amount: (x) three percent (3.0%) for the first year following the Closing Date, (y) two percent (2.0%) for the second year
following the Closing Date, and (z) one percent (1.0%) thereafter. The Prepayment Fee shall not apply to or be assessed upon any prepayment made by Borrowers if such payments were (x) required by Agent to be made pursuant to
Section 2.1(a)(ii)(B) subpart (i) (relating to casualty proceeds), or subpart (ii) (relating to payments exceeding the Maximum Lawful Rate) or (y) made due to the Term Loans being paid in full as a result of a refinancing of the Term Loans
in full prior to the Maturity Date by Agent or an Affiliate of Agent. All fees payable pursuant to this paragraph shall be deemed fully-earned and non-refundable as of the Closing Date.  

  
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 (i)    Audit Fees. Subject to the limitations set forth in
Section 4.6, Borrowers shall pay to Agent, for its own account and not for the benefit of any other Lenders, all reasonable out-of-pocket fees and expenses in
connection with audits and inspections of Borrowers’ books and records, audits, valuations or appraisals of the Collateral, audits of Borrowers’ compliance with applicable Laws and such other matters as Agent shall deem appropriate, which
shall be due and payable after the audit or inspection has occurred on the first Business Day of the month following the date of issuance by Agent of a written request for payment thereof to Borrowers; provided, that, in the absence of a
Default or an Event of Default, Borrowers shall not be obligated to reimburse Agent for more than (i) two (2) Inventory appraisals per calendar year and (ii) two (2) collateral audits per calendar year conducted, in each case, by Agent or
its designee in accordance with Section 4.6. 
 (j)    Wire Fees.    Borrowers shall
pay to Agent, for its own account and not for the account of any other Lenders, on written demand, fees for incoming and outgoing wires made for the account of Borrowers, such fees to be based on Agent’s then current wire fee schedule
(available upon written request of the Borrowers). 
 (k)    Late Charges. If payments of principal (other than
a final installment of principal upon the Termination Date), interest due on the Obligations, or any other amounts due hereunder or under the other Financing Documents are not timely made and remain overdue for a period of five (5) Business
Days, Borrowers, without notice or demand by Agent, promptly shall pay to Agent, for its own account and not for the benefit of any other Lenders, as additional compensation to Agent in administering the Obligations, an amount equal to two percent
(2.0%) of each delinquent payment. 
 (l)    Computation of Interest and Related Fees. All interest and fees
under each Financing Document shall be calculated on the basis of a three hundred sixty (360) day year for the actual number of days elapsed. The date of funding of a Loan shall be included in the calculation of interest. The date of payment of
a Loan shall be excluded from the calculation of interest. If a Loan is repaid on the same day that it is made, one (1) day’s interest shall be charged. 

(m)    Automated Clearing House Payments. If Agent (or its designated servicer or trustee on behalf of a
securitization vehicle) so elects, monthly payments of principal, interest, fees, expenses or any other amounts due and owing from Borrower to Agent hereunder shall be paid to Agent by Automated Clearing House debit of immediately available funds
from the financial institution account designated by Borrower Representative in the Automated Clearing House debit authorization executed by Borrowers or Borrower Representative in connection with this Agreement, and shall be effective upon receipt.
Borrowers shall execute any and all forms and documentation necessary from time to time to effectuate such automatic debiting. In no event shall any such payments be refunded to Borrowers. 

Section 2.3    Notes. The portion of the Loans made by each Lender shall be evidenced, if so requested by such
Lender, by one or more promissory notes executed by Borrowers on a joint and several basis (each, a “Note”) in an original principal amount equal to such Lender’s Term Loan Commitments. 

Section 2.4    Reserved. 

Section 2.5    Reserved. 

Section 2.6    General Provisions Regarding Payment; Loan Account. 

(a)    All payments to be made by each Borrower under any Financing Document, including payments of principal and interest
made hereunder and pursuant to any other Financing Document, and all fees, expenses, indemnities and reimbursements, shall be made without set-off, 

  
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recoupment or counterclaim. If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day and, with
respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension (it being understood and agreed that, solely for purposes of calculating financial covenants and computations contained herein and
determining compliance therewith, if payment is made, in full, on any such extended due date, such payment shall be deemed to have been paid on the original due date without giving effect to any extension thereto). Any payments received in the
Payment Account before 12:00 Noon (Eastern time) on any date shall be deemed received by Agent on such date, and any payments received in the Payment Account at or after 12:00 Noon (Eastern time) on any date shall be deemed received by
Agent on the next succeeding Business Day. 
 (b)    Agent shall maintain a loan account (the “Loan
Account”) on its books to record Loans and other extensions of credit made by the Lenders hereunder or under any other Financing Document, and all payments thereon made by each Borrower. All entries in the Loan Account shall be made in
accordance with Agent’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded in Agent’s books and records at any time shall be conclusive and binding evidence of the amounts due and
owing to Agent by each Borrower absent manifest error; provided, however, that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower’s duty to pay all amounts owing hereunder or
under any other Financing Document. Agent shall endeavor to provide Borrowers with a monthly statement regarding the Loan Account (but neither Agent nor any Lender shall have any liability if Agent shall fail to provide any such statement). Unless
any Borrower notifies Agent of any objection to any such statement (specifically describing the basis for such objection) within ninety (90) days after the date of receipt thereof, it shall be deemed final, binding and conclusive upon Borrowers
in all respects as to all matters reflected therein. 
 Section 2.7    Maximum Interest. In no event shall
the interest charged with respect to the Loans or any other Obligations of any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other applicable jurisdiction. Notwithstanding
anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of interest permitted under any
applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however,
that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to
the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again
would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full
term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the
Loans or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall be paid to Borrowers. In computing interest payable with reference to the
Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. 

Section 2.8    Taxes; Capital Adequacy. 

(a)    All payments of principal and interest on the Loans and all other amounts payable hereunder shall be made free and
clear of and without deduction for any present or future Taxes, except as 

  
 38 

 
required by applicable Law. If any applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such
payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable Law and if any such withholding or deduction is in respect of an Indemnified Tax, then the Borrowers shall pay such additional amount or amounts as is necessary to ensure that the net amount actually received by the applicable recipient
will equal the full amount such recipient would have received had no such withholding or deduction been required (including, without limitation, such withholdings and deductions applicable to additional sums payable under this Section 2.8).
After payment of any Tax by a Borrower to a Governmental Authority pursuant to this Section 2.8, such Borrower shall promptly forward to Agent the original or a certified copy of an official receipt, a copy of the return reporting such payment,
or other documentation satisfactory to Agent evidencing such payment to such authority. Borrowers shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of Agent timely reimburse Agent for the
payment of, any Other Taxes. 
 (b)    The Borrowers shall indemnify Agent and Lenders, within ten (10) days after
demand thereof, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.8) payable or paid by Agent or any Lender or required to be withheld or
deducted from a payment to Agent or any Lender and any expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes and Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate in reasonable detail as to the amount of such payment or liability delivered to Borrowers by a Lender (with a copy to Agent), or by Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(c)    Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Financing Document shall deliver to Borrower Representative and Agent, at the time or times prescribed by applicable Law or reasonably requested by Borrower Representative or Agent, such properly completed and executed documentation
reasonably requested by Borrower Representative or Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Borrower Representative or Agent, shall
deliver such other documentation prescribed by applicable Law or reasonably requested by Borrowers or Agent as will enable Borrowers or Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 2.8(c)(i), 2.8(c)(ii) and 2.8(e) below)
shall not be required if in such Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such
Lender. 
 (i)    Each Lender that is not a “United States person” (as such term is defined in
Section 7701(a)(30) of the Code) for U.S. federal income tax purposes and is a party hereto on the Closing Date or purports to become an assignee of an interest pursuant to Section 11.17(a) after the Closing Date (unless such Lender was
already a Lender hereunder immediately prior to such assignment) (each such Lender a “Foreign Lender”) shall, to the extent permitted by Law, execute and deliver to Borrower Representative and Agent (in such number of copies as
shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative or Agent) whichever of the
following is applicable: (A) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party, (x) with respect to payments of interest under any Financing Document, two (2) properly
completed and 

  
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executed originals of United States Internal Revenue Service (“IRS”) Forms W-8BEN or W-8BEN-E (or successor form) establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the “interest” article of such tax treaty and (y) with respect to any
other applicable payments under any Financing Documents, two (2) properly completed and executed originals of IRS Forms W-8BEN or
W-8BEN-E (or successor form) establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the “business profits” or “other
income” article of such tax treaty; (B) two (2) executed originals of IRS Form W-8ECI (or successor form); (C) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit E-1 to the effect that such Foreign Lender is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of any Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) two (2) executed originals of IRS Forms W-8BEN or W-8BEN-E (or successor form); (D) to the extent a Foreign Lender is not the beneficial owner, two (2) executed originals of IRS Form W-8IMY, accompanied by
IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E (or successor form), a U.S. Tax Compliance
Certificate substantially in the form of Exhibit E-2 or Exhibit E-3, IRS Form
W-9 (or successor form), and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners
of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-4 on
behalf of each such direct and indirect partner; or (E) other applicable forms, certificates or documents prescribed by the IRS. Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or
inaccurate in any respect, it shall update such form or certification or promptly notify Borrower Representative and Agent in writing of its legal inability to do so. In addition, to the extent permitted by applicable Law, such forms shall be
delivered by each Foreign Lender upon the obsolescence or invalidity of any form previously delivered by such Foreign Lender. Each Foreign Lender shall promptly notify Borrower Representative at any time it determines that it is no longer in a
position to provide any previously delivered certificate to Borrower Representative (or any other form of certification adopted by the U.S. taxing authorities for such purpose). 

(ii)    Each Lender that is a “United States person” (as such term is defined in
Section 7701(a)(30) of the Code) for U.S. federal income tax purposes and is a party hereto on the Closing Date or purports to become an assignee of an interest pursuant to Section 11.17(a) after the Closing Date (unless such Lender was
already a Lender hereunder immediately prior to such assignment) shall, to the extent permitted by Law, provide to Borrower Representative and Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the reasonable request of the Borrower Representative or Agent), a properly completed and executed IRS Form W-9 or any successor form certifying as to such Lender’s entitlement to an
exemption from U.S. backup withholding and other applicable forms, certificates or documents prescribed by the IRS or reasonably requested by Borrower Representative or Agent. Each such Lender shall promptly notify Borrowers at any time it
determines that any certificate previously delivered to Borrower Representative (or any other form of certification adopted by the U.S. governmental authorities for such purposes) is no longer valid. 

(iii)    Any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower
Representative and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of
the Borrower Representative or Agent), executed copies of any other form prescribed by applicable Law as a 

  
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basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit
Borrowers or Agent to determine the withholding or deduction required to be made. 
 (d)    If any Lender determines,
in its reasonable discretion, that it has received a refund in respect of any Taxes as to which it has been indemnified by any Borrower pursuant to this Section 2.8 (including by the payment of additional amounts pursuant to this
Section 2.8), then it shall promptly pay an amount equal to such refund to Borrowers, net of all reasonable out-of-pocket expenses of such Lender or of Agent with
respect thereto, including any Taxes; provided, however, that Borrowers, upon the written request of such Lender or Agent, agree to repay any amount paid over to Borrowers to such Lender or to Agent (plus any related penalties,
interest or other charges imposed by the relevant Governmental Authority) in the event such Lender or Agent is required, for any reason, to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this
Section 2.8, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 2.8(d) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This Section 2.8 shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it
deems confidential) to the indemnifying party or any other Person. 
 (e)    If a payment made to a Lender under any
Financing Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code,
as applicable), such Lender shall deliver to Borrower Representative and Agent at the time or times prescribed by Law and at such time or times reasonably requested by Borrower Representative or Agent such documentation prescribed by applicable Law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Borrower Representative or Agent as may be necessary for Borrowers and Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (e), “FATCA” shall include
any amendments made to FATCA after the date of this Agreement. 
 (f)    Each Lender shall severally indemnify Agent,
within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Credit Party has not already indemnified Agent for such Indemnified Taxes and without limiting the
obligation of the Credit Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.17 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes
attributable to such Lender, in each case, that are payable or paid by Agent in connection with any Financing Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by Agent shall be conclusive absent manifest error. Each Lender hereby authorizes Agent to set off and
apply any and all amounts at any time owing to such Lender under any Financing Document or otherwise payable by Agent to such Lender from any other source against any amount due to Agent under this paragraph (f). 

(g)    Each party’s obligations under Section 2.8(a) through (f) shall survive the resignation or
replacement of Agent or any assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge of all Obligations hereunder. 

  
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 (h)    If any Lender shall determine in its commercially reasonable
judgment that the adoption or taking effect of, or any change in, any applicable Law regarding capital adequacy, in each instance, after the Closing Date, or any change after the Closing Date in the interpretation, administration or application
thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation, administration or application thereof, or the compliance by any Lender or any Person controlling such Lender with any request, guideline or
directive regarding capital adequacy (whether or not having the force of Law) of any such Governmental Authority, central bank or comparable agency adopted or otherwise taking effect after the Closing Date, has or would have the effect of reducing
the rate of return on such Lender’s or such controlling Person’s capital as a consequence of such Lender’s obligations hereunder to a level below that which such Lender or such controlling Person could have achieved but for such
adoption, taking effect, change, interpretation, administration, application or compliance (taking into consideration such Lender’s or such controlling Person’s policies with respect to capital adequacy) then from time to time, upon
written demand by such Lender (which demand shall be accompanied by a certificate setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of which shall be furnished to Agent), Borrowers shall
promptly pay to such Lender such additional amount as will compensate such Lender or such controlling Person for such reduction, so long as such amounts have accrued on or after the day which is two hundred seventy (270) days prior to the date
on which such Lender first made demand therefor; provided that notwithstanding anything in this Agreement to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or
directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “change in applicable Law”, regardless of the date enacted, adopted or issued; provided;
further; that this Section 2.8(h) shall apply only to Taxes that are not (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, or (c) Connection Income Taxes. 

(i)    If any Lender requires compensation under either Section 2.1(a)(iv) or Section 2.8(h), or requires
Borrowers to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.8, then, upon the written request of Borrower Representative, such Lender shall use reasonable efforts to
designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder (subject to the provisions of Section 11.17) to another of its offices, branches or affiliates, if, in the
reasonable judgment of such Lender, such designation or assignment (i) would eliminate or materially reduce amounts payable pursuant to any such Section, as the case may be, in the future, (ii) would not subject such Lender to any
unreimbursed cost or expense and (iii) would not otherwise be disadvantageous to such Lender (as determined in its sole good faith discretion). Without limitation of the provisions of Section 12.14, each Borrower hereby agrees to pay all
reasonable and documented, out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment. 

Section 2.9    Appointment of Borrower Representative. 

(a)    Each Borrower hereby irrevocably appoints and constitutes Borrower Representative as its agent and attorney-in-fact to request and receive Loans in the name or on behalf of such Borrower and any other Borrowers, deliver Notices of Borrowing, give instructions with respect
to the disbursement of the proceeds of the Loans, giving and receiving all other notices and consents hereunder or under any of the other Financing Documents and taking all other actions (including in respect of compliance with covenants) in the
name or on behalf of any Borrower or Borrowers pursuant to this Agreement and the other Financing Documents. Agent and Lenders may disburse the Loans to such bank account of Borrower Representative or a Borrower or otherwise make such Loans to a
Borrower, in each case as Borrower Representative may designate or direct, without notice to any other Borrower. Notwithstanding anything to the contrary contained herein, Agent may at any time and from time to time require that Loans to or for the
account of any Borrower be disbursed directly to an operating account of such Borrower. 

  
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 (b)    Borrower Representative hereby accepts the appointment by
Borrowers to act as the agent and attorney-in-fact of Borrowers pursuant to this Section 2.9. Borrower Representative shall ensure that the disbursement of any
Loans that are at any time requested by or to be remitted to or for the account of a Borrower, shall be remitted or issued to or for the account of such Borrower. 

(c)    Each Borrower hereby irrevocably appoints and constitutes Borrower Representative as its agent to receive
statements on account and all other notices from Agent, Lenders with respect to the Obligations or otherwise under or in connection with this Agreement and the other Financing Documents. 

(d)    Any notice, election, representation, warranty, agreement or undertaking made or delivered by or on behalf of any
Borrower by Borrower Representative shall be deemed for all purposes to have been made or delivered by such Borrower, as the case may be, and shall be binding upon and enforceable against such Borrower to the same extent as if made or delivered
directly by such Borrower. 
 (e)    No resignation by or termination of the appointment of Borrower Representative as
agent and attorney-in-fact as aforesaid shall be effective, except after ten (10) Business Days’ prior written notice to Agent. If the Borrower Representative
resigns under this Agreement, Borrowers shall be entitled to appoint a successor Borrower Representative (which shall be a Borrower and shall be reasonably acceptable to Agent as such successor). Upon the acceptance of its appointment as successor
Borrower Representative hereunder, such successor Borrower Representative shall succeed to all the rights, powers and duties of the retiring Borrower Representative and the term “Borrower Representative” means such successor Borrower
Representative for all purposes of this Agreement and the other Financing Documents, and the retiring or terminated Borrower Representative’s appointment, powers and duties as Borrower Representative shall be thereupon terminated. 

Section 2.10    Joint and Several Liability; Rights of Contribution; Subordination and Subrogation. 

(a)    Borrowers are defined collectively to include all Persons named as one of the Borrowers herein; provided,
however, that any references herein to “any Borrower”, “each Borrower” or similar references, shall be construed as a reference to each individual Person named as one of the Borrowers herein. Each Person so named shall be
jointly and severally liable for all of the obligations of Borrowers under this Agreement. Each Borrower, individually, expressly understands, agrees and acknowledges, that the credit facilities would not be made available on the terms herein in the
absence of the collective credit of all of the Persons named as the Borrowers herein, the joint and several liability of all such Persons, and the cross-collateralization of the collateral of all such Persons. Accordingly, each Borrower individually
acknowledges that the benefit to each of the Persons named as one of the Borrowers as a whole constitutes reasonably equivalent value, regardless of the amount of the credit facilities actually borrowed by, advanced to, or the amount of collateral
provided by, any individual Borrower. In addition, each entity named as one of the Borrowers herein hereby acknowledges and agrees that all of the representations, warranties, covenants, obligations, conditions, agreements and other terms contained
in this Agreement shall be applicable to and shall be binding upon and measured and enforceable individually against each Person named as one of the Borrowers herein as well as all such Persons when taken together. By way of illustration, but
without limiting the generality of the foregoing, the terms of Section 10.1 of this Agreement are to be applied to each individual Person named as one of the Borrowers herein (as well as to all such Persons taken as a whole), such that the
occurrence of any of the events described in 

  
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Section 10.1 of this Agreement as to any Person named as one of the Borrowers herein shall constitute an Event of Default even if such event has not occurred as to any other Persons named as
the Borrowers or as to all such Persons taken as a whole. 
 (b)    Notwithstanding any provisions of this Agreement to
the contrary, it is intended that the joint and several nature of the liability of each Borrower for the Obligations and the Liens granted by Borrowers to secure the Obligations not constitute a Fraudulent Conveyance (as defined below).
Consequently, Agent, Lenders and each Borrower agree that if the liability of a Borrower for the Obligations or any Liens granted by such Borrower securing the Obligations would, but for the application of this sentence, constitute a Fraudulent
Conveyance, the liability of such Borrower and the Liens securing such liability shall be valid and enforceable only to the maximum extent that would not cause such liability or such Lien to constitute a Fraudulent Conveyance, and the liability of
such Borrower and this Agreement shall automatically be deemed to have been amended accordingly. For purposes hereof, the term “Fraudulent Conveyance” means a fraudulent conveyance under Section 548 of Chapter 11 of
Title II of the Bankruptcy Code or a fraudulent conveyance or fraudulent transfer under the applicable provisions of any fraudulent conveyance or fraudulent transfer law or similar law of any state, nation or other governmental unit, as in
effect from time to time. 
 (c)    Agent is hereby authorized, without notice or demand (except as otherwise
specifically required under this Agreement) and without affecting the liability of any Borrower hereunder, at any time and from time to time, to (i) renew, extend or otherwise increase the time for payment of the Obligations; (ii) with the
written agreement of any Borrower, change the terms relating to the Obligations or otherwise modify, amend or change the terms of any Note or other agreement, document or instrument now or hereafter executed by any Borrower and delivered to Agent
for any Lender; (iii) accept partial payments of the Obligations; (iv) take and hold any Collateral for the payment of the Obligations or for the payment of any guaranties of the Obligations and exchange, enforce, waive and release any
such Collateral; (v) apply any such Collateral and direct the order or manner of sale thereof as Agent, in its reasonable discretion, may determine; and (vi) settle, release, compromise, collect or otherwise liquidate the Obligations and
any Collateral therefor in any manner, all guarantor and surety defenses being hereby waived by each Borrower. Except as specifically provided in this Agreement or any of the other Financing Documents, Agent shall have the exclusive right to
determine the time and manner of application of any payments or credits, whether received from any Borrower or any other source, and such determination shall be binding on all Borrowers. All such payments and credits may be applied, reversed and
reapplied, in whole or in part, to any of the Obligations that Agent shall determine, in its reasonable discretion, without affecting the validity or enforceability of the Obligations of any other Borrower. 

(d)    Each Borrower hereby agrees that, except as hereinafter provided, its obligations hereunder shall be
unconditional, irrespective of (i) the absence of any attempt to collect the Obligations from any obligor or other action to enforce the same; (ii) the waiver or consent by Agent with respect to any provision of any instrument evidencing
the Obligations, or any part thereof, or any other agreement heretofore, now or hereafter executed by a Borrower and delivered to Agent; (iii) failure by Agent to take any steps to perfect and maintain its security interest in, or to preserve
its rights to, any security or collateral for the Obligations; (iv) the institution of any proceeding under the Bankruptcy Code or any similar proceeding, by or against a Borrower or Agent’s election in any such proceeding of the
application of Section 1111(b)(2) of the Bankruptcy Code; (v) any borrowing or grant of a security interest by a Borrower as debtor-in-possession, under
Section 364 of the Bankruptcy Code; (vi) the disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of Agent’s claim(s) for repayment of any of the Obligations; or (vii) any other circumstance other
than payment in full of the Obligations which might otherwise constitute a legal or equitable discharge or defense of a guarantor or surety. 

  
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 (e)    Borrowers hereby agree, as between themselves, that to the
extent that Agent, on behalf of Lenders, shall have received from any Borrower any Recovery Amount (as defined below), then the paying Borrower shall have a right of contribution against each other Borrower in an amount equal to such other
Borrower’s contributive share of such Recovery Amount; provided, however, that in the event any Borrower suffers a Deficiency Amount (as defined below), then the Borrower suffering the Deficiency Amount shall be entitled to seek and
receive contribution from and against the other Borrowers in an amount equal to the Deficiency Amount; and provided, further, that in no event shall the aggregate amounts so reimbursed by reason of the contribution of any Borrower equal or
exceed an amount that would, if paid, constitute or result in Fraudulent Conveyance. Until all Obligations have been paid and satisfied in full (other than inchoate indemnification obligations for which no claim has yet been made), no payment made
by or for the account of a Borrower including, without limitation, (i) a payment made by such Borrower on behalf of the liabilities of any other Borrower, or (ii) a payment made by any other Guarantor under any Guarantee, shall entitle
such Borrower, by subrogation or otherwise, to any payment from such other Borrower or from or out of such other Borrower’s property. The right of each Borrower to receive any contribution under this Section 2.10(e) or by subrogation or
otherwise from any other Borrower shall be subordinate in right of payment to the Obligations and such Borrower shall not exercise any right or remedy against such other Borrower or any property of such other Borrower by reason of any performance of
such Borrower of its joint and several obligations hereunder, until the Obligations (other than inchoate indemnification obligations for which no claim has yet been made) have been indefeasibly paid and satisfied in full, and no Borrower shall
exercise any right or remedy with respect to this Section 2.10(e) until the Obligations (other than inchoate indemnification obligations for which no claim has yet been made) have been indefeasibly paid and satisfied in full. As used in this
Section 2.10(e), the term “Recovery Amount” means the amount of proceeds received by or credited to Agent from the exercise of any remedy of the Lenders under this Agreement or the other Financing Documents, including, without
limitation, the sale of any Collateral. As used in this Section 2.10(e), the term “Deficiency Amount” means any amount that is less than the entire amount a Borrower is entitled to receive by way of contribution or subrogation
from, but that has not been paid by, the other Borrowers in respect of any Recovery Amount attributable to the Borrower entitled to contribution, until the Deficiency Amount has been reduced to Zero Dollars ($0) through contributions and
reimbursements made under the terms of this Section 2.10(e) or otherwise. 
 Section 2.11    Reserved.

 Section 2.12    Termination; Restriction on Termination. 

(a)    Termination by Lenders. In addition to the rights set forth in Section 10.2, Agent may, and at the
direction of Required Lenders shall, terminate this Agreement without notice upon or after the occurrence and during the continuance of an Event of Default. 

(b)    Termination by Borrowers. Upon at least five (5) Business Day’ prior written notice and pursuant
to payoff documentation in form and substance reasonably satisfactory to Agent and Lenders, Borrowers may, at its option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers
have complied with Section 2.12(d) and the Obligations are paid in full (other than inchoate indemnification obligations for which no claim has yet been made). Any notice of termination given by Borrowers shall be irrevocable unless all
Lenders otherwise agree in writing and no Lender shall have any obligation to make any Loans on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement
or type of Loan available hereunder may be terminated singly. 
 (c)    [Reserved]. 

  
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 (d)    Effectiveness of Termination. All of the Obligations
shall be immediately due and payable upon the Termination Date. All undertakings, agreements, covenants, warranties and representations of Borrowers contained in the Financing Documents shall survive any such termination and Agent shall retain its
Liens in the Collateral and Agent and each Lender shall retain all of its rights and remedies under the Financing Documents notwithstanding such termination until all Obligations have been discharged or paid, in full, in immediately available funds,
including, without limitation, all Obligations under Section 2.2 and the terms of any Fee Letter resulting from such termination (in each case, other than inchoate indemnification obligations for which no claim has yet been made).
Notwithstanding the foregoing or the payment in full of the Obligations, Agent shall not be required to terminate its Liens in the Collateral unless, with respect to any loss or damage Agent may incur as a result of dishonored checks or other items
of payment received by Agent from Borrower or any Account Debtor and applied to the Obligations, Agent shall, at its option, (a) have received a written agreement reasonably satisfactory to Agent, executed by Borrowers and by any Person whose
loans or other advances to Borrowers are used in whole or in part to satisfy the Obligations, indemnifying Agent and each Lender from any such loss or damage or (b) have retained cash Collateral or other Collateral for such period of time as
Agent, in its discretion, may deem necessary to protect Agent and each Lender from any such loss or damage. Upon the payment in full, in cash in immediately available funds, of all Obligations and the termination of the Term Loan Commitments, as
Borrower may reasonably request, Agent shall, at Borrower’s sole cost and expense, execute and deliver such documents evidencing the release and termination of the security interest in the Collateral granted under this Agreement and the other
Financing Documents pursuant to and in accordance with the terms of any applicable payoff documentation. 
 ARTICLE 3 -
REPRESENTATIONS AND WARRANTIES 
 To induce Agent and Lenders to enter into this Agreement and to make the Loans and other credit
accommodations contemplated hereby, each Borrower hereby represents and warrants to Agent and each Lender that: 

Section 3.1    Existence and Power. Each Credit Party (a) is an entity as specified on
Schedule 3.1, (b) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and other jurisdictions specified on Schedule 3.1 and no other
jurisdiction, (c) has the same legal name as it appears in such Credit Party’s Organizational Documents and an organizational identification number (if any), in each case as specified on Schedule 3.1, (d) has all
powers to own its assets and has powers and all Permits necessary in the operation of its business as presently conducted or as proposed to be conducted, except where the failure to have such Permits would not reasonably be expected to have a
Material Adverse Effect, and (e) is qualified to do business as a foreign entity in each jurisdiction in which it is required to be so qualified, which jurisdictions as of the Closing Date are specified on
Schedule 3.1, except in the case of this clause (e) where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect. Except as set forth on
Schedule 3.1, no Credit Party (x) has had, over the five (5) year period preceding the Closing Date, any name other than its current name, or (y) was incorporated or organized under the laws of any
jurisdiction other than its current jurisdiction of incorporation or organization. 

Section 3.2    Organization and Governmental Authorization; No Contravention. The execution, delivery and
performance by each Credit Party of the Financing Documents to which it is a party (a) are within its powers, (b) have been duly authorized by all necessary action pursuant to its Organizational Documents, (c) require no further
action by or in respect of, or filing with, any Governmental Authority other than (i) recordings, filings and other perfection actions in connection with the Liens granted to Agent under this Agreement or any Security Document and
(ii) those obtained or made on or prior to the Closing Date and (d) do not violate, conflict with or cause a breach or a default under (i) any Law applicable to any Credit Party, (ii) any of the Organizational Documents of any
Credit Party, or (iii) any agreement or instrument binding upon it, except for such violations, conflicts, breaches or defaults as would not, with respect to this clause (iii), reasonably be expected to have a Material Adverse Effect. 

  
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 Section 3.3    Binding Effect. Each of the Financing
Documents to which any Credit Party is a party constitutes a valid and binding agreement or instrument of such Credit Party, enforceable against such Credit Party in accordance with its respective terms, except as the enforceability thereof may be
limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’ rights generally and by general equitable principles. Each Financing Document has been duly executed and delivered by each Credit Party party
thereto. 
 Section 3.4    Capitalization. The authorized equity securities of each of the Credit Parties as
of the Closing Date are as set forth on Schedule 3.4. All issued and outstanding equity securities of each of the Credit Parties are duly authorized and validly issued, fully paid, nonassessable, free and clear of all Liens
other than those in favor of Agent for the benefit of Agent and Lenders, and such equity securities were issued in compliance with all applicable Laws. The identity of the holders of the equity securities of each of the Credit Parties and the
percentage of their fully-diluted ownership of the equity securities of each of the Credit Parties as of the Closing Date is set forth on Schedule 3.4. No shares of the capital stock or other Equity Interests of any Credit
Party, other than as described above, are issued and outstanding as of the Closing Date. Except as set forth on Schedule 3.4, as of the Closing Date there are no preemptive or other outstanding rights, options, warrants,
conversion rights or similar agreements or understandings for the purchase or acquisition from any Credit Party of any equity securities of any such entity. 

Section 3.5    Financial Information. All information delivered to Agent and pertaining to the financial
condition of any Credit Party fairly in all material respects presents the financial position of such Credit Party as of such date and for such period then ended in conformity with GAAP (and as to unaudited financial statements, subject to normal year-end adjustments and the absence of footnote disclosures). Since December 31, 2019, there has been (a) no material adverse change in the business, operations, properties, or condition (financial or
otherwise) of any Credit Party and (b) no fact, event or circumstance that could reasonably be expected to result in a Material Adverse Effect. 

Section 3.6    Litigation. Except as set forth on Schedule 3.6 as of the Closing
Date, and except as hereafter disclosed to Agent in writing, there is no Litigation pending against, or to such Borrower’s knowledge threatened in writing against, any Credit Party or any of their Subsidiaries, which, if adversely determined,
could reasonably be expected to result in any judgment or liability of more than Two Hundred Fifty Thousand Dollars ($250,000). There is no Litigation pending in which an adverse decision could reasonably be expected to have a Material Adverse
Effect or which in any manner draws into question the validity of any of the Financing Documents. 

Section 3.7    Ownership of Property. Each Borrower and each of its Subsidiaries is the lawful sole owner of,
has good and marketable title to and is in lawful possession of, or has valid leasehold interests in, all material properties, accounts and other assets (real or personal, tangible, intangible or mixed) purported or reported to be owned or leased
(as the case may be) by such Person. 
 Section 3.8    No Default. No Event of Default, or to such
Borrower’s knowledge, Default, has occurred and is continuing. No Credit Party is in breach or default under or with respect to any contract, agreement, lease or other instrument to which it is a party or by which its property is bound or
affected, which breach or default could reasonably be expected to have a Material Adverse Effect. 

Section 3.9    Labor Matters. As of the Closing Date, there are no strikes or other labor disputes pending or,
to any Borrower’s knowledge, threatened in writing against any Credit Party, which could reasonably be expected to have a Material Adverse Effect. Hours worked and payments made to the 

  
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employees of the Credit Parties have not been in material violation of the Fair Labor Standards Act or any other applicable Law dealing with such matters. All payments due from the Credit
Parties, or for which any claim may be made against any of them, on account of wages and employee and retiree health and welfare insurance and other benefits have been paid or accrued as a liability on their books, as the case may be. The
consummation of the transactions contemplated by the Financing Documents will not give rise to a right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which it is a party or by which it
is bound, the result of which could reasonably be expected to have a Material Adverse Effect. 

Section 3.10    Investment Company Act. No Credit Party is an “investment company” or a company
“controlled” by an “investment company” or a “subsidiary” of an “investment company,” all within the meaning of the Investment Company Act of 1940. 

Section 3.11    Margin Regulations. 

(a)    The Credit Parties and their Subsidiaries do not own any stock, partnership interest or other equity securities,
except for Permitted Investments. Without limiting the foregoing, the Credit Parties and their Subsidiaries do not own or hold any Margin Stock. 

(b)    None of the proceeds from the Loans have been or will be used, directly or indirectly, for the purpose of
purchasing or carrying any “margin stock” (as defined in Regulation U of the Federal Reserve Board), for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any “margin stock”
or for any other purpose which might cause any of the Loans to be considered a “purpose credit” within the meaning of Regulation T, U or X of the Federal Reserve Board. 

Section 3.12    Compliance With Laws; Anti-Terrorism Laws. 

(a)    Each Credit Party is in compliance with the requirements of all applicable Laws, except for such Laws the
noncompliance with which could not reasonably be expected to have a Material Adverse Effect. 
 (b)    None of the
Credit Parties and, to the knowledge of the Credit Parties, none of their Affiliates (i) is in violation of any Anti-Terrorism Law, (ii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of
evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law, (iii) is a Blocked Person, or is controlled by a Blocked Person, (iv) is acting or will act for or on behalf of a Blocked Person,
(v) is associated with, or will become associated with, a Blocked Person or (vi) is providing, or will provide, material, financial or technical support or other services to or in support of acts of terrorism of a Blocked Person. No Credit
Party nor, to the knowledge of any Credit Party, any of its Affiliates or agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement, (A) conducts any business or engages in making or
receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or (B) deals in, or otherwise engages in any transaction relating to, any property or interest in property blocked pursuant to Executive Order
No. 13224, any similar executive order or other Anti-Terrorism Law. 
 Section 3.13    Taxes. All
federal, state, and local income and all other material tax returns, reports and statements required to be filed by or on behalf of each Credit Party have been filed with the appropriate Governmental Authorities in all jurisdictions in which such
returns, reports and statements are required to be filed and, except to the extent subject to a Permitted Contest, all federal, income and other material Taxes (including real property Taxes) and other charges shown to be due and payable in respect
thereof have been timely paid prior to the date on which any fine, penalty, interest, late charge or loss may be added thereto for nonpayment thereof. 

  
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 Section 3.14    Compliance with ERISA. 

(a)    Each ERISA Plan (and the related trusts and funding agreements) complies in form and in operation with, has been
administered in compliance with, and the terms of each ERISA Plan satisfy, the applicable requirements of ERISA and the Code in all material respects. Each ERISA Plan which is intended to be qualified under Section 401(a) of the Code is so
qualified, and the United States Internal Revenue Service has issued a favorable determination letter with respect to each such ERISA Plan which may be relied on currently. No Credit Party has incurred liability for any material excise tax under any
of Sections 4971 through 5000 of the Code. 
 (b)    Except as would not reasonably be expected, individually or
in the aggregate, to have a Material Adverse Effect, each Borrower and each Subsidiary is in compliance with the applicable provisions of ERISA and the provision of the Code relating to ERISA Plans and the regulations and published interpretations
therein. During the thirty-six (36) month period prior to the Closing Date or the making of any Loan (i) no steps have been taken to terminate any Pension Plan, and (ii) no contribution failure
has occurred with respect to any Pension Plan sufficient to give rise to a Lien under Section 303(k) of ERISA or Section 430(k) of the Code and no event has occurred that would give rise to a Lien under Section 4068 of ERISA. No
condition exists or event or transaction has occurred with respect to any Pension Plan which would result in the incurrence by any Credit Party of any material liability, fine or penalty. No Credit Party has incurred liability to the PBGC (other
than for current premiums) with respect to any employee Pension Plan. All contributions (if any) have been made on a timely basis to any Multiemployer Plan that are required to be made by any Credit Party or any other member of the Controlled Group
under the terms of the plan or of any collective bargaining agreement or by applicable Law; no Credit Party nor any member of the Controlled Group has withdrawn or partially withdrawn from any Multiemployer Plan, incurred any withdrawal liability
with respect to any such plan or received notice of any claim or demand for withdrawal liability or partial withdrawal liability from any such plan, and no condition has occurred which, if continued, would result in a withdrawal or partial
withdrawal from any such plan, and no Credit Party nor any member of the Controlled Group has received any notice that any Multiemployer Plan is in reorganization, that increased contributions may be required to avoid a reduction in plan benefits or
the imposition of any excise tax, that any such plan is or has been funded at a rate less than that required under Section 412 of the Code, that any such plan is or may be terminated, or that any such plan is or may become insolvent. 

Section 3.15    Consummation of Financing Documents; Brokers. Except for fees payable to Agent and/or Lenders,
no broker, finder or other intermediary has brought about the obtaining, making or closing of the transactions contemplated by the Financing Documents, and no Credit Party has or will have any obligation to any Person in respect of any finder’s
or brokerage fees, commissions or other expenses in connection herewith or therewith. 

Section 3.16    [Reserved]. 

Section 3.17    Material Contracts. Except for the Financing Documents and the agreements set forth on
Schedule 3.17, as of the Closing Date there are no Material Contracts. The consummation of the transactions contemplated by the Financing Documents will not give rise to a right of termination in favor of any party to any
Material Contract (other than any Credit Party), except for such Material Contracts the noncompliance with which would not reasonably be expected to have a Material Adverse Effect. 

  
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 Section 3.18    Compliance with Environmental Requirements; No
Hazardous Materials. Except in each case as set forth on Schedule 3.18: 
 (a)    no
notice, notification, demand, request for information, citation, summons, complaint or order has been issued, no complaint has been filed, no penalty has been assessed and no investigation or review is pending, or to such Borrower’s knowledge,
threatened in writing by any Governmental Authority or other Person with respect to any (i) alleged violation by any Credit Party of any Environmental Law, (ii) alleged failure by any Credit Party to have any Permits required in connection
with the conduct of its business or to comply with the terms and conditions thereof, (iii) any generation, treatment, storage, recycling, transportation or disposal of any Hazardous Materials, or (iv) release of Hazardous Materials, in
each case except where the failure to obtain such document could not reasonably be expected to have a Material Adverse Effect; and 

(b)    no property now owned or leased by any Credit Party and, to the knowledge of each Borrower, no such property
previously owned or leased by any Credit Party, to which any Credit Party has, directly or indirectly, transported or arranged for the transportation of any Hazardous Materials in violation of any applicable Law, is listed or, to such
Borrower’s knowledge, proposed for listing, on the National Priorities List promulgated pursuant to CERCLA, or CERCLIS (as defined in CERCLA) or any similar state list or is the subject of federal, state or local enforcement actions or, to the
knowledge of such Borrower, other investigations which may lead to claims against any Credit Party for clean-up costs, remedial work, damage to natural resources or personal injury claims, including, without
limitation, claims under CERCLA, which claims could reasonably be expected to have a Material Adverse Effect. 
 For purposes of this Section 3.18,
each Credit Party shall be deemed to include any business or business entity (including a corporation) that is, in whole or in part, a predecessor of such Credit Party. 

Section 3.19    Intellectual Property and License Agreements. A list of all Registered Intellectual Property
of each Credit Party and all material in-bound license or sublicense agreements and exclusive out-bound license or sublicense agreements (but in each case excluding in-bound licenses of over-the-counter and other software that is commercially available to the public, open source licenses and
enabling licenses in the Ordinary Course of Business), as of the Closing Date and, as updated pursuant to Section 4.15, is set forth on Schedule 3.19. Schedule 3.19 shall be prepared by Borrower in the form provided by Agent and
contain all information required in such form. Except for Permitted Licenses and Permitted Liens arising by operation of law, each Credit Party is the sole owner of its material Intellectual Property free and clear of any Liens. Each granted
material patent owned by any Credit Party is valid and enforceable in all material respects and no part of the Material Intangible Assets has been judged invalid or unenforceable, in whole or in part, and to the best of Borrower’s knowledge, no
claim has been made that any part of the Material Intangible Assets violates the rights of any third party in any material respect. 

Section 3.20    Solvency. After giving effect to the Loan advance and the liabilities and obligations of each
Borrower under the Financing Documents, each Borrower and each additional Credit Party is Solvent. 

Section 3.21    Full Disclosure. None of the written information (financial or otherwise) furnished by or on
behalf of any Credit Party to Agent or any Lender in connection with the consummation of the transactions contemplated by the Financing Documents, contains any untrue statement of a material fact or omits to state a material fact necessary to make
the statements contained herein or therein not misleading in light of the circumstances under which such statements were made. All financial projections delivered to Agent and the Lenders by Borrowers (or their agents) have been prepared on the
basis of the assumptions stated therein. Such projections represent each Borrower’s best estimate of such Borrower’s future financial performance and such assumptions are believed by such Borrower to be fair and reasonable in light of

  
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current business conditions; provided, however, that Borrowers can give no assurance that such projections will be attained. Agent and each Lender acknowledges and agrees that all
financial performance projections delivered to Agent represent Borrowers’ best good faith estimate of future financial performance and are based on assumptions believed by Borrowers to be fair and reasonable in light of current market
conditions, it being acknowledged and agreed by Agent and Lenders that projections as to future events are not to be viewed as facts and that the actual results during the period or periods covered by such projections may differ from the projected
results. 
 Section 3.22     Subsidiaries. Borrowers do not own any stock, partnership interests, limited
liability company interests or other equity securities or Subsidiaries except for Permitted Investments. 

Section 3.23    Healthcare Laws. 

(a)    None of the Borrowers or any Subsidiary thereof are in violation of any Healthcare Law, except where any such
violation would not reasonably be expected to have a Material Adverse Effect. 
 (b)    No Borrower or any Subsidiary
thereof receives any material payments directly (including through any third party payment processor) from Medicare, Medicaid, or TRICARE. 

Section 3.24    Senior Indebtedness Status. The Obligations of each Credit Party under this Agreement and each
of the other Financing Documents ranks and shall continue to rank at least senior in priority of payment to all Debt that is contractually subordinated to the Obligations of each such Person under this Agreement and is designated as “Senior
Indebtedness” (or an equivalent term) under all instruments and documents, now or in the future, relating to all Debt that is contractually subordinated to the Obligations under this Agreement of each such Person. 

Section 3.25    Accuracy of Schedules. All information set forth in the Schedules to this Agreement is true,
accurate and complete as of the Closing Date. All information set forth in the Perfection Certificate is true, accurate and complete as of the Closing Date and any other subsequent date in which Borrower is requested to update such certificate. 

ARTICLE 4 - AFFIRMATIVE COVENANTS 

Each Borrower agrees that: 

Section 4.1    Financial Statements and Other Reports and Notices. Each Borrower will deliver to Agent: 

(a)     as soon as available, but no later than thirty (30) days after the last day of each month, a company
prepared consolidated (and upon Agent’s reasonable request consolidating) balance sheet, cash flow and income statement (including year-to-date results) covering
Borrowers’ and its Consolidated Subsidiaries’ consolidated and consolidating operations during the period, prepared under GAAP (subject to normal year-end adjustments and the absence of footnote
disclosures), consistently applied, setting forth in comparative form the corresponding figures as at the end of the corresponding calendar month of the previous fiscal year and the projected figures for such period based upon the projections
required hereunder, all in reasonable detail, certified by a Responsible Officer and in a form reasonably acceptable to Agent; 

(b)    upon Agent’s reasonable written request, together with the financial reporting package described in
(a) above, evidence of payment and satisfaction of all payroll, withholding and similar taxes due and owing by all Borrowers with respect to the payroll period(s) occurring during such month; 

  
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 (c)    as soon as available, but no later than one hundred fifty
(150) days after the last day of Borrower’s fiscal year, audited consolidated (and upon Agent’s reasonable written request consolidating) financial statements prepared under GAAP, consistently applied, together with an unqualified
opinion (other than a going concern qualification based solely on a determination that any Borrower has less than 12 months liquidity) on the financial statements from an independent certified public accounting firm acceptable to Agent in its
reasonable discretion; 
 (d)    in the event that such Credit Party is or becomes subject to the reporting
requirements under the Securities Exchange Act of 1934, within ten (10) days of delivery or filing thereof, upon request, copies of all statements, reports and notices made available to Borrower’s security holders or to any holders of
Subordinated Debt and copies of all reports and other filings made by Borrower with any stock exchange on which any securities of any Borrower are traded and/or the SEC; 

(e)    [reserved]; 

(f)    prompt written notice of an event that materially and adversely affects the value of any Material Intangible
Assets; 
 (g)    within ninety (90) days after the start of each fiscal year, projections for the forthcoming two
fiscal years, on a quarterly basis for the current year and on an annual basis for the subsequent year; 

(h)    promptly (but in any event within ten (10) days of any request therefor) such readily available
other budgets, sales projections, operating plans and other financial information and information, reports or statements regarding the Borrowers, their business and the Collateral as Agent may from time to time reasonably request; 

(i)    together with each delivery of financial statements pursuant to clause (a) above, deliver to Agent, a duly
completed Compliance Certificate signed by a Responsible Officer setting forth calculations showing monthly cash and Cash Equivalents of (i) Borrowers and (ii) Borrowers and their Consolidated Subsidiaries, and compliance with the
financial covenants set forth in this Agreement; 
 (j)    [reserved]; 

(k)    [reserved]; 

(l)    written notice to Agent promptly, but in any event within ten (10) Business Days of a Responsible Officer of
a Borrower receiving written notice or otherwise becoming aware that: 
 (i)    any material Permit has
been revoked or withdrawn; 
 (ii)    any Governmental Authority, including without limitation the FDA,
has commenced against a Credit Party or a Subsidiary thereof, any action to enjoin a Credit Party or a Subsidiary thereof from conducting their businesses at any facility owned or used by them or for any material civil penalty, injunction, seizure
or criminal action; or 
 (iii)    receipt by a Borrower or any Subsidiary thereof from the FDA a
warning letter, Form FDA-483, “Untitled Letter,” other material correspondence or material notice setting forth alleged violations of laws and regulations enforced by the FDA, or any comparable
material correspondence from any state or local authority responsible for regulating drug or medical device products and establishments, or any comparable material correspondence from any foreign counterpart of the FDA; 

  
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 (m)    promptly after the request by any Lender, all documentation and
other information that such Lender reasonably requests in writing in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the USA
PATRIOT Act; and 
 (n)    promptly, but in any event within five (5) Business Days, after any Responsible
Officer of any Borrower obtains knowledge of the occurrence of any event or change (including, without limitation, any notice of any violation of applicable Healthcare Laws) that has resulted or could reasonably be expected to result in, either in
any case or in the aggregate, a Material Adverse Effect, a certificate of a Responsible Officer specifying the nature and period of existence of any such event or change, or specifying the notice given or action taken by such holder or Person and
the nature of such event or change, and what action the applicable Credit Party or Subsidiary has taken, is taking or proposes to take with respect thereto. 

Section 4.2    Payment and Performance of Obligations. Each Borrower (a) will pay and discharge, and
cause each Subsidiary to pay and discharge, on a timely basis as and when due, all of their respective obligations and liabilities, except for such obligations and/or liabilities (i) that may be the subject of a Permitted Contest, and
(ii) the nonpayment or nondischarge of which could not reasonably be expected to have a Material Adverse Effect or result in a Lien against any Collateral, except for Permitted Liens, (b) without limiting anything contained in the
foregoing clause (a), (i) pay all amounts due and owing in respect of all federal Taxes (including without limitation, payroll and withholdings tax liabilities) and (ii) pay all material amounts due and owing in respect of all foreign and state
Taxes and other local Taxes (including without limitation, payroll and withholdings tax liabilities), in each case, on a timely basis as and when due, and in any case prior to the date on which any fine, penalty, interest, late charge or loss may be
added thereto for nonpayment thereof, in each case, except for such Taxes that may be the subject of a Permitted Contest; provided that for purposes of this Section 4.2(b)(ii) any tax assessment, deposit or contribution shall be considered
“material” if it exceeds Two Hundred Fifty Thousand Dollars ($250,000), (c) will maintain, and cause each Subsidiary to maintain, in accordance with GAAP, appropriate reserves for the accrual of all of their respective obligations and
liabilities, and (d) will not breach or permit any Subsidiary to breach, or permit to exist any default under, the terms of any lease, commitment, contract, instrument or obligation to which it is a party, or by which its properties or assets
are bound, except for such breaches or defaults which could not reasonably be expected to have a Material Adverse Effect. 

Section 4.3    Maintenance of Existence. Each Borrower will preserve, renew and keep in full force and effect
and in good standing, and will cause each Subsidiary to preserve, renew and keep in full force and effect and in good standing, (a) their respective existence and (b) their respective rights, privileges and franchises necessary or
desirable in the normal conduct of business, unless, solely in the case of this clause (b), a failure to do so could not reasonably be expected to have a Material Adverse Effect. 

Section 4.4    Maintenance of Property; Insurance. 

(a)    Each Borrower will keep, and will cause each Subsidiary to keep, all property useful and necessary in its business
in good working order and condition, ordinary wear and tear excepted. If all or any part of the Collateral useful or necessary in its business, or upon which any Borrowing Base is calculated, becomes damaged or destroyed, if repair is commercially
reasonable each Borrower will, and will cause each Subsidiary to, promptly and completely repair and/or restore the affected Collateral in a good and workmanlike manner, regardless of whether Agent agrees to disburse sums (other than insurance
proceeds with respect to such loss required to be disbursed to Borrower under this Agreement) to pay costs of the work of repair or reconstruction. 

  
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 (b)    Upon completion of any Permitted Contest, Borrowers shall, and
will cause each Subsidiary to, promptly pay the amount due, if any, and deliver to Agent proof of the completion of the contest and payment of the amount due, if any, following which Agent shall return the security, if any, deposited with Agent
pursuant to the definition of Permitted Contest. 
 (c)    Each Borrower will maintain (i) casualty insurance on
all real and personal property on an all risks basis (including the perils of flood, windstorm, and, subject to Section 7.4, quake), covering the repair and replacement cost of all such property and coverage, business interruption and rent loss
coverages with extended period of indemnity (for the period required by Agent from time to time) and indemnity for extra expense, in each case without application of coinsurance and with agreed amount endorsements, (ii) general and professional
liability insurance (including products/completed operations liability coverage), and (iii) such other insurance coverage, in each case against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar
business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons; provided, however, that, (x) in no event shall such insurance be in amounts or with coverage less than, or
with carriers with qualifications inferior to, any of the insurance or carriers in existence as of the Closing Date (or required to be in existence after the Closing Date under a Financing Document) and (y) in the event the capital stock of
Alpha Teknova, Inc. is traded on either the NASDAQ or New York Stock Exchange, then no Borrower will be required to obtain or maintain earth quake insurance. All such insurance shall be provided by insurers having an A.M. Best policyholders rating
reasonably acceptable to Agent. 
 (d)    On or prior to the Closing Date, and at all times thereafter, each Borrower
will cause Agent to be named as an additional insured, assignee and lender loss payee (which shall include, as applicable, identification as mortgagee), as applicable, on each insurance policy required to be maintained pursuant to this
Section 4.4 pursuant to endorsements in form and substance reasonably acceptable to Agent. Borrowers shall deliver to Agent and the Lenders (i) on the Closing Date, a certificate from Borrowers’ insurance broker dated such date
showing the amount of coverage as of such date, and that such policies will include effective waivers (whether under the terms of any such policy or otherwise) by the insurer of all claims for insurance premiums against all loss payees and
additional insureds and all rights of subrogation against all loss payees and additional insureds, and that if all or any part of such policy is canceled, terminated or expires, the insurer will forthwith give notice thereof to each additional
insured, assignee and loss payee and that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least thirty (30) days (or ten (10) days for nonpayment of premium) after receipt by
each additional insured, assignee and loss payee of written notice thereof, (ii) on an annual basis, and upon the request of any Lender through Agent from time to time full information as to the insurance carried, (iii) within five
(5) days of receipt of notice from any insurer, a copy of any notice of cancellation, nonrenewal or material change in coverage from that existing on the date of this Agreement, (iv) forthwith, notice of any cancellation or nonrenewal of
coverage by any Borrower, and (v) at least fifteen (15) days prior to expiration of any policy of insurance, evidence of renewal of such insurance upon the terms and conditions herein required. 

(e)    In the event any Borrower fails to provide Agent with evidence of the insurance coverage required by this
Agreement, Agent may purchase insurance at Borrowers’ expense to protect Agent’s interests in the Collateral. This insurance may, but need not, protect such Borrower’s interests. The coverage purchased by Agent may not pay any claim
made by such Borrower or any claim that is made against such Borrower in connection with the Collateral. Such Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that such Borrower has obtained
insurance as required by this Agreement. If Agent purchases insurance for the Collateral, 

  
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Borrowers will be responsible for the costs of that insurance to the fullest extent provided by law, including interest and other charges imposed by Agent in connection with the placement of the
insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance such Borrower is able to obtain on
its own. 
 Section 4.5    Compliance with Laws and Material Contracts. Each Borrower will comply, and cause
each Subsidiary to comply, with the requirements of all applicable Laws (including all Healthcare Laws) and Material Contracts, except to the extent that failure to so comply could not reasonably be expected to (a) have a Material Adverse
Effect, or (b) result in any Lien upon either (i) a material portion of the assets of any such Person in favor of any Governmental Authority , or (ii) any Collateral which is part of the Borrowing Base (other than, in each case, any
Permitted Lien). 
 Section 4.6    Inspection of Property, Books and Records. Each Borrower will keep, and
will cause each Subsidiary to keep, proper books of record substantially in accordance with GAAP in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities; and will permit, and
will cause each Subsidiary to permit, during normal business hours at the sole cost of the applicable Borrower or any applicable Subsidiary, representatives of Agent to visit and inspect any of their respective properties, to examine and make
abstracts or copies from any of their respective books and records, to conduct a collateral audit and analysis of their respective operations and the Collateral, to evaluate and make physical verifications and appraisals of the Inventory and other
Collateral in any manner and through any medium that Agent considers advisable, to verify the amount and age of the Accounts, the identity and credit of the respective Account Debtors, to review the billing practices of Borrowers and to discuss
their respective affairs, finances and accounts with their respective officers, employees and independent public accountants as often as may reasonably be desired. In the absence of a Default or an Event of Default which is continuing (i) such
inspections and audits shall be conducted no more often than two (2) times every twelve (12) months, and (ii) Agent exercising any rights pursuant to this Section 4.6 shall give the applicable Borrower or any applicable
Subsidiary commercially reasonable prior notice of such exercise. No notice shall be required during the existence and during the continuance of any Default or any time during which Agent reasonably believes a Default exists. 

Section 4.7    Use of Proceeds. Borrowers shall use the proceeds of the Term Loan solely for
(a) transaction fees incurred in connection with the Financing Documents, (b) for working capital needs and for operating expenditures and capital expenditures of Borrowers and their Subsidiaries, and (c) for Permitted
Acquisitions. No portion of the proceeds of the Loans will be used for family, personal, agricultural or household use. 

Section 4.8    Reserved. 

Section 4.9    Notices of Material Contracts, Litigation and Defaults. 

(a)    (i) Borrowers shall promptly (but in any event within ten (10) Business Days) provide written notice to Agent
after any Borrower or Subsidiary receives or delivers any notice of termination or default or similar notice in connection with any Material Contract, and (ii) Borrower shall provide, together with the next quarterly Compliance Certificate
required to be delivered under this Agreement, written notice to Agent after any Borrower or Subsidiary (1) executes and delivers any material amendment, consent, waiver or other modification to any Material Contract or (2) enters into new
Material Contract and shall, upon request of Agent, promptly provide Agent a copy thereof. 
 (b)    Borrowers shall
promptly (but in any event within ten (10) Business Days) provide written notice to Agent (i) of any litigation or governmental proceedings pending or threatened 

  
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(in writing) against Borrowers or other Credit Party which, if adversely determined, would reasonably be expected to have a Material Adverse Effect with respect to Borrowers or any other Credit
Party or which in any manner calls into question the validity or enforceability of any Financing Document, (ii) of any strikes or other labor disputes pending or, to any Borrower’s knowledge, threatened against any Credit Party, in each
case that would reasonably be expected to result in a Material Adverse Effect, (iii) if there is any infringement or claim of infringement by any other Person with respect to any Intellectual Property rights of any Credit Party that could
reasonably be expected to have a Material Adverse Effect, and (iv) of all returns, recoveries, disputes and claims that would reasonably be expected to result in liability of more than Five Hundred Thousand Dollars ($500,000). Borrowers
represent and warrant that Schedule 4.9 sets forth a complete list of all material matters existing as of the Closing Date for which notice could be required under this Section 4.9. 

(c)    Borrowers shall promptly (but in any event within five (5) Business Days) provide written notice to Agent
upon any Responsible Officer becoming aware of the existence of any Default or Event of Default. 
 (d)    Borrower
shall, and shall cause each Credit Party, to provide such further information (including copies of such documentation) as Agent or any Lender shall reasonably request in writing with respect to any of the events or notices described in clauses
(a) and (b) above. From the date hereof and continuing through the termination of this Agreement, Borrower shall, and shall cause each Credit Party to, make available to Agent, without expense to Agent, each Credit Party’s officers,
employees and agents and books, to the extent that Agent may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Agent with respect to any Collateral or relating to a Credit Party. 

Section 4.10    Hazardous Materials; Remediation. 

(a)    If any release or disposal of Hazardous Materials that could reasonably be expected to result in a Material Adverse
Effect shall occur or shall have occurred on any real property or any other assets of any Borrower or any other Credit Party, such Borrower will to the extent Borrower or any other Credit Party is liable for remediation costs, cause, or direct the
applicable Credit Party to cause, the prompt containment and removal of such Hazardous Materials and the remediation of such real property or other assets as is necessary to comply with all applicable Environmental Laws and Healthcare Laws and to
preserve the value of such real property or other assets. Without limiting the generality of the foregoing, each Borrower shall, and shall cause each other Credit Party to, comply with each applicable Environmental Law and Healthcare Law requiring
the performance at any real property by any Borrower or any other Credit Party of activities in response to the release or threatened release of a Hazardous Material. 

(b)    Borrowers will provide Agent within thirty (30) days after written demand therefor with a bond, letter of
credit or similar financial assurance evidencing to the reasonable satisfaction of Agent that sufficient funds are available to pay the cost of removing, treating and disposing of any Hazardous Materials or Hazardous Materials Contamination and
discharging any assessment which may be established on any property as a result thereof for which any Credit Party is liable for remediation costs, such demand to be made, if at all, upon Agent’s reasonable business determination that the
failure to remove, treat or dispose of any Hazardous Materials or Hazardous Materials Contamination, or the failure to discharge any such assessment could reasonably be expected to have a Material Adverse Effect. 

  
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 Section 4.11    Further Assurances. 

(a)    Each Borrower will, and will cause each Subsidiary to, at its own cost and expense, promptly and duly take,
execute, acknowledge and deliver all such further acts, documents and assurances as may from time to time be necessary or as Agent or the Required Lenders may from time to time reasonably request in order to carry out the intent and purposes of the
Financing Documents and the transactions contemplated thereby, including all such actions to (i) establish, create, preserve, protect and perfect a first priority Lien (subject only to the Affiliated Intercreditor Agreement and to Permitted
Liens) in favor of Agent for itself and for the benefit of the Lenders on the Collateral (including Collateral acquired after the date hereof and including pursuant to any foreign law governed security documents), and (ii) unless Agent shall
agree otherwise in writing, cause all Subsidiaries of Borrowers to be jointly and severally obligated with the other Borrowers under all covenants and obligations under this Agreement, including the obligation to repay the Obligations. 

(b)    Upon receipt of an affidavit of an authorized representative of Agent or a Lender as to the loss, theft,
destruction or mutilation of any Note or any other Financing Document which is not of public record, and, in the case of any such mutilation, upon surrender and cancellation of such Note or other applicable Financing Document, Borrowers will issue,
in lieu thereof, a replacement Note or other applicable Financing Document, dated the date of such lost, stolen, destroyed or mutilated Note or other Financing Document in the same principal amount thereof and otherwise of like tenor. 

(c)    Borrower shall provide Agent with at least ten (10) Business Days (or such shorter period as Agent may accept
in its sole discretion) prior written notice of the creation (or to the extent permitted under this Agreement, acquisition) of a new Subsidiary. Upon the formation (or to the extent permitted under this Agreement, acquisition) of a new Subsidiary,
Borrowers shall (i) pledge, have pledged or cause or have caused to be pledged to Agent pursuant to a pledge agreement in form and substance satisfactory to Agent, all of the outstanding shares of Equity Interests or other Equity Interests of
such new Subsidiary owned directly or indirectly by any Borrower, along with undated stock or equivalent powers for such certificates, executed in blank; (ii) unless Agent shall agree otherwise in writing, cause the new Subsidiary to take such
other actions (including entering into or joining any Security Documents) as are necessary or advisable in the reasonable opinion of Agent in order to grant Agent, acting on behalf of the Lenders, a first priority Lien (subject to the Affiliated
Intercreditor Agreement and Permitted Liens which have priority by operation of Law) on all real and personal property (other than Excluded Property) of such Subsidiary in existence as of such date and in all after acquired property, which first
priority Liens are required to be granted pursuant to this Agreement, including pursuant to foreign law governed Security Documents to the extent required by Agent in its reasonable discretion; (iii) unless Agent shall agree otherwise in
writing, cause such new Subsidiary to either (at the election of Agent) become a Borrower hereunder with joint and several liability for all obligations of Borrowers hereunder and under the other Financing Documents pursuant to a joinder agreement
or other similar agreement in form and substance satisfactory to Agent or to become a Guarantor of the obligations of Borrowers hereunder and under the other Financing Documents pursuant to a guaranty and suretyship agreement in form and substance
satisfactory to Agent; and (iv) cause the new Subsidiary to deliver certified copies of such Subsidiary’s certificate or articles of incorporation, together with good standing certificates, by-laws
(or other operating agreement or governing documents), resolutions of the Board of Directors or other governing body, approving and authorize the execution and delivery of the Security Documents, incumbency certificates and to execute and/or deliver
such other documents and legal opinions or to take such other actions as may be requested by Agent, in each case, in form and substance satisfactory to Agent (the requirements set forth in clauses (i)-(iv), collectively, the “Joinder
Requirements”). 
 Section 4.12    Reserved. 

  
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 Section 4.13    Power of Attorney. Each of the authorized
representatives of Agent is hereby irrevocably made, constituted and appointed the true and lawful attorney for Borrowers (without requiring any of them to act as such) with full power of substitution, exercisable only upon the occurrence and during
the continuance of an Event of Default, to do the following: (a) endorse the name of Borrowers upon any and all checks, drafts, money orders, and other instruments for the payment of money that are payable to Borrowers and constitute
collections on Borrowers’ Accounts; (b) so long as Agent has provided not less than three (3) Business Days’ prior written notice to Borrower to perform the same and Borrower has failed to take such action, execute in the name of
Borrowers any schedules, assignments, instruments, documents, and statements that Borrowers are obligated to give Agent under this Agreement; (c) take any action Borrowers are required to take under this Agreement; (d) so long as Agent has
provided not less than three (3) Business Days’ prior written notice to Borrower to perform the same and Borrower has failed to take such action, do such other and further acts and deeds in the name of Borrowers that Agent may deem
necessary or desirable to enforce any Account or other Collateral or perfect Agent’s security interest or Lien in any Collateral; and (e) do such other and further acts and deeds in the name of Borrowers that Agent may deem necessary or
desirable to enforce its rights with regard to any Account or other Collateral. This power of attorney shall be irrevocable and coupled with an interest. 

Section 4.14    Reserved. 

Section 4.15    Reserved. 

Section 4.16    Intellectual Property and Licensing. 

(a)    Together with each Compliance Certificate required to be delivered pursuant to Section 4.1 with respect to the
last month of a fiscal quarter to the extent (i) Borrower acquires and/or develops any new Registered Intellectual Property, (ii) Borrower enters into or becomes bound by any additional material
in-bound license or sublicense agreement, any additional exclusive out-bound license or sublicense agreement or other material agreement with respect to rights in
Intellectual Property (other than over-the-counter software, software that is commercially available to the public and open source licenses), or (iii) there occurs
any other material change in Borrower’s Registered Intellectual Property, material in-bound licenses or sublicenses or exclusive out-bound licenses or sublicenses
from that listed on Schedule 3.19 together with such Compliance Certificate, deliver to Agent an updated Schedule 3.19 reflecting such updated information. With respect to any updates to Schedule 3.19 involving
exclusive out-bound licenses or sublicenses, such licenses shall be consistent with the definitions of and limitations herein pertaining to Permitted Licenses. 

(b)    If Borrower obtains any Registered Intellectual Property (other than copyrights, mask works and related
applications, which are addressed below), Borrower shall promptly (and in any event within thirty (30) days of obtaining same) notify Agent and execute such documents and provide such other information (including, without limitation, copies of
applications) and take such other actions as Agent shall request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Agent, for the ratable benefit of Lenders, in such Registered
Intellectual Property. 
 (c)    Borrower shall take such commercially reasonable steps as Agent reasonably requests to
obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (x) all material licenses or material agreements to be deemed “Collateral” and for Agent to have a security interest in it that might otherwise
be restricted or prohibited by Law or by the terms of any such material license or agreement, whether now existing or entered into in the future, and (y) Agent to have the ability in the event of a liquidation of any Collateral to dispose of
such Collateral in accordance with Agent’s rights and remedies under this Agreement and the other Financing Documents. 

  
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 (d)    Borrower shall own, or be licensed to use or otherwise have the
right to use, all Material Intangible Assets subject to Permitted Liens. Borrower shall cause all Registered Intellectual Property to be duly and properly registered, filed or issued in the appropriate office and jurisdictions for such
registrations, filings or issuances, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. Borrower shall at all times conduct its business without material infringement or material claim of
infringement of any valid Intellectual Property rights of others. Borrower shall (i) protect, defend and maintain the validity and enforceability of its Material Intangible Assets (ii) promptly advise Agent in writing of material
infringements of its Material Intangible Assets, or of a material claim of infringement by Borrower on the Intellectual Property rights of others; and (iii) not allow any of Borrower’s Material Intangible Assets to be abandoned,
invalidated, forfeited or dedicated to the public or to become unenforceable. Borrower shall not become a party to, nor become bound by, any material license or other agreement with respect to which Borrower is the licensee (other than in-bound licenses of over-the-counter software and other software that is commercially available to the public, and open source
licenses) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or other property. 

Section 4.17    Permits. Borrowers shall have and maintain, and shall ensure that it and each of its
Subsidiaries has and maintains, each Permit of Borrowers or their Subsidiaries the loss of which could be reasonably expected to result in a Material Adverse Effect, and have made all necessary declarations and filings with, all applicable
Governmental Authorities, all self-regulatory authorities and all courts and other tribunals necessary to engage in all material respects in the ownership, management and operation of the business or the assets of any Borrower and Borrowers shall
take such reasonable actions to ensure that no Governmental Authority has taken action to limit, suspend or revoke any such Permit. 

ARTICLE 5 - NEGATIVE COVENANTS 

Each Borrower agrees that: 

Section 5.1    Debt; Contingent Obligations. 

(a)    No Borrower will, or will permit any Subsidiary to, directly or indirectly, create, incur, assume, guarantee or
otherwise become or remain directly or indirectly liable with respect to, any Debt, except for Permitted Debt. 

(b)    No Borrower will, or will permit any Subsidiary to, directly or indirectly, create, assume, incur or suffer to
exist any Contingent Obligations, except for Permitted Contingent Obligations. 
 (c)    No Borrower will, or will
permit any Subsidiary to, directly or indirectly, purchase, redeem, defease or prepay any principal of, premium, if any, interest or other amount payable in respect of any Debt prior to its scheduled maturity (except (i) with respect to the
Debt permitted under this Agreement, (ii) for Capital Lease obligations and (iii) for Subordinated Debt solely to the extent permitted by Section 5.5). 

Section 5.2    Liens. No Borrower will, or will permit any Subsidiary to, directly or indirectly, create,
assume or suffer to exist any Lien on any asset now owned or hereafter acquired by it, except for Permitted Liens. 

Section 5.3    Distributions. No Borrower will, or will permit any Subsidiary to, directly or indirectly,
declare, order, pay, make or set apart any sum for any Distribution, except for Permitted Distributions. 

  
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 Section 5.4    Restrictive Agreements. No Borrower will, or
will permit any Subsidiary to, directly or indirectly (a) enter into or assume any agreement (other than the Financing Documents, the Affiliated Financing Documents, and any agreements for purchase money debt and Capital Leases permitted under
clause (c) of the definition of Permitted Debt) prohibiting the creation or assumption of any Lien upon its properties or assets, whether now owned or hereafter acquired, or (b) create or otherwise cause or suffer to exist or become
effective any consensual encumbrance or restriction of any kind (except as provided by the Financing Documents and the Affiliated Financing Documents) on the ability of any Subsidiary to: (i) pay or make Distributions to any Borrower or any
Subsidiary; (ii) pay any Debt owed to any Borrower or any Subsidiary; (iii) make loans or advances to any Borrower or any Subsidiary; or (iv) transfer any of its property or assets to any Borrower or any Subsidiary, in each case under
this Section 5.4 other than reasonable and customary anti-assignment provisions contained in licenses, contracts and other agreements so long as such anti-assignment provisions do not cause such licenses, contracts or other agreements to
constitute Excluded Property. 
 Section 5.5    Payments and Modifications of Subordinated Debt. No Borrower
will, or will permit any Subsidiary to, directly or indirectly: 
 (a)    declare, pay, make or set aside any amount
for payment in respect of Subordinated Debt, except for payments made in full compliance with and expressly permitted under the Subordination Agreement; 

(b)    amend or otherwise modify the terms of any Subordinated Debt, except for amendments or modifications made in full
compliance with the Subordination Agreement; 
 (c)    declare, pay, make or set aside any amount for payment in
respect of any Debt hereinafter incurred that, by its terms, or by separate agreement, is subordinated to the Obligations, except for payments made in full compliance with and expressly permitted under the subordination provisions applicable
thereto; or 
 (d)    amend or otherwise modify the terms of any such Debt if the effect of such amendment or
modification is to (i) increase the interest rate or fees on, or change the manner or timing of payment of, such Debt, (ii) accelerate or shorten the dates upon which payments of principal or interest are due on, or the principal amount
of, such Debt, (iii) change in a manner adverse to any Credit Party or Agent any event of default or add or make more restrictive any covenant with respect to such Debt, (iv) change the prepayment or redemption provisions of such Debt or
any of the defined terms related thereto, (v) change the subordination provisions thereof (or the subordination terms of any guaranty thereof), or (vi) change or amend any other term if such change or amendment would materially increase
the obligations of the obligor or confer additional material rights on the holder of such Debt in a manner adverse to Borrowers, any Subsidiaries, Agent or Lenders. 

Section 5.6    Consolidations, Mergers and Sales of Assets;. No Borrower will, or will permit any Subsidiary
to, directly or indirectly: 
 (a)    consolidate or merge or amalgamate with or into any other Person other than
(i) consolidations or mergers among Borrowers so long as (x) in any consolidation or merger involving Alpha Teknova, Inc., Alpha Teknova, Inc. is the surviving entity and (y) in any consolidation or merger involving a Borrower, a
Borrower is the surviving entity, (ii) consolidations or mergers among a Guarantor and a Borrower so long as the Borrower is the surviving entity, (iii) consolidations or mergers among Guarantors, and (iv) consolidations or mergers
among Subsidiaries that are not Credit Parties; or 

  
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 (b)    make or consummate any Asset Dispositions other than Permitted
Asset Dispositions. 
 Section 5.7    Purchase of Assets, Investments. No Borrower will, or will permit any
Subsidiary to, directly or indirectly: 
 (a)    acquire, make, own, hold or otherwise consummate any Investment
(including for the avoidance of doubt, any Acquisition) other than Permitted Investments or enter into any agreement to acquire, make, own or hold any Investment other than Permitted Investments; 

(b)    without limiting clause (a) above, acquire any other assets other than Permitted Investments or otherwise
(i) in the Ordinary Course of Business, (ii) constituting capital expenditures, (iii) constituting replacement assets purchased with proceeds of property insurance policies, awards or other compensation with respect to any eminent
domain, condemnation or similar proceeding and for which the requirements set forth in this Agreement have been satisfied and (iv) any acquisition by a Credit Party of assets of any other Credit Party to the extent not otherwise prohibited by
Article 5 of this Agreement; 
 (c)    engage or enter into any agreement to engage in any joint venture or partnership
with any other Person except for Investments made pursuant to clause (l) of the definition of Permitted Investments; or 

(d)    Without limiting the foregoing, no Borrower shall, nor will any Borrower permit any Subsidiary to, purchase or
carry Margin Stock. 
 Section 5.8    Transactions with Affiliates. No Borrower will, or will permit any
Subsidiary to, directly or indirectly, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of any Borrower or any Subsidiary thereof,
except for (a) transaction disclosed on Schedule 5.8 on the Closing Date, (b) transactions that are in the Ordinary Course of Business upon fair and reasonable terms, and, in each case, which contain terms that are no less favorable
to the applicable Borrower or any Subsidiary, as the case may be, than those which might be obtained from a third party not an Affiliate of any Credit Party, (c) transactions among Credit Parties and Subsidiaries that are not otherwise
prohibited by this Agreement, (d) transactions constituting (i) issuances of Subordinated Debt to investors and (ii) issuance of other equity securities, in each case, not otherwise in contravention of this Agreement; and
(e) reasonable and customary director, officer and employee compensation (including bonuses) and other benefits (including retirement, health, stock option and other benefit plans and indemnification arrangements approved by the relevant board
of directors, board managers or equivalent corporate body in the Ordinary Course of Business). 

Section 5.9    Modification of Organizational Documents. No Borrower will, or will permit any Subsidiary to,
directly or indirectly, amend or otherwise modify any Organizational Documents of such Person, except for Permitted Modifications. 

Section 5.10    Modification of Certain Agreements. No Borrower will, or will permit any Subsidiary to,
directly or indirectly, (a) amend or otherwise modify any Material Contract, which amendment or modification in any case: (i) is contrary to the terms of this Agreement or any other Financing Document; (ii) would reasonably be
expected to be adverse to the rights, interests or privileges of Agent or the Lenders or their ability to enforce the same; (iii) results in the imposition or expansion in any material respect of any obligation of or restriction or burden on
any Credit Party or any Subsidiary; or (iv) reduces in any material respect any rights or benefits of any Credit Party or any Subsidiaries (it being understood and agreed that any such determination shall be in the discretion of Agent) or
(b) without the prior written consent of Agent, amend or otherwise modify the Affiliated Financing Document. 

  
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 Section 5.11    Conduct of Business. No Borrower will, or
will permit any Subsidiary to, directly or indirectly, engage in any line of business other than those businesses engaged in on the Closing Date and businesses reasonably related or incidental thereto. No Borrower will, or will permit any Subsidiary
to, other than in the Ordinary Course of Business, change its normal billing payment and reimbursement policies and procedures with respect to its Accounts (including, without limitation, the amount and timing of finance charges, fees and
write-offs). 
 Section 5.12    Reserved. 

Section 5.13    Limitation on Sale and Leaseback Transactions. No Borrower will, or will permit any Subsidiary
to, directly or indirectly, enter into any arrangement with any Person whereby, in a substantially contemporaneous transaction, any Borrower or any Subsidiaries sells or transfers all or substantially all of its right, title and interest in an asset
and, in connection therewith, acquires or leases back the right to use such asset. 
 Section 5.14    Deposit
Accounts and Securities Accounts; Payroll and Benefits Accounts. 
 (a)    No Borrower will, or will permit any
Credit Party to, directly or indirectly, establish any new Deposit Account or Securities Account unless such Borrower or such other Credit Party and the bank, financial institution or securities intermediary at which the account is to be opened
enter into a Deposit Account Control Agreement or Securities Account Control Agreement prior to or concurrently with the establishment of such Deposit Account or Securities Account. 

(b)    Borrowers represent and warrant that Schedule 5.14 (as updated by the Compliance
Certificates delivered to Agent from time to time after the Closing Date) lists all of the Deposit Accounts and Securities Accounts of each Borrower as of the Closing Date and as of the date on which each Compliance Certificate is delivered. The
provisions of this Section requiring Deposit Account Control Agreements shall not apply to (i) Deposit Accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of
Borrowers’ employees and identified to Agent by Borrowers as such; provided, however, that the aggregate balance in such accounts does not exceed the amount necessary to make the two immediately succeeding payroll, payroll tax or benefit
payments (or such minimum amount as may be required by any requirement of Law with respect to such accounts), (ii) escrow accounts and trust accounts, in each case entered into in the Ordinary Course of Business and consistent with prudent business
practice conduct where the applicable Credit Party holds the funds exclusively for the benefit of one or more unaffiliated third parties in an aggregate amount not to exceed $100,000 with respect to all such escrow accounts and trust accounts,
(iii) Deposit Accounts or Securities Accounts constituting Credit Card Cash Collateral Accounts or L/C Cash Collateral Accounts, and (iv) Deposit Accounts or Securities Accounts holding cash or Cash Equivalents described in clause
(q) of the definition Permitted Liens (the accounts referenced in clauses (i)-(iv), the “Excluded Accounts”). 

(c)    At all times that any Obligations or Affiliated Obligations remain outstanding, Borrower shall maintain one or
more separate Deposit Accounts to hold any and all amounts to be used for payroll, payroll taxes and other employee wage and benefit payments, and shall not commingle any monies allocated for such purposes with funds in any other Deposit Account.

 Section 5.15    Compliance with Anti-Terrorism Laws. Agent hereby notifies Borrowers that pursuant to the
requirements of Anti-Terrorism Laws, and Agent’s policies and practices, Agent is required to obtain, verify and record certain information and documentation that identifies Borrowers and its principals, which information includes the name and
address of each Borrower and its principals and such other information that will allow Agent to identify such party in accordance with Anti-Terrorism Laws. No 

  
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Borrower will, or will permit any Subsidiary to, directly or indirectly, knowingly enter into any Material Contracts with any Blocked Person or any Person listed on the OFAC Lists. Each Borrower
shall immediately notify Agent if such Borrower has knowledge that any Borrower, any additional Credit Party or any of their respective Affiliates or agents acting or benefiting in any capacity in connection with the transactions contemplated by
this Agreement is or becomes a Blocked Person or (a) is convicted on, (b) pleads nolo contendere to, (c) is indicted on, or (d) is arraigned and held over on charges involving money laundering or predicate crimes to money
laundering. No Borrower will, or will permit any Subsidiary to, directly or indirectly, (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including, without limitation, the making or receiving of any
contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224,
any similar executive order or other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in
Executive Order No. 13224 or other Anti-Terrorism Law. 
 Section 5.16    Change in Accounting. No
Borrower shall, and no Borrower shall suffer or permit any of its Subsidiaries to, (a) make any significant change in accounting treatment or reporting practices, except as required by GAAP or (b) change the fiscal year or method for
determining fiscal quarters of any Credit Party or of any Consolidated Subsidiary of any Credit Party except, in each case, to the extent that Agent has provided its prior written consent to such change (such consent to be given or withheld in
Agent’s reasonable discretion). 
 Section 5.17    Investment Company Act. No Borrower shall, nor shall
it permit any Subsidiary to, directly or indirectly, engage in any business, enter into any transaction, use any securities or take any other action or permit any of its Subsidiaries to do any of the foregoing, that would cause it or any of its
Subsidiaries to become subject to the registration requirements of the Investment Company Act, by virtue of being an “investment company” or a company “controlled” by an “investment company” not entitled to an exemption
within the meaning of the Investment Company Act. 
 ARTICLE 6 - FINANCIAL COVENANTS 

Section 6.1    Minimum Net Revenue. Borrowers shall not permit their consolidated Net Revenue for any
applicable Defined Period, as tested monthly on the last day of the applicable Defined Period, to be less than the Minimum Net Revenue Threshold for such Defined Period. For the avoidance of doubt, in no event shall any Net Revenue attributable to
any entity or assets acquired pursuant to or in connection with a Permitted Acquisition and that was received or accrued prior to the date of such Permitted Acquisition be counted for purposes of determining Borrower’s compliance with the
financial covenant set forth in Section 6.1.  
 Section 6.2    Evidence of Compliance.
Borrowers shall furnish to Agent, as required by Section 4.1, a Compliance Certificate as evidence of (a) the monthly cash and Cash Equivalents of Borrowers and Borrowers and their Consolidated Subsidiaries, (b) Borrowers’
compliance with the covenants in this Article, and (c) that no Event of Default specified in this Article has occurred. The Compliance Certificate shall include, without limitation, (x) a statement and report, in form and substance
reasonably satisfactory to Agent, detailing Borrowers’ calculations, and (y) if requested by Agent, back-up documentation (including, without limitation, bank statements, invoices, receipts and other
evidence of costs incurred during such quarter as Agent shall reasonably require) evidencing the propriety of the calculations. 

  
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 ARTICLE 7 - CONDITIONS 

Section 7.1    Conditions to Closing. The obligation of each Lender to make the initial Loans on the Closing
Date shall be subject to the receipt by Agent of each agreement, document and instrument set forth on the closing checklist attached hereto as Exhibit G, each in form and substance satisfactory to Agent, and such other closing deliverables
reasonably requested by Agent and Lenders, and to the satisfaction of the following conditions precedent, each to the satisfaction of Agent and Lenders in their reasonable discretion: 

(a)    the receipt by Agent of executed counterparts of this Agreement, the other Financing Documents and the Affiliated
Financing Documents; 
 (b)    the payment of all fees, expenses and other amounts due and payable under each Financing
Document; and 
 (c)    since December 31, 2020, the absence of any material adverse change in any aspect of the
business, operations, properties, or condition (financial or otherwise) of any Credit Party, or any event or condition which would reasonably be expected to result in such a material adverse change. 

Each Lender, by delivering its signature page to this Agreement, shall be deemed to have acknowledged receipt of, consented to, approved
and ratified, each Financing Document and each other document, agreement and/or instrument required to be approved by Agent, Required Lenders or Lenders, as applicable, on the Closing Date. 

Section 7.2    Conditions to Each Loan. The obligation of the Lenders to make a Loan or an advance in respect
of any Loan (including the initial Loans), is subject to the satisfaction of the following additional conditions: 

(a)    receipt by Agent of a Notice of Borrowing in accordance with Section 2.1(a)(i); 

(b)    [reserved]; 

(c)    [reserved]; 

(d)    with respect to Term Loan Tranche 2, the Term Loan Tranche 2 Activation Date has occurred; 

(e)    with respect to Term Loan Tranche 3, the Term Loan Tranche 3 Activation Date has occurred; 

(f)    with respect to Term Loan Tranche 3, the most recent Compliance Certificate delivered (or required to be
delivered) by Borrowers pursuant to Section 4.1(i) hereof prior to the proposed funding date for such Term Loan Tranche 3 demonstrates to Agent’s and each Lender’s satisfaction that (i) if such proposed funding date is on or
after January 1, 2022 and before July 1, 2022, the Net Revenue for the preceding twelve (12) calendar months (ending on the last day of the calendar month for which such Compliance Certificate is delivered) is greater than or equal to
$37,000,000 or (ii) if such proposed funding date is on or after July 1, 2022 and on or before the Term Loan Tranche 3 Commitment Termination Date, the Net Revenue for the preceding twelve (12) calendar months (ending on the last day
of the calendar month for which such Compliance Certificate is delivered) is greater than or equal to $38,500,000; 

  
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 (g)    in the case of a borrowing of the Term Loan Tranche 3, delivery
of a Tranche 3 EBITDA Certificate demonstrating to Agent’s and each Lender’s satisfaction that Consolidated EBITDA for the Borrowers for the preceding six (6) calendar months (ending on the last day of the calendar month for which the
most recent Compliance Certificate delivered (or required to be delivered) by Borrower pursuant to Section 4.1(i) prior to the proposed funding date for such Term Loan Tranche 3 Loans) is greater than zero (0); 

(h)    the fact that, immediately before and after such advance or issuance, no Default or Event of Default shall have
occurred and be continuing; 
 (i)    for Loans made on the Closing Date, the fact that the representations and
warranties of each Credit Party contained in the Financing Documents shall be true, correct and complete on and as of the Closing Date, except to the extent that any such representation or warranty relates to a specific date in which case such
representation or warranty shall be true and correct as of such earlier date; 
 (j)    for Loans made after the
Closing Date, the fact that the representations and warranties of each Credit Party contained in the Financing Documents shall be true, correct and complete in all material respects on and as of the date of such borrowing or issuance, except to the
extent that any such representation or warranty relates to a specific earlier date in which case such representation or warranty shall be true and correct in all material respects as of such specific earlier date; provided, however, in each
case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and 

(k)    the fact that no material adverse change in the condition (financial or otherwise), properties, business, or
operations of Borrowers or any other Credit Party shall have occurred and be continuing with respect to Borrowers or any Credit Party since the date of this Agreement. 

Each giving of a Notice of Borrowing hereunder and each acceptance by any Borrower of the proceeds of any Loan made hereunder shall be deemed
to be (y) a representation and warranty by each Borrower on the date of such notice or acceptance as to the facts specified in this Section, and (z) a restatement by each Borrower that each and every one of the representations made by it
in any of the Financing Documents is true and correct all material respects on and as of the date of such borrowing or issuance, except to the extent that any such representation or warranty relates to a specific earlier date in which case such
representation or warranty shall be true and correct in all material respects as of such specific earlier date; provided, however, in each case, such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof. 
 Section 7.3    Searches. Before the
Closing Date, and thereafter (as and when determined by Agent in its discretion), Agent shall have the right to perform, all at Borrowers’ expense, the searches described in clauses (a), (b), and (c) below against Borrowers and any other
Credit Party, the results of which are to be consistent with Borrowers’ representations and warranties under this Agreement and the satisfactory results of which shall be a condition precedent to all advances of Loan proceeds: (a) UCC
searches with the Secretary of State of the jurisdiction in which the applicable Person is organized; (b) judgment, pending litigation, federal tax lien, personal property tax lien, and corporate and partnership tax lien searches, in each
jurisdiction searched under clause (a) above; and (c) searches of applicable corporate, limited liability company, partnership and related records to confirm the continued existence, organization and good standing of the applicable Person
and the exact legal name under which such Person is organized. Notwithstanding anything to the contrary herein, after the Closing Date, Borrowers shall not be liable for the expenses associated with such searches conducted more than once during each
twelve month period unless an Event of Default has occurred and is continuing. 

  
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 Section 7.4    Post-Closing Requirements. Unless Agent shall
otherwise consent, Borrowers shall complete each of the post-closing obligations and/or provide to Agent each of the documents, instruments, agreements and information listed on Schedule 7.4 attached hereto on or before the date set forth for each
such item thereon, each of which shall be completed or provided in form and substance reasonably satisfactory to Agent. 
 ARTICLE 8
- [RESERVED] 
 ARTICLE 9 - SECURITY AGREEMENT 

Section 9.1    Generally. As security for the payment and performance of the Obligations, and for the payment
and performance of all obligations under the Affiliated Financing Documents (if any) and without limiting any other grant of a Lien and security interest in any Security Document, each Borrower hereby collaterally assigns, grants and pledges to
Agent, for the benefit of itself and Lenders a continuing first priority Lien on and security interest in, upon, and to the property set forth on Schedule 9.1 attached hereto and made a part hereof, subject only to the
Affiliated Intercreditor Agreement. 
 Section 9.2    Representations and Warranties and Covenants Relating to
Collateral. 
 (a)    The security interest granted pursuant to this Agreement constitutes a valid and, to the
extent such security interest is required to be perfected by this Agreement and any other Financing Document, continuing perfected security interest in favor of Agent in all Collateral subject, for the following Collateral, to the occurrence of the
following: (i) in the case of all Collateral in which a security interest may be perfected by filing a financing statement under the UCC, the completion of the filings and other actions specified on Schedule 9.2(b) (which, in the case of
all filings and other documents referred to on such schedule, have been delivered to Agent in completed and duly authorized form), (ii) with respect to any Deposit Account, the execution of Deposit Account Control Agreements, (iii) in the case
of letter-of-credit rights that are not supporting obligations of Collateral, the execution of a contractual obligation granting control to Agent over such letter-of-credit rights, (iv) in the case of electronic chattel paper, the completion of all steps necessary to grant control to Agent over such electronic chattel paper,
(v) in the case of all certificated stock, debt instruments and investment property, the delivery thereof to Agent of such certificated stock, debt instruments and investment property consisting of instruments and certificates, in each case
properly endorsed for transfer to Agent or in blank, (vi) in the case of all investment property not in certificated form, the execution of control agreements with respect to such investment property and (vii) in the case of all other
instruments and tangible chattel paper that are not certificated stock, debt instructions or investment property, the delivery thereof to Agent of such instruments and tangible chattel paper. Such security interest shall be prior to all other Liens
on the Collateral except for Permitted Liens. Except to the extent not required pursuant to the terms of this Agreement, all actions by each Credit Party necessary or desirable to protect and perfect the Lien granted hereunder on the Collateral have
been duly taken. 
 (b)    Schedule 9.2(b) (as updated by the Compliance Certificates
delivered to Agent from time to time after the Closing Date) sets forth (i) each chief executive office and principal place of business of each Borrower and each of their respective Subsidiaries, and (ii) all of the addresses (including
all warehouses) at which any of the Collateral is located and/or books and records of Borrowers regarding any Collateral or any of Borrower’s assets, liabilities, business operations or financial condition are kept, which such
Schedule 9.2(b) indicates in each case which Borrower(s) have Collateral and/or books and records located at such address, and, in the case of any such address not owned by one or more of the Borrowers(s), indicates the
nature of such location (e.g., leased business location operated by Borrower(s), third party warehouse, consignment location, processor location, etc.) and the name and address of the third party owning and/or operating such location. 

  
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 (c)    Without limiting the generality of Section 3.2, except as
indicated on Schedule 3.19 with respect to any rights of any Borrower as a licensee under any license of Intellectual Property owned by another Person, and except for the filing of financing statements under the UCC, no
authorization, approval or other action by, and no notice to or filing with, any Governmental Authority or consent of any other Person is required for (i) the grant by each Borrower to Agent of the security interests and Liens in the Collateral
provided for under this Agreement and the other Security Documents (if any), or (ii) the granting of the security interest or the exercise by Agent of its rights and remedies with respect to the Collateral provided for under this Agreement and
the other Security Documents or under any applicable Law, including the UCC and neither any such grant of Liens in favor of Agent or exercise of rights by Agent shall violate or cause a default under any agreement between any Borrower and any other
Person relating to any such collateral, including any license to which a Borrower is a party, whether as licensor or licensee, with respect to any Intellectual Property, whether owned by such Borrower or any other Person. 

(d)    As of the Closing Date, except as set forth on Schedule 9.2(d), no Borrower has any ownership interest in
any Chattel Paper (as defined in Article 9 of the UCC), letter of credit rights, commercial tort claims, Instruments, documents or investment property evidencing an obligation in excess of Two Hundred Fifty Thousand Dollars ($250,000)
individually or in excess of Five Hundred Thousand Dollars ($500,000) in the aggregate for all such obligations (other than Equity Interests in any Subsidiaries of such Borrower disclosed on Schedule 3.4), and Borrowers
shall give notice to Agent promptly (but in any event not later than the delivery by Borrowers of the next quarterly Compliance Certificate required pursuant to Section 4.1 above) upon the acquisition by any Borrower of any such Chattel Paper,
letter of credit rights, commercial tort claims, Instruments, documents, investment property evidencing an obligation in excess of Two Hundred Fifty Thousand Dollars ($250,000) individually or in excess of Five Hundred Thousand Dollars ($500,000) in
the aggregate for all such obligations. No Person other than Agent or (if applicable) any Lender has “control” (as defined in Article 9 of the UCC) over any Deposit Account, investment property (including Securities Accounts and
commodities account), letter of credit rights or electronic chattel paper in which any Borrower has any interest (except for such control arising by operation of law in favor of any bank or securities intermediary or commodities intermediary with
whom any Deposit Account, Securities Account or commodities account of Borrowers is maintained). 
 (e)    Borrowers
shall not, and shall not permit any Credit Party to, take any of the following actions or make any of the following changes unless Borrowers have given at least thirty (30) days prior written notice to Agent of Borrowers’ intention to take
any such action (which such written notice shall include an updated version of any Schedule impacted by such change) and have executed any and all documents, instruments and agreements and taken any other actions which Agent may request after
receiving such written notice in order to protect and preserve the Liens, rights and remedies of Agent with respect to the Collateral: (i) change the legal name or organizational identification number of any Borrower as it appears in official
filings in the jurisdiction of its organization, (ii) change the jurisdiction of incorporation or formation of any Borrower or Credit Party or allow any Borrower or Credit Party to designate any jurisdiction as an additional jurisdiction of
incorporation for such Borrower or Credit Party, or change the type of entity that it is; provided that in no event shall a Borrower organized under the laws of the United States or any state thereof be reorganized under the laws of a
jurisdiction other than the United States or any State thereof, or (iii) change its chief executive office, principal place of business, or the location of its books and records or move any Collateral to or place any Collateral on any location
that is not then listed on the Schedules and/or establish any business location at any location that is not then listed on the Schedules. 

(f)    Borrowers shall not adjust, settle or compromise the amount or payment of any Account, or release wholly or partly
any Account Debtor, or allow any credit or discount thereon (other than adjustments, settlements, compromises, credits and discounts in the Ordinary Course of Business, 

  
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made while no Default exists and in amounts which constitute less than $250,000 reduction per individual account and are otherwise not material with respect to the Account taken as a whole)
without the prior written consent of Agent. Without limiting the generality of this Agreement or any other provisions of any of the Financing Documents relating to the rights of Agent after the occurrence and during the continuance of an Event of
Default, Agent shall have the right at any time after the occurrence and during the continuance of an Event of Default to: (i) exercise the rights of Borrowers with respect to the obligation of any Account Debtor to make payment or otherwise
render performance to Borrowers and with respect to any property that secures the obligations of any Account Debtor or any other Person obligated on the Collateral, and (ii) adjust, settle or compromise the amount or payment of such Accounts.

 (g)    Without limiting the generality of Sections 9.2(c) and 9.2(e): 

(i)    Borrowers shall deliver to Agent all tangible Chattel Paper and all Instruments and documents
evidencing an obligation in excess of Two Hundred Fifty Thousand Dollars ($250,000) individually or in excess of Five Hundred Thousand Dollars ($500,000) in the aggregate for all such obligations owned by any Borrower and constituting part of the
Collateral duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory to Agent. Borrowers shall provide Agent with “control” (as defined in Article 9 of the UCC) of all
electronic Chattel Paper evidencing an obligation in excess of Two Hundred Fifty Thousand Dollars ($250,000) individually or in excess of Five Hundred Thousand Dollars ($500,000) in the aggregate for all such obligations owned by any Borrower and
constituting part of the Collateral by having Agent identified as the assignee on the records pertaining to the single authoritative copy thereof and otherwise complying with the applicable elements of control set forth in the UCC. Borrowers also
shall deliver to Agent all security agreements securing any such Chattel Paper and securing any such Instruments (other than those with a value of less than One Hundred Thousand Dollars ($100,000) in the aggregate). Borrowers will mark conspicuously
all such Chattel Paper and all such Instruments and documents (other than those with a value of less than One Hundred Thousand Dollars ($100,000) in the aggregate) with a legend, in form and substance satisfactory to Agent, indicating that such
Chattel Paper and such instruments and documents are subject to the security interests and Liens in favor of Agent created pursuant to this Agreement and the Security Documents. Borrowers shall comply with all the provisions of Section 5.14
with respect to the Deposit Accounts and Securities Accounts of Borrowers. 
 (ii)    Borrowers shall
deliver to Agent all letters of credit with a face amount in excess of Two Hundred Fifty Thousand Dollars ($250,000) individually or in excess of Five Hundred Thousand Dollars ($500,000) in the aggregate for all letters of credit on which any
Borrower is the beneficiary and which give rise to letter of credit rights owned by such Borrower which constitute part of the Collateral in each case duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form
and substance satisfactory to Agent. Borrowers shall take any and all actions as may be necessary or desirable, or that Agent may request, from time to time, to cause Agent to obtain exclusive “control” (as defined in Article 9 of the
UCC) of any such letter of credit rights in a manner acceptable to Agent. 
 (iii)    Borrowers shall
promptly advise Agent upon any Borrower becoming aware that it has any interests in any commercial tort claim that is for at least, or could reasonably be expected to result in a payment in excess of, Two Hundred Fifty Thousand Dollars ($250,000)
individually or in excess of Five Hundred Thousand Dollars ($500,000) in the aggregate for all commercial tort claims and that constitutes part of the Collateral, which such notice shall include descriptions of the events and circumstances giving
rise to such commercial tort claim and the dates such events and circumstances occurred, the potential defendants with respect such commercial tort 

  
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claim and any court proceedings that have been instituted with respect to such commercial tort claims, and Borrowers shall, with respect to any such commercial tort claim, execute and deliver to
Agent such documents as Agent shall request to perfect, preserve or protect the Liens, rights and remedies of Agent with respect to any such commercial tort claim. 

(iv)    Unless Agent shall otherwise consent, Borrowers shall obtain a landlord’s agreement,
mortgagee agreement, or bailee agreement, as applicable, from the lessor of each leased property, the mortgagee of owned property or the warehouseman, consignee, bailee at any business location, in each case, located in the United States and
(a) which is a Borrower’s chief executive office or (b) where (i) any portion of the Collateral included in or proposed to be included in the Borrowing Base, or (ii) any portion of the Collateral with a value in excess of
$500,000, is located, in each case, which agreement or letter shall be reasonably satisfactory in form and substance to Agent. Borrowers shall timely and fully pay and perform its obligations under all leases and other agreements with respect to
each of the locations specified in the preceding sentence. In no event shall Borrower maintain tangible Collateral (other than Inventory with contract manufacturers and Inventory in transit in the Ordinary Course of Business) with a value in excess
of $500,000 outside of the United States without Agent’s prior consent. 
 (v)    Borrowers shall
cause all equipment and other tangible personal property other than Inventory to be maintained and preserved in the same condition, repair and in working order as when new, ordinary wear and tear excepted, and shall to the extent doing so is
commercially reasonable, promptly make or cause to be made all repairs, replacements and other improvements in connection therewith that are necessary or desirable to such end. Upon request of Agent, Borrowers shall promptly deliver to Agent any and
all certificates of title, applications for title or similar evidence of ownership of all such tangible personal property and shall cause Agent to be named as lienholder on any such certificate of title or other evidence of ownership. Borrowers
shall not permit any such tangible personal property to become fixtures to real estate unless such real estate is subject to a Lien in favor of Agent. 

(vi)    Each Borrower hereby authorizes Agent to file without the signature of such Borrower one or more
UCC financing statements relating to liens on personal property relating to all or any part of the Collateral, which financing statements may list Agent as the “secured party” and such Borrower as the “debtor” and which describe
and indicate the collateral covered thereby as all or any part of the Collateral under the Financing Documents (including an indication of the collateral covered by any such financing statement as “all assets” of such Borrower now owned or
hereafter acquired), in such jurisdictions as Agent from time to time determines are appropriate, and to file without the signature of such Borrower any continuations of or corrective amendments to any such financing statements, in any such case in
order for Agent to perfect, preserve or protect the Liens, rights and remedies of Agent with respect to the Collateral. Each Borrower also ratifies its authorization for Agent to have filed in any jurisdiction any initial financing statements or
amendments thereto if filed prior to the date hereof. 
 (vii)    As of the Closing Date, no Borrower
holds, and, after the Closing Date, Borrowers shall promptly notify Agent in writing upon creation or acquisition by any Borrower of, any Collateral in excess of Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate for all such Collateral
which constitutes a claim against any Governmental Authority, including, without limitation, the federal government of the United States or any instrumentality or agency thereof, the assignment of which claim is restricted by any applicable Law,
including, without limitation, the federal Assignment of Claims Act and any other comparable Law. Upon the request of Agent, Borrowers shall take such steps as may be necessary or desirable, or that Agent may request, to comply with any such
applicable Law with respect to Accounts evidencing obligations in excess of Two Hundred Fifty Thousand Dollars ($250,000) or more in the aggregate. 

  
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 (viii)    Borrowers shall furnish to Agent from time to
time any statements and schedules further identifying or describing the Collateral and any other information, reports or evidence concerning the Collateral as Agent may reasonably request from time to time. 

(h)    Any obligation of any Credit Party in this Agreement that requires (or any representation or warranty hereunder to
the extent that it would have the effect of requiring) delivery of Collateral (including any endorsements related thereto) to, or the possession of Collateral with, Agent shall be deemed to have complied with and satisfied (or, in the case of any
representation or warranty hereunder, shall be deemed to be true) if such delivery of Collateral is made to, or such possession of Collateral is with, the Affiliated Financing Agent. 

ARTICLE 10 - EVENTS OF DEFAULT 

Section 10.1    Events of Default. For purposes of the Financing Documents, the occurrence of any of the
following conditions and/or events, whether voluntary or involuntary, by operation of law or otherwise, shall constitute an “Event of Default”: 

(a)    (i) any Credit Party shall fail to pay when due any principal, interest, premium or fee under any Financing
Document or any other amount payable under any Financing Document and, with respect to any such payment other than principal or interest, such failure shall continue for 3 Business Days after the date such amount was due, or (ii) there shall
occur any default in the performance of or compliance with any of the following sections or articles of this Agreement: Section 4.1, Section 4.2(b), Section 4.4(c), Section 4.6, Section 4.9, Section 4.11,
Section 4.15, Section 4.16, Section 4.17, Article 5, Article 6 or Section 7.4; 
 (b)    any
Credit Party defaults in the performance of or compliance with any term contained in this Agreement or in any other Financing Document (other than occurrences described in other provisions of this Section 10.1 for which a different grace or
cure period is specified or for which no grace or cure period is specified and thereby constitute immediate Events of Default) and such default is not remedied by the Credit Party or waived by Agent within twenty (20) days after the earlier of
(i) receipt by Borrower Representative of notice from Agent or Required Lenders of such default, or (ii) actual knowledge of any Responsible Officer of the Borrower or any other Credit Party of such default; provided, however, that
if the default cannot by its nature be cured within the twenty (20) day period or cannot after diligent attempts by Borrowers be cured within such twenty (20) day period, and such default is likely to be cured within a reasonable time (not
to exceed the end of the twenty (20) day additional period), then Borrowers shall have an additional period (which period shall not in any case exceed twenty (20) days) to attempt to cure such default, and within such additional twenty
(20) day period the failure of Borrowers to cure the default shall not be deemed an Event of Default (but no Loans shall be made during such period until such default is cured); 

(c)    any written representation, warranty, certification or statement made by any Credit Party or any other Person in
any Financing Document or in any certificate, financial statement or other document delivered pursuant to any Financing Document is incorrect in any respect (or in any material respect if such representation, warranty, certification or statement is
not by its terms already qualified as to materiality) when made (or deemed made); 
 (d)    (i) failure of any
Credit Party to pay when due or within any applicable grace period any principal, interest or other amount on Debt (other than the Loans), or the occurrence of any 

  
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breach, default, condition or event with respect to any Debt (other than the Loans), if the effect of such failure or occurrence is to cause or to permit the holder or holders of any such Debt,
or to cause, Debt or other liabilities having an individual principal amount in excess of $500,000 or having an aggregate principal amount in excess of $1,000,000 to become or be declared due prior to its stated maturity, or (ii) without
limiting the foregoing, the occurrence of any breach or default under any terms or provisions of any Subordinated Debt Document or under any agreement subordinating the Subordinated Debt to all or any portion of the Obligations or the
occurrence of any event requiring (or that would allow the holders thereof to require) the prepayment or mandatory redemption of any Subordinated Debt; 

(e)    any Credit Party or any Subsidiary of a Credit Party shall commence a voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law or any analogous procedure or step is taken in any other jurisdiction) now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an
involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action to authorize the foregoing;

 (f)    an involuntary case or other proceeding shall be commenced against any Credit Party or any Subsidiary of a
Credit Party seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of forty-five (45) days; or an order for relief shall be entered
against any Credit Party or any Subsidiary of a Credit Party under applicable federal bankruptcy, insolvency or other similar law in respect of (i) bankruptcy, liquidation, winding-up, dissolution or
suspension of general operations, (ii) composition, rescheduling, reorganization, arrangement or readjustment of, or other relief from, or stay of proceedings to enforce, some or all of the debts or obligations, or (iii) possession,
foreclosure, seizure or retention, sale or other disposition of, or other proceedings to enforce security over, all or any substantial part of the assets of such Credit Party or Subsidiary; 

(g)    (i) institution of any steps by any Person to terminate a Pension Plan if as a result of such termination any
Credit Party or any member of the Controlled Group could be required to make a contribution to such Pension Plan, or could incur a liability or obligation to such Pension Plan, in excess of $500,000, (ii) a contribution failure occurs with
respect to any Pension Plan sufficient to give rise to a Lien under Section 303(k) of ERISA or Section 430(k) of the Code or an event occurs that would reasonably be expected to give rise to a Lien under Section 4068 of ERISA, or
(iii) there shall occur any withdrawal or partial withdrawal from a Multiemployer Plan and the withdrawal liability (without unaccrued interest) to Multiemployer Plans as a result of such withdrawal (including any outstanding withdrawal
liability that any Credit Party or any member of the Controlled Group have incurred on the date of such withdrawal) exceeds $500,000; 

(h)    one or more judgments or orders for the payment of money (not paid or fully covered by insurance maintained in
accordance with the requirements of this Agreement and as to which the relevant insurance company has not denied coverage) aggregating in excess of $250,000 shall be rendered against any or all Credit Parties and either (i) enforcement
proceedings shall have been commenced by any creditor upon any such judgments or orders, or (ii) there shall be any period of twenty (20) consecutive days during which a stay of enforcement of any such judgments or orders, by reason of a
pending appeal, bond or otherwise, shall not be in effect; 

  
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 (i)    except solely as a result of any action or inaction of Agent or
any Lenders (provided that such action or inaction is not caused by a Credit Party’s failure to comply with the terms of the Financing Documents), any Lien created by any of the Security Documents shall at any time fail to constitute a valid
and perfected Lien on all of the Collateral purported to be encumbered thereby, subject to no prior or equal Lien except Permitted Liens, or any Credit Party shall so assert; 

(j)    the institution by any Governmental Authority of criminal proceedings against any Credit Party; 

(k)    an event of default occurs under any Guarantee of any portion of the Obligations; 

(l)    the occurrence of a Change in Control; 

(m)    any Borrower makes any payment on account of any Debt that has been subordinated to any of the Obligations, other
than payments specifically permitted by the terms of such subordination; 
 (n)    if any Borrower is or becomes an
entity whose equity is registered with the SEC, and/or is publicly traded on and/or registered with a public securities exchange, such Borrower’s equity fails to remain registered with the SEC in good standing, and/or such equity fails to
remain publicly traded on and registered with a public securities exchange; 
 (o)    the occurrence of any fact, event
or circumstance that could reasonably be expected to result in a Material Adverse Effect; 
 (p)    there shall occur
any event of default under the Affiliated Financing Documents; 
 (q)    any Credit Party defaults under or breaches
any Material Contract (after any applicable grace period contained therein), or a Material Contract shall be terminated by a third party or parties party thereto prior to the expiration thereof and such default, breach or termination would
reasonably be expected to result in a Material Adverse Effect; or 
 (r)    any of the Financing Documents shall for
any reason fail to constitute the valid and binding agreement of any party thereto, or any Credit Party shall so assert, in each case, unless such Financing Document terminates pursuant to the terms and conditions thereof without any breach or
default thereunder by any Credit Party thereto. 
 All cure periods provided for in this Section 10.1 shall run concurrently with any
cure period provided for in any applicable Financing Documents under which the default occurred. 

Section 10.2    Acceleration and Suspension or Termination of Term Loan Commitment. Upon the occurrence
and during the continuance of an Event of Default, Agent may, and shall if requested by Required Lenders, (a) by notice to Borrower Representative suspend or terminate the Term Loan Commitment and the obligations of Agent and the Lenders with
respect thereto, in whole or in part (and, if in part, each Lender’s Term Loan Commitment shall be reduced in accordance with its Pro Rata Share), and/or (b) by notice to Borrower Representative declare all or any portion of the
Obligations to be, and the Obligations shall thereupon become, immediately due and payable, with accrued interest thereon, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Borrower and
Borrowers will pay the same; provided, however, that in the case of any of the Events of Default specified in Section 10.1(e) or 10.1(f) above, without any notice to any Borrower or any other act by Agent or the Lenders, the Term
Loan Commitment and the obligations of Agent and the Lenders with respect 

  
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thereto shall thereupon immediately and automatically terminate and all of the Obligations shall become immediately and automatically due and payable without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by each Borrower and Borrowers will pay the same. 

Section 10.3    UCC Remedies. 

(a)    Upon the occurrence of and during the continuance of an Event of Default under this Agreement or the other
Financing Documents, Agent, in addition to all other rights, options, and remedies granted to Agent under this Agreement or at law or in equity, may exercise, either directly or through one or more assignees or designees, all rights and remedies
granted to it under all Financing Documents and under the UCC in effect in the applicable jurisdiction(s) and under any other applicable law, including, without limitation: 

(i)    the right to take possession of, send notices regarding, and collect directly the Collateral, with
or without judicial process; 
 (ii)    the right to (by its own means or with judicial assistance)
enter any of Borrowers’ premises and take possession of the Collateral, or render it unusable, or to render it usable or saleable, or dispose of the Collateral on such premises in compliance with subsection (iii) below and to take
possession of Borrowers’ original books and records, to obtain access to Borrowers’ data processing equipment, computer hardware and software relating to the Collateral and to use all of the foregoing and the information contained therein
in any manner Agent deems appropriate, without any liability for rent, storage, utilities, or other sums, and Borrowers shall not resist or interfere with such action (if Borrowers’ books and records are prepared or maintained by an accounting
service, contractor or other third party agent, Borrowers hereby irrevocably authorize such service, contractor or other agent, upon notice by Agent to such Person that an Event of Default has occurred and is continuing, to deliver to Agent or its
designees such books and records, and to follow Agent’s instructions with respect to further services to be rendered); 

(iii)    the right to require Borrowers at Borrowers’ expense to assemble all or any part of the
Collateral and make it available to Agent at any place designated by Lender; 
 (iv)    the right to
notify postal authorities to change the address for delivery of Borrowers’ mail to an address designated by Agent and to receive, open and dispose of all mail addressed to any Borrower; and/or 

(v)    the right to enforce Borrowers’ rights against Account Debtors and other obligors, including,
without limitation, (i) the right to collect Accounts directly in Agent’s own name (as agent for Lenders) and to charge the collection costs and expenses, including documented
out-of-pocket attorneys’ fees, to Borrowers, and (ii) the right, in the name of Agent or any designee of Agent or Borrowers, to verify the validity, amount or
any other matter relating to any Accounts by mail, telephone, telegraph or otherwise, including, without limitation, verification of Borrowers’ compliance with applicable Laws. Borrowers shall cooperate fully with Agent in an effort to
facilitate and promptly conclude such verification process. Such verification may include contacts between Agent and applicable federal, state and local regulatory authorities having jurisdiction over the Borrowers’ affairs, all of which
contacts Borrowers hereby irrevocably authorize. 
 (b)    Each Borrower agrees that a notice received by it at least
ten (10) days before the time of any intended public sale, or the time after which any private sale or other disposition of the Collateral is to be made, shall be deemed to be reasonable notice of such sale or other disposition. If permitted by
applicable law, any perishable Collateral which threatens to speedily decline in value or 

  
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which is sold on a recognized market may be sold immediately by Agent without prior notice to Borrowers. At any sale or disposition of Collateral, Agent may (to the extent permitted by applicable
law) purchase all or any part of the Collateral, free from any right of redemption by Borrowers, which right is hereby waived and released. Each Borrower covenants and agrees not to interfere with or impose any obstacle to Agent’s exercise of
its rights and remedies with respect to the Collateral. Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. Agent may comply with any applicable state or federal law
requirements in connection with a disposition of the Collateral and compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. Agent may sell the Collateral without giving any warranties as to
the Collateral. Agent may specifically disclaim any warranties of title or the like. This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. If Agent sells any of the Collateral upon
credit, Borrowers will be credited only with payments actually made by the purchaser, received by Agent and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Agent may resell the Collateral and
Borrowers shall be credited with the proceeds of the sale. Borrowers shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Obligations. 

(c)    Without restricting the generality of the foregoing and for the purposes aforesaid, each Borrower hereby appoints
and constitutes Agent its lawful attorney-in-fact with full power of substitution in the Collateral, upon the occurrence and during the continuance of an Event of
Default, to (i) use unadvanced funds remaining under this Agreement or which may be reserved, escrowed or set aside for any purposes hereunder at any time, or to advance funds in excess of the face amount of the Notes, (ii) pay, settle or
compromise all existing bills and claims, which may be Liens or security interests, or to avoid such bills and claims becoming Liens against the Collateral, (iii) execute all applications and certificates in the name of such Borrower and to
prosecute and defend all actions or proceedings in connection with the Collateral, and (iv) do any and every act which such Borrower might do in its own behalf; it being understood and agreed that this power of attorney in this subsection
(c) shall be a power coupled with an interest and cannot be revoked. 
 (d)    Upon the occurrence and during the
continuance of an Event of Default, subject to any right of any third parties and/or any agreement between any Borrower and any third party to the extent not granted or entered into in contravention of the terms of this Agreement, Agent and each
Lender is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrowers’ labels, mask works, rights of use of any name, any other Intellectual Property and
advertising matter, and any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Agent’s exercise of its rights under this Article,
Borrowers’ rights under all licenses (whether as licensor or licensee) (to the extent permitted by applicable Law) and all franchise agreements inure to Agent’s and each Lender’s benefit. 

Section 10.4    Reserved.  

Section 10.5    Default Rate of Interest. At the election of Agent or Required Lenders, after the occurrence
of an Event of Default and for so long as it continues, the Loans and other Obligations shall bear interest at rates that are three percent (3.0%) per annum in excess of the rates otherwise payable under this Agreement; provided, however,
that in the case of any Event of Default specified in Section 10.1(e) or 10.1(f) above, such default rates shall apply immediately and automatically without the need for any election or action of any kind on the part of Agent or any Lender.

 Section 10.6    Setoff Rights. During the continuance of any Event of Default, each Lender is hereby
authorized by each Borrower at any time or from time to time, with reasonably prompt subsequent notice to such Borrower (any prior or contemporaneous notice being hereby expressly waived) to set off 

  
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and to appropriate and to apply any and all (a) balances held by such Lender or any of such Lender’s Affiliates at any of its offices for the account of such Borrower or any of its
Subsidiaries (regardless of whether such balances are then due to such Borrower or its Subsidiaries), and (b) other property at any time held or owing by such Lender to or for the credit or for the account of such Borrower or any of its
Subsidiaries, against and on account of any of the Obligations (other than contingent obligations for which no claim has been made); except that no Lender shall exercise any such right without the prior written consent of Agent. Any Lender
exercising a right to set off shall purchase for cash (and the other Lenders shall sell) interests in each of such other Lender’s Pro Rata Share of the Obligations as would be necessary to cause all Lenders to share the amount so set off with
each other Lender in accordance with their respective Pro Rata Share of the Obligations. Each Borrower agrees, to the fullest extent permitted by law, that any Lender and any of such Lender’s Affiliates may exercise its right to set off with
respect to the Obligations as provided in this Section 10.6. 
 Section 10.7    Application of
Proceeds. 
 (a)    Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and
during the continuance of an Event of Default, each Borrower irrevocably waives the right to direct the application of any and all payments at any time or times thereafter received by Agent from or on behalf of such Borrower or any Guarantor of all
or any part of the Obligations, and, as between Borrowers on the one hand and Agent and Lenders on the other, Agent shall have the continuing and exclusive right to apply and to reapply any and all payments received against the Obligations in such
manner as Agent may deem advisable notwithstanding any previous application by Agent. 
 (b)    Following the
occurrence and during the continuance of an Event of Default, but absent the occurrence and continuance of an Acceleration Event, Agent shall apply any and all payments received by Agent in respect of the Obligations, and any and all proceeds of
Collateral received by Agent, in such order as Agent may from time to time elect. 
 (c)    Notwithstanding anything to
the contrary contained in this Agreement, if an Acceleration Event shall have occurred, and so long as it continues, Agent shall apply any and all payments received by Agent in respect of the Obligations, and any and all proceeds of Collateral
received by Agent, in the following order: first, to all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to Agent with respect to this Agreement, the other Financing Documents or the Collateral;
second, to all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to any Lender with respect to this Agreement, the other Financing Documents or the Collateral; third, to accrued and unpaid interest on
the Obligations (including any interest which, but for the provisions of the Bankruptcy Code, would have accrued on such amounts); fourth, to the principal amount of the Obligations outstanding; and fifth, to any other indebtedness or
obligations of Borrowers owing to Agent or any Lender under the Financing Documents. Any balance remaining shall be delivered to Borrowers or to whomever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may
direct. In carrying out the foregoing, (y) amounts received shall be applied in the numerical order provided until exhausted prior to the application to the next succeeding category, and (z) each of the Persons entitled to receive a
payment in any particular category shall receive an amount equal to its Pro Rata Share of amounts available to be applied pursuant thereto for such category. 

Section 10.8    Waivers. 

(a)    Except as otherwise provided for in this Agreement and to the fullest extent permitted by applicable law, each
Borrower waives: (i) presentment, demand and protest, and notice of presentment, dishonor, intent to accelerate, acceleration, protest, default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all Financing
Documents, the Notes or any other 

  
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notes, commercial paper, accounts, contracts, documents, Instruments, Chattel Paper and Guarantees at any time held by Lenders on which any Borrower may in any way be liable, and hereby ratifies
and confirms whatever Lenders may do in this regard; (ii) all rights to notice and a hearing prior to Agent’s or any Lender’s taking possession or control of, or to Agent’s or any Lender’s replevy, attachment or levy upon,
any Collateral or any bond or security which might be required by any court prior to allowing Agent or any Lender to exercise any of its remedies; and (iii) the benefit of all valuation, appraisal and exemption Laws. Each Borrower acknowledges
that it has been advised by counsel of its choices and decisions with respect to this Agreement, the other Financing Documents and the transactions evidenced hereby and thereby. 

(b)    Each Borrower for itself and all its successors and assigns, (i) agrees that its liability shall not be in
any manner affected by any indulgence, extension of time, renewal, waiver, or modification granted or consented to by Lender; (ii) consents to any indulgences and all extensions of time, renewals, waivers, or modifications that may be granted
by Agent or any Lender with respect to the payment or other provisions of the Financing Documents, and to any substitution, exchange or release of the Collateral, or any part thereof, with or without substitution, and agrees to the addition or
release of any Borrower, endorsers, guarantors, or sureties, or whether primarily or secondarily liable, without notice to any other Borrower and without affecting its liability hereunder; (iii) agrees that its liability shall be unconditional
and without regard to the liability of any other Borrower, Agent or any Lender for any tax on the indebtedness; and (iv) to the fullest extent permitted by law, expressly waives the benefit of any statute or rule of law or equity now provided,
or which may hereafter be provided, which would produce a result contrary to or in conflict with the foregoing. 

(c)    To the extent that Agent or any Lender may have acquiesced in any noncompliance with any requirements or
conditions precedent to the closing of the Loans or to any subsequent disbursement of Loan proceeds, such acquiescence shall not be deemed to constitute a waiver by Agent or any Lender of such requirements with respect to any future disbursements of
Loan proceeds and Agent may at any time after such acquiescence require Borrowers to comply with all such requirements. Any forbearance by Agent or Lender in exercising any right or remedy under any of the Financing Documents, or otherwise afforded
by applicable law, including any failure to accelerate the maturity date of the Loans, shall not be a waiver of or preclude the exercise of any right or remedy nor shall it serve as a novation of the Notes or as a reinstatement of the Loans or a
waiver of such right of acceleration or the right to insist upon strict compliance of the terms of the Financing Documents. Agent’s or any Lender’s acceptance of payment of any sum secured by any of the Financing Documents after the due
date of such payment shall not be a waiver of Agent’s and such Lender’s right to either require prompt payment when due of all other sums so secured or to declare a default for failure to make prompt payment. The procurement of insurance
or the payment of taxes or other Liens or charges by Agent as the result of an Event of Default shall not be a waiver of Agent’s right to accelerate the maturity of the Loans, nor shall Agent’s receipt of any condemnation awards, insurance
proceeds, or damages under this Agreement operate to cure or waive any Credit Party’s default in payment of sums secured by any of the Financing Documents. 

(d)    Without limiting the generality of anything contained in this Agreement or the other Financing Documents, each
Borrower agrees that if an Event of Default is continuing (i) Agent and Lenders shall not be subject to any “one action” or “election of remedies” law or rule, and (ii) all Liens and other rights, remedies or privileges
provided to Agent or Lenders shall remain in full force and effect until Agent or Lenders have exhausted all remedies against the Collateral and any other properties owned by Borrowers and the Financing Documents and other security instruments or
agreements securing the Loans have been foreclosed, sold and/or otherwise realized upon in satisfaction of Borrowers’ obligations under the Financing Documents. 

  
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 (e)    Nothing contained herein or in any other Financing Document
shall be construed as requiring Agent or any Lender to resort to any part of the Collateral for the satisfaction of any of Borrowers’ obligations under the Financing Documents in preference or priority to any other Collateral, and Agent may
seek satisfaction out of all of the Collateral or any part thereof, in its absolute discretion in respect of Borrowers’ obligations under the Financing Documents. In addition, Agent shall have the right from time to time to partially foreclose
upon any Collateral in any manner and for any amounts secured by the Financing Documents then due and payable as determined by Agent in its sole discretion, including, without limitation, the following circumstances: (i) in the event any
Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of principal and/or interest, Agent may foreclose upon all or any part of the Collateral to recover such delinquent payments, or (ii) in the
event Agent elects to accelerate less than the entire outstanding principal balance of the Loans, Agent may foreclose all or any part of the Collateral to recover so much of the principal balance of the Loans as Lender may accelerate and such other
sums secured by one or more of the Financing Documents as Agent may elect. Notwithstanding one or more partial foreclosures, any unforeclosed Collateral shall remain subject to the Financing Documents to secure payment of sums secured by the
Financing Documents and not previously recovered. 
 (f)    To the fullest extent permitted by law, each Borrower, for
itself and its successors and assigns, waives in the event of foreclosure of any or all of the Collateral any equitable right otherwise available to any Credit Party which would require the separate sale of any of the Collateral or require Agent or
Lenders to exhaust their remedies against any part of the Collateral before proceeding against any other part of the Collateral; and further in the event of such foreclosure each Borrower does hereby expressly consent to and authorize, at the option
of Agent, the foreclosure and sale either separately or together of each part of the Collateral. 

Section 10.9    Injunctive Relief. The parties acknowledge and agree that, in the event of a breach or
threatened breach of any Credit Party’s obligations under any Financing Documents, Agent and Lenders may have no adequate remedy in money damages and, accordingly, shall be entitled to an injunction (including, without limitation, a temporary
restraining order, preliminary injunction, writ of attachment, or order compelling an audit) against such breach or threatened breach, including, without limitation, maintaining any cash management and collection procedure described herein. However,
no specification in this Agreement of a specific legal or equitable remedy shall be construed as a waiver or prohibition against any other legal or equitable remedies in the event of a breach or threatened breach of any provision of this Agreement.
Each Credit Party waives, to the fullest extent permitted by law, the requirement of the posting of any bond in connection with such injunctive relief. By joining in the Financing Documents as a Credit Party, each Credit Party specifically joins in
this Section as if this Section were a part of each Financing Document executed by such Credit Party. 

Section 10.10    Marshalling; Payments Set Aside. Neither Agent nor any Lender shall be under any obligation
to marshal any assets in payment of any or all of the Obligations. To the extent that Borrower makes any payment or Agent enforces its Liens or Agent or any Lender exercises its right of set-off, and such
payment or the proceeds of such enforcement or set-off is subsequently invalidated, declared to be fraudulent or preferential, set aside, or required to be repaid by anyone, then to the extent of such
recovery, the Obligations or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or set-off had not occurred. 
 ARTICLE 11 - AGENT 

Section 11.1    Appointment and Authorization. Each Lender hereby irrevocably appoints and authorizes Agent to
enter into each of the Financing Documents to which it is a party (other than this 

  
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Agreement) on its behalf and to take such actions as Agent on its behalf and to exercise such powers under the Financing Documents as are delegated to Agent by the terms thereof, together with
all such powers as are reasonably incidental thereto. Subject to the terms of Section 11.16 and to the terms of the other Financing Documents, Agent is authorized and empowered to amend, modify, or waive any provisions of this Agreement or the
other Financing Documents on behalf of Lenders. The provisions of this Article 11 are solely for the benefit of Agent and Lenders and neither any Borrower nor any other Credit Party shall have any rights as a third party beneficiary of any of
the provisions hereof. In performing its functions and duties under this Agreement, Agent shall act solely as agent of Lenders and does not assume and shall not be deemed to have assumed any obligation toward or relationship of agency or trust with
or for any Borrower or any other Credit Party. Agent may perform any of its duties hereunder, or under the Financing Documents, by or through its agents, servicers, trustees, investment managers or employees. 

Section 11.2    Agent and Affiliates. Agent shall have the same rights and powers under the Financing
Documents as any other Lender and may exercise or refrain from exercising the same as though it were not Agent, and Agent and its Affiliates may lend money to, invest in and generally engage in any kind of business with each Credit Party or
Affiliate of any Credit Party as if it were not Agent hereunder. 
 Section 11.3    Action by Agent. The
duties of Agent shall be mechanical and administrative in nature. Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender. Nothing in this Agreement or any of the Financing Documents is intended to or shall
be construed to impose upon Agent any obligations in respect of this Agreement or any of the Financing Documents except as expressly set forth herein or therein. 

Section 11.4    Consultation with Experts. Agent may consult with legal counsel, independent public
accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts. 

Section 11.5    Liability of Agent. Neither Agent nor any of its directors, officers, agents, trustees,
investment managers, servicers or employees shall be liable to any Lender for any action taken or not taken by it in connection with the Financing Documents, except that Agent shall be liable with respect to its specific duties set forth hereunder
but only to the extent of its own gross negligence or willful misconduct in the discharge thereof as determined by a final non-appealable judgment of a court of competent jurisdiction. Neither Agent nor any of
its directors, officers, agents, trustees, investment managers, servicers or employees shall be responsible for or have any duty to ascertain, inquire into or verify (a) any statement, warranty or representation made in connection with any
Financing Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or agreements specified in any Financing Document; (c) the satisfaction of any condition specified in any Financing Document;
(d) the validity, effectiveness, sufficiency or genuineness of any Financing Document, any Lien purported to be created or perfected thereby or any other instrument or writing furnished in connection therewith; (e) the existence or non-existence of any Default or Event of Default; or (f) the financial condition of any Credit Party. Agent shall not incur any liability by acting in reliance upon any notice, consent, certificate, statement,
or other writing (which may be a bank wire, facsimile or electronic transmission or similar writing) believed by it to be genuine or to be signed by the proper party or parties. Agent shall not be liable for any apportionment or distribution of
payments made by it in good faith and if any such apportionment or distribution is subsequently determined to have been made in error the sole recourse of any Lender to whom payment was due but not made, shall be to recover from other Lenders any
payment in excess of the amount to which they are determined to be entitled (and such other Lenders hereby agree to return to such Lender any such erroneous payments received by them). 

Section 11.6    Indemnification. Each Lender shall, in accordance with its Pro Rata Share, indemnify Agent (to
the extent not reimbursed by Borrowers) upon demand against any cost, expense 

  
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(including counsel fees and disbursements), claim, demand, action, loss or liability (except such as result from Agent’s gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction) that Agent may suffer or incur in connection with the Financing Documents or any action taken or omitted by Agent hereunder or thereunder. If any
indemnity furnished to Agent for any purpose shall, in the opinion of Agent, be insufficient or become impaired, Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against even if so directed by Required
Lenders until such additional indemnity is furnished. 
 Section 11.7    Right to Request and Act on
Instructions. Agent may at any time request instructions from Lenders with respect to any actions or approvals which by the terms of this Agreement or of any of the Financing Documents Agent is permitted or desires to take or to grant, and if
such instructions are promptly requested, Agent shall be absolutely entitled to refrain from taking any action or to withhold any approval and shall not be under any liability whatsoever to any Person for refraining from any action or withholding
any approval under any of the Financing Documents until it shall have received such instructions from Required Lenders or all or such other portion of the Lenders as shall be prescribed by this Agreement. Without limiting the foregoing, no Lender
shall have any right of action whatsoever against Agent as a result of Agent acting or refraining from acting under this Agreement or any of the other Financing Documents in accordance with the instructions of Required Lenders (or all or such other
portion of the Lenders as shall be prescribed by this Agreement) and, notwithstanding the instructions of Required Lenders (or such other applicable portion of the Lenders), Agent shall have no obligation to take any action if it believes, in good
faith, that such action would violate applicable Law or exposes Agent to any liability for which it has not received satisfactory indemnification in accordance with the provisions of Section 11.6. 

Section 11.8    Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon
Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without
reliance upon Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any action under the Financing Documents. 

Section 11.9    Collateral Matters. Lenders irrevocably authorize Agent, at its option and in its discretion,
to (a) release any Lien granted to or held by Agent under any Security Document (i) upon termination of the Term Loan Commitment and payment in full of all Obligations; or (ii) constituting property sold or disposed of as part of or
in connection with any disposition permitted under any Financing Document (it being understood and agreed that Agent may conclusively rely without further inquiry on a certificate of a Responsible Officer as to the sale or other disposition of
property being made in full compliance with the provisions of the Financing Documents); and (b) subordinate any Lien granted to or held by Agent under any Security Document to a Permitted Lien that is allowed to have priority over the Liens
granted to or held by Agent pursuant to the definition of “Permitted Liens”. Upon request by Agent at any time, Lenders will confirm Agent’s authority to release and/or subordinate particular types or items of Collateral pursuant to
this Section 11.9. 
 Section 11.10    Agency for Perfection. Agent and each Lender hereby appoint each
other Lender as agent for the purpose of perfecting Agent’s security interest in assets which, in accordance with the Uniform Commercial Code in any applicable jurisdiction, can be perfected by possession or control. Should any Lender (other
than Agent) obtain possession or control of any such assets, such Lender shall notify Agent thereof, and, promptly upon Agent’s request therefor, shall deliver such assets to Agent or in accordance with Agent’s instructions or transfer
control to Agent in accordance with Agent’s instructions. Each Lender agrees that it will not have any right individually to enforce or seek to enforce any Security Document or to realize upon any Collateral for the Loan unless instructed to do
so by Agent (or consented to by Agent), it being understood and agreed that such rights and remedies may be exercised only by Agent. 

  
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 Section 11.11    Notice of Default. Agent shall not be
deemed to have knowledge or notice of the occurrence of any Default or Event of Default except with respect to defaults in the payment of principal, interest and fees required to be paid to Agent for the account of Lenders, unless Agent shall have
received written notice from a Lender or a Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. Agent will notify each Lender of its receipt of any such
notice. Agent shall take such action with respect to such Default or Event of Default as may be requested by Required Lenders (or all or such other portion of the Lenders as shall be prescribed by this Agreement) in accordance with the terms hereof.
Unless and until Agent has received any such request, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable or in the best
interests of Lenders. 
 Section 11.12    Assignment by Agent; Resignation of Agent; Successor Agent. 

(a)    Agent may at any time assign its rights, powers, privileges and duties hereunder to (i) another Lender or an
Affiliate of Agent or any Approved Fund, or (ii) any Eligible Assignee to whom Agent, in its capacity as a Lender, has assigned (or will assign, in conjunction with such assignment of agency rights hereunder) 50% or more of its Loan, in each
case without the consent of the Lenders or Borrowers. Following any such assignment, Agent shall endeavor to give notice to the Lenders and Borrowers. Failure to give such notice shall not affect such assignment in any way or cause the assignment to
be ineffective. An assignment by Agent pursuant to this subsection (a) shall not be deemed a resignation by Agent for purposes of subsection (b) below. 

(b)    Without limiting the rights of Agent to designate an assignee pursuant to subsection (a) above, Agent may at
any time give notice of its resignation to the Lenders and Borrowers. Upon receipt of any such notice of resignation, Required Lenders shall have the right to appoint a successor Agent. If no such successor shall have been so appointed by Required
Lenders and shall have accepted such appointment within ten (10) Business Days after the retiring Agent gives notice of its resignation, then the retiring Agent may on behalf of the Lenders, appoint a successor Agent; provided, however,
that if Agent shall notify Borrowers and the Lenders that no Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice from Agent that no Person has accepted such appointment and,
from and following delivery of such notice, (i) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Financing Documents, and (ii) all payments, communications and determinations provided to
be made by, to or through Agent shall instead be made by or to each Lender directly, until such time as Required Lenders appoint a successor Agent as provided for above in this paragraph. 

(c)    Upon (i) an assignment permitted by subsection (a) above, or (ii) the acceptance of a
successor’s appointment as Agent pursuant to subsection (b) above, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Agent, and the retiring Agent shall be
discharged from all of its duties and obligations hereunder and under the other Financing Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by Borrowers to a successor Agent shall be the same as
those payable to its predecessor unless otherwise agreed between Borrowers and such successor. After the retiring Agent’s resignation hereunder and under the other Financing Documents, the provisions of this Article and Section 11.12
shall continue in effect for the benefit of such retiring Agent and its sub-agents in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting or was continuing to
act as Agent. 

  
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 Section 11.13    Payment and Sharing of Payment. 

(a)    [Reserved]. 

(b)    Term Loan Payments. Payments of principal, interest and fees in respect of the Term Loans will be settled
on the date of receipt if received by Agent on the last Business Day of a month or on the Business Day immediately following the date of receipt if received on any day other than the last Business Day of a month; provided, however, that, in
the case such Lender is a Defaulted Lender, Agent shall be entitled to set off the funding short fall against that Defaulted Lender’s respective share of all payments received from any Borrower. 

(c)    Return of Payments. 

(i)    If Agent pays an amount to a Lender under this Agreement in the belief or expectation that a
related payment has been or will be received by Agent from a Borrower and such related payment is not received by Agent, then Agent will be entitled to recover such amount from such Lender on demand without setoff, counterclaim or deduction of any
kind, together with interest accruing on a daily basis at the Federal Funds Rate. 
 (ii)    If Agent
determines at any time that any amount received by Agent under this Agreement must be returned to any Borrower or paid to any other Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this
Agreement or any other Financing Document, Agent will not be required to distribute any portion thereof to any Lender. In addition, each Lender will repay to Agent on demand any portion of such amount that Agent has distributed to such Lender,
together with interest at such rate, if any, as Agent is required to pay to any Borrower or such other Person, without setoff, counterclaim or deduction of any kind. 

(d)    Defaulted Lenders. The failure of any Defaulted Lender to make any payment required by it hereunder shall
not relieve any other Lender of its obligations to make payment, but neither any other Lender nor Agent shall be responsible for the failure of any Defaulted Lender to make any payment required hereunder. Notwithstanding anything set forth herein to
the contrary, a Defaulted Lender shall not have any voting or consent rights under or with respect to any Financing Document or constitute a “Lender” (or be included in the calculation of “Required Lenders” hereunder) for any
voting or consent rights under or with respect to any Financing Document. 
 (e)    Sharing of Payments. If any
Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of setoff or otherwise) on account of any Loan (other than pursuant to the terms of Section 2.8(d)) in excess of its Pro Rata Share of payments
entitled pursuant to the other provisions of this Section 11.13, such Lender shall purchase from the other Lenders such participations in extensions of credit made by such other Lenders (without recourse, representation or warranty) as shall be
necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided, however, that if all or any portion of the excess payment or other recovery is thereafter required to be returned or
otherwise recovered from such purchasing Lender, such portion of such purchase shall be rescinded and each Lender which has sold a participation to the purchasing Lender shall repay to the purchasing Lender the purchase price to the ratable extent
of such return or recovery, without interest. Each Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this clause (e) may, to the fullest extent permitted by law, exercise all its rights of payment
(including pursuant to Section 10.6) with respect to such participation as fully as if such Lender were the direct creditor of Borrowers in the amount of such participation). If under any applicable bankruptcy, insolvency or other similar law,
any Lender receives a secured claim in lieu of a setoff to 

  
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which this clause (e) applies, such Lender shall, to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights of the Lenders
entitled under this clause (e) to share in the benefits of any recovery on such secured claim. 

Section 11.14    Right to Perform, Preserve and Protect. If any Credit Party fails to perform any obligation
hereunder or under any other Financing Document, Agent itself may, but shall not be obligated to, cause such obligation to be performed at Borrowers’ expense. Agent is further authorized by Borrowers and the Lenders to make expenditures from
time to time which Agent, in its reasonable business judgment, deems necessary or desirable to (a) preserve or protect the business conducted by Borrowers, the Collateral, or any portion thereof, and/or (b) enhance the likelihood of, or
maximize the amount of, repayment of the Loan and other Obligations. Each Borrower hereby agrees to reimburse Agent on demand for any and all costs, liabilities and obligations incurred by Agent pursuant to this Section 11.14. Each Lender
hereby agrees to indemnify Agent upon demand for any and all costs, liabilities and obligations incurred by Agent pursuant to this Section 11.14, in accordance with the provisions of Section 11.6. 

Section 11.15    Additional Titled Agents. Except for rights and powers, if any, expressly reserved under this
Agreement to any bookrunner, arranger or to any titled agent named on the cover page of this Agreement, other than Agent (collectively, the “Additional Titled Agents”), and except for obligations, liabilities, duties and
responsibilities, if any, expressly assumed under this Agreement by any Additional Titled Agent, no Additional Titled Agent, in such capacity, has any rights, powers, liabilities, duties or responsibilities hereunder or under any of the other
Financing Documents. Without limiting the foregoing, no Additional Titled Agent shall have nor be deemed to have a fiduciary relationship with any Lender. At any time that any Lender serving as an Additional Titled Agent shall have transferred to
any other Person (other than any Affiliates) all of its interests in the Loan, such Lender shall be deemed to have concurrently resigned as such Additional Titled Agent. 

Section 11.16    Amendments and Waivers. 

(a)    No provision of this Agreement or any other Financing Document may be amended, waived or otherwise modified unless
such amendment, waiver or other modification is in writing and is signed or otherwise approved by Borrowers, the Required Lenders and any other Lender to the extent required under Section 11.16(b); provided, however, the Fee Letter may
be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. 
 (b)    In
addition to the required signatures under Section 11.16(a), no provision of this Agreement or any other Financing Document may be amended, waived or otherwise modified unless such amendment, waiver or other modification is in writing and is
signed or otherwise approved by the following Persons: 
 (i)    if any amendment, waiver or other
modification would increase a Lender’s funding obligations in respect of any Loan, by such Lender; and/or 

(ii)    if the rights or duties of Agent are affected thereby, by Agent; 

provided, however, that, in each of (i) and (ii) above, no such amendment, waiver or other modification shall, unless signed or otherwise approved
in writing by all the Lenders directly affected thereby, (A) reduce the principal of, rate of interest on or any fees with respect to any Loan or forgive any principal, interest (other than default interest) or fees (other than late charges)
with respect to any Loan; (B) postpone the date fixed for, or waive, any payment (other than any mandatory prepayment pursuant to Section 2.1(a)(ii)) of principal of any Loan, or of interest on any Loan (other than default interest) or any
fees provided for hereunder (other than late charges) or postpone the date of termination of any commitment of any Lender 

  
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hereunder; (C) change the definition of the term Required Lenders or the percentage of Lenders which shall be required for Lenders to take any action hereunder; (D) release all or
substantially all of the Collateral, authorize any Borrower to sell or otherwise dispose of all or substantially all of the Collateral, release any Guarantor of all or any portion of the Obligations or its Guarantee obligations with respect thereto,
or consent to a transfer of any of the Intellectual Property, except, in each case with respect to this clause (D), as otherwise may be provided in this Agreement or the other Financing Documents (including in connection with any disposition
permitted hereunder); (E) amend, waive or otherwise modify this Section 11.16(b) or the definitions of the terms used in this Section 11.16(b) insofar as the definitions affect the substance of this Section 11.16(b);
(F) consent to the assignment, delegation or other transfer by any Credit Party of any of its rights and obligations under any Financing Document or release any Borrower of its payment obligations under any Financing Document, except, in each
case with respect to this clause (F), pursuant to a merger or consolidation permitted pursuant to this Agreement; or (G) amend any of the provisions of Section 10.7 or amend any of the definitions Pro Rata Share, Term Loan Commitment,
Term Loan Tranche 1 Commitments, Term Loan Tranche 2 Commitments, Term Loan Tranche 3 Commitments, Term Loan Commitment Amount, Term Loan Tranche 1 Commitment Amount, Term Loan Tranche 2 Commitment Amount, Term Loan Tranche 3 Commitment Amount, Term
Loan Commitment Percentage or that provide for the Lenders to receive their Pro Rata Shares of any fees, payments, setoffs or proceeds of Collateral hereunder. It is hereby understood and agreed that all Lenders shall be deemed directly affected by
an amendment, waiver or other modification of the type described in the preceding clauses (C), (D), (E), (F) and (G) of the preceding sentence. 

Section 11.17    Assignments and Participations. 

(a)    Assignments. 

(i)    Any Lender may at any time assign to one or more Eligible Assignees all or any portion of such
Lender’s Loan together with all related obligations of such Lender hereunder. Except as Agent may otherwise agree, the amount of any such assignment (determined as of the date of the applicable Assignment Agreement or, if a “Trade
Date” is specified in such Assignment Agreement, as of such Trade Date) shall be in a minimum aggregate amount equal to $1,000,000 or, if less, the assignor’s entire interests in the outstanding Loan; provided, however, that, in
connection with simultaneous assignments to two or more related Approved Funds, such Approved Funds shall be treated as one assignee for purposes of determining compliance with the minimum assignment size referred to above. Borrowers and Agent shall
be entitled to continue to deal solely and directly with such Lender in connection with the interests so assigned to an Eligible Assignee until Agent shall have received and accepted an effective Assignment Agreement executed, delivered and fully
completed by the applicable parties thereto and a processing fee of $3,500 to be paid by the assigning Lender; provided, however, that only one processing fee shall be payable in connection with simultaneous assignments to two or more related
Approved Funds. 
 (ii)    From and after the date on which the conditions described above have been
met, (A) such Eligible Assignee shall be deemed automatically to have become a party hereto and, to the extent of the interests assigned to such Eligible Assignee pursuant to such Assignment Agreement, shall have the rights and obligations of a
Lender hereunder, and (B) the assigning Lender, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment Agreement, shall be released from its rights and obligations hereunder (other than those
that survive termination pursuant to Section 12.1). Upon the request of the Eligible Assignee (and, as applicable, the assigning Lender) pursuant to an effective Assignment Agreement, each Borrower shall execute and deliver to Agent for
delivery to the Eligible Assignee (and, as applicable, the assigning Lender) Notes in the aggregate principal amount of the Eligible Assignee’s Loan (and, as applicable, Notes in the principal amount of that portion of the principal amount of
the Loan retained by the assigning Lender). Upon receipt by the assigning Lender of such Note, the assigning Lender shall return to Borrower Representative any prior Note held by it. 

  
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 (iii)    Agent, acting solely for this purpose as an
agent of Borrower, shall maintain at the office of its servicer located in Bethesda, Maryland a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of each Lender, and the commitments of,
and principal amount of the Loan owing to, such Lender pursuant to the terms hereof (the “Register”). The entries in such Register shall be conclusive, absent manifest error, and Borrower, Agent and Lenders may treat each Person
whose name is recorded therein pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. Such Register shall be available for inspection by Borrower and any Lender, at any
reasonable time upon reasonable prior notice to Agent. Each Lender that sells a participation shall, acting solely for this purpose as an agent of Borrower maintain a register on which it enters the name and address of each participant and the
principal amounts (and stated interest) of each participant’s interest in the Obligations (each, a “Participant Register”). The entries in the Participant Registers shall be conclusive, absent manifest error. Each Participant
Register shall be available for inspection by Borrower and Agent at any reasonable time upon reasonable prior notice to the applicable Lender; provided, that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Financing Document) to any Person (including Borrower)
except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. For the avoidance of doubt, Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register. 

(iv)    Notwithstanding the foregoing provisions of this Section 11.17(a) or any other provision of
this Agreement, any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank; provided, however, that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(v)    Notwithstanding the foregoing provisions of this Section 11.17(a) or any other provision of
this Agreement, Agent has the right, but not the obligation, to effectuate assignments of Loan via an electronic settlement system acceptable to Agent as designated in writing from time to time to the Lenders by Agent (the “Settlement
Service”). At any time when Agent elects, in its sole discretion, to implement such Settlement Service, each such assignment shall be effected by the assigning Lender and proposed assignee pursuant to the procedures then in effect under the
Settlement Service, which procedures shall be consistent with the other provisions of this Section 11.17(a). Each assigning Lender and proposed Eligible Assignee shall comply with the requirements of the Settlement Service in connection with
effecting any assignment of Loan pursuant to the Settlement Service. With the prior written approval of Agent, Agent’s approval of such Eligible Assignee shall be deemed to have been automatically granted with respect to any transfer effected
through the Settlement Service. Assignments and assumptions of the Loan shall be effected by the provisions otherwise set forth herein until Agent notifies Lenders of the Settlement Service as set forth herein. 

(b)    Participations. Any Lender may at any time, without the consent of, or notice to, any Borrower or Agent,
sell to one or more Persons (other than any Borrower or any Borrower’s Affiliates) participating interests in its Loan, commitments or other interests hereunder (any such Person, a 

  
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“Participant”). In the event of a sale by a Lender of a participating interest to a Participant, (i) such Lender’s obligations hereunder shall remain unchanged for all
purposes, (ii) Borrowers and Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations hereunder, and (iii) all amounts payable by each Borrower shall be determined as if
such Lender had not sold such participation and shall be paid directly to such Lender. Each Borrower agrees that if amounts outstanding under this Agreement are due and payable (as a result of acceleration or otherwise), each Participant shall be
deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as
a Lender under this Agreement; provided, however, that such right of set-off shall be subject to the obligation of each Participant to share with Lenders, and Lenders agree to share with each
Participant, as provided in Section 11.5. 
 (c)    Replacement of Lenders. Within thirty (30) days
after: (i) receipt by Agent of notice and demand from any Lender for payment of additional costs as provided in Section 2.8(d), which demand shall not have been revoked, (ii) any Borrower is required to pay any additional amount to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.8(a) through (h), (iii) any Lender is a Defaulted Lender, and the circumstances causing such status shall not have been cured or waived; or
(iv) any failure by any Lender to consent to a requested amendment, waiver or modification to any Financing Document in which Required Lenders have already consented to such amendment, waiver or modification but the consent of each Lender, or
each Lender affected thereby, is required with respect thereto (each relevant Lender in the foregoing clauses (i) through (iv) being an “Affected Lender”) each of Borrower Representative and Agent may, at its option,
notify such Affected Lender and, in the case of Borrowers’ election, Agent, of such Person’s intention to obtain, at Borrowers’ expense, a replacement Lender (“Replacement Lender”) for such Lender, which Replacement
Lender shall be an Eligible Assignee and, in the event the Replacement Lender is to replace an Affected Lender described in the preceding clause (iv), such Replacement Lender consents to the requested amendment, waiver or modification making
the replaced Lender an Affected Lender. In the event Borrowers or Agent, as applicable, obtains a Replacement Lender within ninety (90) days following notice of its intention to do so, the Affected Lender shall sell, at par, and assign all of
its Loan and funding commitments hereunder to such Replacement Lender in accordance with the procedures set forth in Section 11.17(a); provided, however, that (A) Borrowers shall have reimbursed such Lender for its increased costs
and additional payments for which it is entitled to reimbursement under Section 2.8(a) through (h), as applicable, of this Agreement through the date of such sale and assignment, and (B) Borrowers shall pay to Agent the $3,500 processing
fee in respect of such assignment. In the event that a replaced Lender does not execute an Assignment Agreement pursuant to Section 11.17(a) within five (5) Business Days after receipt by such replaced Lender of notice of replacement
pursuant to this Section 11.17(c) and presentation to such replaced Lender of an Assignment Agreement evidencing an assignment pursuant to this Section 11.17(c), such replaced Lender shall be deemed to have consented to the terms of such
Assignment Agreement, and any such Assignment Agreement executed by Agent, the Replacement Lender and, to the extent required pursuant to Section 11.17(a), Borrowers, shall be effective for purposes of this Section 11.17(c) and
Section 11.17(a). Upon any such assignment and payment, such replaced Lender shall no longer constitute a “Lender” for purposes hereof, other than with respect to such rights and obligations that survive termination as set
forth in Section 12.1. 
 (d)    Credit Party Assignments. No Credit Party may assign, delegate or
otherwise transfer any of its rights or other obligations hereunder or under any other Financing Document without the prior written consent of Agent and each Lender. 

Section 11.18    Funding and Settlement Provisions Applicable When
Non-Funding Lenders Exist. So long as Agent has not waived the conditions to the funding of Loans set forth in Section 7.2 or Section 2.1, any Lender may deliver a notice to Agent stating that
such Lender shall not fund any tranche 

  
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of the Term Loan due to the non-satisfaction of one or more conditions to funding Loans set forth in Section 7.2 or Section 2.1, and specifying
any such non-satisfied conditions. Any Lender delivering any such notice shall become a non-funding Lender (a
“Non-Funding Lender”) for purposes of this Agreement commencing on the Business Day following receipt by Agent of such notice, and shall cease to be a
Non-Funding Lender on the date on which such Lender has either revoked the effectiveness of such notice or acknowledged in writing to each of Agent the satisfaction of the condition(s) specified in such
notice, or Required Lenders waive the conditions to the funding of such Loans giving rise to such notice by Non-Funding Lender. Each Non-Funding Lender shall remain a
Lender for purposes of this Agreement to the extent that such Non-Funding Lender has Term Loans outstanding in excess of Zero Dollars ($0); provided, however, that during any period of time that any Non-Funding Lender exists, and notwithstanding any provision to the contrary set forth herein, the following provisions shall apply: 

(a)    For purposes of determining the Pro Rata Share of each Lender under clause (a) of the definition of such
term, each Non-Funding Lender shall be deemed to have a Term Loan Commitment Amount as in effect immediately before such Lender became a Non-Funding Lender. 

(b)    Except as provided in clause (a) above, the Term Loan Commitment Amount of each Non-Funding Lender shall be deemed to be Zero Dollars ($0). 
 (c)    The Term Loan
Commitment at any date of determination during such period shall be deemed to be equal to the sum of (i) the aggregate Term Loan Commitment Amounts of all Lenders, other than the Non-Funding Lenders as of
such date plus (ii) the aggregate principal amount outstanding under the Term Loans of all Non-Funding Lenders as of such date. 

ARTICLE 12 - MISCELLANEOUS 

Section 12.1    Survival. All agreements, representations and warranties made herein and in every other
Financing Document shall survive the execution and delivery of this Agreement and the other Financing Documents. The provisions of Section 2.10 and Articles 11 and 12 shall survive the payment of the Obligations (both with respect to any Lender
and all Lenders collectively) and any termination of this Agreement and any judgment with respect to any Obligations, including any final foreclosure judgment with respect to any Security Document, and no unpaid or unperformed, current or future,
Obligations will merge into any such judgment. 
 Section 12.2    No Waivers. No failure or delay by Agent
or any Lender in exercising any right, power or privilege under any Financing Document shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies herein and therein provided shall be cumulative and not exclusive of any rights or remedies provided by law. Any reference in any Financing Document to the “continuing” nature of any Event
of Default shall not be construed as establishing or otherwise indicating that any Borrower or any other Credit Party has the independent right to cure any such Event of Default, but is rather presented merely for convenience should such Event of
Default be waived in accordance with the terms of the applicable Financing Documents. 

Section 12.3    Notices. 

(a)    All notices, requests and other communications to any party hereunder shall be in writing (including prepaid
overnight courier, facsimile transmission or similar writing) and shall be given to such party at its address, facsimile number or e-mail address set forth on the signature pages hereof (or, in the case of any
such Lender who becomes a Lender after the date hereof, in an assignment agreement or in a notice delivered to Borrower Representative and Agent by the assignee Lender forthwith upon such 

  
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assignment) or at such other address, facsimile number or e-mail address as such party may hereafter specify for the purpose by notice to Agent and
Borrower Representative; provided, however, that notices, requests or other communications shall be permitted by electronic means only in accordance with the provisions of Section 12.3(b) and (c). Each such notice, request or
other communication shall be effective (i) if given by facsimile, when such notice is transmitted to the facsimile number specified by this Section and the sender receives a confirmation of transmission from the sending facsimile machine,
or (ii) if given by mail, prepaid overnight courier or any other means, when received or when receipt is refused at the applicable address specified by this Section 12.3(a). 

(b)    Notices and other communications to the parties hereto may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved from time to time by Agent, provided, however, that the foregoing shall not apply to notices sent directly to
any Lender if such Lender has notified Agent that it is incapable of receiving notices by electronic communication. Agent or Borrower Representative may, in their discretion, agree to accept notices and other communications to them hereunder by
electronic communications pursuant to procedures approved by it, provided, however, that approval of such procedures may be limited to particular notices or communications. 

(c)    Unless Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgment), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor, provided, however, that if any
such notice or other communication is not sent or posted during normal business hours, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day. 

Section 12.4    Severability. In case any provision of or obligation under this Agreement or any other
Financing Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any
way be affected or impaired thereby. 
 Section 12.5    Headings. Headings and captions used in the
Financing Documents (including the Exhibits, Schedules and Annexes hereto and thereto) are included for convenience of reference only and shall not be given any substantive effect. 

Section 12.6    Confidentiality. 

(a)    Each Credit Party agrees (i) not to transmit or disclose provisions of any Financing Document to any Person
(other than to Borrowers’ advisors and officers on a need-to-know basis or as otherwise may be required by Law) without Agent’s prior written consent, and
(ii) to inform all Persons of the confidential nature of the Financing Documents and to direct them not to disclose the same to any other Person and to require each of them to be bound by these provisions. 

(b)    Agent and each Lender shall hold all non-public information regarding the
Credit Parties and their respective businesses identified as such by Borrowers and obtained by Agent or any Lender pursuant to the requirements hereof in accordance with such Person’s customary procedures for handling information of such
nature, except that disclosure of such information may be made (i) to their respective agents, employees, Subsidiaries, Affiliates, attorneys, auditors, professional consultants, rating agencies, insurance industry associations and portfolio
management services, (ii) to prospective 

  
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transferees or purchasers of any interest in the Loans, Agent or a Lender, but solely for use by such prospective transferee or purchaser to evaluate such interest in the making of such transfer
or purchase; provided, however, that any such Persons are bound by obligations of confidentiality similar to or more stringent than this Section 12.6, (iii) as required by Law, subpoena, judicial order or similar order and in
connection with any litigation, (iv) as may be required in connection with the examination, audit or similar investigation of such Person, provided that all participants have agreed to keep such information confidential (subject to customary
exceptions), and (v) to a Person that is a trustee, investment advisor or investment manager, collateral manager, servicer, noteholder or secured party in a Securitization (as hereinafter defined) in connection with the administration,
servicing and reporting on the assets serving as collateral for such Securitization who have agreed to keep such information confidential (subject to customary exceptions). For the purposes of this Section, “Securitization” means
(A) the pledge of the Loans as collateral security for loans to a Lender, or (B) a public or private offering by a Lender or any of its Affiliates or their respective successors and assigns, of securities which represent an interest in, or
which are collateralized, in whole or in part, by the Loans. Confidential information shall include only such information identified as such at the time provided to Agent and shall not include information that either: (y) is in the public
domain, or becomes part of the public domain after disclosure to such Person through no fault of such Person, or (z) is disclosed to such Person by a Person other than a Credit Party, provided, however, Agent does not have actual
knowledge that such Person is prohibited from disclosing such information. The obligations of Agent and Lenders under this Section 12.6 shall supersede and replace the obligations of Agent and Lenders under any confidentiality agreement in
respect of this financing executed and delivered by Agent or any Lender prior to the date hereof. 

Section 12.7    Waiver of Consequential and Other Damages. To the fullest extent permitted by applicable law,
no Borrower shall assert, and each Borrower hereby waives, any claim against any Indemnitee (as defined below), on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out
of, in connection with, or as a result of this Agreement, any other Financing Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No
Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this
Agreement or the other Financing Documents or the transactions contemplated hereby or thereby. 

Section 12.8    GOVERNING LAW; SUBMISSION TO JURISDICTION.  

(a)    THIS AGREEMENT, EACH NOTE AND EACH OTHER FINANCING DOCUMENT, AND ALL DISPUTES AND OTHER MATTERS RELATING HERETO OR
THERETO OR ARISING THEREFROM (WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE), SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES
(OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW). 
 (b)    EACH
PARTY HERETO HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED IN THE STATE OF NEW YORK IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE OTHER FINANCING DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS. EACH PARTY HERETO EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS. EACH PARTY HERETO HEREBY
WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREES 

  
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THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON SUCH PARTY BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO SUCH PARTY AT THE ADDRESS SET FORTH IN THIS AGREEMENT AND
SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED. 

Section 12.9    WAIVER OF JURY TRIAL. 

(a)    EACH BORROWER, AGENT AND THE LENDERS HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE FINANCING DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH BORROWER, AGENT AND EACH
LENDER ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER FINANCING DOCUMENTS, AND THAT EACH WILL CONTINUE TO RELY ON THIS
WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH BORROWER, AGENT AND EACH LENDER WARRANTS AND REPRESENTS THAT IT HAS HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS. 
 (b)     In the event any such action or proceeding is brought or filed in any United States federal court
sitting in the State of California or in any state court of the State of California, and the waiver of jury trial set forth in Section 12.9(a) hereof is determined or held to be ineffective or unenforceable, the parties agree that all actions
or proceedings shall be resolved by reference to a private judge sitting without a jury, pursuant to California Code of Civil Procedure Section 638, before a mutually acceptable referee or, if the parties cannot agree, a referee selected by the
Presiding Judge of the Los Angeles County, California. Such proceeding shall be conducted in Los Angeles County, California, with California rules of evidence and discovery applicable to such proceeding. In the event any actions or proceedings are
to be resolved by judicial reference, any party may seek from any court having jurisdiction thereover any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by Law
notwithstanding that all actions or proceedings are otherwise subject to resolution by judicial reference. 

Section 12.10    Publication; Advertisement. 

(a)    Publication. No Credit Party will directly or indirectly publish, disclose or otherwise use in any public
disclosure, advertising material, promotional material, press release or interview, any reference to the name, logo or any trademark of MCF or any of its Affiliates or any reference to this Agreement or the financing evidenced hereby, in any case
except (i) as required by Law, subpoena or judicial or similar order, in which case the applicable Credit Party shall give Agent prior written notice of such publication or other disclosure, or (ii) with MCF’s prior written consent.

 (b)    Advertisement. Each Lender and each Credit Party hereby authorizes MCF to publish the name of such
Lender and Credit Party, the existence of the financing arrangements referenced under this Agreement, the primary purpose and/or structure of those arrangements, the amount of credit extended under each facility, the title and role of each party to
this Agreement, and the total amount of the financing evidenced hereby in any “tombstone”, comparable advertisement or press release which MCF elects to submit for publication. In addition, each Lender and each Credit Party agrees that MCF
may provide lending industry trade organizations with information necessary and customary for inclusion in league table measurements after the Closing Date. With respect to any of the foregoing, MCF shall provide Borrowers with an opportunity to
review and confer with MCF regarding the contents of any such tombstone, advertisement or information, as applicable, prior to its submission for publication and, following such review period, MCF may, from time to time, publish such information in
any media form desired by MCF, until such time that Borrowers shall have requested MCF cease any such further publication. 

  
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 Section 12.11    Counterparts; Integration. This Agreement
and the other Financing Documents may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Signatures by facsimile or by electronic
mail delivery of an electronic version of any executed signature page shall bind the parties hereto. In furtherance of the foregoing, the words “execution”, “signed”, “signature”, “delivery” and words of
like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby or thereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. As used
herein, “Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or other
record. This Agreement and the other Financing Documents constitute the entire agreement and understanding among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the subject matter
hereof. 
 Section 12.12    No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

Section 12.13    Lender Approvals. Unless expressly provided herein to the contrary, any approval, consent,
waiver or satisfaction of Agent or Lenders with respect to any matter that is the subject of this Agreement, the other Financing Documents may be granted or withheld by Agent and Lenders in their sole and absolute discretion and credit judgment.

 Section 12.14    Expenses; Indemnity 

(a)    Except with respect to Indemnified Taxes, Other Taxes and Excluded Taxes, which shall be governed exclusively by
Section 2.8, Borrowers hereby agree to promptly pay (i) all reasonable costs and expenses of Agent (including, without limitation, the fees, costs and expenses of counsel to, and independent appraisers and consultants retained by Agent
subject to the limitations set forth herein) in connection with the examination, review, due diligence investigation, documentation, negotiation, closing and syndication of the transactions contemplated by the Financing Documents, in connection with
the performance by Agent of its rights and remedies under the Financing Documents and in connection with the continued administration of the Financing Documents including (A) any amendments, modifications, consents and waivers to and/or under
any and all Financing Documents, and (B) any periodic public record searches conducted by or at the request of Agent (including, without limitation, title investigations, UCC searches, fixture filing searches, judgment, pending litigation and
tax lien searches and searches of applicable corporate, limited liability, partnership and related records concerning the continued existence, organization and good standing of certain Persons); (ii) without limitation of the preceding clause
(i), all reasonable and documented costs and expenses of Agent in connection with the creation, perfection and maintenance of Liens pursuant to the Financing Documents; (iii) without limitation of the preceding clause (i), all costs and
expenses of Agent in connection with 

  
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(A) protecting, storing, insuring, handling, maintaining or selling any Collateral, (B) any litigation, dispute, suit or proceeding relating to any Financing Document, other than
disputes solely among Lenders and/or Agent (other than any claims against such person in its capacity or in fulfilling its role as Agent, arranger or any similar role hereunder) to the extent such disputes do not arise from any act or omission of
any Credit Party or of any Affiliate of a Credit Party, and (C) any workout, collection, bankruptcy, insolvency and other enforcement proceedings under any and all of the Financing Documents; (iv) without limitation of the preceding clause
(i), all reasonable and documented costs and expenses of Agent in connection with Agent’s reservation of funds in anticipation of the funding of the initial Loans to be made hereunder; and (v) all costs and expenses incurred by Lenders in
connection with any litigation, dispute, suit or proceeding relating to any Financing Document, other than disputes solely among Lenders and/or Agent (other than any claims against such person in its capacity or in fulfilling its role as Agent,
arranger or any similar role hereunder) to the extent such disputes do not arise from any act or omission of any Credit Party or of any Affiliate of a Credit Party, and in connection with any workout, collection, bankruptcy, insolvency and other
enforcement proceedings under any and all Financing Documents, whether or not Agent or Lenders are a party thereto. 

(b)    Each Borrower hereby agrees to indemnify, pay and hold harmless Agent and Lenders and the officers, directors,
employees, trustees, agents, investment advisors and investment managers, collateral managers, servicers, and counsel of Agent and Lenders (collectively called the “Indemnitees”) from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the documented
out-of-pocket fees and disbursements of counsel for such Indemnitee) in connection with any investigative, response, remedial, administrative or judicial matter or
proceeding, whether or not such Indemnitee shall be designated a party thereto and including any such proceeding initiated by or on behalf of a Credit Party, and the reasonable expenses of investigation by engineers, environmental consultants and
similar technical personnel and any commission, fee or compensation claimed by any broker (other than any broker retained by Agent or Lenders) asserting any right to payment for the transactions contemplated hereby, which may be imposed on, incurred
by or asserted against such Indemnitee as a result of or in connection with the transactions contemplated hereby or by the other Financing Documents (including (i)(A) as a direct or indirect result of the presence on or under, or escape,
seepage, leakage, spillage, discharge, emission or release from, any property now or previously owned, leased or operated by Borrower, any Subsidiary or any other Person of any Hazardous Materials, (B) arising out of or relating to the offsite
disposal of any materials generated or present on any such property, or (C) arising out of or resulting from the environmental condition of any such property or the applicability of any governmental requirements relating to Hazardous Materials,
whether or not occasioned wholly or in part by any condition, accident or event caused by any act or omission of Borrower or any Subsidiary, and (ii) proposed and actual extensions of credit under this Agreement) and the use or intended use of
the proceeds of the Loans, except that Borrower shall have no obligation hereunder to an Indemnitee with respect to any liability resulting from the gross negligence or willful misconduct of such Indemnitee, as determined by a final non-appealable judgment of a court of competent jurisdiction. To the extent that the undertaking set forth in the immediately preceding sentence may be unenforceable, Borrower shall contribute the maximum portion
which it is permitted to pay and satisfy under applicable Law to the payment and satisfaction of all such indemnified liabilities incurred by the Indemnitees or any of them. This Section 12.14(b) shall not apply with respect to Taxes other than
any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim 

(c)    Notwithstanding any contrary provision in this Agreement, the obligations of Borrowers under this
Section 12.14 shall survive the payment in full of the Obligations and the termination of this Agreement. NO INDEMNITEE SHALL BE RESPONSIBLE OR LIABLE TO THE BORROWERS OR TO ANY OTHER PARTY TO ANY FINANCING DOCUMENT, ANY SUCCESSOR, ASSIGNEE OR
THIRD PARTY BENEFICIARY OR ANY OTHER PERSON 

  
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ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES WHICH MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN EXTENDED, SUSPENDED OR
TERMINATED UNDER THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER. 

(d)    Each Borrower for itself and all endorsers, guarantors and sureties and their heirs, legal representatives,
successors and assigns, hereby further specifically waives any rights that it may have under Section 1542 of the California Civil Code (to the extent applicable), which provides as follows: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS
WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR,” and further waives any similar
rights under applicable Laws. 
 Section 12.15    Reinstatement. This Agreement shall remain in full force
and effect and continue to be effective should any petition or other proceeding be filed by or against any Credit Party for liquidation or reorganization, should any Credit Party become insolvent or make an assignment for the benefit of any creditor
or creditors or should an interim receiver, receiver, receiver and manager or trustee be appointed for all or any significant part of any Credit Party’s assets, and shall continue to be effective or to be reinstated, as the case may be, if at
any time payment and performance of the Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a fraudulent preference
reviewable transaction or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced
only by such amount paid and not so rescinded, reduced, restored or returned. 
 Section 12.16    Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of Borrowers and Agent and each Lender and their respective successors and permitted assigns. 

Section 12.17    USA PATRIOT Act Notification. Agent (for itself and not on behalf of any Lender) and each
Lender hereby notifies Borrowers that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record certain information and documentation that identifies Borrowers, which information includes the name and address
of Borrower and such other information that will allow Agent or such Lender, as applicable, to identify Borrowers in accordance with the USA PATRIOT Act. 

Section 12.18    Acknowledgement and Consent to Bail-In of Affected
Financial Institutions. Notwithstanding anything to the contrary in any Financing Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected
Financial Institution arising under any Financing Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by: 
 (a)    the application of any Write-Down and Conversion Powers by the applicable Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

(b)    the effects of any Bail-In Action on any such liability, including, if
applicable: 
 (i)    a reduction in full or in part or cancellation of any such liability; 

  
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 (ii)    a conversion of all, or a portion of, such
liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of
ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Financing Document; or 

(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down
and Conversion Powers of the applicable Resolution Authority. 
 Section 12.19    Cross Default and Cross
Collateralization. 
 (a)    Cross-Default. As stated under Section 10.1 hereof, an
Event of Default under any of the Affiliated Financing Documents shall be an Event of Default under this Agreement. In addition, a Default or Event of Default under any of the Financing Documents shall be a Default under the Affiliated Financing
Documents. 
 (b)    Cross Collateralization. Borrowers acknowledge and agree that the Collateral securing this
Loan, also secures the Affiliated Obligations. 
 (c)    Consent. Each Borrower authorizes Agent, without giving
notice to any Borrower or obtaining the consent of any Borrower and without affecting the liability of any Borrower for the Affiliated Obligations directly incurred by the Borrowers, from time to time to: 

(i)    compromise, settle, renew, extend the time for payment, change the manner or terms of payment,
discharge the performance of, decline to enforce, or release all or any of the Affiliated Obligations; grant other indulgences to any Borrowers in respect thereof; or modify in any manner any documents relating to the Affiliated Obligations; 

(ii)    declare all Affiliated Obligations due and payable upon the occurrence and during the continuance
of an Event of Default; 
 (iii)    take and hold security for the performance of the Affiliated
Obligations of any Borrowers and exchange, enforce, waive and release any such security; 

(iv)    apply and reapply such security and direct the order or manner of sale thereof as Agent, in its
sole discretion, may determine; 
 (v)    release, surrender or exchange any deposits or other property
securing the Affiliated Obligations or on which Agent at any time may have a Lien; release, substitute or add any one or more endorsers or guarantors of the Affiliated Obligations of any Borrowers; or compromise, settle, renew, extend the time for
payment, discharge the performance of, decline to enforce, or release all or any obligations of any such endorser or guarantor or other Person who is now or may hereafter be liable on any Affiliated Obligations or release, surrender or exchange any
deposits or other property of any such Person; 
 (vi)    apply payments received by Lender from
Borrower to any Obligations or Affiliated Obligations, as permitted in accordance with the terms of this Agreement and in such order as Lender shall determine, in its sole discretion; and 

(vii)    assign the Affiliated Financing Documents in whole or in part in accordance with the terms
thereof. 

  
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 [SIGNATURES APPEAR ON FOLLOWING PAGE(S)] 

  
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 IN WITNESS WHEREOF, intending to be legally bound, each of the parties have caused
this Agreement to be executed on the day and year first above mentioned. 
  

					
	BORROWERS:	 	ALPHA TEKNOVA, INC.
			
		 	By:	 	 /s/ Matthew
Lowell                                        
                         

		 	Name:	 	Matthew Lowell
		 	Title:	 	Chief Financial Officer
		
		 	Address:
		
		 	Alpha Teknova, Inc.
		 	2451 Bert Drive
		 	Hollister, CA 95023
		 	Attn: Matthew Lowell

							
	AGENT:	  		  	
		  	MIDCAP FINANCIAL TRUST
			
		  	By:	  	Apollo Capital Management, L.P.,
		  		  	its investment manager
			
		  	By:	  	Apollo Capital Management GP, LLC,
		  		  	its general partner
				
		  		  	By:	  	 /s/ Maurice
Amsellem                                        
         

		  		  	Name:	  	Maurice Amsellem
		  		  	Title:	  	Authorized Signatory
		
		  	Address:
		
		  	c/o MidCap Financial Services, LLC, as servicer
		  	7255 Woodmont Avenue, Suite 300
		  	Bethesda, Maryland 20814
		  	Attn: Account Manager for Alpha Teknova transaction
		  	Facsimile: 301-941-1450
		  	E-mail: notices@midcapfinancial.com
		
		  	with a copy to:
		
		  	c/o MidCap Financial Services, LLC, as servicer
		  	7255 Woodmont Avenue, Suite 300
		  	Bethesda, Maryland 20814
		  	Attn: General Counsel
		  	Facsimile: 301-941-1450
		  	E-mail: legalnotices@midcapfinancial.com

							
	LENDER:	 	MIDCAP FINANCIAL TRUST
			
		 	By:	 	Apollo Capital Management, L.P.,
		 		 	its investment manager
			
		 	By:	 	Apollo Capital Management GP, LLC,
		 		 	its general partner
				
		 		 	By:	 	 /s/ Maurice
Amsellem                                        
                        

		 		 	Name:	 	Maurice Amsellem
		 		 	Title:	 	Authorized Signatory
		
		 	Address:
		
		 	c/o MidCap Financial Services, LLC, as servicer
		 	7255 Woodmont Avenue, Suite 300
		 	Bethesda, Maryland 20814
		 	Attn: Account Manager for Alpha Teknova transaction
		 	Facsimile: 301-941-1450
		 	E-mail: notices@midcapfinancial.com
		
		 	with a copy to:
		
		 	c/o MidCap Financial Services, LLC, as servicer
		 	7255 Woodmont Avenue, Suite 300
		 	Bethesda, Maryland 20814
		 	Attn: General Counsel
		 	Facsimile: 301-941-1450
		 	E-mail: legalnotices@midcapfinancial.com

 ANNEXES, EXHIBITS AND SCHEDULES 

 

			
	 ANNEXES
  
	  	
	Annex A	  	Commitment Annex
	  
 EXHIBITS

 
	  	
	Exhibit A	  	[Reserved]
	Exhibit B	  	Form of Compliance Certificate
	Exhibit C	  	[Reserved]
	Exhibit D	  	Form of Notice of Borrowing
	Exhibit E-1	  	Form of U.S. Tax Compliance Certificate
	Exhibit E-2	  	Form of U.S. Tax Compliance Certificate
	Exhibit E-3	  	Form of U.S. Tax Compliance Certificate
	Exhibit E-4	  	Form of U.S. Tax Compliance Certificate
	Exhibit F	  	Tranche 3 EBITDA Certificate
	Exhibit G	  	Closing Checklist
	  
 SCHEDULES

 
	  	
	Schedule 2.1	  	Scheduled Principal Payments for Term Loan
	Schedule 3.1	  	Existence, Organizational ID Numbers, Foreign Qualification, Prior Names
	Schedule 3.4	  	Capitalization
	Schedule 3.6	  	Litigation
	Schedule 3.17	  	Material Contracts
	Schedule 3.18	  	Environmental Compliance
	Schedule 3.19	  	Intellectual Property
	Schedule 4.9	  	Litigation, Governmental Proceedings and Other Notice Events
	Schedule 5.1	  	Debt; Contingent Obligations
	Schedule 5.2	  	Liens
	Schedule 5.7	  	Permitted Investments
	Schedule 5.8	  	Affiliate Transactions
	Schedule 5.14	  	Deposit Accounts and Securities Accounts
	Schedule 6.1	  	Minimum Net Revenue
	Schedule 7.4	  	Post-Closing Obligations
	Schedule 9.1	  	Collateral
	Schedule 9.2(b)	  	Location of Collateral
	Schedule 9.2(d)	  	Chattel Paper, Letter of Credit Rights, Commercial Tort Claims, Instruments, Documents, Investment Property

 Annex A to Credit Agreement (Commitment Annex) 

 

																									
	 Lender
	  	Term
Loan
Tranche 1
Commitment
Amount	 	  	Term
Loan
Tranche 1
Commitment
Percentage	 	 	Term
Loan
Tranche 2
Commitment
Amount	 	  	Term
Loan
Tranche 2
Commitment
Percentage	 	 	Term
Loan
Tranche 3
Commitment
Amount	 	  	Term
Loan
Tranche 3
Commitment
Percentage	 
	 MidCap Financial Trust
	  	$	12,000,000.00	 	  	 	100	% 	 	$	5,000,000.00	 	  	 	100	% 	 	$	5,000,000.00	 	  	 	100	% 
	 TOTALS
	  	$	12,000,000.00	 	  	 	100	% 	 	$	5,000,000.00	 	  	 	100	% 	 	$	5,000,000.00	 	  	 	100	%Exhibit 4.14

  

   

  

   

  

  
    

    

    US$91,000,000

    

    

    Secured Loan Agreement

    Dated 14 May 2021

    

    

    
      	
              (1)

            	
              Lelu Shipping Company Inc.

                Rairok Shipping Company Inc.

                Lae Shipping Company Inc.

                Namu Shipping Company Inc.

                Fayo Shipping Company Inc.

                Ujae Shipping Company Inc.

                (as Borrowers)

            

      

      

      	
              (2)

            	
              Diana Shipping Inc.

                (as Original Guarantor)

            

      

      

      	
              (3)

            	
              The Financial Institutions

                listed in Part I of Schedule 1

                (as Original Lenders)

            

      

      

      	
              (4)

               

               

              (5)

            	
              ABN AMRO Bank N.V.

                (as Lender)

               

              ABN AMRO Bank N.V.

              (as Facility Agent)

            

      

      

      	
              (5)

            	
              ABN AMRO Bank N.V.

                (as Swap Provider)

            

      

      

      	
              (6)

            	
              ABN AMRO Bank N.V.

                (as Security Agent)

            

      

      

      	
              (7)

            	
              ABN AMRO Bank N.V.

                (as Arranger)

            

    

    

    

    

    

    

    

    

    

    

    

        

    

     

    

    

    

    

    

    

    

    

    
      
        

    

    

    

    

    

    
      
        

    

    

    

    Contents

    Page

    
      	
              Section 1

            	
              Interpretation

            	
              2

            
	
              1

            	
              Definitions and Interpretation

            	
              2

            
	
              Section 2

            	
              The Loan

            	
              26

            
	
              2

            	
              The Loan

            	
              26

            
	
              3

            	
              Purpose

            	
              26

            
	
              4

            	
              Conditions of Utilisation

            	
              26

            
	
              Section 3

            	
              Utilisation

            	
              28

            
	
              5

            	
              Advance

            	
              28

            
	
              Section 4

            	
              Repayment, Prepayment and Cancellation

            	
              29

            
	
              6

            	
              Repayment

            	
              29

            
	
              7

            	
              Illegality, Prepayment and Cancellation

            	
              29

            
	
              Section 5

            	
              Costs of Utilisation

            	
              33

            
	
              8

            	
              Interest

            	
              33

            
	
              9

            	
              Interest Periods

            	
              34

            
	
              10

            	
              Changes to the Calculation of Interest

            	
              35

            
	
              11

            	
              Fees

            	
              36

            
	
              Section 6

            	
              Additional Payment Obligations

            	
              37

            
	
              12

            	
              Tax Gross Up and Indemnities

            	
              37

            
	
              13

            	
              Increased Costs

            	
              46

            
	
              14

            	
              Other Indemnities

            	
              48

            
	
              15

            	
              Mitigation by the Lenders

            	
              51

            
	
              16

            	
              Costs and Expenses

            	
              51

            
	
              Section 7

            	
              Accounts and Application of Earnings

            	
              53

            
	
              17

            	
              Accounts

            	
              53

            
	
              18

            	
              Additional Security

            	
              54

            
	
              19

            	
              Guarantee and Indemnity

            	
              55

            

      
        
          

      

      

      

      	
              Section 8

            	
              Representations, Undertakings and Events of Default

            	
              59

            
	
              20

            	
              Representations

            	
              59

            
	
              21

            	
              Information Undertakings

            	
              65

            
	
              22

            	
              Financial Covenants

            	
              68

            
	
              23

            	
              General Undertakings

            	
              69

            
	
              24

            	
              Events of Default

            	
              77

            
	
              Section 9

            	
              Changes to Parties

            	
              83

            
	
              25

            	
              Changes to the Lenders

            	
              83

            
	
              26

            	
              Changes to the Obligors

            	
              89

            
	
              Section 10

            	
              The Finance Parties

            	
              91

            
	
              27

            	
              Role of the Agent, the Security Agent

            	
              91

            
	
              28

            	
              Parallel Debt (Covenant to pay the Security Agent)

            	
              103

            
	
              29

            	
              Application of Proceeds

            	
              104

            
	
              30

            	
              Conduct of Business by the Finance Parties

            	
              106

            
	
              31

            	
              Sharing among the Finance Parties

            	
              106

            
	
              Section 11

            	
              Administration

            	
              108

            
	
              32

            	
              Payment Mechanics

            	
              108

            
	
              33

            	
              Set-Off

            	
              111

            
	
              34

            	
              Notices

            	
              111

            
	
              35

            	
              Calculations and Certificates

            	
              114

            
	
              36

            	
              Partial Invalidity

            	
              115

            
	
              37

            	
              Remedies and Waivers

            	
              115

            
	
              38

            	
              Amendments and Waivers

            	
              115

            
	
              39

            	
              Confidentiality

            	
              122

            
	
              40

            	
              Disclosure of Lender Details by Agent

            	
              126

            
	
              41

            	
              Counterparts

            	
              128

            
	
              42

            	
              Joint and Several Liability

            	
              128

            
	
              Section 12

            	
              Governing Law and Enforcement

            	
              130

            
	
              43

            	
              Governing Law

            	
              130

            

      
        
          

      

      

      

      	
              44

            	
              Enforcement

            	
              130

            
	
              Schedule 1

            	
              Part I The Original Lenders

            	
              131

            
	
              Schedule 2

            	
              Part I Initial Conditions Precedent

            	
              132

            
	 	
              Part II Utilisation Conditions Precedent

            	
              135

            
	 	
              Part IIIConditions Subsequent

            	
              138

            
	
              Schedule 3

            	
              Utilisation Request

            	
              139

            
	
              Schedule 4

            	 	
              141

            
	 	
              Form of Transfer Certificate

            	
              141

            
	
              Schedule 5

            	
              Form of Assignment Agreement

            	
              144

            
	
              Schedule 6

            	
              Form of Accession Deed

            	
              148

            
	
              Schedule 7

            	
              Form of Compliance Certificate

            	
              151

            
	
              Schedule 8

            	 	
              152

            
	 	
              Additional Definitions

            	
              152

            
	
              Schedule 9

            	
              FORM OF SUSTAINABILITY PERFORMANCE CERTIFICATE

            	
              154

            

    

    

    

    

    

    

    
      
        

    

    
    Loan Agreement

    Dated                                               2021  

    Between:

    	(1)	
            Lelu Shipping Company Inc. ("Lelu"), Rairok Shipping Company Inc. ("Rairok"), Lae Shipping Company Inc. ("Lae"), Namu Shipping Company Inc. ("Namu"), Fayo Shipping Company Inc. ("Fayo"), and
                Ujae Shipping Company Inc ("Ujae"), each a company incorporated under the law of the Republic of the Marshall Islands, with its registered address at Trust Company Complex, Ajeltake Road,
              Ajeltake Island, Majuro, Marshall Islands MH 96960 (together, the "Borrowers" and each a "Borrower") jointly and
              severally; and

          

    	(2)	
            Diana Shipping Inc., a company incorporated under the law of the Republic of the Marshall Islands, with its registered address at Trust Company Complex,
              Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (the "Original Guarantor"); and

          

    	(3)	
            The Financial Institutions listed in Part I of Schedule 1 (The Parties), each acting through its Facility
              Office (together, the "Original Lenders" and each an "Original Lender"); and

          

    	(4)	
            ABN AMRO Bank N.V., a banking corporation duly incorporated under the laws of the Netherlands whose registered office is at Gustav Mahlerlaan 10, 1082
              PP Amsterdam, The Netherlands (in that capacity, the "Arranger"); and

          

    	(5)	
            ABN AMRO Bank N.V., a banking corporation duly incorporated under the laws of the Netherlands whose registered office is at Gustav Mahlerlaan 10, 1082
              PP Amsterdam, The Netherlands (in that capacity, the "Agent"); and

          

    	(6)	
            ABN AMRO Bank N.V., a banking corporation duly incorporated under the laws of the Netherlands whose registered office is at Gustav Mahlerlaan 10, 1082
              PP Amsterdam, The Netherlands, (in that capacity, the "Sustainability Coordinator"); and

          

    	(7)	
            ABN AMRO Bank N.V., a banking corporation duly incorporated under the laws of the Netherlands whose registered office is at Gustav Mahlerlaan 10, 1082
              PP Amsterdam, The Netherlands (in that capacity, the "Swap Provider"); and

          

    	(8)	
            ABN AMRO Bank N.V., a banking corporation duly incorporated under the laws of the Netherlands whose registered office is at Gustav Mahlerlaan 10, 1082
              PP Amsterdam, The Netherlands, acting as security agent through its office at Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands (in that capacity, the "Security Agent").

          

    

    

    It is agreed as follows:

    
      Page 1

      
        

    

    

    

    	Section 1	
            Interpretation

          

    	1	
            Definitions and Interpretation

          

    	1.1	
            Definitions   In this Agreement:

          

    "Accession Deed" means a document substantially in the form set out in Schedule 6 (Form of Accession Deed).

    "Account Holder" means ABN AMRO Bank N.V. a banking corporation duly incorporated under the laws of
      the Netherlands whose registered office is at Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands acting through its branch at Coolsingel 93, 3012 AE Rotterdam, The Netherlands or any other bank or financial institution which at any time, with
      the Security Agent's prior written consent, holds the Earnings Accounts.

    "Account Security Deed" means a first priority account security deed in respect of all amounts from
      time to time standing to the credit of the Earnigns Accounts.

    "Additional Guarantor" means a company which becomes an Additional Guarantor in accordance with
      Clause 26 (Changes to the Obligors).

    "Administration" has the meaning given to it in paragraph 1.1.3 of the ISM Code.

    "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.

    "Annex VI" means Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the
      International Convention for the Prevention of Pollution from Ships 1973 (as modified in 1978 and 1997).

    "Approved Shipbroker" means Affinity Shipbrokers, Arrow Valuations, Associated Shipbroking Monaco,
      Braemar ACM Valuations, BRS Barry Rogliano Salles, Cass Technava, Clarksons, Drewry Maritime Services, Fearnleys, Galbraith, Gibson Shipbrokers, Grieg Shipbrokers, Howe Robinson, Kontiki, Lorentzen & Stemoco, Maersk Shipbrokers, Pareto
      Shipbrokers, SSY, Sterling Shipbrokers, Vessels Value.com and any ship broker approved by the Agent in its absolute discretion.

    "Arranger" means ABN AMRO Bank N.V. or any entity within the ABN AMRO Bank N.V. group.

    "Assigned Property" means the Insurances, the Earnings, the Charter Rights and the Requisition
      Compensation.

    "Assignments" means first priority deeds of assignment of the Insurances, Earnings, Charters and
      Requisition Compensation of the Borrowers' Vessels and second priority deeds of assignment of the Insurances, Earnings, Charters, and Requisition Compensation of the Collateral Vessels and first priority assignments (in the case of the Borrowers'
      Vessels) and second priority assignments (in the case of the Collateral Vessels) of the Insurances from the Managers contained in the Managers' Undertakings.

    
      Page 2

      
        

    

    

    

    

    

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

    "Authorisation" means an authorisation, consent, approval, resolution, licence, exemption, filing,
      notarisation or registration.

    "Availability Period" means the period from and including the date of this Agreement to and
      including 11 June 2021 or such later date as may be agreed by the Lenders.

    "Borrowers' Vessels" means Vessel A, Vessel B, Vessel C, Vessel D, Vessel E and Vessel F and each a
      "Borrowers' Vessel".

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

    	

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

          

    exceeds:

    	

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

          

    "Business Day" means a day (other than a Saturday or Sunday) on which banks are open for general
      business in London, Athens, New York, Amsterdam and Rotterdam.

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

    "Charters" means any time or bareboat charter or contract of employment in respect of a Vessel with
      a duration exceeding (or capable of exceeding) 12 months and "Charter" means any one of them.

    "Charterer" means any entity which has entered into or will enter into a Charter with a Borrower in
      respect of Vessel.

    "Code" means the US Internal Revenue Code of 1986.

    "Collateral Facility" means a facility agreement dated 27 June 2019 (as amended and restated on 22
      May 2020) entered into between, among others, the Collateral Guarantors (as joint and several borrowers) and (2) ABN AMRO Bank N.V. (as lender, agent and security agent), in connection with a term loan of up to $25,000,000.

    "Collateral Guarantors" means Kaben Shipping Company Inc., Taroa Shipping Company Inc., Gala
      Properties Inc, Tuvalu Shipping Company Inc., Jabat Shipping Company Inc. and Bikini Shipping Company Inc., each a company incorporated under the laws of the Republic of the Marshall Islands, with registered address at Trust

    
      Page 3

      
        

    

    

    

    Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960.

    "Collateral Vessels" means m.v. "ISMENE" with IMO 9493535, m.v. "SELINA" with IMO 9473183, m.v.
      "HOUSTON" with IMO 9539602, m.v. "NEW YORK" with IMO 9405332, m.v. "MYRTO" with IMO 9518086, m.v. "MAIA" with IMO 9422938.

    "Commitment" means:

    	

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

          

    	

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

          

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

    "Commitment Fee" means the commitment fee to be paid by the Borrowers to the Agent under Clause
      11.1 (Commitment Fee).

    "Compliance Certificate" means a certificate substantially in the form set out in Schedule 7 (Form of Compliance Certificate).

    "Confidential Information" means all information relating to any Obligor, any other member of the
      Group, the Finance Documents or the Loan 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 Loan from either:

    	

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

          

    	

          	(b)	
            another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any Obligor , any other 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 39 (Confidentiality); or

          

    	

          	(ii)	
            is identified in writing at the time of delivery as non-confidential by any Obligor, any other 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 (a) or (b) 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 any Obligor or any other member of 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;

          

    
      Page 4

      
        

    

    

    

    

    

    "Confidentiality Undertaking" means a confidentiality undertaking substantially in a recommended
      form of the Loan Market Association at the relevant time.

    "Confirmation" means a Confirmation exchanged or deemed to be exchanged between the Swap Provider
      and the Borrowers as contemplated by the Master Agreement.

    "Credit Support Document" means any document described as such in the Master Agreement and any
      other document referred to in any such document which has the effect of creating security in favour of any of the Finance Parties.

    "Credit Support Provider" means any person (other than a Borrower) described as such in the Master
      Agreement.

    "CTA" means the Corporation Tax Act 2009.

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

    "Defaulting Lender" means any Lender:

    	

          	(a)	
            which has failed to make its participation in the Loan available (or has notified the Agent or the Borrowers (which have notified the Agent) that it will not make its participation in the Loan
              available) by the Utilisation Date of the Loan in accordance with Clause 5.3 (Lenders' participation); or

          

    	

          	(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 (a):

    	

          	(i)	
            its failure to pay is caused by:

          

    (A) administrative or technical error; or

    (B) a Disruption Event; and

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

    	

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

          

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

    "Disruption Event" means either or both of:

    	

          	(a)	
            a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with
              the Loan (or otherwise in order for the transactions contemplated by the Finance Documents to be carried

          

    
      Page 5

      
        

    

    

    

    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.

    "DOC" means, in relation to the ISM Company, a valid Document of Compliance issued for the ISM
      Company by the Administration under paragraph 13.2 of the ISM Code.

    "Earnings" means all hires, freights, passage moneys, pool income and other sums payable to or for
      the account of a Borrower and/or Charterer in respect of a Vessel including (without limitation) all remuneration for salvage and towage services, demurrage and detention moneys, contributions in general average, compensation in respect of any
      requisition for hire, and damages and other payments (whether awarded by any court or arbitral tribunal or by agreement or otherwise) for breach, termination or variation of any contract for the operation, employment or use of a Vessel.

    "Earnings Accounts" means the bank accounts to be opened in the names of the Borrowers with the
      Account Holder and designated Lelu Shipping Company Inc. – "Earnings Account", Rairok Shipping Company Inc. – "Earnings Account", Lae Shipping Company Inc. – "Earnings Account", Namu Shipping Company Inc. – "Earnings Account", Fayo Shipping Company
      Inc. – "Earnings Account" and Ujae Shipping Company Inc. – "Earnings Account".

    "Encumbrance" means a mortgage, charge, assignment, pledge, lien or other security interest
      securing any obligation of any person or any other agreement or arrangement having a similar effect.

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

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

    
      Page 6

      
        

    

    

    

    

    

    "Environmental Incident" means:

    	

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

          

    	

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

          

    	

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

          

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

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

    "EU Ship Recycling Regulation" means Regulation (EU) No 1257/2013 of the European Parliament and of
      the Council of 20 November 2013 on ship recycling and amending Regulation (EC) No 1013/2006 and Directive 2009/16/EC (Text with EEA relevance).

    "Event of Default" means any event or circumstance specified as such in Clause 24 (Events of Default).

    "Facility Office" means:

    	

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

          

    
      Page 7

      
        

    

    

    

    

    

    	

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

          

    "Facility Period" means the period beginning on the date of this Agreement and ending on the date
      when the whole of the Indebtedness has been paid in full and the Obligors have ceased to be under any further actual or contingent liability to the Finance Parties under or in connection with the Finance Documents.

    "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 (a); or

          

    	

          	(c)	
            any agreement pursuant to the implementation of any treaty, law or regulation referred to in (a) or (b) 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; or

          

    	

          	(b)	
            in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within (a), the first date from which such payment may become subject to a deduction or withholding
              required by FATCA.

          

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

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

    "Fee Letter" means any letter or letters dated on or about the date of this Agreement between the
      Agent and the Borrowers or the Security Agent and the Borrowers setting out any of the fees referred to in Clause 11 (Fees).

    "Finance Documents" means this Agreement, the Master Agreement, the Security Documents, any Accession Deed, any Compliance Certificate, the Utilisation Request, the Fee Letter and any other document designated as such by the Agent and the Borrowers.

    "Finance Parties" means the Agent, the Security Agent, the Swap Provider and the Lenders.

    "Financial Indebtedness" means any indebtedness for or in respect of:

    	

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

          

    
      Page 8

      
        

    

    

    

    

    

    	

          	(b)	
            any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent);

          

    	

          	(c)	
            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, a liability under which would, in accordance with GAAP, be treated as a balance sheet liability;

          

    	

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

          

    	

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

          

    	

          	(g)	
            any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution in respect of (i) an
              underlying liability of an entity which is not an Obligor or a member of the Group which liability would fall within one of the other sections of this definition or (ii) any liabilities of any Obligor or any other member of the Group relating
              to any post-retirement benefit scheme;

          

    	

          	(h)	
            any amount raised by the issue of shares which are redeemable (other than at the option of the issuer) before the end of the Facility Period or are otherwise classified as borrowings under
              GAAP;

          

    	

          	(i)	
            any amount of any liability under an advance or deferred purchase agreement if (i) 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 or (ii) the agreement is in respect of the supply of assets or services and payment is due more than 30 days after the date of supply;

          

    	

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

          

    	

          	(k)	
            the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in (a) to (j).

          

    "GAAP" means generally accepted accounting principles in the US, including IFRS.

    "Group" means the Original Guarantor and its Subsidiaries.

    "Guarantee" means a guarantee and indemnity in respect of the obligations of each other Obligor
      granted by each Guarantor and contained in Clause 18.2 (Guarantee and Indemnity).

    
      Page 9

      
        

    

    

    

    

    

    "Guarantor" means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a
      Guarantor in accordance with Clause 26 (Changes to the Obligors).

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

    "IAPPC" means a valid international air pollution prevention certificate for a Vessel issued under
      Annex VI.

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

    "Indebtedness" means the aggregate from time to time of: the amount of the Loan outstanding; all
      accrued and unpaid interest on the Loan; and all other sums of any nature (together with all accrued and unpaid interest on any of those sums) payable to any of the Finance Parties under all or any of the Finance Documents.

    "Insolvency Event" in relation to an entity means that the entity:

    	

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

          

    	

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

          

    	

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

          

    	

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

          

    	

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

          

    
      Page 10

      
        

    

    

    

    

    

    	

          	(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 (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in (d));

          

    	

          	(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 (a) to (i); or

          

    	

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

          

    "Insurances" means all policies and contracts of insurance (including all entries in protection and
      indemnity or war risks associations) which are from time to time taken out or entered into in respect of or in connection with a Vessel or her increased value or her Earnings and (where the context permits) all benefits under such contracts and
      policies, including all claims of any nature and returns of premium.

    "Interest Period" means each period determined in accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.4 (Default interest).

    "Interpolated Screen Rate" means, in relation to LIBOR, 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 relevant Interest Period; and

          

    	

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

          

    each as of 11.00 a.m. on the Quotation Day for dollars.

    "Inventory of Hazardous Materials" means a statement of compliance issued by the relevant
      classification society which includes a list of any and all materials known to be potentially hazardous utilised in the construction of the Vessel also referred to as List of Hazardous Materials.

    "ISM Code" means the International Management Code for the Safe Operation of Ships and for
      Pollution Prevention.

    
      Page 11

      
        

    

    

    

    

    

    "ISM Company" means, at any given time, the company responsible for a Vessel's compliance with the
      ISM Code under paragraph 1.1.2 of the ISM Code.

    "ISPS Code" means the International Ship and Port Facility Security Code.

    "ISSC" means a valid international ship security certificate for a Vessel issued under the ISPS
      Code.

    "ITA" means the Income Tax Act 2007.

    "Joint Venture" means any joint venture entity, whether a company, unincorporated firm,
      undertaking, association, joint venture or partnership or any other entity.

    "Legal Opinion" means any legal opinion delivered to the Agent under Clause 4.1 (Initial conditions precedent) or Clause 4.3 (Conditions subsequent).

    "Legal Reservations" means:

    	

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

          

    	

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

          

    	

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

          

    	

          	(d)	
            any other matters which are set out as qualifications or reservations as to matters of law of general application in the Legal Opinions.

          

    "Lender" means:

    	

          	(a)	
            any Original Lender; and

          

    	

          	(b)	
            any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance with Clause 25 (Changes to the Lenders),

          

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

    "LIBOR" means:

    	

          	(a)	
             the applicable Screen Rate; or

          

    	

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

          

    	

          	(c)	
            (if (i) no Screen Rate is available for the currency of the Loan or (ii) no Screen Rate is available for the relevant Interest Period and it is not possible to calculate the Interpolated
              Screen Rate) the Reference Bank Rate,

          

    
      Page 12

      
        

    

    

    

    

    

    as of 11.00 a.m. on the Quotation Day for dollars and for a period equal in length to the relevant Interest Period and, if that rate is
      less than zero, LIBOR shall be deemed to be zero.

    "Limitation Acts" means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.

    "Loan" means the aggregate amount advanced or to be advanced by the Lenders to the Borrowers under
      Clause 2 (The Loan) or, where the context permits, the principal amount advanced and at any relevant time being outstanding.

    "Majority Lenders" means a Lender or Lenders whose Commitments aggregate more than 662/3%
      of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 662/3% of the Total Commitments immediately prior to the reduction).

    "Management Agreements" means the agreements for the management of the Vessels entered or to be
      entered into between the Borrowers or the Collateral Guarantors respectively and the Manager.

    "Managers" means Diana Shipping and/or Diana Wilhelmsen Management Limited a company incorporated
      and existing under the laws of the Republic of Cyprus having its registered office at 21 Vasili Michailidi Street, 3026 Limassol, Cyprus or any other company which the Agent (acting on the instructions of the Majority Lenders) may approve from time
      to time as the managers of a Vessel.

    "Managers' Undertakings" means written undertakings of the Managers in form and substance
      acceptable to the Agent.

    "Mandatory Cost"
        means, in respect of the Lenders, the cost to a Lender (as conclusively certified by it) of complying with any requirements of any competent authority or agency relating to monetary control and liquidity
        (including reserve asset and/or special deposit or liquidity requirements or other requirements having the same or a similar purpose whether or not having the force of law but with which it is customary to comply) in relation to making available
        the Loan.

    "Margin" means 2.15 % per annum (as adjusted by the Sustainability Margin Adjustment).

    "Market Value" means the value of a Borrowers’ Vessel or any other vessel over which additional
      security has been created or which is being offered as additional security in accordance with Clause 18 (Additional Security) or in relation to the Fleet Vessels conclusively determined by an Approved
      Shipbroker appointed by, and reporting to, the Agent on the basis of a charter-free sale for prompt delivery for cash at arm's length on normal commercial terms as between a willing seller and a willing buyer and evidenced by a valuation (in form and
      substance acceptable to the Agent) of that Borrowers’ Vessel or Fleet Vessels or vessel addressed to the Agent certifying a value for that Borrowers’ Vessel or Fleet Vessel and, where two valuations have been obtained, such value shall be the
      arithmetic average of two (2) valuations (in form and substance acceptable to the Agent) of that Borrowers’ Vessel addressed to the Agent certifying the value for that Borrowers’ Vessel.

    
      Page 13

      
        

    

    

    

    

    

    "Master Agreement" means any ISDA Master Agreement (or any other form of master agreement relating
      to interest or currency exchange transactions) entered into between the Swap Provider and the Borrowers before or during the Facility Period, including each Schedule to any Master Agreement and each Confirmation exchanged under any Master Agreement.

    "Master Agreement Proceeds" means any and all sums due and payable to the Borrowers or any of them
      under the Master Agreement following an Early Termination Date (subject always to all rights of netting and set-off contained in the Master Agreement) and all rights to require and enforce the payment of those sums.

    "Master Agreement Proceeds Charge" means a first priority deed of charge over the Master Agreement
      Proceeds.

    "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 any Obligor or the Group taken as a whole; or

          

    	

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

          

    	

          	(c)	
            the validity or enforceability of, or the effectiveness or ranking of any Encumbrance 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.

          

    "Maximum Loan Amount" means an amount equal to the lesser of:

    	

          	(a)	
            $91,000,000; and

          

    	

          	(b)	
            65% of the aggregate Market Value of the Borrowers' Vessels on the Utilisation Date evidenced by the valuations received by the Agent under Clause 4.1 (Initial
                conditions precedent).

          

    "Minimum Liquidity Amount" means an aggregate amount of not less than $400,000.

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

    	

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

          

    	

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

          

    	

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

          

    
      Page 14

      
        

    

    

    

    

    

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

    "Mortgages" means first preferred mortgages over the Borrowers' Vessels and the second preferred
      mortgages over the Collateral Vessels.

    "New Lender" has the meaning given to that term in Clause 25.1 (Assignments
        and transfers by the Lenders).

    "Non-Consenting Lender" has the meaning given to that term in Clause 38.5.4 (Replacement of Lender).

    "Obligor" means each Borrower, the Guarantor and each Collateral Guarantor.

    "Original Financial Statements" means the audited consolidated financial statements of the Original
      Guarantor for the financial year ended 31 December 2020.

    "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 an Additional Guarantor, as at the date on which that Additional Guarantor becomes Party as a Guarantor.

    "Party" means a party to this Agreement.

    "Permitted Disposal" means any sale, lease, licence, transfer or other disposal:

    	

          	(a)	
            of assets in exchange for other assets comparable or superior as to type, value and quality (other than an exchange of a non-cash asset for cash);

          

    	

          	(b)	
            of obsolete or redundant equipment for cash;

          

    	

          	(c)	
            arising as a result of any Permitted Encumbrance; and

          

    	

          	(d)	
            of a Vessel made in accordance with this Agreement.

          

    "Permitted Encumbrance" means:

    	

          	(a)	
            any Encumbrance which has the prior written approval of the Agent;

          

    	

          	(b)	
            any Encumbrance created or expressed to be created under or pursuant to or evidenced by the Security Documents;

          

    	

          	(c)	
            any Encumbrance arising by operation of law and in the ordinary course of trading and not as a result of any default or omission by an Obligor;

          

    	

          	(d)	
            any Quasi-Security arising as a result of a disposal which is a Permitted Disposal.

          

    	

          	(e)	
            any right of pledge and/or set off under and pursuant to the general banking conditions (Algemene Bankvoorwaarden) of ABN AMRO Bank N.V.

          

    "Prohibited Person" means any person (whether designated by name or by reason of being included in
      a class of persons) against whom Sanctions are directed.

    "Quasi-Security" has the meaning given to that term in Clause 23.9 (Negative pledge).

    
      Page 15

      
        

    

    

    

    

    

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

    "Receiver" means a receiver or receiver and manager or administrative receiver of the whole or any
      part of the Charged Property.

    "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)	
            in relation to LIBOR as either:

          

    	

          	(i)	
            if:

          

    	

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

          

    (B) it consists of a single figure,

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

    	

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

          

    "Reference Banks" means, in relation to LIBOR, the principal London offices of ABN AMRO Bank N.V.
      or such other banks as may be appointed by the Agent.

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

    "Relevant Documents" means the Finance Documents, the Management Agreements and any Charter.

    "Relevant Market" means the London interbank market.

    "Relevant Jurisdiction" means, in relation to an Obligor:

    	

          	(a)	
            its Original Jurisdiction;

          

    	

          	(b)	
            any jurisdiction where any asset subject to or intended to be subject to a Security Document to be executed by it is situated;

          

    	

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

          

    
      Page 16

      
        

    

    

    

    

    

    	

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

          

    "Repayment Date" means each date for payment of a Repayment Instalment in accordance with Clause 6
      (Repayment).

    "Repayment Instalment" means any instalment of the Loan to be repaid by the Borrowers under Clause
      6 (Repayment).

    "Repeating Representations" means each of the representations set out in Clause 20 (Representations) other than the representations contained in Clauses 20.1.12 (a) to (c), 20.1.8 (No filing or stamp taxes), 20.1.9 (Deduction
        of Tax) and 20.1.16 (Taxation).

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

    "Requisition Compensation" means all compensation or other money which may from time to time be
      payable to a Borrower as a result of a Vessel being requisitioned for title or in any other way compulsorily acquired (other than by way of requisition for hire).

    "Restricted Party" means a person:

    	

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

          

    	

          	(b)	
            located in, organised under the laws of or owned or controlled by, or acting on behalf of, a person located in or organised under the laws of a country or territory which is a subject of
              country-wide or territory-wide Sanctions (including, without limitation, at the date of this Agreement, Cuba, Iran, North Korea and Syria); or

          

    	

          	(c)	
            otherwise a subject of Sanctions.

          

    "Sanctions" means any trade, economic or financial sanctions laws, regulations, embargoes or
      restrictive measures administered, enacted or enforced by a Sanctions Authority with which the Borrowers (or Lenders) are legally bound to comply.

    "Sanctions Authority" means:

    	

          	(a)	
            the Security Council of the United Nations;

          

    	

          	(b)	
            the United States;

          

    	

          	(c)	
            the United Kingdom;

          

    	

          	(d)	
            the European Union

          

    	

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

          

    	

          	(f)	
            any country in which any Obligor is registered or has material (financial or otherwise) interests or operations); and

          

    
      Page 17

      
        

    

    

    

    

    

    	

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

          

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

    "Screen Rate" means in relation to LIBOR, the London interbank offered rate administered by ICE
      Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant currency and period displayed on pages LIBOR01 or LIBOR02 of the 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 the service ceases to be available, the Agent may specify another page or
      service displaying the relevant rate after consultation with the Borrowers.

    "Secured Parties" means each Finance Party from time to time party to this Agreement and any
      Receiver or Delegate.

    "Security Documents" means the Mortgages, the Assignments, each Guarantee, the Account Security
      Deed, the Share Securities, the Managers' Undertakings, the Master Agreement Proceeds Charge and any other Credit Support Documents or (where the context permits) any one or more of them, and any other agreement or document which may at any time be
      executed by any person as security for the payment of all or any part of the Indebtedness.

    "Share Securities" means first priority pledges of all the issued shares of the Borrowers.

    "SMC" means a valid safety management certificate issued for a Vessel by or on behalf of the
      Administration under paragraph 13.7 of the ISM Code.

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

    "Sustainability Margin Adjustment" means the sustainability margin adjustment referred to in
      Clause 8.2 (Sustainability Margin Adjustment).

    "Sustainability Targets" means the sustainability targets referred to in Clause 8.2 (Sustainability Margin
        Adjustment).

    "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).

    "Termination Date" means the date falling on the earlier of (a) five (5) years from the Utilisation
      Date and (b) 11th June 2026.

    
      Page 18

      
        

    

    

    

    

    

    "Total Commitments" means the aggregate of the Commitments.

    "Total Loss" means:

    	

          	(a)	
            an actual, constructive, arranged, agreed or compromised total loss of a Vessel; or

          

    	

          	(b)	
            the requisition for title or compulsory acquisition of a Vessel by any government or other competent authority (other than by way of requisition for hire); or

          

    	

          	(c)	
            the capture, seizure, arrest, detention, hijacking, theft, condemnation as prize, confiscation or forfeiture of a Vessel (not falling within (b)), unless that Vessel is released and returned
              to the possession of the relevant Borrower within 30 days after the capture, seizure, arrest, detention, hijacking, theft, condemnation as prize, confiscation or forfeiture in question.

          

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

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

    	

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

          

    	

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

          

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

    "Trust Property" means:

    	

          	(a)	
            all benefits derived by the Security Agent from any Finance Document; and

          

    	

          	(b)	
            all benefits arising under (including, without limitation, all proceeds of the enforcement of) each of the Security Documents,

          

    excluding any benefits arising solely for the benefit of the Security Agent.

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

    "US" means the United States of America.

    "Utilisation" means any part of the Loan advanced or to be advanced pursuant to a Utilisation
      Request.

    "Utilisation Date" means the date on which the Loan is advanced under Clause 5 (Advance).

    "Utilisation Request" means a notice substantially in the form set out in Schedule 3 (Utilisation Request).

    
      Page 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 (a), or imposed elsewhere.

          

    "Vessel A" means the m.v. "SANTA BARBARA" with IMO number 9675951 currently registered under the flag of the Republic of the Marshall Islands in the ownership of Lelu and everything now or in the future belonging to her on board and ashore.

    "Vessel B" means the m.v. "MEDUSA" with IMO number 9461130 currently registered
      under the flag of the Republic of the Marshall Islands in the ownership of Rairok and everything now or in the future belonging to her on board and ashore.

    "Vessel C" means the m.v. "LOS ANGELES" with IMO number 9588483 currently
      registered under the flag of the Republic of the Marshall Islands in the ownership of Lae and everything now or in the future belonging to her on board and ashore.

    "Vessel D" means the m.v. "PHILADELPHIA" with IMO number 9588495 currently
      registered under the flag of the Republic of the Marshall Islands in the ownership of Namu and everything now or in the future belonging to her on board and ashore.

    "Vessel E" means the m.v. "ARTEMIS" with IMO number 9335089 currently registered under the flag of the Republic of the Marshall Islands in the ownership of Fayo and everything now or in the future belonging to her on board and ashore.

    "Vessel F" means the m.v. "NEW ORLEANS" with IMO number 9743265 currently registered under the flag
      of the Republic of the Marshall Islands in the ownership of Ujae and everything now or in the future belonging to her on board and ashore.

    "Vessels" means the Borrowers' Vessels and the Collateral Vessels and each a "Vessel".

    Construction   Unless a contrary indication appears, any reference in this Agreement to:

    	

          	1.1.1	
            any "Lender", any "Borrower", any "Guarantor", the "Agent", the "Swap Provider", any "Secured Party", the "Security Agent", any "Finance Party" or any "Party" shall be construed so as to include its successors in title, permitted assignees and permitted transferees to, or of, its rights and/or
              obligations under the Finance Documents;

          

    	

          	1.1.2	
            "assets" includes present and future properties, revenues and rights of every description;

          

    	

          	1.1.3	
            a "Finance Document", a "Security Document", a "Relevant Document" or
              any other agreement or instrument is a reference to that Finance Document, Security Document, Relevant Document or other

          

    
      Page 20

      
        

    

    

    

    agreement or instrument as amended, novated, supplemented, extended or restated from time to time;

    	

          	1.1.4	
            a "group of Lenders" includes all the Lenders;

          

    	

          	1.1.5	
            "guarantee" means (other than in Clause 18.2 (Guarantee and Indemnity)) 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;

          

    	

          	1.1.6	
            "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;

          

    	

          	1.1.7	
            a "person" includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture,
              consortium, partnership or other entity (whether or not having separate legal personality);

          

    	

          	1.1.8	
            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 of any regulatory, self-regulatory or other authority or organisation;

          

    	

          	1.1.9	
            a provision of law is a reference to that provision as amended or re-enacted from time to time;

          

    	

          	1.1.10	
            a time of day (unless otherwise specified) is a reference to London time; and

          

    	

          	1.1.11	
            the determination of the extent to which a rate is "for a period equal in length" to an Interest Period shall disregard any inconsistency arising from
              the last day of that Interest Period being determined pursuant to the terms of this Agreement.

          

    	1.2	
            Headings   Section, Clause and Schedule headings are for ease of reference only.

          

    	1.3	
            Defined terms   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.

          

    	1.4	
            Default   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.

          

    	1.5	
            Currency symbols and definitions   "$", "USD" and "dollars" denote the lawful currency of the United States of America.

          

    
      Page 21

      
        

    

    

    

    

    

    	1.6	
            Third party rights

          

    	

          	1.6.1	
            Unless expressly provided to the contrary in a Finance Document a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to
              enforce or to enjoy the benefit of any term of this Agreement.

          

    	

          	1.6.2	
            Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.

          

    	1.7	
            Offer letter   This Agreement supersedes the terms and conditions contained in any correspondence relating to the subject matter of this Agreement
              exchanged between any Finance Party and the Borrowers or their representatives before the date of this Agreement.

          

    	1.8	
            Contractual recognition of bail-in

          

    	

          	1.8.1	
            In this Clause 1.8:

          

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

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

    "Bail-In Legislation" means:

    	

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

          

    	

          	(b)	
            in relation to the United Kingdom, the UK Bail-In Legislation; and

          

    	

          	(c)	
            in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any
              Write-down and Conversion Powers contained in that law or regulation.

          

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

    "EU Bail-In Legislation Schedule" means the document described as such and published by the Loan
      Market Association (or any successor person) from time to time.

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

    "UK Bail-In Legislation" means (to the extent that the United Kingdom is not an EEA Member Country
      which has implemented, or implements, Article 55 BRRD) Part I of the United Kingdom Banking Act 2009 and any other law

    
      Page 22

      
        

    

    

    

    or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial
      institutions or their affiliates (otherwise than through liquidation, administration or other "Write-down and Conversion Powers" means:

    	

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

          

    	

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

          

    	

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

          

    	

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

          

    	

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

          

    	

          	1.8.2	
            Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any
              Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

          

    
      Page 23

      
        

    

    

    

    

    

    	

          	(a)	
            any Bail-In Action in relation to any such liability, including (without limitation):

          

    	

          	(i)	
            a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

          

    	

          	(ii)	
            a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and

          

    	

          	(iii)	
            a cancellation of any such liability; and

          

    	

          	(b)	
            a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.

          

    	1.9	
            Sanctions

          

    	

          	1.9.1	
            In this Clause 1.9:

          

    "Restricted Lender" means a Lender that notifies the Agent to the effect that the Sanctions
      Provisions will only apply for its benefit according to Clause 1.9.2.

    "Sanctions Provisions" means the representations and warranties given in Clause 20.1.25 (Sanctions) and the undertakings given in Clause 23.27 (Sanctions).

    	

          	1.9.2	
            The Sanctions Provisions shall only be given to a Lender the extent that the making, the receiving of the benefit of and/or, where applicable, the repetition of these representations and
              warranties, and the compliance with these undertakings do not result in a violation of or conflict with:

          

    	

          	(a)	
            any provision of Council Regulation (EC) 2271/1996 of 22 November 1996 protecting against the effects of the extra-territorial application of legislation adopted by a third country, and
              actions based thereon or resulting therefrom;

          

    	

          	(b)	
            if applicable, any provision of Council Regulation (EC) 2271/1996 of 22 November 1996 protecting against the effects of the extra-territorial application of legislation adopted by a third
              country, and actions based thereon or resulting therefrom (as it forms part of the domestic law of the United Kingdom by virtue of the 2018 Withdrawal Act) and any provisions of the Sanctions and Anti-Money Laundering Act 2018;

          

    	

          	(c)	
            if applicable, section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung) (in conjunction with section 4 paragraph 1 of No.3 foreign
              trade law (AWG) (Außenwirtschaftsgesetz)); or

          

    	

          	(d)	
            any similar applicable anti-boycott law or regulation.

          

    
      Page 24

      
        

    

    

    

    

    

    	

          	1.9.3	
            In connection with any amendment, waiver, determination or direction relating to any part of a Sanctions Provision of which a Restricted Lender does not have the benefit pursuant to this
              Clause 1.9, the Commitments of that Restricted Lender will be excluded for the purpose of determining whether the consent of the relevant Lenders has been obtained or whether the determination or direction by the relevant Lenders has been
              made.

          

    	

          	1.9.4	
            Any amendment, waiver, determination or direction relating to any part of this Clause 1.9 will be subject to the consent of each Restricted Lender.

          

    
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    	Section 2	
            The Loan

          

    	2	
            The Loan

          

    	2.1	
            Amount   Subject to the terms of this Agreement, the Lenders agree to make available to the Borrowers on a joint and several basis in one amount a term
              loan in an aggregate amount not exceeding the Maximum Loan Amount.

          

    	2.2	
            Finance Parties' rights and obligations

          

    	

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

          

    	

          	2.2.2	
            The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from
              an Obligor is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with Clause 2.2.3.  The rights of each Finance Party include any debt owing to that Finance Party under
              the Finance Documents and, for the avoidance of doubt, any part of the Loan or any other amount owed by an Obligor which relates to a Finance Party's participation in the Loan or its role under a Finance Document (including any such amount
              payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor.

          

    	

          	2.2.3	
            A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights under or in connection with the Finance Documents.

          

    	3	
            Purpose

          

    	3.1	
            Purpose   The Borrowers shall apply the Loan for the purpose of refinancing outstanding indebtedness on the Borrowers' Vessels and for general corporate
              purposes. 

          

    	3.2	
            Monitoring   No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

          

    	4	
            Conditions of Utilisation

          

    	4.1	
            Conditions precedent

          

    	

          	4.1.1	
            Initial conditions precedent The Finance Parties will only enter into this Agreement if, on or before the date of this Agreement, the Agent has received
              all of the documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent.

          

    	

          	4.1.2	
            Utilisation conditions precedent The Lenders will only be obliged to comply with Clause 5.3 (Lenders' participation)
              in relation to the advance of the Loan if, on or before the Utilisation Date, the Agent has received all of

          

    
      Page 26

      
        

    

    

    

    the documents and other evidence listed in Part I of Schedule 2 (Initial Conditions Precedent)
      in form and substance satisfactory to the Agent.  The Agent shall notify the Borrowers and the Lenders promptly upon being so satisfied.

    	

          	4.1.3	
            Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in Clause 4.1.1, the Lenders authorise (but do
              not require) the Agent to give that notification.  The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

          

    	4.2	
            Further conditions precedent

          

    The Lenders will only be obliged to advance the Loan if on the date of the Utilisation Request and on the Utilisation Date:

    	

          	(a)	
            no Default is continuing or would result from the advance of the Loan; and

          

    	

          	(b)	
            the representations made by each Borrower and each Guarantor under Clause 20 (Representations) are true.

          

    	

          	(c)	
            no event or circumstance has occurred which the Lenders have determined that it has or is reasonably likely to have a Material Adverse Effect;

          

    	4.3	
            Conditions subsequent   The Borrowers undertake to deliver or to cause to be delivered to the Agent within 5 days after the Utilisation Date the
              additional documents and other evidence listed in Part II of Schedule 2 (Conditions Subsequent).

          

    	4.4	
            No waiver   If the Lenders agree to advance the Loan to the Borrowers or the Finance Parties agree to enter into this Agreement before all of the
              documents and evidence required by Clause 4.1 (Initial conditions precedent) have been delivered to or to the order of the Agent, the Borrowers undertake to deliver all outstanding documents and
              evidence to or to the order of the Agent no later than 30 days after the Utilisation Date or the date of this Agreement or such other date specified by the Agent (acting on the instructions of all the Lenders).

          

    The advance of the Loan under this Clause 4.4 shall not be taken as a waiver of the Lenders' right to require production of all the
      documents and evidence required by Clause 4.1 (Initial conditions precedent).

    	4.5	
            Form and content   All documents and evidence delivered to the Agent under this Clause shall:

          

    	

          	4.5.1	
            be in form and substance acceptable to the Agent; and

          

    	

          	4.5.2	
            if required by the Agent, be certified, notarised, legalised or attested in a manner acceptable to the Agent.

          

    
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    	Section 3	
            Utilisation

          

    	5	
            Advance

          

    	5.1	
            Delivery of a Utilisation Request   The Borrowers may request the Loan to be advanced by delivery to the Agent of a duly completed Utilisation Request
              not more than ten Business Days before the proposed Utilisation Date and not later than 11.00 am (London time) three Business Days before the proposed Utilisation Date.

          

    	5.2	
            Completion of a Utilisation Request   A Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:

          

    	

          	5.2.1	
            it is signed by an authorised signatory of each Borrower;

          

    	

          	5.2.2	
            the proposed Utilisation Date is a Business Day within the Availability Period; and

          

    	

          	5.2.3	
            the proposed Interest Period complies with Clause 9 (Interest Periods).

          

    	5.3	
            Lenders' participation

          

    	

          	5.3.1	
            Subject to Clauses 2 (The Loan), 3 (Purpose) and 4 (Conditions of
                Utilisation), each Lender shall make its participation in the Loan available by the Utilisation Date through its Facility Office.

          

    	

          	5.3.2	
            The amount of each Lender's participation in the Loan will be equal to the proportion borne by its Commitment to the Total Commitments.

          

    	5.4	
            Cancellation of Commitment   The Total Commitments shall be cancelled at the end of the Availability Period to the extent that they are unutilised at
              that time.

          

    
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    	Section 4	
            Repayment, Prepayment and Cancellation

          

    	6	
            Repayment

          

    	6.1	
            Repayment of Loan   The Borrowers shall repay the Loan to the Agent by twenty (20) consecutive instalments, the first nineteen (19) such instalments
              each in the amount of three million three hundred ninety thousand dollars ($3,390,000), and the twentieth and final such instalment in the sum of twenty six million five hundred ninety thousand dollars ($26,590,000) (comprising the last
              instalment of three million three hundred and ninety thousand dollars ($3,390,000) plus a balloon payment in the amount of twenty three million two hundred thousand dollars ($23,200,000) (the "Balloon")), the first instalment falling due on
              the date which is three Months after the Utilisation Date and subsequent instalments falling due at consecutive intervals of three (3) calendar months thereafter and the twentieth (20th) and final instalment falling due not later than the
              Termination Date. The Borrowers shall pay to the Agent any outstanding Indebtedness on the Termination Date.

          

    	6.2	
            Reduction of Repayment Instalments   If the aggregate amount advanced to the Borrowers is less than the Maximum Loan Amount, the amount of each
              Repayment Instalment shall be reduced pro rata to the amount actually advanced.

          

    	6.3	
            Reborrowing   The Borrowers may not reborrow any part of the Loan which is repaid.

          

    	7	
            Illegality, Prepayment and Cancellation

          

    	7.1	
            Illegality   If in any applicable jurisdiction it becomes unlawful (other than by reason of Sanctions) for a Lender to perform any of its obligations as
              contemplated by this Agreement or to fund or maintain its participation in the Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:

          

    	

          	7.1.1	
            that Lender shall promptly notify the Agent upon becoming aware of that event;

          

    	

          	7.1.2	
            upon the Agent notifying the Borrowers, the Commitment of that Lender will be immediately cancelled; and

          

    	

          	7.1.3	
            to the extent that the Lender's participation has not been transferred pursuant to Clause 38.5 (Replacement of Lender), the Borrowers shall repay that
              Lender's participation in the Loan on the last day of the current Interest Period or, if earlier, the date specified by that Lender in the notice delivered to the Agent and notified by the Agent to the Borrowers (being no earlier than the
              last day of any applicable grace period permitted by law).

          

    	7.2	
            Voluntary cancellation   The Borrowers may, if they give the Agent not less than 10 Business Days' (or such shorter period as the Majority Lenders may
              agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000) of the undrawn amount of the Loan.  Any cancellation under this Clause 7.2 shall reduce the Commitments of the Lenders rateably.

          

    
      Page 29

      
        

    

    

    

    

    

    	7.3	
            Voluntary prepayment of Loan   The Borrowers may prepay the whole or any part of the Loan without penalty (but, if in part, being an amount that reduces
              the Loan by an amount which is an integral multiple of $500,000) subject as follows:

          

    	

          	7.3.1	
            they give the Agent not less than ten Business Days' (or such shorter period as the Majority Lenders may agree) prior notice;

          

    	

          	7.3.2	
            the Loan may only be prepaid after the last day of the Availability Period; and

          

    	

          	7.3.3	
            any prepayment under this Clause 7.3 shall satisfy the obligations under Clause 6.1 (Repayment of Loan) in the manner selected by the Borrower and
              specified in the notice set out in clause 7.3.1

          

    	7.4	
            Right of cancellation and prepayment in relation to a single Lender

          

    	

          	7.4.1	
            If:

          

    	

          	(a)	
            any sum payable to any Lender by a Borrower or a Guarantor is required to be increased under Clause 12.2.3 (Tax gross-up); or

          

    	

          	(b)	
            any Lender claims indemnification from a Borrower or a Guarantor under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased
                costs),

          

    the Borrowers may, while the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent
      notice of cancellation of the Commitment(s) of that Lender and their intention to procure the repayment of that Lender's participation in the Loan.

    	

          	7.4.2	
            On receipt of a notice referred to in Clause 7.4.1 in relation to a Lender, the Commitment(s) of that Lender shall immediately be reduced to zero.

          

    	

          	7.4.3	
            On the last day of the Interest Period which ends after the Borrowers have given notice under Clause 7.4.1 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 together with all interest and other amounts accrued under the Finance Documents.

          

    	7.5	
            Mandatory prepayment on sale or Total Loss   If a Borrowers' Vessel is sold by a Borrower or becomes a Total Loss, the Borrowers shall, simultaneously
              with any such sale or on the earlier of the date falling 180 days after any such Total Loss and the date on which the proceeds of any such Total Loss are realised, prepay the Loan in an amount equal to the Mandatory Prepayment Amount. Any
              prepayment under this Clause shall satisfy the obligations under Clause 6.1 (Repayment of Loan) on a pro rata basis.

          

    For the purpose of this clause:-

    "Mandatory Prepayment Amount" an amount equal to the greater of:

    	

          	(a)	
            any additional amount required to ensure that the VTL Coverage (as defined in clause 18.1 (Additional Security)) is fully complied with following such
              prepayment; and

          

    
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          	(b)	
            any additional amount required to ensure that the Relevant Percentage immediately following such sale or Total Loss remains at least equal to the Relevant Percentage applicable immediately
              prior to any such sale or Total Loss.

          

    "Relevant Percentage" means, at any relevant time, the percentage of the aggregate of the Market
      Value of the Borrowers' Vessels and the value of any additional security (such value to be determined in accordance with Clause 18.1 (VTL Coverage)) against the aggregate of the Loan outstanding and the amount
      certified by the Swap Provider to be the amount which would be payable by the Borrowers to the Swap Provider under the Master Agreement if an Early Termination Date were to occur at that time.

    	7.6	
            Right of cancellation in relation to a Defaulting Lender   If any Lender becomes a Defaulting Lender, the Borrowers may, at any time while the Lender
              continues to be a Defaulting Lender, give the Agent 30 Business Days' notice of cancellation of the Commitment of that Lender.  On that notice becoming effective, the Commitment of the Defaulting Lender shall immediately be reduced to zero. 
              The Agent shall as soon as practicable after receipt of that notice notify all the Lenders.

          

    	7.7	
            Mandatory Prepayment - Change of Control

          

    If the Original Guarantor ceases to directly or indirectly control 100% of any Borrower or the Original Guarantor's shares cease to be
      listed on the NYSE stock exchange or the Borrowers cease to be directly or indirectly wholly owned subsidiaries of the Original Guarantor, then:

    	

          	(i)	
            the Borrower shall promptly notify the Agent upon becoming aware of that event; and

          

    	

          	(ii)	
            subject to:

          

    	

          	(A)	
            any Lender so requiring (such a Lender, an "Outgoing Lender"); and

          

    	

          	(B)	
            the Agent giving no less than 60 Business Days' notice to the Borrower,

          

    the Commitment of that Outgoing Lender will be immediately cancelled and, subject to Clause 7.8.2 below, the Borrowers shall repay
      immediately that Outgoing Lender's participation in each Utilisation.

    	7.8	
            Restrictions

          

    	

          	7.8.1	
            Any notice of prepayment or cancellation given 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 prepayment or cancellation is to be made and the amount of that prepayment or cancellation.

          

    	

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

          

    
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          	7.8.3	
            The Borrowers shall not repay, prepay or cancel all or any part of the Loan except at the times and in the manner expressly provided for in this Agreement.

          

    	

          	7.8.4	
            No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.

          

    	

          	7.8.5	
            The Borrowers may not reborrow any part of the Loan which is prepaid.

          

    	

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

          

    	7.9	
            Unwinding of Transactions

          

    On or prior to any repayment or prepayment of the Loan under this Agreement, the Borrowers shall, on a joint and several basis, wholly or
      partially reverse, offset, unwind or otherwise terminate one or more of the continuing Transactions so that the notional principal amount of the continuing Transactions thereafter remaining does not and will not in the future (taking into account the
      scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to this.

    
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    	Section 5	
            Costs of Utilisation

          

    	8	
            Interest

          

    	8.1	
            Calculation of interest   The rate of interest on the Loan for each Interest Period is the percentage rate per annum which is the aggregate of the
              applicable:

          

    	

          	8.1.1	
            Margin (as the same may be adjusted by the Sustainability Margin Adjustment); and

          

    	

          	8.1.2	
            LIBOR; and

          

    	

          	8.1.3	
            Mandatory Cost, if any

          

    	8.2	
            Sustainability Margin Adjustment

          

    The Margin may be subject to a sustainability margin adjustment subject to the performance under the sustainability KPIs.

    The sustainability KPIs and target levels are set out in Schedule 8.

    	

          	8.2.1	
            Sustainability Margin Adjustment

          

    	
            Sustainability targets achieved

          	
            Margin Adjustment (per annum)

          
	
            KPI 1 and KPI 2

          	
            10 basis points decrease

          
	
            KPI 1

          	
            5 basis points decrease

          
	
            KPI 2

          	
            0 basis points decrease

          
	
            None of KPI 1 and KPI 2

          	
            10 basis points increase 

            

          

     

    

    The Margin will never be reduced or increased by more than 10 basis points per annum.

    	

          	8.2.2	
            Sustainability Performance Certificate

          

    	

          	(a)	
            The Borrowers shall, for any financial year ending on or after 31 December 2021 supply to the Agent a duly completed Sustainability Performance Certificate in the form set out in Schedule 9
              for that financial year, by no later than 120 days after the end of its respective financial year.

          

    	

          	(b)	
            The Borrowers shall, for any financial year ending on or after 31 December 2021 supply to the Agent a "Fleet Carbon Intensity Certificate" from a Recognized Organization relating to each Fleet
              Vessel (as such term is defined in Schedule 8) and each calendar year setting out the AER of a Vessel for all voyages performed by it over that calendar year using ship fuel oil consumption data required to be collected and reported in
              accordance with Regulation 22A of Annex VI in respect of that calendar year by no later than 120 days after the end of its respective financial year.

          

    
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          	(c)	
            Each Sustainability Performance Certificate shall be signed by the Chief Financial Officer, in a form and substance satisfactory to the Agent.

          

    	

          	8.2.3	
            Sustainability Adjustment Mechanics

          

    	

          	(a)	
            The Margin will be adjusted on the date that falls five Business Days after the date on which a Sustainability Performance Certificate has been delivered.

          

    	

          	(b)	
            If the Borrowers fail to deliver the Sustainability Performance Certificate for a financial year, the Margin will be that which would apply as if none of the Sustainability Performance Targets
              had been achieved. Such increase in the Margin will become effective on the date that falls five Business Days after the date on which the Agent should have received the relevant Sustainability Performance Certificate.

          

    	

          	(c)	
            Failure to deliver a Sustainability Performance Certificate will not constitute a Default.

          

    	8.3	
            Payment of interest   The Borrowers shall pay accrued interest on the Loan on the last day of each Interest Period (and, if the Interest Period is
              longer than three Months, on the dates falling at intervals of six Months after the first day of the Interest Period).

          

    	8.4	
            Default interest   If a Borrower or a Guarantor fails to pay any amount payable by it under a Finance Document on its due date, interest
              shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which is two per cent per annum higher than the rate which would have been payable if the overdue amount had,
              during the period of non-payment, constituted the Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).  Any interest accruing under this Clause 8.4 shall be
              immediately payable by the Borrower or any Guarantor on demand by the Agent.

          

    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.

    	8.5	
            Notification of rates of interest   The Agent shall promptly notify the Borrowers of the determination of a rate of interest under this Agreement.

          

    	9	
            Interest Periods

          

    	9.1	
            Selection of Interest Periods   The Borrowers may select in a written notice to the Agent the duration of an Interest Period for the Loan subject as
              follows:

          

    	

          	9.1.1	
            each notice is irrevocable and must be delivered to the Agent by the Borrowers not later than 11.00 a.m. on the Quotation Day;

          

    
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          	9.1.2	
            if the Borrowers fail to give a notice in accordance with Clause 9.1.1, the relevant Interest Period will, subject to Clauses 9.2 (Interest Periods to meet
                Repayment Dates) and 9.3 (Non-Business Days), be three Months;

          

    	

          	9.1.3	
            subject to this Clause 9, the Borrowers may select an Interest Period of one, three, six or nine Months or any other period agreed between the Borrowers and the Agent (acting on the
              instructions of all the Lenders);

          

    	

          	9.1.4	
            an Interest Period shall not extend beyond the Termination Date; and

          

    	

          	9.1.5	
            each Interest Period shall start on the Utilisation Date or (if the Loan is already made) on the last day of the preceding Interest Period and end on the date which numerically corresponds to
              the Utilisation Date or the last day of the preceding Interest Period in the relevant Month.

          

    	9.2	
            Interest Periods to meet Repayment Dates   If an Interest Period will expire after the next Repayment Date, there shall be a separate Interest Period
              for a part of the Loan equal to the Repayment Instalment due on that next Repayment Date and that separate Interest Period shall expire on that next Repayment Date.

          

    	9.3	
            Non-Business Days   If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next
              Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

          

    	10	
            Changes to the Calculation of Interest

          

    	10.1	
            Calculation of Reference Bank Rate

          

    	

          	10.1.1	
            Subject to Clause 10.2 (Market disruption), if LIBOR is to be determined by reference to a Reference Bank Rate but a Reference Bank does not supply a
              quotation by 11.00 am on the Quotation Day, the Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks.

          

    	

          	10.1.2	
            If at or about noon on the Quotation Day for the relevant Interest Period LIBOR is to be determined by reference to the Reference Bank Rate and none or only one of the Reference Banks supplies
              a rate to the Agent to determine LIBOR for dollars, Clause 10.3 (Cost of funds) shall apply to the Loan for the relevant Interest Period.

          

    	10.2	
            Market disruption   If before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a
              Lender or Lenders (whose participations in the Loan exceed 30% of the Loan) that the cost to it of funding its participation in the Loan from whatever source it may reasonably select would be in excess of LIBOR then Clause 10.3 (Cost of funds) shall apply to the Loan for the relevant Interest Period.

          

    	10.3	
            Cost of funds

          

    	

          	10.3.1	
            If this Clause 10.3 applies for any Interest Period, then the rate of interest on each Lender's share of the Loan for that Interest Period shall be the percentage rate per annum which is the
              sum of:

          

    
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          	(a)	
            the Margin; and

          

    	

          	(b)	
            the rate notified to the Agent by that Lender as soon as practicable, and in any event by close of business on the date falling three Business Days after the Quotation Day (or, if earlier, on
              the date falling three Business Days prior to the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in
              the Loan from whatever source it may reasonably select.

          

    	

          	10.3.2	
            If this Clause 10.3 applies and the Agent or the Borrowers so require, the Agent and the Borrowers shall enter into negotiations (for a period of not more than thirty days) with a view to
              agreeing a substitute basis for determining the rate of interest.

          

    	

          	10.3.3	
            Any alternative basis agreed pursuant to Clause 10.3.2 shall, with the prior consent of all the Lenders and the Borrowers, be binding on all Parties.

          

    	

          	10.3.4	
            If an alternative basis is not agreed pursuant to Clause 10.3.2, the rate of interest shall continue to be determined in accordance with Clause 10.3.1.

          

    	10.4	
            Break Costs   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 the Loan or Unpaid Sum being paid by the Borrowers on a day other than the last day of an Interest Period for the Loan or Unpaid Sum.

          

    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 Fee   The Borrowers shall pay to the Agent (for the account of the Lenders in proportion to their Commitments) a fee computed at
              the rate of 0.70 per cent per annum on the undrawn and uncancelled amount of the Loan from the signing of this Agreement and until the Utilisation Date in respect of the committed and undrawn part of the Loan.

          

    The accrued commitment fee is payable on the last day of each successive period of three Months which ends during the Availability Period,
      on the last day of the Availability Period, on the Utilisation Date and (on the cancelled amount of the relevant Lender's Commitment) at the time the cancellation is effective.

    	11.2	
            Arrangement fee   The Borrowers shall pay to the Agent an arrangement fee.

          

    	11.3	
            Agency fee   If any bank, financial institution, trust, fund or other entity other than the Original Lenders becomes a Party to this Agreement as a
              Lender, then the Borrowers shall pay to the Agent (for its own account) an agency fee payable in the amount and at the times to be agreed by the Agent and the Borrowers.

          

    	11.4	
            Sustainability Coordination Fee   USD25,000 payable to the Facility Agent on signing of this Agreement.

          

    
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    	Section 6	
            Additional Payment Obligations

          

    	12	
            Tax Gross Up and Indemnities

          

    	12.1	
            Definitions   In this Agreement:

          

    "Borrower DTTP Filing" means an HM Revenue & Customs' Form DTTP2 duly completed and filed by
      the relevant Borrower, which:

    	

          	(a)	
            where it relates to a Treaty Lender that is an Original Lender, contains the scheme reference number and jurisdiction of tax residence stated opposite that Lender's name in Schedule 1 (The Parties) and is filed with HM Revenue & Customs within 30 days of the date of this Agreement; or

          

    	

          	(b)	
            where it relates to a Treaty Lender that is not an Original Lender, contains the scheme reference number and jurisdiction of tax residence stated in respect of that Lender in the documentation
              which it executes on becoming a Party as a Lender and is filed with HM Revenue & Customs within 30 days of the relevant Transfer Date.

          

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

    "Qualifying Lender" means a Lender which is beneficially entitled to interest payable to that
      Lender in respect of an advance under a Finance Document and is:

    	

          	(a)	
            a Lender which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Finance Document and is within the charge to United Kingdom corporation tax as
              respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the CTA; or in respect of an advance made under a Finance Document by a person that was a
              bank (as defined for the purpose of section 879 of the ITA) at the time that that advance was made and within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance; or

          

    	

          	(b)	
            a Lender which is:

          

    	

          	(i)	
            a company resident in the United Kingdom for United Kingdom tax purposes;

          

    	

          	(ii)	
            a partnership each member of which is:

          

    	

          	(A)	
            a company so resident in the United Kingdom; or

          

    	

          	(B)	
            a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable
              profits (within the meaning of section 19 of the CTA) the whole of any share of interest

          

    
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    payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or

    	

          	(iii)	
            a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of
              that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company; or

          

    	

          	(c)	
            a Treaty Lender.

          

    "Tax Confirmation" means a confirmation by a Lender that the person beneficially entitled to
      interest payable to that Lender in respect of an advance under a Finance Document is either:

    	

          	(a)	
            a company resident in the United Kingdom for United Kingdom tax purposes;

          

    	

          	(b)	
            a partnership each member of which is:

          

    	

          	(i)	
            a company so resident in the United Kingdom; or

          

    	

          	(ii)	
            a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable
              profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or

          

    	

          	(c)	
            a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of
              that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company.

          

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

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

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

    "Treaty Lender" means a Lender which:

    	

          	(a)	
            is treated as a resident of a Treaty State for the purposes of the Treaty;

          

    	

          	(b)	
            does not carry on a business in the United Kingdom through a permanent establishment with which that Lender's participation in the Loan is effectively connected.

          

    
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    "Treaty State" means a jurisdiction having a double taxation agreement (a "Treaty") with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest.

    "UK Non-Bank Lender" means a Lender which is not an Original Lender and which gives a Tax
      Confirmation in the documentation which it executes on becoming a Party as a Lender.

    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 Borrower and each Guarantor shall (and shall procure that each other Obligor will) make all payments to be made by it 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 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	
            A payment shall not be increased under Clause 12.2.3 by reason of a Tax Deduction on account of Tax imposed by the United Kingdom, if on the date on which the
                payment falls due:

          

    	

          	(a)	
            the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying
              Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty or any published practice or published concession of any
              relevant taxing authority; or

          

    	

          	(b)	
            the relevant Lender is a Qualifying Lender solely by virtue of (b) of the definition of Qualifying Lender and:

          

    	

          	(i)	
            an officer of H.M. Revenue & Customs has given (and not revoked) a direction (a "Direction") under section 931 of the ITA which relates to the
              payment and that Lender has received from the Obligor making the payment a certified copy of that Direction; and

          

    
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          	(ii)	
            the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made; or

          

    	

          	(c)	
            the relevant Lender is a Qualifying Lender solely by virtue of (b) of the definition of Qualifying Lender and:

          

    	

          	(i)	
            the relevant Lender has not given a Tax Confirmation to the Borrowers; and

          

    	

          	(ii)	
            the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation to the Borrowers, on the basis that the Tax Confirmation would have enabled
              the Borrowers to have formed a reasonable belief that the payment was an "excepted payment" for the purpose of section 930 of the ITA; or

          

    	

          	(d)	
            the relevant Lender is a Treaty Lender and the Obligor making the payment is able to demonstrate that the payment could have been made to that Lender without the Tax Deduction had that Lender
              complied with its obligations under Clause 12.2.7 or Clause 12.2.8 (as applicable).

          

    	

          	12.2.5	
            If an Obligor is required to make a Tax Deduction, the Borrowers and each Guarantor shall (and shall procure that such other Obligor will) 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.

          

    	

          	12.2.6	
            Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Borrower or Guarantor making that Tax Deduction shall (and shall procure that
              such other Obligor will) deliver to the Agent for the Finance Party entitled to the payment a statement under section 975 of the ITA or other 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.

          

    	

          	12.2.7	
            (a) Subject to (b), a Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate in completing any procedural formalities necessary for that
              Obligor to obtain authorisation to make that payment without a Tax Deduction.

          

    	

          	(b)	
            (i) A Treaty Lender which is an Original Lender and that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its
              scheme reference number and its jurisdiction of tax residence opposite its name in Schedule 1 (The Parties); and

          

    	

          	(ii)	
            a Treaty Lender which is not an Original Lender and that holds a passport under the HMRC DT Treaty Passport

          

    
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    scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax
      residence in the documentation which it executes on becoming a Party as a Lender,

    and, having done so, that Lender shall be under no obligation pursuant to (a).

    	

          	12.2.8	
            If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with Clause 12.2.7(b) and:

          

    	

          	(a)	
            a Borrower making a payment to that Lender has not made a Borrower DTTP Filing in respect of that Lender; or

          

    	

          	(b)	
            a Borrower making a payment to that Lender has made a Borrower DTTP Filing in respect of that Lender but:

          

    	

          	(i)	
            that Borrower DTTP Filing has been rejected by HM Revenue & Customs; or

          

    	

          	(ii)	
            HM Revenue & Customs has not given that Borrower authority to make payments to that Lender without a Tax Deduction within 60 days of the date of the Borrower DTTP Filing,

          

    and in each case, that Borrower has notified that Lender in writing, that Lender and that Borrower shall co-operate in completing any
      additional procedural formalities necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction.

    	

          	12.2.9	
            If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with Clause 12.2.7(b), no Borrower or Guarantor shall make a Borrower DTTP Filing or
              file any other form relating to the HMRC DT Treaty Passport scheme in respect of that Lender's Commitment(s) or its participation in the Loan unless the Lender otherwise agrees.

          

    	

          	12.2.10	
            A Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of that Borrower DTTP Filing to the Agent for delivery to the relevant Lender.

          

    	

          	12.2.11	
            A UK Non-Bank Lender shall promptly notify the Borrowers and the Agent if there is any change in the position from that set out in the Tax Confirmation.

          

    	12.3	
            Tax indemnity

          

    	

          	12.3.1	
            Each Borrower and each Guarantor 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.

          

    
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          	12.3.2	
            Clause 12.3.1 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:

          

    	

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

          

    	

          	(ii)	
            would have been compensated for by an increased payment under Clause 12.2 (Tax gross-up) but was not so compensated solely because one of the
              exclusions in Clause 12.2.4 (Tax gross-up) applied; or

          

    	

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

          

    	

          	12.3.3	
            A Protected Party making, or intending to make a claim under Clause 12.3.1 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 a Borrower or a Guarantor under this Clause 12.3, notify the Agent.

          

    	12.4	
            Tax Credit   If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

          

    	

          	12.4.1	
            a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

          

    	

          	12.4.2	
            that Finance Party has obtained and utilised that Tax Credit,

          

    that 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 made by the Obligor.

    	12.5	
            Lender status confirmation   Each Lender which is not an Original Lender shall indicate, in the documentation which it executes on becoming a Party as a
              Lender, and for the benefit of the Agent and without liability to any Obligor, which of the following categories it falls in:

          

    
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          	12.5.1	
            not a Qualifying Lender;

          

    	

          	12.5.2	
            a Qualifying Lender (other than a Treaty Lender); or

          

    	

          	12.5.3	
            a Treaty Lender.

          

    If such a Lender fails to indicate its status in accordance with this Clause 12.5 then that Lender shall be treated for the purposes of
      this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Borrowers).  For the avoidance of
      doubt, the documentation which a Lender executes on becoming a Party as a Lender shall not be invalidated by any failure of a Lender to comply with this Clause 12.5.

    	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	
            VAT

          

    	

          	12.7.1	
            All amounts expressed to be payable under a Finance Document by any Party or any Obligor 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 12.7.2, if  VAT is or becomes chargeable on any supply made by any Finance Party to any
              Party or any Obligor under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party or Obligor 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 the Borrowers).

          

    	

          	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 other than the Recipient (the "Relevant Party") is required by the terms of any Finance Document to pay an amount equal to the
              consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

          

    	

          	(a)	
            (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an
              additional amount equal to the amount of the VAT.  The Recipient must (where this Clause 12.7.2(a) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority
              which the Recipient reasonably determines relates to the VAT chargeable on that supply; and

          

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

          

    	

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

          

    	

          	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) or any equivalent person in any jurisdiction other than the
              United Kingdom.

          

    	

          	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, each Party shall, within ten 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;

          

    	

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

          

    	

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

          

    
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          	12.8.2	
            If a Party confirms to another Party pursuant to Clause 12.8.1(a)(i) 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 shall not oblige any Finance Party to do anything, and Clause 12.8.1(c) 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)
              (including, for the avoidance of doubt, where Clause 12.8.3 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.

          

    	

          	12.8.5	
            If a Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any other applicable law or regulation require it, each Lender shall, within ten Business
              Days of:

          

    	

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

          

    	

          	(b)	
            where a Borrower is a US Tax Obligor on a date on which any other Lender becomes a Party as a Lender, that date; or

          

    	

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

          

    supply to the Agent:

    	

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

          

    	

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

          

    	

          	12.8.6	
            The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to Clause 12.8.5 to the Borrowers.

          

    	

          	12.8.7	
            If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent by a Lender pursuant to Clause 12.8.5 is or becomes materially inaccurate or
              incomplete, that Lender shall promptly update it and provide such updated withholding

          

    
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    certificate, withholding statement, document, authorisation or waiver to the Agent unless it is unlawful for the Lender to do so (in which
      case the Lender shall promptly notify the Agent).  The Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the Borrowers.

    	

          	12.8.8	
            The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to Clause 12.8.5 or 12.8.7 without further
              verification.  The Agent shall not be liable for any action taken by it under or in connection with Clause 12.8.5, 12.8.6 or 12.8.7.

          

    	12.9	
            FATCA Deduction

          

    	

          	12.9.1	
            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.

          

    	

          	12.9.2	
            Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is
              making the payment and, in addition, shall notify the Borrowers and the Agent and the Agent shall notify the other Finance Parties.

          

    	13	
            Increased Costs

          

    	13.1	
            Increased costs   Subject to Clause 13.3 (Exceptions) the Borrowers shall, within three Business Days of a
              demand by the Agent, pay to the Agent for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the
              interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the date of this Agreement or (iii) the implementation or application of or compliance with Basel III or CRD IV
              or any other law or regulation which implements Basel III or CRD IV (whether such implementation, application or compliance is by a government, regulator, that Finance Party or any of that Finance Party's Affiliates).

          

    In this Agreement:

    	

          	(a)	
            "Basel III" means:

          

    	

          	(i)	
            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;

          

    
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          	(ii)	
            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

          

    	

          	(iii)	
            any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III".

          

    	

          	(b)	
            "CRD IV" means EU CRD IV and UK CRD IV.

          

    	

          	(c)	
            "EU CRD IV" means:

          

    	

          	(i)	
            Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU)
              No 648/2012; and

          

    	

          	(ii)	
            Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and
              investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC.

          

    	

          	(d)	
            "UK CRD IV" means:

          

    	

          	(i)	
            Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU)
              No 648/2012 as it forms part of domestic law of the United Kingdom by virtue of the 2018 Withdrawal Act;

          

    	

          	(ii)	
            the law of the United Kingdom or any part of it, which immediately before IP Completion Day (as defined in the 2020 Withdrawal Act) implemented Directive 2013/36/EU of the European Parliament
              and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC
              and its implementing measures; and

          

    	

          	(iii)	
            direct EU legislation (as defined in the 2018 Withdrawal Act), which immediately before IP Completion Day (as defined in the 2020 Withdrawal Act) implemented EU CRD IV as it forms part of
              domestic law of the United Kingdom by virtue of the 2018 Withdrawal Act.

          

    	

          	(e)	
            "Increased Costs" means:

          

    	

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

          

    
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          	(ii)	
            an additional or increased cost; or

          

    	

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

          

    	

          	13.3.1	
            attributable to a Tax Deduction required by law to be made by a Borrower or a Guarantor;

          

    	

          	13.3.2	
            attributable to a FATCA Deduction required to be made by a Party;

          

    	

          	13.3.3	
            compensated for by Clause 12.3 (Tax indemnity) (or would have been
              compensated for under Clause 12.3 but was not so compensated solely because any of the exclusions in Clause 12.3 applied);

          

    	

          	13.3.4	
            compensated for by the payment of the Mandatory Cost;

          

    	

          	13.3.5	
            attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

          

    	

          	13.3.6	
            attributable to the implementation or application of or compliance with the "International Convergence of Capital Measurement and Capital Standards, a Revised Framework" published by the Basel
              Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III) ("Basel II") or any other law or regulation which
              implements Basel II (whether such implementation, application or compliance is by a government, regulator, the Lender or any of its Affiliates).

          

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

    	14	
            Other Indemnities

          

    	14.1	
            Currency indemnity   If any sum due from a Borrower or a Guarantor 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:

          

    
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          	14.1.1	
            making or filing a claim or proof against that Borrower or that Guarantor (as the case may be); or

          

    	

          	14.1.2	
            obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

          

    that Borrower or that Guarantor (as the case may be) as an independent obligation, within three Business Days of demand, indemnify each
      Secured Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (a) the rate of exchange used to convert that Sum from the First Currency into the Second
      Currency and (b) the rate or rates of exchange available to that Secured Party at the time of its receipt of that Sum.

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

    	14.2	
            Other indemnities

          

    	

          	14.2.1	
            The Borrowers shall, within three Business Days of demand, indemnify each Secured Party against any cost, loss or liability incurred by that Secured 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 cost, loss or liability arising as a result of Clause 31 (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.

          

    	

          	14.2.2	
            The Borrowers shall promptly indemnify each Finance Party, each Affiliate of a Finance Party and each officer or employee of a Finance Party or its Affiliate (each such person for the purposes
              of this Clause 14.2 an "Indemnified Person") against any cost, loss or liability incurred by that Indemnified Person pursuant to or in connection with any litigation, arbitration or administrative
              proceedings or regulatory enquiry, in connection with or arising out of the entry into and the transactions contemplated by the Finance Documents, having the benefit of any Encumbrance constituted by the Finance Documents or which relates to
              the condition or operation of, or any incident occurring in relation to, a Vessel, unless such cost, loss or liability is caused by the gross negligence or wilful misconduct of that Indemnified Person.  Any Affiliate or any officer or

          

    
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    employee of a Finance Party or its Affiliate may rely on this Clause 14.2 subject to Clause 1.6 (Third
        party rights) and the provisions of the Third Parties Act.

    	

          	14.2.3	
            Subject to any limitations set out in Clause 14.2.2, the indemnity in that Clause shall cover any cost, loss or liability incurred by each Indemnified Person in any jurisdiction:

          

    	

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

          

    	

          	(b)	
            in connection with any Environmental Claim.

          

    	14.3	
            Indemnity to the Agent   The Borrowers shall promptly indemnify the Agent against:

          

    	

          	14.3.1	
            any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:

          

    	

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

          

    	

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

          

    	

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

          

    	

          	14.3.2	
            any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent's gross
              negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 32.11 (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) in acting as Agent under the Finance Documents.

          

    	14.4	
            Indemnity to the Security Agent   Each Borrower and each Guarantor jointly and severally shall promptly indemnify the Security Agent and every Receiver
              and Delegate against any cost, loss or liability incurred by any of them as a result of:

          

    	

          	14.4.1	
            any failure by the Borrowers to comply with their obligations under Clause 16 (Costs and Expenses);

          

    	

          	14.4.2	
            acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;

          

    	

          	14.4.3	
            the taking, holding, protection or enforcement of the Security Documents;

          

    	

          	14.4.4	
            the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents or by law;

          

    
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          	14.4.5	
            any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents; or

          

    	

          	14.4.6	
            acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of the Charged Property (otherwise, in each case, than by reason of the relevant
              Security Agent's, Receiver's or Delegate's gross negligence or wilful misconduct).

          

    	14.5	
            Indemnity survival   The indemnities contained in this Agreement shall survive repayment of the Loan.

          

    	15	
            Mitigation by the Lenders

          

    	15.1	
            Mitigation   Each Finance Party shall, in consultation with the Borrowers, take all reasonable steps to mitigate any circumstances which arise and which
              would result in the Loan ceasing to be available or any amount becoming payable under or pursuant to any of Clause 7.1 (Illegality), Clause 12 (Tax Gross Up and
                Indemnities) or Clause 13 (Increased Costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.  The
              above does not in any way limit the obligations of any Obligor under the Finance Documents.

          

    	15.2	
            Limitation of liability   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).  A Finance Party is not obliged to take any steps under Clause 15.1 if, in its opinion (acting reasonably), to do so might be
              prejudicial to it.

          

    	16	
            Costs and Expenses

          

    	16.1	
            Transaction expenses   The Borrowers shall promptly on demand pay the Agent, the Security Agent the amount of all costs and expenses (including legal
              fees) reasonably incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with:

          

    	

          	16.1.1	
            the negotiation, preparation, printing, execution, syndication and perfection of this Agreement and any other documents referred to in this Agreement;

          

    	

          	16.1.2	
            the negotiation, preparation, printing, execution and perfection of any other Finance Documents executed after the date of this Agreement;

          

    	

          	16.1.3	
            any other document which may at any time be required by a Finance Party to give effect to any Finance Document or which a Finance Party is entitled to call for or obtain under any Finance
              Document; and

          

    	

          	16.1.4	
            any discharge, release or reassignment of any of the Security Documents.

          

    	16.2	
            Amendment costs   If (a) an Obligor requests an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 32.10 (Change of currency), the Borrowers shall, within three Business Days of demand, reimburse each of the Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably
              incurred by the Agent and the Security Agent (and, in the case of

          

    
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    the Security Agent, by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement.

    	16.3	
            Agent and Security Agent's management time and additional remuneration   Any amount payable to the Agent under Clause 14.3 (Indemnity to the Agent) or to the Security Agent under Clause 14.4 (Indemnity to the Security Agent) or to either of them under this Clause 16 or Clause 27.10 (Lenders' indemnity to the Agent) shall include the cost of utilising the management time or other resources of the Agent or the Security Agent (as the case may be) and will be calculated on the basis of
              such reasonable daily or hourly rates as the Agent or the Security Agent may notify to the Borrowers and the Lenders, and is in addition to any other fee paid or payable to the Agent or the Security Agent.

          

    	16.4	
            Enforcement and preservation costs   The Borrowers shall, within three Business Days of demand, pay to each Finance Party and each other Secured Party
              the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document and any proceedings instituted by or against the
              Security Agent as a consequence of taking or holding the Security Documents or enforcing those rights including (without limitation) any losses, costs and expenses which that Finance Party or other Secured Party may from time to time sustain,
              incur or become liable for by reason of that Finance Party or other Secured Party being mortgagee of a Vessel and/or a lender to a Borrower, or by reason of that Finance Party or other Secured Party being deemed by any court or authority to
              be an operator or controller, or in any way concerned in the operation or control, of a Vessel.

          

    	16.5	
            Other costs   The Borrowers shall, within three Business Days of demand, pay to each Finance Party and each other Secured Party the amount of all sums
              which that Finance Party or other Secured Party may pay or become actually or contingently liable for on account of a Borrower in connection with a Vessel (whether alone or jointly or jointly and severally with any other person) including
              (without limitation) all sums which that Finance Party or other Secured Party may pay or guarantees which it may give in respect of the Insurances, any expenses incurred by that Finance Party or other Secured Party in connection with the
              maintenance or repair of a Vessel or in discharging any lien, bond or other claim relating in any way to a Vessel, and any sums which that Finance Party or other Secured Party may pay or guarantees which it may give to procure the release of
              a Vessel from arrest or detention.

          

    
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    	Section 7	
            Accounts and Application of Earnings

          

    	17	
            Accounts

          

    	17.1	
            Accounts

          

    	

          	17.1.1	
            The Borrowers shall maintain the Earnings Accounts with the Account Holder for the duration of the Facility Period free of Encumbrances and rights of set off other than those created by or
              under the Finance Documents.

          

    	

          	17.1.2	
            No Borrower shall open any bank account with any bank or financial institution other than the Account Holder.

          

    	17.2	
            Earnings   The Borrowers shall procure that all Earnings, any and all proceeds of a sale of a Borrowers' Vessel and any Requisition Compensation are
              credited to the Earnings Account.

          

    	17.3	
            Application of Earnings Accounts   The Borrowers shall transfer or cause to be transferred from the Earnings Accounts to the Agent for the account of
              the Lenders:

          

    	

          	17.3.1	
            on each Repayment Date, the amount of the Repayment Instalment then due; and

          

    	

          	17.3.2	
            on each Interest Payment Date, the amount of interest then due,

          

    and the Borrowers irrevocably authorise the Security Agent to instruct the Account Holder to make those transfers if the Borrowers fail to
      do so.

    	17.4	
            Borrowers' obligations not affected   If for any reason the amount standing to the credit of the Earnings Account is insufficient to pay any Repayment
              Instalment or to make any payment of interest when due, the Borrowers' obligation to pay that Repayment Instalment or to make that payment of interest shall not be affected.

          

    	17.5	
            Release of surplus   Any amount remaining to the credit of the Earnings Account following the making of any transfer required by Clause 17.3 (Application of Earnings Accounts) shall (unless an Event of Default is continuing) be released to or to the order of the Borrowers.

          

    	17.6	
            Restriction on withdrawal   During the Facility Period no sum may be withdrawn from the Earnings Accounts (except in accordance with this Clause 17)
              without the prior written consent of the Security Agent.  The Earnings Accounts shall not be overdrawn.

          

    	17.7	
            Relocation of Accounts   On and at any time after the occurrence of a Default which is continuing, the Security Agent may without the consent of the
              Borrowers instruct the Account Holder to relocate either or any of the Earnings Accounts to any other branch of the Account Holder, without prejudice to the continued application of this Clause 17 and the rights of the Finance Parties under
              the Finance Documents.

          

    	17.8	
            Access to information   The Security Agent (and its nominees) may from time to time during the Facility Period review the records held by the Account
              Holder (whether in written or electronic form) in relation to the Earnings Accounts, and the Borrowers irrevocably waive any right of confidentiality which may exist in relation to those records.

          

    
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    	17.9	
            Statements   Without prejudice to the rights of the Security Agent under Clause 17.8 (Access to information),
              the Borrowers shall procure that the Account Holder provides to the Security Agent, no less frequently than each calendar month during the Facility Period, statements of account (in written or electronic form) showing all entries made to the
              credit and debit of each of the Earnings Accounts during the immediately preceding calendar month.

          

    	17.10	
            Application after acceleration   From and after the giving of notice to the Borrowers by the Agent under Clause 24.2.1 (Acceleration), the Borrowers shall procure that all sums from time to time standing to the credit of any of the Earnings Accounts are immediately transferred to the Security Agent or any Receiver or Delegate for application
              in accordance with Clause 29 (Application of Proceeds) and the Borrowers irrevocably authorise the Security Agent to instruct the Account Holder to make those transfers.

          

    	18	
            Additional Security

          

    	18.1	
            VTL Coverage

          

    	

          	18.1.1	
            If at any time the aggregate of the agreegate Market Value of the Borrowers' Vessels and the value of any additional security (such value to be the face amount of the deposit (in the case of
              cash), determined conclusively by appropriate advisers appointed by the Agent (in the case of other charged assets), and determined by the Agent (in all other cases)) for the time being provided to the Security Agent under this Clause 18.1 is
              less than 125% of the aggregate of the amount of the Loan then outstanding and the amount certified by the Swap Provider to be the amount which would be payable by the Borrowers to the Swap Provider under the Master Agreement if an
              Early Termination Date were to occur at that time (the "VTL Coverage"), the Borrowers shall, within 30 days of the Agent's request, at the Borrowers' option:

          

    	

          	(a)	
            pay to the Security Agent or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Security Agent as additional security for the payment of the
              Indebtedness; or

          

    	

          	(b)	
            give to the Security Agent other additional security in amount and form acceptable to the Security Agent for a value determined in accordance with the first part of this Clause 18.1.1; or

          

    	

          	(c)	
            prepay the Loan in the amount of the shortfall.

          

    	

          	18.1.2	
            Clauses 6.3 (Reborrowing), 7.3 (Voluntary prepayment of Loan) and 7.8 (Restrictions)
              shall apply, mutatis mutandis, to any prepayment made under this Clause 18.1.

          

    	

          	18.1.3	
            If, at any time after the Borrowers have provided additional security in accordance with the Agent's request under this Clause 18.1, the Agent shall determine when testing compliance with the
              VTL Coverage that all or any part of that additional security may be released without resulting in a shortfall in the VTL Coverage, then, provided that no Default is continuing,

          

    
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    the Security Agent shall effect a release of all or any part of that additional security in accordance with the Agent's instructions, but
      this shall be without prejudice to the Agent's right to make a further request under this Clause 18.1 should the value of the remaining security subsequently merit it.

    	18.2	
            Provision of valuations

          

    	

          	18.2.1	
            The Borrowers shall provide the Agent with two set of valuations of Approved Shipbrokers each in evidence of the Market Value of the Borrowers' Vessels for the purpose of Clause 18.1 (VTL Coverage) twice per calendar year throughout the Facility Period.

          

    	

          	18.2.2	
            Additionally, the Agent shall at the request of the Lenders be entitled to obtain a valuation in evidence of the Market Value of a Borrowers’ Vessel for the purpose of Clause 18.1 (VTL Coverage) at any time and such valuation obtained shall be at the expense of the Lenders except where the Borrowers are by means of such valuation shown to be in breach of that Clause.

          

    	

          	18.2.3	
            The Agent may at any time after a Default has occurred and is continuing or following the occurrence of an event described in Clause 7.5 (Mandatory prepayment
                of sale or Total Loss) or during the continuation of an Event of Default obtain two sets of valuations in evidence of the Market Value of a Borrowers’ Vessel or any other vessel over which additional security has been created in
              accordance with Clause 18.1 (VTL Coverage).

          

    	

          	18.2.4	
            All valuations referred to in this Clause 18.2, except where specified in Clause 18.2.2, and all valuations to be obtained pursuant to Clause 4 (Conditions of
                Utilisation) shall be obtained at the cost and expense of the Borrowers and the Borrowers shall within three Business Days of demand by the Agent pay to the Agent the amount of all such costs and expenses.

          

    	19	
            Guarantee and Indemnity

          

    	19.1	
            Guarantee and indemnity   Each Guarantor irrevocably and unconditionally jointly and severally:

          

    	

          	19.1.1	
            guarantees to each Finance Party punctual performance by each other Obligor of all that Obligor's obligations under the Finance Documents;

          

    	

          	19.1.2	
            undertakes with each Finance Party that whenever another Obligor does not pay any amount when due under or in connection with any Finance Document, that Guarantor shall immediately on demand
              pay that amount as if it was the principal obligor; and

          

    	

          	19.1.3	
            agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that
              Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance
              Document on the date when it would have been due.  The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under

          

    
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    this Clause 18.2 if the amount claimed had been recoverable on the basis of a guarantee.

    	19.2	
            Continuing Guarantee   This 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.

          

    	19.3	
            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 18.2 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

          

    	19.4	
            Waiver of defences   The obligations of each Guarantor under this Clause 18.2 will not be affected by an act, omission, matter or thing which, but for
              this Clause 19.4, would reduce, release or prejudice any of its obligations under this Clause 18.2 (without limitation and whether or not known to it or any Finance Party) including:

          

    	

          	19.4.1	
            any time, waiver or consent granted to, or composition with, any Obligor or other person;

          

    	

          	19.4.2	
            the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any Obligor or any other member of the Group;

          

    	

          	19.4.3	
            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;

          

    	

          	19.4.4	
            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;

          

    	

          	19.4.5	
            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
              including, without limitation, any change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Finance Document or other document or security;

          

    	

          	19.4.6	
            any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or

          

    	

          	19.4.7	
            any insolvency or similar proceedings.

          

    	19.5	
            Guarantor intent   Without prejudice to the generality of Clause 19.4 (Waiver of defences), each Guarantor
              expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or

          

    
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    amount made available under any of the Finance Documents for the purposes of or in connection with any of the following:  business
      acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any
      other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing.

    	19.6	
            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 18.2.  This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

          

    	19.7	
            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:

          

    	

          	19.7.1	
            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

          

    	

          	19.7.2	
            hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor's liability under this Clause 18.2.

          

    	19.8	
            Deferral of Guarantors' 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 shall 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 18.2:

          

    	

          	19.8.1	
            to be indemnified by an Obligor;

          

    	

          	19.8.2	
            to claim any contribution from any other guarantor of any Obligor's obligations under the Finance Documents;

          

    	

          	19.8.3	
            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;

          

    	

          	19.8.4	
            to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or
              indemnity under Clause 19.1 (Guarantee and indemnity);

          

    	

          	19.8.5	
            to exercise any right of set-off against any Obligor; and/or

          

    	

          	19.8.6	
            to claim or prove as a creditor of any Obligor in competition with any Finance Party.

          

    
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    If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution
      to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or
      transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 32 (Payment mechanics).

    	19.9	
            Additional security   This 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.

          

    
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    	Section 8	
            Representations, Undertakings and Events of Default

          

    	20	
            Representations

          

    	20.1	
            Representations   Each Borrower and each Guarantor makes the representations and warranties set out in this Clause 20 to each Finance Party.

          

    	

          	20.1.1	
            Status   Each of the Obligors:

          

    	

          	(a)	
            is a limited liability corporation, duly incorporated and validly existing under the law of its Original Jurisdiction; and

          

    	

          	(b)	
            has the power to own its assets and carry on its business as it is being conducted.

          

    	

          	20.1.2	
            Binding obligations   Subject to the Legal Reservations:

          

    	

          	(a)	
            the obligations expressed to be assumed by each of the Obligors in each of the Relevant Documents to which it is a party are legal, valid, binding and enforceable obligations; and

          

    	

          	(b)	
            (without limiting the generality of Clause 20.1.2(a)) each Security Document to which it is a party creates the security interests which that Security Document purports to create and those
              security interests are valid and effective.

          

    	

          	20.1.3	
            Non-conflict with other obligations   The entry into and performance by each of the Obligors of, and the transactions contemplated by, the Relevant
              Documents do not and will not conflict with:

          

    	

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

          

    	

          	(b)	
            the constitutional documents of such Obligor; or

          

    	

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

          

    	

          	20.1.4	
            Power and authority

          

    	

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

          

    	

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

          

    	

          	20.1.5	
            Validity and admissibility in evidence   All Authorisations required or desirable:

          

    
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          	(a)	
            to enable each of the Obligors lawfully to enter into, exercise its rights and comply with its obligations in the Relevant Documents to which it is a party or to enable each Finance Party to
              enforce and exercise all its rights under the Relevant Documents; and

          

    	

          	(b)	
            to make the Relevant Documents to which any Obligor is a party admissible in evidence in its Relevant Jurisdictions,

          

    have been obtained or effected and are in full force and effect, with the exception only of the registrations referred to in Part II of
      Schedule 2 (Conditions Subsequent).

    	

          	20.1.6	
            Governing law and enforcement

          

    	

          	(a)	
            The choice of governing law of any Finance Document will be recognised and enforced in the Relevant Jurisdictions of each relevant Obligor.

          

    	

          	(b)	
            Any judgment obtained in relation to any Finance Document in the jurisdiction of the governing law of that Finance Document will be recognised and enforced in the Relevant Jurisdictions of
              each relevant Obligor.

          

    	

          	20.1.7	
            Insolvency   No corporate action, legal proceeding or other procedure or step described in Clause 24.1.7 (Insolvency
                proceedings) or creditors' process described in Clause 24.1.8 (Creditors' process) has been taken or, to the knowledge of any Borrower or any Guarantor, threatened in relation to an Obligor;
              and none of the circumstances described in Clause 24.1.6 (Insolvency) applies to an Obligor.

          

    	

          	20.1.8	
            No filing or stamp taxes   Under the laws of the Relevant Jurisdictions of each relevant Obligor it is not necessary that the Finance Documents be
              filed, recorded or enrolled with any court or other authority in any of those jurisdictions or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Finance Documents or the transactions contemplated
              by the Finance Documents except registration of each Mortgage at the Ships Registry where title to the relevant Vessel is registered in the ownership of the relevant Borrower and payment of associated fees, which registrations, filings, taxes
              and fees will be made and paid promptly after the date of the relevant Finance Document.

          

    	

          	20.1.9	
            Deduction of Tax   None of the Obligors is required under the law of its jurisdiction of incorporation to make any deduction for or on account of Tax
              from any payment it may make under any Finance Document to a Lender which is:

          

    	

          	(a)	
            a Qualifying Lender falling within (a) of the definition of Qualifying Lender; or, except where a Direction has been given under section 931 of the ITA in relation to the payment concerned, a
              Qualifying Lender falling within (b) of the definition of Qualifying Lender; or

          

    
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          	(b)	
            a Treaty Lender and the payment is one specified in a direction given by the Commissioners of Revenue & Customs under Regulation 2 of the Double Taxation Relief (Taxes on Income) (General)
              Regulations 1970 (SI 1970/488).

          

    	

          	20.1.10	
            No default

          

    	

          	(a)	
            No Event of Default and, on the date of this Agreement and each Utilisation Date, no Default is continuing or is reasonably likely to result from the advance of the Loan or the entry into, the
              performance of, or any transaction contemplated by, any of the Relevant Documents.

          

    	

          	(b)	
            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 of the Obligors or to which its assets are subject which has or is reasonably likely to have a
              Material Adverse Effect.

          

    	

          	20.1.11	
            No misleading information   Save as disclosed in writing to the Agent prior to the date of this Agreement:

          

    	

          	(a)	
            all material information provided to a Finance Party by or on behalf of any of the Obligors on or before the date of this Agreement and not superseded before that date is accurate and not
              misleading in any material respect and all projections provided to any Finance Party on or before the date of this Agreement have been prepared in good faith on the basis of assumptions which were reasonable at the time at which they were
              prepared and supplied; and

          

    	

          	(b)	
            all other written information provided by any of the Obligors (including its advisers) to a Finance Party was true, complete and accurate in all material respects as at the date it was
              provided and is not misleading in any respect.

          

    	

          	20.1.12	
            Financial statements

          

    	

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

          

    	

          	(b)	
            The unaudited Original Financial Statements fairly represent the Group's financial condition and results of operations for the relevant semester.

          

    	

          	(c)	
            The audited Original Financial Statements fairly represent the Group's financial condition and results of operations during the relevant financial year.

          

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

          

    	

          	(e)	
            The Group's most recent financial statements delivered pursuant to Clause 21.1 (Financial statements):

          

    	

          	(i)	
            have been prepared in accordance with GAAP as applied to the Original Financial Statements; and

          

    	

          	(ii)	
            fairly represent its consolidated financial condition as at the end of, and its consolidated results of operations for, the period to which they relate.

          

    	

          	(f)	
            Since the date of the most recent financial statements delivered pursuant to Clause 21.1 (Financial statements)
              there has been no material adverse change in the assets, business or financial condition of any of the Obligors or any other member of the Group.

          

    	

          	20.1.13	
            No proceedings

          

    	

          	(a)	
            No litigation, arbitration or administrative proceedings or investigation of or before any court, arbitral body or agency which, if adversely determined, are reasonably likely to have a
              Material Adverse Effect have (to the best of its knowledge and belief (having made due and careful enquiry)) been started or threatened against any of the Obligors.

          

    	

          	(b)	
            No judgment or order of a court, arbitral body or agency which is reasonably likely to have a Material Adverse Effect has (to the best of its knowledge and belief (having made due and careful
              enquiry)) been made against any of the Obligors.

          

    	

          	20.1.14	
            No breach of laws   None of the Obligors has breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect.

          

    	

          	20.1.15	
            Environmental laws

          

    	

          	(a)	
            Each of the Obligors and each other member of the Group is in compliance with Clause 23.3 (Environmental compliance) and to the best of its knowledge
              and belief (having made due and careful enquiry) no circumstances have occurred which would prevent such compliance in a manner or to an extent which has or is reasonably likely to have a Material Adverse Effect.

          

    	

          	(b)	
            No Environmental Claim has been commenced or (to the best of its knowledge and belief (having made due and careful enquiry)) is threatened against any of the Obligors or any other member of
              the Group where that claim has or is reasonably likely, if determined against that Obligor or other member of the Group, to have a Material Adverse Effect.

          

    
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          	20.1.16	
            Taxation

          

    	

          	(a)	
            None of the Obligors is materially overdue in the filing of any Tax returns or is overdue in the payment of any amount in respect of Tax.

          

    	

          	(b)	
            No claims or investigations are being, or are reasonably likely to be, made or conducted against any of the Obligors with respect to Taxes.

          

    	

          	(c)	
            Each of the Obligors is resident for Tax purposes only in its Original Jurisdiction.

          

    	

          	20.1.17	
            Anti-corruption law   Each of the Obligors and each other member of the Group and each Affiliate of any of them 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.

          

    	

          	20.1.18	
            No Encumbrance or Financial Indebtedness

          

    	

          	(a)	
            No Encumbrance or Quasi-Security exists over all or any of the present or future assets of any of the Obligors other than as permitted by the Finance Documents.

          

    	

          	(b)	
            None of the Obligors has any Financial Indebtedness outstanding other than as permitted by this Agreement.

          

    	

          	20.1.19	
            Pari passu ranking   The payment obligations of each of the Obligors under the Finance Documents to which it is a party rank at least pari passu with
              the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

          

    	

          	20.1.20	
            No adverse consequences

          

    	

          	(a)	
            It is not necessary under the laws of the Relevant Jurisdictions of any of the Obligors:

          

    	

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

          

    	

          	(ii)	
            by reason of the execution of any Finance Document or the performance by it of its obligations under any Finance Document,

          

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

    	

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

          

    
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          	20.1.21	
            Disclosure of material facts   No Borrower is aware of any material facts or circumstances which have not been disclosed to the Agent and which might,
              if disclosed, have changed the decision of a person willing to make loan facilities of the nature contemplated by this Agreement available to the Borrowers.

          

    	

          	20.1.22	
            Completeness of Relevant Documents   The copies of any Relevant Documents provided or to be provided by the Borrowers to the Agent in accordance with
              Clause 4 (Conditions of Utilisation) are, or will be, true and accurate copies of the originals and represent, or will represent, the full agreement between the parties to those Relevant Documents in
              relation to the subject matter of those Relevant Documents and there are no commissions, rebates, premiums or other payments due or to become due in connection with the subject matter of those Relevant Documents other than in the ordinary
              course of business or as disclosed to, and approved in writing by, the Agent.

          

    	

          	20.1.23	
            No immunity   No Obligor or any of its assets is immune to any legal action or proceeding.

          

    	

          	20.1.24	
            Money laundering   Any borrowing by a Borrower under this Agreement, and the performance of its obligations under this Agreement and under the other
              Finance Documents, will be for its own account and will not involve any breach by it of any law or regulatory measure relating to "money laundering" as defined in Article 1 of the Directive ((EU)
              2015/849) of the European Parliament and of the Council of the European Communities.

          

    	

          	20.1.25	
            Sanctions

          

    	

          	(a)	
            None of the Obligors, any other member of the Group or any Affiliate of any of them is a Restricted Party or is owned or controlled by, or acting directly or indirectly on behalf of or for the
              benefit of, a Restricted Party and none of such persons owns or controls a Restricted Party.

          

    	

          	(b)	
            No proceeds of the Loan shall be made available, directly or indirectly, to or for the benefit of a Restricted Party or otherwise shall be, directly or indirectly, applied in a manner or for a
              purpose prohibited by Sanctions.

          

    	

          	(c)	
            Each of the Obligors, each other member of the Group and each Affiliate of any of them is in compliance with all Sanctions.

          

    	

          	20.1.26	
            Ownership and control of Borrowers   Each Borrower is a wholly owned direct or indirect subsidiary of the Original Guarantor and is controlled by the
              Original Guarantor.

          

    	

          	20.1.27	
            Ranking Any Encumbrance created or expressed to be created in favour of the Security Agent pursuant to the Security Documents has or will have the
              ranking in priority which it is expressed to have in the Security Documents and it is not subject to any prior ranking or pari passu ranking of an Encumbrance.

          

    
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          	20.1.28	
            Ownership of assets With effect on and from the date of its creation or intended creation, each Obligor will be the sole legal and beneficial owner of
              any asset that is the subject of any Security Document created or intended to be created.

          

    	

          	20.1.29	
            Centre of main interests and establishments For the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings
              (the "Regulation"), each Obligor's centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its Original Jurisdiction and it has no "establishment" (as that term is used in Article 2(h) of the
              Regulation) in any other jurisdiction.

          

    	20.2	
            Repetition   Each Repeating Representation is deemed to be made by each Borrower and each Guarantor by reference to the facts and
              circumstances then existing on the date of this Agreement, the date of the Utilisation Request, on the Utilisation Date, on the first day of each Interest Period and, in the case of those contained in Clauses 20.1.12(d) and 20.1.12(f) (Financial statements) and for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

          

    	21	
            Information Undertakings

          

    The undertakings in this Clause 21 remain in force for the duration of the Facility Period.

    	21.1	
            Financial statements The Original Guarantor shall supply to the Agent in sufficient copies for all of the Lenders:

          

    	

          	21.1.1	
            as soon as the same become available, but in any event within 180 days after the end of each of its financial years its audited consolidated financial statements for that financial year;

          

    	

          	21.1.2	
            as soon as the same become available, but in any event within 120 days after the end of semi-annual period during each of its financial years the unaudited
              financial statements for that semi-annual period.

          

    	21.2	
            Compliance Certificate

          

    	

          	21.2.1	
            The Original Guarantor shall supply to the Agent, with each set of its annual financial statements delivered pursuant to Clause 21.1.1 (Financial statements) and each set of its semi-annual financial statements delivered pursuant to Clause 21.1.2 (Financial statements), a Compliance Certificate setting out (in detail) computations as to compliance with Clause 22 (Financial Covenants) and Clause 18.1 (VTL Coverage) as at the date as at which those financial statements were drawn up.

          

    	

          	21.2.2	
            Each Compliance Certificate shall be signed by two authorised signatories or the Chief Financial Officer of the Guarantor and shall be provided together with relevant valuation
              certificates for the Borrowers' Vessels in the form agreed by that Guarantor and all the Lenders.

          

    	

          	21.2.3	
            For the purposes of testing the Financial Covenants contained in Clause 22 (Financial Covenants), each Compliance Certificate supplied to the Agent

          

    
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    together with the Original Guarantor’s semi-annual financial statements delivered pursuant to Clause
      21.1.2 shall be accompanied by a breakdown (in excel format) of the Market Value of each Fleet Vessel, provided, however, that such breakdown shall not be supported by any valuation certificates from either an Approved
        Shipbroker or any other shipbroker.

    	21.3	
            Requirements as to financial statements

          

    Each set of financial statements delivered pursuant to Clause 21.1 (Financial
        statements):

    	

          	21.3.1	
            shall be certified by a director of the Original Guarantor as fairly representing its financial condition and operations as at the date as at which those financial statements were drawn up;
              and

          

    	

          	21.3.2	
            shall be prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial
                Statements unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in GAAP, the accounting practices or reference periods and its auditors deliver to the Agent:

          

    	

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

          

    	

          	(b)	
            sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Agent to determine whether Clause 22 (Financial
                Covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements.

          

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

    	21.4	
            Information: miscellaneous   Each Borrower shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):

          

    	

          	21.4.1	
            at the same time as they are dispatched, copies of all documents dispatched by that Borrower to its shareholders generally (or any class of them) or dispatched by that Borrower or any other
              Obligor to its creditors generally (or any class of them);

          

    	

          	21.4.2	
            promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any Obligor and which, if
              adversely determined, are reasonably likely to have a Material Adverse Effect;

          

    	

          	21.4.3	
            promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency which is made against any Obligor and which is reasonably likely to have a
              Material Adverse Effect;

          

    
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          	21.4.4	
            promptly, such information and documents as the Security Agent may reasonably require about the Charged Property and compliance of the Obligors with the terms of any Security Documents
              (including without limitation cash flow analyses and details of the operating costs of any Vessel); and

          

    	

          	21.4.5	
            promptly on request, such further information regarding the financial condition, assets and operations of any Obligor or any other member of the Group (including any requested amplification or
              explanation of any item in the financial statements, budgets or other material provided by any Obligor under this Agreement, any changes to management of the Group and an up to date copy of its shareholders' register (or equivalent in its
              Original Jurisdiction)) as any Finance Party through the Agent may reasonably request.

          

    	21.5	
            Notification of default

          

    	

          	21.5.1	
            Each Borrower and each Guarantor shall notify the Agent of (i) any  Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence and (ii)
              any indication that the financial covenants in Clause 22 shall not be met.

          

    	

          	21.5.2	
            Promptly upon a request by the Agent, each Borrower shall supply to the Agent a certificate signed by two of its directors or senior officers on its behalf certifying that no Default is
              continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).

          

    	21.6	
            "Know your customer" checks

          

    	

          	21.6.1	
            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 of a Holding Company of an Obligor) or the composition of the shareholders of an Obligor (or of a Holding Company of an Obligor) after the date of
              this Agreement; or

          

    	

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

          

    	

          	(d)	
            any anti-money laundering or anti-terrorism financing laws and regulations applicable to the Facility Agent or any Lender,

          

    obliges the Agent or any Lender (or, in the case of Clause 21.6.1(c), any prospective new Lender) to comply with "know your customer" or
      similar identification procedures in circumstances where the necessary information is not already available to it, each Borrower shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other
      evidence as is reasonably requested by the Agent

    
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    (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in Clause 21.6.1(c), on behalf of
      any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in Clause 21.6.1(c), any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other
      similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

    	

          	21.6.2	
            Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order
              for the Agent to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

          

    	

          	21.6.3	
            The Borrowers shall, by not less than ten Business Days' prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of the intention to request that any
              other member of the Group becomes an Additional Guarantor pursuant to Clause 26  (Changes to the Obligors).

          

    	

          	21.6.4	
            Following the giving of any notice pursuant to Clause 21.6.3, if the accession of such Additional Guarantor obliges the Agent or any Lender to comply with "know your customer" or similar
              identification procedures in circumstances where the necessary information is not already available to it, the Borrowers shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other
              evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or any prospective new Lender to carry out
              and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the accession of such member of the Group to this Agreement as an Additional Guarantor.

          

    	22	
            Financial Covenants

          

    	22.1	
            The Original Guarantor shall maintain throughout the Facility Period a Market Value Adjusted Net Worth of:-

          

    	

          	22.1.1	
            not less than 25% of Market Value Adjusted Total Assets; and

          

    	

          	22.1.2	
            not less than $150,000,000.

          

    The financial covenants contained in this Clause 22 shall be tested for the first time on 30 June 2021, and thereafter semi-annually on the
      basis of the annual financial statements and semi annual financial statements (as applicable) to be provided under Clause 21.1 (Financial statements) and shall be confirmed in the relevant Compliance
      Certificate.

    The expressions used in this Clause shall be construed in accordance with GAAP, and for the purposes of this Agreement:-

    
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    "Fleet Vessel" means any vessel (including, but not limited to, the Vessels) from time to time
      wholly owned by a member of the Group (directly or indirectly) including chartered-in vessels for which a member of the Group has a purchase obligation but excluding, for the avoidance of doubt, any newbuilding vessels not delivered to the relevant
      member of the Group at the relevant time, and "Fleet Vessels" means more than one of them).

    "Market Value Adjusted Net Worth" means the amount by which the Market Value Adjusted Total Assets
      exceed the Total Liabilities;

    "Market Value Adjusted Total Assets" means, at any time, Total Assets adjusted to reflect the
      difference between the book values of all Fleet Vessels and the aggregate Market Value of all Fleet Vessels and any vessels from time to time wholly owned by a member of the Group (directly or indirectly) which are subject to lease transactions;

    "Total Assets" means, as at the date of calculation or, as the case may be, for any accounting
      period, the aggregate value of all assets of the Group (including, without limitation, the Vessels) included in the annual or semi-annual (as the case may be) financial statements provided under Clause 21.1 (Financial
        statements) in accordance with GAAP, as at that date or for that period as shown in the most recent financial statements provided by the Original Guarantor pursuant to Clause 21.1 (Financial statements);
      and

    "Total Liabilities" means, as at the date of calculation or, as the case may be, for any accounting
      period, the total liabilities of the Group as determined in conformity with GAAP, as at that date or for that period as shown in the most recent financial statements provided by the Original Guarantor pursuant to Clause 21.1 (Financial statements).

    	22.2	
            Each Borrower shall at all times during the Facility Period maintain the Minimum Liquidity Amount in a bank account with the Account Holder, in each case free of any Encumbrances other than in
              favour of the Security Agent.

          

    	23	
            General Undertakings

          

    The undertakings in this Clause 23 remain in force for the duration of the Facility Period.

    	23.1	
            Authorisations   Each Borrower and each Guarantor shall promptly:

          

    	

          	23.1.1	
            obtain, comply with and do all that is necessary to maintain in full force and effect; and

          

    	

          	23.1.2	
            supply certified copies to the Agent of,

          

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

    	

          	(a)	
            enable any Obligor to perform its obligations under the Finance Documents to which it is a party;

          

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

          

    	

          	(c)	
            enable any Obligor to carry on its business where failure to do so has or is reasonably likely to have a Material Adverse Effect.

          

    	23.2	
            Compliance with laws

          

    	

          	23.2.1	
            Each Borrower and each Guarantor shall comply (and shall procure that each other Obligor, each other member of the Group and each Affiliate of any of them will comply), in all respects with
              all laws to which it may be subject, if (except as regards Sanctions, to which Clause 23.2.2 applies, and anti-corruption laws, to which Clause 23.5 applies) failure so to comply has or is reasonably likely to have a Material Adverse Effect.

          

    	

          	23.2.2	
            Each Borrower and each Guarantor shall comply (and shall procure that each other Obligor, each other member of the Group and each Affiliate of any of them will comply) in all respects with all
              Sanctions.

          

    	23.3	
            Environmental compliance

          

    Each Borrower and each Guarantor shall:

    	

          	23.3.1	
            comply with all Environmental Laws;

          

    	

          	23.3.2	
            obtain, maintain and ensure compliance with all requisite Environmental Approvals; and

          

    	

          	23.3.3	
            implement procedures to monitor compliance with and to prevent liability under any Environmental Law,

          

    where failure to do so has or is reasonably likely to have a Material Adverse Effect.

    	23.4	
            Environmental Claims

          

    Each Borrower and each Guarantor shall promptly upon becoming aware of the same, inform the Agent in writing of:

    	

          	23.4.1	
            any Environmental Claim against any of the Obligors or any other member of the Group which is current, pending or threatened; and

          

    	

          	23.4.2	
            any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against any of the Obligors or any other member of the Group,

          

    where the claim, if determined against that Obligor or other member of the Group, has or is reasonably likely to have a Material Adverse
      Effect.

    	23.5	
            Anti-corruption law

          

    	

          	23.5.1	
            Each Borrower and each Guarantor shall not (and shall procure that no other Obligor or other member of the Group will) directly or indirectly use the proceeds of the Loan for any purpose which
              would breach the Bribery

          

    
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    Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in other jurisdictions.

    	

          	23.5.2	
            Each Borrower and each Guarantor shall (and shall procure that each other Obligor and each other member of the Group will):

          

    	

          	(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.

          

    	23.6	
            Taxation

          

    	

          	23.6.1	
            Each Borrower and each Guarantor shall (and shall procure that each other Obligor and each other member of the Group will) pay and discharge all Taxes imposed upon it or its assets within the
              time period allowed without incurring penalties unless and only to the extent that:

          

    	

          	(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
              21.1 (Financial statements); and

          

    	

          	(c)	
            such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably likely to have a Material Adverse Effect.

          

    	

          	23.6.2	
            Neither any Borrower nor any Guarantor may (and no other Obligor or other member of the Group may) change its residence for Tax purposes.

          

    	23.7	
            Evidence of good standing   Each Borrower will from time to time, if applicable and if requested by the Agent, provide the Agent with evidence in form
              and substance satisfactory to the Agent that each Obligor and each corporate shareholder of an Obligor remains in good standing.

          

    	23.8	
            Pari passu ranking   Each Borrower and each Guarantor shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against
              it under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of
              general application to companies.

          

    	23.9	
            Negative pledge

          

    In this Clause 23.9 "Quasi-Security" means an arrangement or transaction described in Clause
      23.9.2.

    Except as permitted under Clause 23.9.3:

    	

          	23.9.1	
            The Borrowers shall not create nor permit to subsist any Encumbrance over any of its assets.

          

    
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          	23.9.2	
            The Borrowers shall not:

          

    	

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

          

    	

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

          

    	

          	(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.

    	

          	23.9.3	
            Clauses 23.9.1 and 23.9.2 do not apply to any Encumbrance or (as the case may be) Quasi-Security, which is a Permitted Encumbrance.

          

    	23.10	
            Disposals

          

    	

          	23.10.1	
            Except as permitted under Clause 23.10.2, the Borrowers shall not enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to
              sell, lease, transfer or otherwise dispose of any asset.

          

    	

          	23.10.2	
            Clause 23.10.1 does not apply to: (a) any sale, lease, transfer or other disposal which is a Permitted Disposal and (b) (subject to the provisions of the Security Documents) any charter of a
              Vessel with a duration not exceeding 24 months.

          

    	23.11	
            Arm's length basis

          

    	

          	23.11.1	
            Except as permitted under Clause 23.11.2, the Borrowers shall not enter into any transaction with any person except on arm's length terms and for full market value.

          

    	

          	23.11.2	
            The following transactions shall not be a breach of this Clause 23.10.2 fees, costs and expenses payable under the Relevant Documents in the amounts set out in the Relevant Documents delivered
              to the Agent under Clause 4.1 (Initial conditions precedent) or agreed by the Agent.

          

    	23.12	
            Merger   The Borrowers shall not enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction.

          

    	23.13	
            Change of business   The Borrowers shall not make any substantial change to the general nature of its business from that carried on at the date of this
              Agreement.

          

    	23.14	
            No other business   No Borrower shall engage in any business other than the ownership, operation, chartering and management of the relevant Vessel.

          

    
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    	23.15	
            No acquisitions   The Borrowers shall not acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest in
              any of them) or incorporate a company.

          

    	23.16	
            No Joint Ventures   No Borrower shall:

          

    	

          	23.16.1	
            enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture; or

          

    	

          	23.16.2	
            transfer any assets or lend to or guarantee or give an indemnity for or give security for the obligations of a Joint Venture or maintain the solvency of or provide working capital to any Joint
              Venture (or agree to do any of the foregoing).

          

    	23.17	
            No borrowings   No Borrower shall incur or allow to remain outstanding any Financial Indebtedness (including without limitation any loans from the
              Original Guarantor or any other member of the Group) (except for the Loan), unless it is subordinated to the Loan on terms acceptable to the Agent in its absolute discretion including in respect of intragroup loans, without limitation
              provisions prohibiting repayment if an Event of Default has occurred and is continuing.

          

    	23.18	
            No substantial liabilities   Except in the ordinary course of business, no Borrower shall incur any liability to any third party which is in the Agent's
              opinion of a substantial nature.

          

    	23.19	
            No loans or credit   None of the Borrowers shall be a creditor in respect of any Financial Indebtedness.

          

    	23.20	
            No guarantees or indemnities   None of the Borrowers shall incur or allow to remain outstanding any guarantee in respect of any obligation of any
              person.

          

    	23.21	
            No dividends   If an Event of Default has occurred or is continuing or would result from any of the actions
              referred to below, the Borrower shall not:

          

    	

          	23.21.1	
            declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of
              its share capital (or any class of its share capital);

          

    	

          	23.21.2	
            repay or distribute any dividend or share premium reserve;

          

    	

          	23.21.3	
            pay any management, advisory or other fee to or to the order of any of the shareholders of the Guarantor;

          

    	

          	23.21.4	
            redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so; or

          

    	

          	23.21.5	
            issue any new shares in its share capital or resolve to do so.

          

    	23.22	
            People with significant control regime   Each Borrower and each Guarantor shall (and shall procure that each other Obligor will):

          

    	

          	23.22.1	
            within the relevant timeframe, comply with any notice it receives pursuant to Part 21A of the Companies Act 2006 from any company incorporated in

          

    
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    the United Kingdom whose shares are the subject of any Security Document; and

    	

          	23.22.2	
            promptly provide the Security Agent with a copy of that notice.

          

    	23.23	
            No change in Relevant Documents   Neither any Borrower nor any Guarantor shall (and the Borrowers shall procure that no other Obligor will) amend, vary,
              novate, supplement, supersede, waive or terminate any term of, any of the Relevant Documents which are not Finance Documents, or any other document delivered to the Agent pursuant to Clause 4.1 (Initial
                conditions precedent) or Clause 4.1 (Further conditions precedent) or Clause 4.3 (Conditions subsequent).

          

    	23.24	
            Further assurance

          

    	

          	23.24.1	
            Each Borrower and each Guarantor shall (and shall procure that each other Obligor and each other member of the Group will) promptly do all such acts or execute all such documents (including
              assignments, transfers, mortgages, charges, notices and instructions) as the Security Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)):

          

    	

          	(a)	
            to perfect any Encumbrance created or intended to be created under or evidenced by the Security Documents (which may include the execution of a mortgage, charge, assignment or other
              Encumbrance 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 or the Finance Parties provided by or pursuant to
              the Finance Documents or by law;

          

    	

          	(b)	
            to confer on the Security Agent or confer on the Finance Parties an Encumbrance over any property and assets of that Borrower (or that other Obligor or that other member of the Group as the
              case may be) located in any jurisdiction equivalent or similar to the Encumbrance intended to be conferred by or pursuant to the Security Documents; and/or

          

    	

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

          

    	

          	23.24.2	
            Each Borrower and each Guarantor shall (and shall procure that each other Obligor and each other member of the Group will) take all such action as is available to it (including making all
              filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Encumbrance conferred or intended to be conferred on the Security Agent or the Finance Parties by or pursuant to the
              Finance Documents.

          

    	23.25	
            Inventory of Hazardous Materials Each Borrower shall ensure that each Vessel owned by it carries an IHM from the relevant approved classification
              society on or before the date such IHM becomes mandatory pursuant to any applicable law or regulation.

          

    
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    	23.26	
            Recycling  Each Borrower shall confirm that as long as it is in a lending relationship with ABN AMRO Bank N.V., it will ensure that any ship controlled
              by it or sold to an intermediary with the intention of being scrapped, is recycled at a recycling yard which conducts its recycling business in a socially and environmentally responsible manner, in accordance with the provisions of The Hong
              Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 and/or EU Ship Recycling Regulation.

          

    	23.27	
            Sanctions

          

    	

          	23.27.1	
            Each Obligor shall (and each Borrower shall procure that each member of the Group will) comply with all Sanctions.

          

    	

          	23.27.2	
            No Obligor shall (and the Borrowers shall procure that no Obligor and no member of the Group will) become a Restricted Party or act on behalf of, or as an agent of, a Restricted Party, to the
              extent this would lead to non-compliance by it or any other Party with any applicable Sanctions.

          

    	

          	23.27.3	
            No Obligor shall (and the Borrowers shall procure that no Obligor and no member of the Group will) use, lend, contribute or otherwise make available the proceeds of any Loan or other
              transaction contemplated by this Agreement directly or indirectly for the purpose of financing any trade, business or other activities with any Restricted Party, to the extent, in each case, such use, lending, contributing or otherwise making
              available.

          

    	

          	23.27.4	
            The proceeds would lead to non-compliance by it or any other Party with any applicable Sanctions.

          

    	

          	23.27.5	
            No Obligor shall (and the Borrowers shall procure that no Obligor and no member of the Group will) use any revenue or benefit derived from any activity or dealing with a Restricted Party in
              discharging any obligation due or owing to the Finance Parties to the extent such use would lead to non-compliance by it or any other Party with any applicable Sanctions.

          

    	

          	23.27.6	
            No Obligor shall (and each Borrower shall procure that each other Obligor or member of the Group will) procure that no proceeds from any activity or dealing with a Restricted Party are
              credited to any bank account held with any Finance Party or any Affiliate of a Finance Party, to the extent crediting such bank account would lead to non-compliance by it, any Finance Party or any Affiliate of a Finance Party with any
              applicable Sanctions.

          

    	

          	23.27.7	
            No Obligor shall (and the Borrowers shall procure that no Obligor and no member of the Group will) to the extent permitted by law and promptly upon becoming aware of them, supply to the Agent
              details of any claim, action, suit, proceedings or investigation against it with respect to Sanctions by any Sanctions Authority.

          

    	

          	23.27.8	
            Any provisions of this Clause 23.27, or Clause 20.1.25 shall not apply to or in favour of any Finance Party if and to the extent that it would result in a breach, by or in respect of that
              Finance Party, of any applicable Blocking Law.

          

    
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          	23.27.9	
            For the purposes of this Clause 23.27, Blocking Law means

          

    	

          	(a)	
            Any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (or any law or regulation implementing such Regulation in any member state of the European Union or the United
              Kingdom); or

          

    	

          	(b)	
            Any similar blocking or anti-boycott law applicable to that Finance Party.

          

    	(c)	
            Ownership The Borrower shall procure that there is no change in the ownership of any Borrower without the prior written consent of the Agent (acting on
              the instructions of all the Lenders).

          

    	23.28	
            Poseidon Principles

          

    	

          	23.28.1	
            In this Clause 23.28:

          

    "Poseidon Principles" means the financial industry framework for assessing and disclosing the
      climate alignment of ship finance portfolios published on 18 June 2019 as the same may be amended or replaced (to reflect changes in applicable law or regulation or the introduction of, or changes to, mandatory requirements of the International
      Maritime Organization) from time to time.

    "Relevant Lender" means the Lender if it has, at any time during the Facility Period, become a
      signatory to the Poseidon Principles.

    "Statement of Compliance" means a statement of compliance related to fuel oil consumption pursuant
      to regulations 6.6 and 6.7 of Annex VI.

    	23.29	
            The Borrowers shall, upon the request of the Relevant Lender and at the cost of the Borrowers, on or before 31 July in each calendar year, supply or procure the supply to the Relevant Lender
              of all information necessary in order for the Relevant Lender to comply with its obligations under the Poseidon Principles in respect of the preceding calendar year, including, without limitation, a "Fleet Carbon Intensity Certificate" from a
              Recognized Organization relating to each Borrowers’ Vessel for the preceding calendar year using all ship fuel oil consumption data required to be collected and reported in accordance with regulation 22A of Annex VI in respect of that
              calendar year , provided that the Relevant Lender shall not publicly disclose such information with the identity of the Borrowers Vessel without the prior written consent of the Borrowers and, for the avoidance of doubt, such information
              shall be "Confidential lnformation" for the purposes of Clause 39.1 (Confidential Information) but the Borrowers acknowledge that, in accordance with the Poseidon Principles, such information will form part of the information published
              regarding the Relevant Lender's portfolio climate alignment.

          

    	23.30	
            No dealings with Master Agreement   No Borrower shall assign, novate or encumber or in any other way transfer any of its rights or obligations under the
              Master Agreement, nor enter into any interest rate exchange or hedging agreement with anyone other than the Swap Provider.

          

    
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    	24	
            Events of Default

          

    	24.1	
            Events of Default   Each of the events or circumstances set out in this Clause 24.1 is an Event of Default.

          

    	

          	24.1.1	
            Non-payment   An Obligor does not pay on the due date any amount payable by it under a Finance Document at the place at and in the currency in which it
              is expressed to be payable unless:

          

    	

          	(a)	
            its failure to pay is caused by:

          

    	

          	(i)	
            administrative or technical error; or

          

    	

          	(ii)	
            a Disruption Event; and

          

    	

          	(b)	
            payment is made within two Business Days of its due date.

          

    	

          	24.1.2	
            Other specific obligations

          

    	

          	(a)	
            Any requirement of Clause 21.2 (Compliance Certificate), Clause 22 (Financial Covenants) and 23.27 (Sanctions) is not satisfied.

          

    	

          	(b)	
            An Obligor does not comply with any obligation in a Finance Document relating to the Insurances or with Clauses 3.1 (Purpose), 4.4 (No waiver), 7.5 (Mandatory prepayment on sale or Total Loss), 7.8 (Prepayment – Change of Control), 18.1 (Additional security), 21.1 (Financial statements), 23.21 (No dividends), 20.1.17 (Anti-corruption
                law), 23.2 (Compliance with laws), 23.5 (Anti-corruption law), 23.8 (Pari passu ranking).

          

    	

          	24.1.3	
            Other obligations

          

    	

          	(a)	
            An Obligor does not comply with any provision of a Finance Document (other than those referred to in Clause 24.1.1 (Non-payment) and Clause 24.1.2 (Other specific obligations).

          

    	

          	(b)	
            No Event of Default under this Clause 24.1.3 will occur if the failure to comply is capable of remedy and is remedied within fifteen Business Days of the earlier of (i) the Agent giving notice
              to the Borrowers and (ii) the Borrowers becoming aware of the failure to comply.

          

    	

          	24.1.4	
            Misrepresentation   Any representation or statement made or deemed to be made by an Obligor in any Finance Document or any other document delivered by
              or on behalf of an Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading when made or deemed to be made.

          

    	

          	24.1.5	
            Cross default

          

    	

          	(a)	
            Any Financial Indebtedness of an Obligor or of any other member of the Group is not paid when due nor within any originally applicable grace period.

          

    
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          	(b)	
            Any Financial Indebtedness of an Obligor or of any other member of the Group 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).

          

    	

          	(c)	
            Any commitment for any Financial Indebtedness of an Obligor or of any other member of the Group is cancelled or suspended by a creditor of an Obligor or of any other member of the Group as a
              result of an event of default (however described).

          

    	

          	(d)	
            Any creditor of an Obligor or of any other member of the Group becomes entitled to declare any Financial Indebtedness of an Obligor or of any other member of the Group due and payable prior to
              its specified maturity as a result of an event of default (however described).

          

    	

          	(e)	
            No Event of Default will occur under this Clause 24.1.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within (a) to (d) is less than
              $10,000,000 in aggregate in the case of each Guarantor or each other member of the Group (other than a Borrower) and (ii) less than $500,000 in aggregate in the case of a Borrower (or, in each case, its equivalent in any other currency or
              currencies).

          

    	

          	24.1.6	
            Insolvency

          

    	

          	(a)	
            An Obligor or any other member of the Group:

          

    	

          	(i)	
            is unable or admits inability to pay its debts as they fall due;

          

    	

          	(ii)	
            is deemed to, or is declared to, be unable to pay its debts under applicable law;

          

    	

          	(iii)	
            suspends or threatens to suspend making payments on any of its debts; or

          

    	

          	(iv)	
            by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness.

          

    	

          	(b)	
            The value of the assets of an Obligor or any other member of the Group is less than its liabilities (taking into account contingent and prospective liabilities).

          

    	

          	(c)	
            A moratorium is declared in respect of any indebtedness of an Obligor or any other member of the Group.  If a moratorium occurs, the ending of the moratorium will not remedy any Event of
              Default caused by that moratorium.

          

    	

          	24.1.7	
            Insolvency proceedings   Any corporate action, legal proceedings or other procedure or step is taken in relation to:

          

    
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          	(a)	
            the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration, bankruptcy or reorganisation (by way of voluntary arrangement, scheme of arrangement or
              otherwise) of an Obligor or any other member of the Group;

          

    	

          	(b)	
            a composition, compromise, assignment or arrangement with any creditor of an Obligor or any other member of the Group;

          

    	

          	(c)	
            the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager, trustee or other similar officer in respect of an Obligor or any other member of the
              Group or any of its assets; or

          

    	

          	(d)	
            enforcement of any Encumbrance over any assets of an Obligor or any other member of the Group,

          

    or any analogous procedure or step is taken in any jurisdiction.

    This Clause 24.1.7 shall not apply to (i) any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed
      within 30 days of commencement or (ii) any arrest or detention of a Vessel from which that Vessel is released within 60 days from the date of that arrest or detention.

    	

          	24.1.8	
            Creditors' process   Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any
              asset or assets of an Obligor or any other member of the Group and is not discharged within 30 days.

          

    	

          	24.1.9	
            Unlawfulness and invalidity

          

    	

          	(a)	
            It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents or any Encumbrance created or expressed to be created or evidenced by the Security
              Documents ceases to be effective.

          

    	

          	(b)	
            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.

          

    	

          	(c)	
            Any Finance Document ceases to be in full force and effect or any Encumbrance created or expressed to be created or evidenced by the Security Documents ceases to be legal, valid, binding,
              enforceable or effective or is alleged by a party to it (other than a Finance Party) to be ineffective.

          

    	

          	24.1.10	
            Cessation of business   An Obligor or any other member of the Group ceases, or threatens to cease, to carry on all or a substantial part of its business
              except as a result of a Permitted Disposal.

          

    
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          	24.1.11	
            Change in ownership or control of a Borrower or a Guarantor There is any change in the ownership of a Borrower or a Collateral Guarantor.

          

    	

          	24.1.12	
            Expropriation   The authority or ability of an Obligor or any other member of the Group 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 an Obligor or any member of the Group or any
              of its assets.

          

    	

          	24.1.13	
            Repudiation and rescission of agreements

          

    	

          	(a)	
            An Obligor rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or evidences an intention to rescind or repudiate a Finance Document.

          

    	

          	(b)	
            Subject to Clause 24.1.13(c), any party to any of the Relevant Documents that is not a Finance Document rescinds or purports to rescind or repudiates or purports to repudiate that Relevant
              Document in whole or in part where to do so has or is, in the reasonable opinion of the Majority Lenders, likely to have a material adverse effect on the interests of the Lenders under the Finance Documents.

          

    	

          	(c)	
            Any of the Management Agreements is terminated, cancelled or otherwise ceases to remain in full force and effect at any time prior to its contractual expiry date and is not immediately
              replaced by a similar agreement in form and substance satisfactory to the Majority Lenders.

          

    	

          	24.1.14	
            Conditions subsequent   Any of the conditions referred to in Clause 4.3 (Conditions subsequent) is not
              satisfied within the time reasonably required by the Agent.

          

    	

          	24.1.15	
            Revocation or modification of Authorisation   Any Authorisation of any governmental, judicial or other public body or authority which is now, or which
              at any time during the Facility Period becomes, necessary to enable any of the Obligors or any other person (except a Finance Party) to comply with any of their obligations under any Relevant Document is not obtained, is revoked, suspended,
              withdrawn or withheld, or is modified in a manner which the Agent considers is, or may be, prejudicial to the interests of any Finance Party, or ceases to remain in full force and effect.

          

    	

          	24.1.16	
            Reduction of capital   A Borrower reduces its authorised or issued or subscribed capital.

          

    	

          	24.1.17	
            Loss of Vessel   A Vessel suffers a Total Loss or is otherwise destroyed or abandoned, or a similar event occurs in relation to any other vessel which
              may from time to time be mortgaged to the Security Agent as security for the payment of all or any part of the Indebtedness, except that a Total Loss (which term shall for the purposes of the remainder of this Clause 24.1.17

          

    
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    include an event similar to a Total Loss in relation to any other vessel) shall not be an Event of Default if:

    	

          	(a)	
            that Vessel or other vessel is insured in accordance with the Security Documents and a claim for Total Loss is available under the terms of the relevant insurances; and

          

    	

          	(b)	
            no insurer has refused to meet or has disputed the claim for Total Loss and it is not apparent to the Agent in its discretion that any such refusal or dispute is likely to occur; and

          

    	

          	(c)	
            payment of all insurance proceeds in respect of the Total Loss is made in full to the Security Agent within 120 days of the occurrence of the casualty giving rise to the Total Loss in question
              (save that, in relation to a Total Loss under part (c) of the definition of Total Loss, an Event of Default shall not occur if payment of all insurance proceeds in respect of that Total Loss is made in full to the Security Agent within 120 days
              after that Total Loss has occurred) or (in each such case) such longer period as the Agent may in its discretion agree.

          

    	

          	24.1.18	
            Challenge to registration   The registration of a Vessel or a Mortgage is contested or becomes void or voidable or liable to cancellation or
              termination, or the validity or priority of a Mortgage is contested.

          

    	

          	24.1.19	
            War   The country of registration of a Vessel becomes involved in war (whether or not declared) or civil war or is occupied by any other power and the
              Agent considers that, as a result, the security conferred by any of the Security Documents is materially prejudiced.

          

    	

          	24.1.20	
            Master Agreement termination   A notice is given by the Swap Provider under section 6(a) of the Master Agreement, or by any person under section
              6(b)(iv) of the Master Agreement, in either case designating an Early Termination Date for the purpose of the Master Agreement, or the Master Agreement is for any other reason terminated, cancelled, suspended, rescinded, revoked or otherwise
              ceases to remain in full force and effect.

          

    	

          	24.1.21	
            Notice of determination   A Guarantor gives notice to the Security Agent to determine any obligations under the relevant Guarantee.

          

    	

          	24.1.22	
            Litigation   Any litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency are started
              or threatened, or any judgment or order of a court, arbitral body or agency is made, in relation to the Relevant Documents or the transactions contemplated in the Relevant Documents or against an Obligor or any other member of the Group or
              its assets which have, or has, or are, or is, reasonably likely to have a Material Adverse Effect.

          

    	

          	24.1.23	
            Material adverse change   Any event or circumstance occurs which the Majority Lenders reasonably believe has or is reasonably likely to have a Material
              Adverse Effect.

          

    
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          	24.1.24	
            Listing of Original Guarantor The shares (or any part thereof) of the Original Guarantor cease to be listed on the New York Stock Exchange or Nasdaq
              Global Select Market, Nasdaq Global Market, Nasdaq Capital Market and any successor thereof or any other internationally recognised stock exchange acceptable to the Agent.

          

    	24.2	
            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:

          

    	

          	24.2.1	
            by notice to the Borrowers:

          

    	

          	(a)	
            cancel the Total Commitments, at which time they shall immediately be cancelled;

          

    	

          	(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

          

    	

          	24.2.2	
            exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.

          

    
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    	Section 9	
            Changes to Parties

          

    	25	
            Changes to the Lenders

          

    	25.1	
            Assignments and transfers by the Lenders   Subject to this Clause 25, a Lender (the "Existing Lender") may:

          

    	

          	25.1.1	
            assign any of its rights; or

          

    	

          	25.1.2	
            transfer by novation any of its rights and obligations,

          

    under any Finance Document to another bank or financial institution or to a 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").

    	25.2	
            Conditions of assignment or transfer

          

    	

          	25.2.1	
            An Existing Lender must obtain the prior written consent of the Borrowers before it may make an assignment or transfer in accordance with Clause 25.1 (Assignments
                and transfers by the Lenders) unless the assignment or transfer is:

          

    	

          	(a)	
            to another Lender or an Affiliate of any Lender;

          

    	

          	(b)	
            to a fund which is a Related Fund of that Existing Lender;

          

    	

          	(c)	
            made at a time when an Event of Default is continuing;

          

    	

          	(d)	
            to any bank or a financial institution

          

    provided, however, that:

    	

          	(i)	
            in case (d) above the assignment or transfer shall be subject to prior consultation of the Borrowers at least 28 days prior to such assignment or transfer.

          

    	

          	25.2.2	
            The consent of the Borrowers to an assignment or transfer must not be unreasonably withheld or delayed.  The Borrowers will be deemed to have given their consent five Business Days after the
              Lender has requested it unless consent is expressly refused by the Borrowers within that time.

          

    	

          	25.2.3	
            An assignment will only be effective on:

          

    	

          	(a)	
            receipt by the Agent (whether in the Assignment Agreement or otherwise) 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 other Finance Parties and the other Secured Parties as it would have been under if it had been an Original Lender; and

          

    	

          	(b)	
            performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion
              of

          

    
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    which the Agent shall promptly notify to the Existing Lender and the New Lender.

    	

          	25.2.4	
            A transfer will only be effective if the procedure set out in Clause 25.5 (Procedure for transfer) is complied with.

          

    	

          	25.2.5	
            If:

          

    	

          	(a)	
            a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and

          

    	

          	(b)	
            as a result of circumstances existing at the date the assignment, transfer or change occurs, a Borrower or a Guarantor would be obliged to make a payment to the New Lender or Lender acting
              through its new Facility Office under Clause 12 (Tax Gross Up and Indemnities) or Clause 13 (Increased Costs),

          

    then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same
      extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.  This Clause 25.2.5 shall not apply:

    	

          	(c)	
            in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Loan; or

          

    	

          	(d)	
            in relation to Clause 12.2 (Tax gross-up), to a Treaty Lender that has included a confirmation of its scheme reference number and its jurisdiction of
              tax residence in accordance with Clause 12.2.7(b)(ii) (Tax gross-up) if the Borrower making the payment has not made a Borrower DTTP Filing in respect of that Treaty Lender.

          

    	

          	25.2.6	
            Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, 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 transfer or assignment becomes effective in accordance with this Agreement
              and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.

          

    	25.3	
            Assignment or transfer fee

          

    	

          	25.3.1	
            Subject to Clause 25.3.2, the New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of $3,000.

          

    	

          	25.3.2	
            No fee is payable pursuant to Clause 25.3.1 if:

          

    	

          	(a)	
            the Agent agrees that no fee is payable; or

          

    	

          	(b)	
            the assignment or transfer is made by an Existing Lender:

          

    
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          	(i)	
            to an Affiliate of that Existing Lender;

          

    	

          	(ii)	
            to a fund which is a Related Fund of that Existing Lender; or

          

    	

          	(iii)	
            in connection with primary syndication of the Loan.

          

    	25.4	
            Limitation of responsibility of Existing Lenders

          

    	

          	25.4.1	
            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 Relevant Documents or any other documents;

          

    	

          	(b)	
            the financial condition of any Obligor;

          

    	

          	(c)	
            the performance and observance by any Obligor or any other member of the Group of its obligations under the Relevant Documents or any other documents; or

          

    	

          	(d)	
            the accuracy of any statements (whether written or oral) made in or in connection with any of the Relevant Documents or any other document,

          

    and any representations or warranties implied by law are excluded.

    	

          	25.4.2	
            Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

          

    	

          	(a)	
            has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and each other member of the Group and its related
              entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any of the Relevant Documents; and

          

    	

          	(b)	
            will continue to make its own independent appraisal of the creditworthiness of each Obligor and each other member of the Group and its related entities while any amount is or may be
              outstanding under the Finance Documents or any Commitment is in force.

          

    	

          	25.4.3	
            Nothing in any Finance Document obliges an Existing Lender to:

          

    	

          	(a)	
            accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 25; 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 Relevant Documents or otherwise.

          

    
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    	25.5	
            Procedure for transfer

          

    	

          	25.5.1	
            Subject to the conditions set out in Clause 25.2 (Conditions of assignment or transfer) a transfer is effected in accordance with Clause 25.5.3 when
              the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender.  The Agent shall, subject to Clause 25.2.3(b), as soon as reasonably practicable after receipt by it of a duly
              completed Transfer Certificate 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.

          

    	

          	25.5.2	
            The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your
              customer" or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.

          

    	

          	25.5.3	
            Subject to Clause 25.9 (Pro rata interest settlement), on the Transfer Date:

          

    	

          	(a)	
            to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each Borrower and each Guarantor and the
              Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another shall be cancelled (being the "Discharged Rights and
                Obligations");

          

    	

          	(b)	
            each Borrower and each Guarantor and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights
              and Obligations only insofar as that Borrower and that Guarantor and the New Lender have assumed and/or acquired the same in place of that Borrower and that Guarantor and the Existing Lender;

          

    	

          	(c)	
            the Agent, the Security Agent, the New Lender and other Lenders 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 Agent, the Security Agent and the Existing Lender shall each be released from further
              obligations to each other under the Finance Documents; and

          

    	

          	(d)	
            the New Lender shall become a Party as a "Lender".

          

    	25.6	
            Procedure for assignment

          

    	

          	25.6.1	
            Subject to the conditions set out in Clause 25.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with Clause 25.6.3
              when the Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender.  The Agent shall, subject to Clause 25.6.2, as soon as reasonably practicable

          

    
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    after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and
      delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.

    	

          	25.6.2	
            The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your
              customer" or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.

          

    	

          	25.6.3	
            Subject to Clause 25.9 (Pro rata interest settlement), on the Transfer Date:

          

    	

          	(a)	
            the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of any Encumbrance created or expressed to be created or evidenced by the
              Security Documents and expressed to be the subject of the assignment in the Assignment Agreement;

          

    	

          	(b)	
            the Existing Lender will be released from the obligations (the "Relevant Obligations") expressed to be the subject of the release in the Assignment
              Agreement (and any corresponding obligations by which it is bound in respect of any Encumbrance created or expressed to be created or evidenced by the Security Documents); and

          

    	

          	(c)	
            the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations.

          

    	

          	25.6.4	
            Lenders may utilise procedures other than those set out in this Clause 25.6 to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless
              in accordance with Clause 25.5 (Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a
              New Lender) provided that they comply with the conditions set out in Clause 25.2 (Conditions of assignment or transfer).

          

    	25.7	
            Copy of Transfer Certificate or Assignment Agreement to Borrowers   The Agent shall, as soon as reasonably practicable after it has executed a Transfer
              Certificate or an Assignment Agreement, send to the Borrowers a copy of that Transfer Certificate or Assignment Agreement.

          

    	25.8	
            Security over Lenders' rights   In addition to the other rights provided to Lenders under this Clause 25, each Lender may without consulting with or
              obtaining consent from any Obligor, at any time charge, assign or otherwise create Encumbrances in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender
              including, without limitation:

          

    	

          	25.8.1	
            any charge, assignment or other Encumbrance to secure obligations to a federal reserve or central bank; and

          

    
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          	25.8.2	
            any charge, assignment or other Encumbrance granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those
              obligations or securities,

          

    except that no such charge, assignment or Encumbrance shall:

    	

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

          

    	

          	(b)	
            require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender
              under the Finance Documents.

          

    	25.9	
            Pro rata interest settlement

          

    	

          	25.9.1	
            If the Agent has notified the Lenders that it is able to distribute interest payments on a "pro rata basis" to Existing Lenders and New Lenders then (in respect of any transfer pursuant to
              Clause 25.5 (Procedure for transfer) or any assignment pursuant to Clause 25.6 (Procedure for assignment) the Transfer Date of which, in each case, is after the
              date of such notification and is not on the last day of an Interest Period):

          

    	

          	(a)	
            any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to
              but excluding the Transfer Date ("Accrued Amounts") and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period
              (or, if the Interest Period is longer than six Months, on the next of the dates which falls at intervals of six Months after the first day of that Interest Period); and

          

    	

          	(b)	
            the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:

          

    	

          	(i)	
            when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Lender; and

          

    	

          	(ii)	
            the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 25.9, have been payable to it on that date, but after deduction of the
              Accrued Amounts.

          

    	

          	25.9.2	
            In this Clause 25.9 references to "Interest Period" shall be construed to include a reference to any other period for accrual of fees.

          

    	

          	25.9.3	
            An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 25.9 but which does not have a Commitment shall be deemed

          

    
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    not to be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve
      any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents.

    	26	
            Changes to the Obligors

          

    	26.1	
            No assignment or transfer by Obligors   No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance
              Documents.

          

    	26.2	
            Additional Guarantors

          

    	

          	26.2.1	
            Subject to compliance with the provisions of Clauses 21.6 ("Know your customer" checks), the Borrowers may request that any member of the Group become
              a Guarantor.

          

    	

          	26.2.2	
            A member of the Group shall become an Additional Guarantor if:

          

    	

          	(a)	
            the Borrowers and the proposed Additional Guarantor deliver to the Agent a duly completed and executed Accession Deed; and

          

    	

          	(b)	
            the Agent has received all of the documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent) and, if applicable, Part II of
              Schedule 2 (Conditions Subsequent) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent.

          

    	

          	26.2.3	
            The Agent shall notify the Borrowers and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed
              in Part I of Schedule 2 (Conditions Precedent) and, if applicable, Part II of Schedule 2 (Conditions Subsequent).

          

    	

          	26.2.4	
            Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in Clause 26.2.3, 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.

          

    	26.3	
            Resignation of a Guarantor

          

    	

          	26.3.1	
            The Borrowers may request that a Guarantor ceases to be a Guarantor by delivering to the Agent a Resignation Letter if all the Lenders have consented to the resignation of that Guarantor.

          

    	

          	26.3.2	
            The Agent shall accept a Resignation Letter and notify the Borrowers and the Lenders of its acceptance if:

          

    	

          	(a)	
            the Borrowers have confirmed that no Default is continuing or would result from the acceptance of the Resignation Letter; and

          

    	

          	(b)	
            no payment is due from any Guarantor under Clause 19.1 (Guarantee and Indemnity).

          

    	26.4	
            Repetition of Representations

          

    
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    Delivery of an Accession Deed constitutes confirmation by the relevant member of the Group that the Repeating Representations are true and
      correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.

    
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    	Section 10	
            The Finance Parties

          

    	27	
            Role of the Agent, the Security Agent

          

    	27.1	
            Appointment of the Agent

          

    	

          	27.1.1	
            Each of the Lenders appoints the Agent to act as its agent under and in connection with the Finance Documents and each of the Lenders and the Agent appoints the Security Agent to act as its
              security agent for the purpose of the Security Documents.

          

    	

          	27.1.2	
            Each of the Lenders authorises the Agent and each of the Lenders and the Agent authorises the Security Agent to perform the duties, obligations and responsibilities and to exercise the rights,
              powers, authorities and discretions specifically given to the Agent or the Security Agent (as the case may be) under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions.

          

    	

          	27.1.3	
            The Swap Provider appoints the Security Agent to act as its security agent for the purpose of the Security Documents and authorises the Security Agent to exercise the rights, powers,
              authorities and discretions specifically given to the Security Agent under or in connection with the Security Documents together with any other incidental rights, powers, authorities and discretions.

          

    	

          	27.1.4	
            Except in Clause 27.13 (Replacement of the Agent) or where the context otherwise requires, references in this Clause 27 to the "Agent" shall mean the Agent and the Security Agent individually and collectively and references in this Clause 27 to the "Finance Documents" or to any "Finance Document" shall not include the Master Agreement.

          

    	27.2	
            Instructions

          

    	

          	27.2.1	
            The Agent shall:

          

    	

          	(a)	
            unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any
              instructions given to it by:

          

    	

          	(i)	
            all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

          

    	

          	(ii)	
            in all other cases, the Majority Lenders; and

          

    	

          	(b)	
            not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with Clause 27.2.1(a).

          

    	

          	27.2.2	
            The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision
              for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or

          

    
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    discretion and the Agent may refrain from acting unless and until it receives any such instructions or clarification that it has
      requested.

    	

          	27.2.3	
            Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance
              Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.

          

    	

          	27.2.4	
            The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or security that it may in its discretion
              require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions.

          

    	

          	27.2.5	
            In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders.

          

    	

          	27.2.6	
            The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent) in any legal or arbitration proceedings relating to any Finance Document.  This Clause
              27.2.6 shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Finance Documents or the enforcement of the Finance Documents.

          

    	27.3	
            Duties of the Agent

          

    	

          	27.3.1	
            The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

          

    	

          	27.3.2	
            Subject to Clause 27.3.3, 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.

          

    	

          	27.3.3	
            Without prejudice to Clause 25.7 (Copy of Transfer Certificate or Assignment Agreement to Borrowers), Clause 27.3.1 shall not apply to any Transfer
              Certificate or any Assignment Agreement.

          

    	

          	27.3.4	
            Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another
              Party.

          

    	

          	27.3.5	
            If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Finance
              Parties.

          

    	

          	27.3.6	
            If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or the Security Agent) under this Agreement it
              shall promptly notify the other Finance Parties.

          

    
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          	27.3.7	
            The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

          

    	27.4	
            No fiduciary duties

          

    	

          	27.4.1	
            Subject to Clause 27.11 (Trust) which relates to the Security Agent only, nothing in any Finance Document constitutes the Agent as a trustee or
              fiduciary of any other person.

          

    	

          	27.4.2	
            Neither the Agent shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.

          

    	27.5	
            Business with Obligors and the Group   The Agent may accept deposits from, lend money to and generally engage in any kind of banking or other business
              with any Borrower, any other Obligor or its Affiliate and any other member of the Group.

          

    	27.6	
            Rights and discretions of the Agent

          

    	

          	27.6.1	
            The Agent may:

          

    	

          	(a)	
            rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;

          

    	

          	(b)	
            assume that:

          

    	

          	(i)	
            any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and

          

    	

          	(ii)	
            unless it has received notice of revocation, that those instructions have not been revoked; and

          

    	

          	(iii)	
            rely on a certificate from any person:

          

    	

          	(A)	
            as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or

          

    	

          	(B)	
            to the effect that such person approves of any particular dealing, transaction, step, action or thing,

          

    as sufficient evidence that that is the case and, in the case of (A), may assume the truth and accuracy of that certificate.

    	

          	27.6.2	
            The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders or security agent for the Finance Parties (as the case may be)) that:

          

    	

          	(a)	
            no Default has occurred (unless it has actual knowledge of a Default arising under Clause 24.1 (Events of Default));

          

    
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          	(b)	
            any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and

          

    	

          	(c)	
            any notice or request made by the Borrowers (other than the Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors.

          

    	

          	27.6.3	
            The Agent may engage and pay for the advice or services of any lawyers, accountants, surveyors or other experts.

          

    	

          	27.6.4	
            Without prejudice to the generality of Clause 27.6.3 or Clause 27.6.5, the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and
              so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable.

          

    	

          	27.6.5	
            The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or by any other
              Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

          

    	

          	27.6.6	
            The Agent may act in relation to the Finance Documents through its officers, employees and agents and the Agent shall not:

          

    	

          	(a)	
            be liable for any error of judgment made by any such person; or

          

    	

          	(b)	
            be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part, of any such person,

          

    unless such error or such loss was directly caused by the Agent's gross negligence or wilful misconduct.

    	

          	27.6.7	
            Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.

          

    	

          	27.6.8	
            Without prejudice to the generality of Clause 27.6.7, the Agent:

          

    	

          	(a)	
            may disclose; and

          

    	

          	(b)	
            on the written request of the Borrowers or the Majority Lenders shall, as soon as reasonably practicable, disclose,

          

    the identity of a Defaulting Lender to the Borrowers and to the other Finance Parties.

    	

          	27.6.9	
            Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute
              a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

          

    
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          	27.6.10	
            The Agent is not obliged to disclose to any Finance Party any details of the rate notified to the Agent by any Lender or the identity of any such Lender for the purpose of Clause 10.2 (Market Disruption).

          

    	

          	27.6.11	
            Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of
              its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not
              reasonably assured to it.

          

    	27.7	
            Responsibility for documentation   The Agent is not responsible or liable for:

          

    	

          	27.7.1	
            the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, an Obligor or any other person given in or in connection with any Relevant
              Document or the transactions contemplated in the Finance Documents;

          

    	

          	27.7.2	
            the legality, validity, effectiveness, adequacy or enforceability of any Relevant Document or any other agreement, arrangement or document entered into, made or executed in anticipation of or
              in connection with any Relevant Document; or

          

    	

          	27.7.3	
            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 applicable law or
              regulation relating to insider dealing or otherwise.

          

    	27.8	
            No duty to monitor   The Agent shall not be bound to enquire:

          

    	

          	27.8.1	
            whether or not any Default has occurred;

          

    	

          	27.8.2	
            as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

          

    	

          	27.8.3	
            whether any other event specified in any Finance Document has occurred.

          

    	27.9	
            Exclusion of liability

          

    	

          	27.9.1	
            Without limiting Clause 27.9.2 (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent) the Agent shall not be liable (including,
              without limitation, for negligence or any other category of liability whatsoever) for:

          

    	

          	(a)	
            any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance
              Document or any Encumbrance created or expressed to be created or evidenced by the Security Documents, unless directly caused by its gross negligence or wilful misconduct;

          

    
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          	(b)	
            exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, any Encumbrance created or expressed to be created or
              evidenced by the Security Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or any Encumbrance created or expressed to be created or
              evidenced by the Security Documents;

          

    	

          	(c)	
            any shortfall which arises on the enforcement or realisation of the Trust Property; or

          

    	

          	(d)	
            without prejudice to the generality of Clauses 27.9.1(a), 27.9.1(b) and 27.9.1(c), any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a
              result of:

          

    	

          	(i)	
            any act, event or circumstance not reasonably within its control; or

          

    	

          	(ii)	
            the general risks of investment in, or the holding of assets in, any jurisdiction,

          

    including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of:
      nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption
      Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

    	

          	27.9.2	
            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 Relevant Document and any officer, employee or agent of the Agent may rely on this Clause subject to Clause 1.6 (Third Party Rights)
              and the provisions of the Third Parties Act.

          

    	

          	27.9.3	
            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.

          

    	

          	27.9.4	
            Nothing in this Agreement shall oblige the Agent to carry out:

          

    	

          	(a)	
            any "know your customer" or other checks in relation to any person;

          

    
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          	(b)	
            any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender or for any Affiliate of any Lender,

          

    on behalf of any Lender and each Lender confirms to the Agent that it is solely responsible for any such checks it is required to carry
      out and that it may not rely on any statement in relation to such checks made by the Agent.

    	

          	27.9.5	
            Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability, any liability of the Agent arising under or in connection with any Finance Document or
              any Encumbrance created or expressed to be created or evidenced by the Security Documents shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date
              of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss.  In
              no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the
              possibility of such loss or damages.

          

    	27.10	
            Lenders' indemnity to the Agent

          

    	

          	27.10.1	
            Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to
              zero) indemnify the Agent and every Receiver and Delegate, within three Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by any
              of them (otherwise than by reason of the relevant Agent's, Receiver's or Delegate's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 32.11 (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) in
              acting as Agent, Receiver or Delegate under, or exercising any authority conferred under, the Finance Documents (unless the relevant Agent, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document).

          

    	

          	27.10.2	
            Subject to Clause 27.10.3, the Borrowers shall immediately on demand reimburse any Lender for any payment that Lender makes to the Agent pursuant to Clause 27.10.1

          

    	

          	27.10.3	
            Clause 27.10.2 shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Agent to an Obligor.

          

    	27.11	
            Trust   The Security Agent agrees and declares, and each of the other Finance Parties acknowledges, that, subject to the terms and conditions of this
              Clause 27.11, the Security Agent holds the Trust Property on trust for the Finance Parties

          

    
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    absolutely.  Each of the other Finance Parties agrees that the obligations, rights and benefits vested in the Security Agent shall be
      performed and exercised in accordance with this Clause 27.11.  The Security Agent shall have the benefit of all of the provisions of this Agreement benefiting it in its capacity as security agent for the Finance Parties, and all the powers and
      discretions conferred on trustees by the Trustee Act 1925 (to the extent not inconsistent with this Agreement).  In addition:

    	

          	27.11.1	
            the Security Agent and any Delegate may indemnify itself or himself out of the Trust Property against all liabilities, costs, fees, damages, charges, losses and expenses sustained or incurred
              by it or him in relation to the taking or holding of any of the Trust Property or in connection with the exercise or purported exercise of the rights, trusts, powers and discretions vested in the Security Agent or any Delegate by or pursuant
              to the Security Documents or in respect of anything else done or omitted to be done in any way relating to the Security Documents;

          

    	

          	27.11.2	
            the other Finance Parties acknowledge that the Security Agent shall be under no obligation to insure any property nor to require any other person to insure any property and shall not be
              responsible for any loss which may be suffered by any person as a result of the lack or insufficiency of any insurance;

          

    	

          	27.11.3	
            the Finance Parties agree that the perpetuity period applicable to the trusts declared by this Agreement shall be the period of 125 years from the date of this Agreement;

          

    	

          	27.11.4	
            the Security Agent shall not be liable for any failure, omission, or defect in perfecting the security constituted or created by any Finance Document including, without limitation, any failure
              to register the same in accordance with the provisions of any of the documents of title of any Obligor to any of the assets thereby charged or effect or procure registration of or otherwise protect the security created by any Security
              Document under any registration laws in any jurisdiction and may accept without enquiry such title as any Obligor may have to any asset;

          

    	

          	27.11.5	
            the Security Agent shall not be under any obligation to hold any title deed, Finance Document or any other documents in connection with the Finance Documents or any other documents in
              connection with the property charged by any Finance Document or any other such security in its own possession or to take any steps to protect or preserve the same, and may permit any Obligor to retain all such title deeds, Finance Documents
              and other documents in its possession; and

          

    	

          	27.11.6	
            save as otherwise provided in the Finance Documents, all moneys which under the trusts therein contained are received by the Security Agent may be placed on deposit in the name of or under the
              control of the Security Agent at such bank or institution (including the Security Agent) and upon such terms as the Security Agent may think fit pending application of those moneys in accordance with Clause 29 (Application of Proceeds).

          

    The provisions of Part I of the Trustee Act 2000 shall not apply to the Security Agent or the Trust Property.

    
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    	27.12	
            Resignation of the Agent

          

    	

          	27.12.1	
            The Agent may resign and appoint one of its Affiliates acting through an office as successor by giving notice to the other Finance Parties and the Borrowers.

          

    	

          	27.12.2	
            Alternatively the Agent may resign by giving 30 days' 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.

          

    	

          	27.12.3	
            If the Majority Lenders have not appointed a successor Agent in accordance with Clause 27.12.2 within 20 days after notice of resignation was given, the retiring Agent (after consultation with
              the Borrowers) may appoint a successor Agent.

          

    	

          	27.12.4	
            If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Agent is entitled to appoint a successor Agent
              under Clause 27.12.3, the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a party to this Agreement as Agent) agree with the proposed successor Agent
              amendments to this Clause 27 and any other term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice for the appointment and protection of corporate trustees together with any
              reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Agent's normal fee rates and those amendments will bind the Parties.

          

    	

          	27.12.5	
            The retiring Agent shall, make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of
              performing its functions as Agent under the Finance Documents.  The Borrowers shall, within three Business Days of demand, reimburse the retiring Agent for the amount of all costs and expenses (including legal fees) properly incurred by it in
              making available such documents and records and providing such assistance.

          

    	

          	27.12.6	
            The Agent's resignation notice shall only take effect upon the appointment of a successor and (in the case of the Security Agent) the transfer of all the Trust Property to that successor.

          

    	

          	27.12.7	
            Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under Clause 27.12.5)
              but shall remain entitled to the benefit of Clause 14.3 (Indemnity to the Agent) and this Clause 27 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be
              payable on) that date).  Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

          

    	

          	27.12.8	
            The Agent shall resign in accordance with Clause 27.12.2 (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to Clause 27.12.3) if on or after
              the date which is three months

          

    
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    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 Borrower or 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) a Borrower 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 that Borrower or that Lender, by notice to the Agent, requires it to resign.

    	27.13	
            Replacement of the Agent

          

    	

          	27.13.1	
            After consultation with the Borrowers, the Majority Lenders may, by giving 30 days' notice to the Agent replace the Agent by appointing a successor Agent.

          

    	

          	27.13.2	
            The retiring Agent shall (at the expense of the Lenders) make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably
              request for the purposes of performing its function as Agent under the Finance Documents.

          

    	

          	27.13.3	
            The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent.  As from this date, the retiring Agent shall be
              discharged from any further obligation in respect of the Finance Documents (other than its obligations under Clause 27.13.2 but shall remain entitled to the benefit of Clause 14.3 (Indemnity to the Agent)
              and this Clause 27 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).

          

    	

          	27.13.4	
            Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

          

    	27.14	
            Confidentiality

          

    	

          	27.14.1	
            In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or
              departments.

          

    
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          	27.14.2	
            If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have notice of
              it.

          

    	27.15	
            Relationship with the Lenders

          

    	

          	27.15.1	
            Subject to Clause 25.9 (Pro rata interest settlement), the Agent may treat the person shown in its records as Lender at the opening of business (in the
              place of the Agent's principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office:

          

    	

          	(a)	
            entitled to or liable for any payment due under any Finance Document on that day; and

          

    	

          	(b)	
            entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day,

          

    unless it has received not less than five Business Days' prior notice from that Lender to the contrary in accordance with the terms of
      this Agreement.

    	

          	27.15.2	
            Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or dispatched to that Lender under the Finance
              Documents.  Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 34.5 (Electronic communication)) electronic
              mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a
              notification of a substitute address, fax number, electronic mail address, department and officer by that Lender for the purposes of Clause 34.2 (Addresses) and Clause 34.5 (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.

          

    	27.16	
            Credit appraisal by the Lenders   Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with
              any Relevant Document, each Lender confirms to the Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Relevant
              Document including but not limited to:

          

    	

          	27.16.1	
            the financial condition, status and nature of each Obligor and each other member of the Group;

          

    	

          	27.16.2	
            the legality, validity, effectiveness, adequacy or enforceability of any Relevant Document and any other agreement, arrangement or document entered into, made or executed in anticipation of,
              under or in connection with any Relevant Document;

          

    
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          	27.16.3	
            whether that Lender 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 Relevant Document, the
              transactions contemplated by the Relevant Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of under or in connection with any Relevant Document; and

          

    	

          	27.16.4	
            the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any Encumbrance created or expressed to be created or evidenced by
              the Security Documents or the existence of any Encumbrance affecting the Charged Property.

          

    	27.17	
            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.

          

    	27.18	
            Agent's management time  Any amount payable to the Agent under Clause 14.3 (Indemnity to the Agent), Clause
              14.4 (Indemnity to the Security Agent), Clause 16 (Costs and expenses) and Clause 27.10 (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).

          

    	27.19	
            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.

          

    	27.20	
            Period without role for Agent

          

    	

          	(a)	
            In this Clause 27.20, a "Non-Agent Period" means the period in which the Agent has no role pursuant to paragraph 27.20(b) below.

          

    	

          	(b)	
            The Agent shall not have a role under this Agreement, other than entering into the Finance Documents in its capacity as Agent, and the other provisions of this Clause 27.20 shall not apply to
              the extent that they relate to the Agent until one of the following conditions is satisfied:

          

    	

          	(i)	
            the Agent receives notice from the relevant Lender (with a copy to the Borrower) that the Lenders are not only the Original Lenders; or

          

    	

          	(ii)	
            the Agent receives notice from the Original Guarantor (with a copy to the Original Lenders) requesting the Agent to commence acting in its role as agent.

          

    The Agent shall commence acting in its role as agent at the date of receipt of the relevant notice.

    
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          	(c)	
            During a Non-Agent Period:

          

    	

          	(i)	
            subject to paragraph 27.20 (c) (iii) below, all references to "the Agent" (other than in this Clause 27.20) and all references to "the Agent", or "a Party" in any Finance Document shall, where
              it relates to the Agent, be construed as references to "the Original Lenders";

          

    	

          	(ii)	
            all payments which are expressed to be made to, received by or made available to or by the Agent (as applicable), must be made to, received by or made available to or by the Original Lenders;

          

    	

          	(iii)	
            the reference to the "Agent" in

          

    	

          	(A)	
            Clause 27.7 (Responsibility for documentation) to and including Clause 27.9 (Exclusion of liability);

          

    	

          	(B)	
            Clause 14 (Other indemnities); and

          

    	

          	(C)	
            Clause 16 (Costs and Expenses),

          

    must at all times be construed to include the Original Lenders in respect of actions taken during the Non-Agent Period
      pursuant to paragraph 27.20 (c) (i) above.

    	

          	(d)	
            Until the date the Agent commences acting in its role as agent, no agency fee or other fees will be payable to the Agent.

          

    	

          	(e)	
            ABN AMRO Bank N.V. will be under no obligation to commence acting in its role as agent under this Agreement prior to having agreed with the Original Guarantor the agency fees payable to it in
              its capacity as Agent.

          

    	

          	(f)	
            Upon the Agent commencing to act as Agent pursuant to clause 27.20 (b), the Security Agent shall carry out its role through its separate and independent division at Gustav Mahlerlaan 10, 1082
              PP Amsterdam, The Netherlands, PAC HQ9037.

          

    	

          	(g)	
            Following the change of office referred to in clause 27.20 (f), the Borrowers shall, upon the request of the Security Agent, enter into and execute such documentation as the Security Agent may
              request in writing in order to reflect the change of office and to preserve the rights of the Security Agent under, and security provided by, each of the Finance Documents pursuant thereto.

          

    	28	
            Parallel Debt (Covenant to pay the Security Agent)

          

    	28.1	
            Notwithstanding any other provision of this Agreement, each Obligor hereby irrevocably and unconditionally undertakes to pay to the Security Agent (such undertakings together, the "Parallel Debt"), as creditor in its own right and not as representative of the other Finance Parties, sums equal to and in the currency of each amount payable by such Obligor to Finance Parties under each
              of the Finance Documents as and when that amount falls due for payment under the relevant Finance Document or would have fallen due but for any discharge resulting from

          

    
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    failure of another Finance Party to take appropriate steps, in insolvency proceedings affecting that Obligor, to preserve its entitlement
      to be paid that amount.

    	28.2	
            The Security Agent shall have its own independent right to demand payment of the amounts payable by each Obligor under the Parallel Debt, irrespective of any discharge of such Obligor’s
              obligation to pay those amounts to the other Finance Parties resulting from failure by them to take appropriate steps, in insolvency proceedings affecting that Obligor, to preserve their entitlement to be paid those amounts.

          

    	28.3	
            Any amount due and payable by a Obligor under the Parallel Debt shall be decreased to the extent that the other Finance Parties have received (and are able to retain) payment in full of the
              corresponding amount under the other provisions of the Finance Documents and any amount due and payable by an Obligor to the other Finance Parties under those provisions shall be decreased to the extent that the Security Agent has received
              (and is able to retain) payment in full of the corresponding amount under the Parallel Debt.

          

    	28.4	
            The rights of the Finance Parties (other than the Security Agent) to receive payment of amounts payable by each Obligor under the Finance Documents are several and are separate and independent
              from, and without prejudice to, the rights of the Security Agent to receive payment under this Clause 28 (Parallel Debt (Covenant to pay the Security Agent)).

          

    	29	
            Application of Proceeds

          

    	29.1	
            Order of application   Subject to Clause 29.2 (Prospective liabilities), all amounts from time to time received or recovered by the Security Agent
              pursuant to the terms of any Finance Document or in connection with the realisation or enforcement of all or any Encumbrance created or expressed to be created under the Security Documents (for the purposes of this Clause 29, the "Recoveries") shall be held by the Security Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law (and subject to the
              provisions of this Clause 29), in the following order:

          

    	

          	29.1.1	
            in discharging any sums owing to the Security Agent, any Receiver or any Delegate;

          

    	

          	29.1.2	
            in payment of all costs and expenses incurred by the Agent or any Secured Party in connection with any realisation or enforcement of any Encumbrance created or expressed to be created under
              the Security Documents taken in accordance with the terms of this Agreement; and

          

    	

          	29.1.3	
            in payment to the Agent for application in accordance with Clause 32.5 (Partial payments).

          

    	29.2	
            Prospective liabilities   Following enforcement of any Encumbrance created or expressed to be created under the Security Documents the Security Agent
              may, in its discretion, hold any amount of the Recoveries in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent
              shall think fit (the

          

    
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    interest being credited to the relevant account) for later application under Clause 29.1 (Order of
        application) in respect of:

    	

          	29.2.1	
            any sum to the Security Agent, any Receiver or any Delegate; and

          

    	

          	29.2.2	
            any part of the Indebtedness,

          

    that the Security Agent reasonably considers, in each case, might become due or owing at any time in the future.

    	29.3	
            Investment of proceeds   Prior to the application of the proceeds of the Recoveries in accordance with Clause 29.1 (Order
                of application) the Security Agent may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including
              itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the application from time to time of those moneys in the Security Agent's discretion in accordance with the provisions
              of this Clause 29.

          

    	29.4	
            Currency conversion

          

    	

          	29.4.1	
            For the purpose of, or pending the discharge of, any part of the Indebtedness the Security Agent may convert any moneys received or recovered by the Security Agent from one currency to
              another, at a market rate of exchange.

          

    	

          	29.4.2	
            The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.

          

    	29.5	
            Permitted deductions   The Security Agent shall be entitled, in its discretion:

          

    	

          	29.5.1	
            to set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings (on account of taxes or otherwise) which it is or may be required by any
              applicable law to make from any distribution or payment made by it under this Agreement; and

          

    	

          	29.5.2	
            to pay all Taxes which may be assessed against it in respect of any of the Trust Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Agent under
              any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

          

    	29.6	
            Good discharge

          

    	

          	29.6.1	
            Any payment to be made in respect of the Indebtedness by the Security Agent may be made to the Agent on behalf of the Finance Parties and any payment made in that way shall be a good
              discharge, to the extent of that payment, by the Security Agent.

          

    	

          	29.6.2	
            The Security Agent is under no obligation to make the payments to the Agent under Clause 29.6.1 in the same currency as that in which the

          

    
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    obligations and liabilities owing to the relevant Finance Party are denominated.

    	30	
            Conduct of Business by the Finance Parties

          

    No provision of this Agreement will:

    	30.1	
            interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

          

    	30.2	
            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

          

    	30.3	
            oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

          

    	31	
            Sharing among the Finance Parties

          

    	31.1	
            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 32 (Payment Mechanics) (a "Recovered Amount") and applies that amount to a payment due under the Finance
              Documents then:

          

    	

          	31.1.1	
            the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent;

          

    	

          	31.1.2	
            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 32 (Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and

          

    	

          	31.1.3	
            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 32.5 (Partial payments).

          

    	31.2	
            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 32.5 (Partial payments) towards the
              obligations of that Obligor to the Sharing Finance Parties.

          

    	31.3	
            Recovering Finance Party's rights   On a distribution by the Agent under Clause 31.2 (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.

          

    
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    	31.4	
            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:

          

    	

          	31.4.1	
            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

          

    	

          	31.4.2	
            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.

          

    	31.5	
            Exceptions

          

    	

          	31.5.1	
            This Clause 31 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.

          

    	

          	31.5.2	
            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, 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.

          

    
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    	Section 11	
            Administration

          

    	32	
            Payment Mechanics

          

    	32.1	
            Payments to the Agent   On each date on which an Obligor or a Lender is required to make a payment under a Finance Document (other than the Master
              Agreement), that Obligor or that 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.

          

    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.

    	32.2	
            Distributions by the Agent   Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 32.3 (Distributions to an Obligor) and Clause 32.4 (Clawback and pre-funding) 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.

          

    	32.3	
            Distributions to an Obligor   The Agent may (with the consent of an Obligor or in accordance with Clause 33 (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.

          

    	32.4	
            Clawback and pre-funding

          

    	

          	32.4.1	
            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.

          

    	

          	32.4.2	
            Unless Clause 32.4.3 applies, 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.

          

    	

          	32.4.3	
            If the Agent is willing to make available amounts for the account of a Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to be the
              case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower:

          

    	

          	(a)	
            the Borrower to whom that sum was made available shall on demand refund it to the Agent; and

          

    
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          	(b)	
            the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower to whom that sum was made available, shall on demand pay to the Agent the amount
              (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

          

    	32.5	
            Partial payments

          

    	

          	32.5.1	
            If the Agent or the Security Agent (as applicable) receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents (other
              than the Master Agreement), the Agent or the Security Agent (as applicable) shall apply that payment towards the obligations of that Obligor under the Finance Documents (other than the Master Agreement) in the following order:

          

    	

          	(a)	
            in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent, the Security Agent, any Receiver or any Delegate under the Finance Documents;

          

    	

          	(b)	
            in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement;

          

    	

          	(c)	
            in or towards payment pro rata of any principal due but unpaid under this Agreement; and

          

    	

          	(d)	
            in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

          

    provided that any part of the Indebtedness arising out of the Master Agreement shall be satisfied on a pari passu basis with any repayment
      of the principal of the Loan.

    	

          	32.5.2	
            The Agent shall, if so directed by the Majority Lenders and the Swap Provider, vary the order set out in Clauses 32.5.1(b) to 32.5.1(d).

          

    	

          	32.5.3	
            Clauses 32.5.1 and 32.5.2 will override any appropriation made by an Obligor.

          

    	32.6	
            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.

          

    	32.7	
            Business Days   Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business
              Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

          

    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.

    	32.8	
            Currency of account

          

    
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          	32.8.1	
            Subject to Clauses 32.8.2 to 32.8.5, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document.

          

    	

          	32.8.2	
            A repayment or payment of all or part of the Loan or an Unpaid Sum shall be made in the currency in which the Loan or Unpaid Sum is denominated, pursuant to this Agreement, on its due date.

          

    	

          	32.8.3	
            Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated, pursuant to this Agreement, when that interest accrued.

          

    	

          	32.8.4	
            Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.

          

    	

          	32.8.5	
            Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.

          

    	32.9	
            Control account   The Agent shall open and maintain on its books a control account in the names of the Borrowers showing the advance of the Loan and the
              computation and payment of interest and all other sums due under this Agreement.  The Borrowers' obligations to repay the Loan and to pay interest and all other sums due under this Agreement shall be evidenced by the entries from time to time
              made in the control account opened and maintained under this Clause 32.9 and those entries will, in the absence of manifest error, be conclusive and binding.

          

    	32.10	
            Change of currency

          

    	

          	32.10.1	
            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).

          

    	

          	32.10.2	
            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 Relevant Market and otherwise to reflect the change in currency.

          

    	32.11	
            Disruption to payment systems etc.   If either the Agent determines that a Disruption Event has occurred or the Agent is notified by the Borrowers that
              a Disruption Event has occurred:

          

    
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          	32.11.1	
            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
              Loan as the Agent may deem necessary in the circumstances;

          

    	

          	32.11.2	
            the Agent shall not be obliged to consult with the Borrowers in relation to any changes mentioned in Clause 32.11.1 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 any such changes;

          

    	

          	32.11.3	
            the Agent may consult with the Finance Parties in relation to any changes mentioned in Clause 32.11.1 but shall not be obliged to do so if, in its opinion, it is not practicable to do so in
              the circumstances;

          

    	

          	32.11.4	
            any such changes agreed upon by the Agent and the Borrowers shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to
              (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 38 (Amendments and Waivers);

          

    	

          	32.11.5	
            the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation, for negligence, gross
              negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 32.11; and

          

    	

          	32.11.6	
            the Agent shall notify the Finance Parties of all changes agreed pursuant to Clause 32.11.4.

          

    	33	
            Set-Off

          

    	33.1	
            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.

          

    	33.2	
            Master Agreement rights   The rights conferred on the Swap Provider by this Clause 33 shall be in addition to, and without prejudice to or limitation
              of, the rights of netting and set off conferred on the Swap Provider by the Master Agreement.

          

    	34	
            Notices

          

    	34.1	
            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.

          

    	34.2	
            Addresses   The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for
              any

          

    
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    communication or document to be made or delivered under or in connection with the Finance Documents is:

    	

          	34.2.1	
            in the case of each Borrower, that identified with its name below;

          

    	

          	34.2.2	
            in the case of each Guarantor, that identified with its name below;

          

    	

          	34.2.3	
            in the case of the Lender, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and

          

    	

          	34.2.4	
            in the case of the Swap Provider, that identified with its name below; and

          

    	

          	34.2.5	
            in the case of the Agent or the Security Agent, that identified with its name below,

          

    or any substitute address, fax number, or department or officer as the 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.

    	34.3	
            Delivery   Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be
              effective:

          

    	

          	34.3.1	
            if by way of fax, when received in legible form; or

          

    	

          	34.3.2	
            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 34.2 (Addresses), if addressed to that department or officer.

    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 with the Agent's or the Security Agent's signature below (or any substitute department or officer as the Agent or the
      Security Agent shall specify for this purpose).

    All notices from or to an Obligor (save in respect of the Master Agreement) shall be sent through the Agent.

    Any communication or document which becomes effective, in accordance with this Clause 34.3, after 5.00 p.m. in the place of receipt shall
      be deemed only to become effective on the following day.

    	34.4	
            Notification of address and fax number   Promptly upon changing its address or fax number, the Agent shall notify the other Parties.

          

    	34.5	
            Electronic communication

          

    	

          	34.5.1	
            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 (including, without limitation,
              by way of posting to a secure website) if those two Parties:

          

    
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          	(a)	
            notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and

          

    	

          	(b)	
            notify each other of any change to their address or any other such information supplied by them by not less than five Business Days' notice.

          

    	

          	34.5.2	
            Any such electronic communication to be made between an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to
              the contrary, this is to be an accepted form of communication.

          

    	

          	34.5.3	
            Any such electronic communication made between any two Parties will be effective only when actually received (or made available) in readable form and in the case of any electronic
              communication made by a Party to the 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.

          

    	

          	34.5.4	
            Any electronic communication which becomes effective, in accordance with Clause 34.5.3, after 5.00 p.m. in the place in which the Party to whom the relevant communication is sent or made
              available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day.

          

    	

          	34.5.5	
            Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in accordance with this Clause 34.5.

          

    	34.6	
            Use of websites

          

    	

          	34.6.1	
            Each Borrower may satisfy its obligations 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 each Borrower shall at its own cost supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form.  In any event each Borrower shall at its own cost
      supply the Agent with at

    
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    least one copy in paper form of any information required to be provided by it.

    	

          	34.6.2	
            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.

          

    	

          	34.6.3	
            Each Borrower shall promptly upon 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)	
            that 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 a Borrower notifies the Agent under Clause 34.6.3(a) or Clause 34.6.3(e), all information to be provided by a Borrower 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.

    	

          	34.6.4	
            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.  Each Borrower
              shall at its own cost comply with any such request within ten Business Days.

          

    	34.7	
            English language   Any notice given under or in connection with any Finance Document must be in English.  All other documents provided under or in
              connection with any Finance Document must be:

          

    	

          	34.7.1	
            in English; or

          

    	

          	34.7.2	
            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.

          

    	35	
            Calculations and Certificates

          

    	35.1	
            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 the Agent pursuant to Clause 32.9 (Control account) are prima facie evidence of the matters to which they relate.

          

    
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    	35.2	
            Certificates and determinations   Any certification or determination by the Agent of a rate or amount under any Finance Document is, in the absence of
              manifest error, conclusive evidence of the matters to which it relates.

          

    	35.3	
            Day count convention   Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of
              the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice.

          

    	36	
            Partial Invalidity

          

    If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any
      jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

    	37	
            Remedies and Waivers

          

    No failure to exercise, nor any delay in exercising, on the part of any Finance Party or Secured Party, any right or remedy under a Finance
      Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document.  No election to affirm any Finance Document on the part of any Finance Party or Secured Party shall be effective unless it is in
      writing.  No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy.  The rights and remedies provided in each Finance Document are cumulative and not exclusive of
      any rights or remedies provided by law.

    	38	
            Amendments and Waivers

          

    	38.1	
            Required consents

          

    	

          	38.1.1	
            Subject to Clause 38.2 (Exceptions) any term of the Finance Documents (other than the Master Agreement) may be amended or waived only with the consent
              of the Majority Lenders and the Borrowers and any such amendment or waiver will be binding on all Parties.

          

    	

          	38.1.2	
            The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 38.

          

    	

          	38.1.3	
            Without prejudice to the generality of Clauses 27.6.3, 27.6.4 and 27.6.5 (Rights and discretions of the Agent), the Agent may engage, pay for and rely
              on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under this Agreement.

          

    	

          	38.1.4	
            Clause 25.9.3 (Pro rata interest settlement) shall apply to this Clause 38.

          

    	38.2	
            Exceptions

          

    	

          	38.2.1	
            Subject to Clause 38.3 (Replacement of Screen Rate), an amendment, waiver or (in the case of a Security Document) a consent of, or in relation

          

    
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    to, any term of any Finance Document that has the effect of changing or which relates to:

    	

          	(a)	
            the definition of "Majority Lenders" in Clause 1.1 (Definitions);

          

    	

          	(b)	
            an extension to the date of payment of any amount under the Finance Documents;

          

    	

          	(c)	
            a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable;

          

    	

          	(d)	
            an increase in any Commitment, an extension of the Availability Period or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably;

          

    	

          	(e)	
            a change to a Borrower or a change to a Guarantor other than in accordance with Clause 26 (Changes to the Obligors);

          

    	

          	(f)	
            any provision which expressly requires the consent of all the Lenders;

          

    	

          	(g)	
            Clause 2.2 (Finance Parties' rights and obligations), Clause 5.1 (Delivery of a Utilisation Request), Clause
              7.1 (Illegality), Clause 7.5 (Mandatory prepayment on sale or Total Loss), Clause 25 (Changes to the Lenders), Clause
              26 (Changes to the Obligors), this Clause 38, Clause 43 (Governing Law) or Clause 44.1 (Jurisdiction of English courts);

          

    	

          	(h)	
            (other than as expressly permitted by the provisions of any Finance Document) the nature or scope of:

          

    	

          	(i)	
            any Guarantee;

          

    	

          	(ii)	
            the Charged Property; or

          

    	

          	(iii)	
            the manner in which the proceeds of enforcement of the Security Documents are distributed; or

          

    	

          	(i)	
            the release of any Guarantee or of any Encumbrance created or expressed to be created or evidenced by the Security Documents unless permitted under this Agreement or any other Finance Document
              or relating to a sale or disposal of an asset which is the subject of any Encumbrance created or expressed to be created or evidenced by the Security Documents where such sale or disposal is expressly permitted under this Agreement or any
              other Finance Document;

          

    	

          	(j)	
            Clause 23.27 (Sanctions) or anyone or more of the definitions of "Restricted Party", "Sanctions", "Sanctions Authority" and "Sanctions List";

          

    shall not be made, or given, without the prior consent of all the Lenders.

    
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          	38.2.2	
            An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent may not be effected without the consent of the Agent or
              the Security Agent.

          

    	38.3	
            Replacement of Screen Rate

          

    	

          	38.3.1	
            In this Clause 38.3:

          

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

    "Replacement Benchmark" means a benchmark rate which is:

    	

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

          

    	

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

          

    	

          	(ii)	
            any Relevant Nominating Body,

          

    and if replacements have, at the relevant time, been formally designated, nominated or recommended under both (i) and (ii), the
      "Replacement Benchmark" will be the replacement under (ii);

    	

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

          

    	

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

          

    "Screen Rate Replacement Event" means, in relation to a Screen Rate:

    	

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

          

    (b)

    (i)

    	

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

          

    	

          	(B)	
            information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative,
              regulatory or judicial body which

          

    
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    reasonably confirms that the administrator of that Screen Rate is insolvent,

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

    	

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

          

    	

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

          

    	

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

          

    	

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

          

    	

          	38.3.2	
            Subject to Clause 38.2.2 (Exceptions), if a Screen Rate Replacement Event has occurred in relation to a Screen Rate for a currency which can be
              selected for a Loan any amendment or waiver which relates to:

          

    	

          	(a)	
            providing for the use of a Replacement Benchmark; and

          

    	

          	(i)	
            aligning any provision of any Finance Document to the use of that Replacement Benchmark;

          

    	

          	(ii)	
            enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that
              Replacement Benchmark to be used for the purposes of this Agreement);

          

    	

          	(iii)	
            implementing market conventions applicable to that Replacement Benchmark;

          

    	

          	(iv)	
            providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

          

    	

          	(v)	
            adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement
              Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination
              or recommendation),

          

    
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    may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Borrowers.

    	

          	(b)	
            If, as at 1 February 2022 this Agreement provides that the rate of interest for a Loan in dollars is to be determined by reference to the Screen Rate for LIBOR:

          

    (i) a Screen Rate Replacement Event shall be deemed to have occurred on that date in relation to the Screen Rate for dollars; and

    (ii) the Agent, (acting on the instructions of the Majority Lenders) and the Borrower shall enter into negotiations in good faith with a view to agreeing the use of a Replacement Benchmark in relation to
        dollars in place of that Screen Rate from and including a date no later than 1 April 2022.

    	38.4	
            Excluded Commitments

          

    If:

    	

          	38.4.1	
            any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote of Lenders under the terms of this
              Agreement within five Business Days of that request being made; or

          

    	

          	38.4.2	
            any Lender which is not a Defaulting Lender fails to respond to such a request,

          

    (unless, in either case, the Borrowers and the Agent agree to a longer time period in relation to any request):

    	

          	(a)	
            its Commitment(s) shall not be included for the purpose of calculating the Total Commitments when ascertaining whether any relevant percentage (including, for the avoidance of doubt,
              unanimity) of Total Commitments has been obtained to approve that request; and

          

    	

          	(b)	
            its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.

          

    	38.5	
            Replacement of Lender

          

    	

          	38.5.1	
            If:

          

    	

          	(a)	
            any Lender becomes a Non-Consenting Lender (as defined in Clause 38.5.4); or

          

    	

          	(b)	
            a Borrower or any other Obligor becomes obliged to repay any amount in accordance with Clause 7.1 (Illegality) or to pay additional amounts pursuant to
              Clause 12.2 (Tax gross-up), Clause 12.3 (Tax Indemnity) or Clause 13.1 (Increased costs) to any Lender,

          

    
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    then the Borrowers may, on ten Business Days' prior written notice to the Agent and such Lender, replace such Lender by requiring such
      Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 25 (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 (a "Replacement Lender"), which confirms its willingness to assume and does assume all the obligations of the
      transferring Lender in accordance with Clause 25 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer in an amount equal to the outstanding principal amount of such Lender's
      participation in the outstanding Loan and all accrued interest (to the extent that the Agent has not given a notification under Clause 25.9 (Pro rata interest settlement)), Break Costs and other amounts
      payable in relation thereto under the Finance Documents.

    	

          	38.5.2	
            The replacement of a Lender pursuant to this Clause 38.5 shall be subject to the following conditions:

          

    	

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

          

    	

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

          

    	

          	(c)	
            in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than 15 after the date on which that Lender is deemed a Non-Consenting Lender;

          

    	

          	(d)	
            in no event shall the Lender replaced under this Clause 38.5 be required to pay or surrender to such Replacement Lender any of the fees received by such Lender pursuant to the Finance
              Documents; and

          

    	

          	(e)	
            the Lender shall only be obliged to transfer its rights and obligations pursuant to Clause 38.5.1 once it is satisfied that it has complied with all necessary "know your customer" or other
              similar checks under all applicable laws and regulations in relation to that transfer.

          

    	

          	38.5.3	
            A Lender shall perform the checks described in Clause 38.5.2(e) as soon as reasonably practicable following delivery of a notice referred to in Clause 38.5.1 and shall notify the Agent and the
              Borrowers when it is satisfied that it has complied with those checks.

          

    	

          	38.5.4	
            In the event that:

          

    	

          	(a)	
            the Borrowers or the Agent (at the request of the Borrowers) have requested the Lenders to give a consent in relation to, or to agree to a waiver or amendment of, any provisions of the Finance
              Documents;

          

    
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          	(b)	
            the consent, waiver or amendment in question requires the approval of all the Lenders; and

          

    	

          	(c)	
            Lenders whose Commitments aggregate more than 51 per cent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 51 per cent of the Total
              Commitments prior to that reduction) have consented or agreed to such waiver or amendment,

          

    then any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a "Non-Consenting Lender".

    	38.6	
            Disenfranchisement of Defaulting Lenders

          

    	

          	38.6.1	
            For so long as a Defaulting Lender has any Commitment, in ascertaining:

          

    	

          	(a)	
            the Majority Lenders; or

          

    	

          	(b)	
            whether:

          

    	

          	(i)	
            any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments; or

          

    	

          	(ii)	
            the agreement of any specified group of Lenders,

          

    has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents, that
      Defaulting Lender's Commitment will be reduced by the amount of its participation in the Loan it has failed to make available and, to the extent that that reduction results in that Defaulting Lender's Commitment being zero, that Defaulting Lender
      shall be deemed not to be a Lender for the purposes of (i) and (ii).

    	

          	38.6.2	
            For the purposes of this Clause 38.6, 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;

          

    	

          	(b)	
            any Lender in relation to which it is aware that any of the events or circumstances referred to in (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.

    	38.7	
            Replacement of a Defaulting Lender

          

    	

          	38.7.1	
            The Borrowers may, at any time a Lender has become and continues to be a Defaulting Lender, by giving ten Business Days' prior written notice to the Agent and such Lender, replace such Lender
              by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant

          

    
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    to Clause 25 (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 (a "Replacement Lender") which confirms its willingness to assume and does assume all the
      obligations, or all the relevant obligations, of the transferring Lender in accordance with Clause 25 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer which is either:

    	

          	(a)	
            in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding Loan and all accrued interest (to the extent that the Agent has not given a
              notification under Clause 25.9 (Pro rata interest settlement), Break Costs and other amounts payable in relation thereto under the Finance Documents; or

          

    	

          	(b)	
            in an amount agreed between that Defaulting Lender, the Replacement Lender and the Borrowers and which does not exceed the amount described in (a).

          

    	

          	38.7.2	
            Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 37.8 shall be subject to the following conditions:

          

    	

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

          

    	

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

          

    	

          	(c)	
            the transfer must take place no later than 15 days after the notice referred to in Clause 38.7.1;

          

    	

          	(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; and

          

    	

          	(e)	
            the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to 38.7.1 once it is satisfied that it has complied with all necessary "know your customer" or other
              similar checks under all applicable laws and regulations in relation to that transfer to the Replacement Lender.

          

    	

          	38.7.3	
            The Defaulting Lender shall perform the checks described in Clause 38.7.2(e) as soon as reasonably practicable following delivery of a notice referred to in Clause 38.7.1 and shall notify the
              Agent and the Borrowers when it is satisfied that it has complied with those checks.

          

    	39	
            Confidentiality

          

    	39.1	
            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 39.2 (Disclosure of Confidential Information) and Clause 39.3 (Disclosure to numbering service providers), and to ensure that all
              Confidential

          

    
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    Information is protected with security measures and a degree of care that would apply to its own confidential information.

    	39.2	
            Disclosure of Confidential Information   Any Finance Party may disclose:

          

    	

          	39.2.1	
            to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners, insurance and reinsurance providers 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 39.2.1 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;

          

    	

          	39.2.2	
            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, Related Funds, 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, Related Funds, Representatives and professional advisers;

          

    	

          	(c)	
            appointed by any Finance Party or by a person to whom Clause 39.2.2(a) or 39.2.2(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 27.15.2 (Relationship with the Lenders));

          

    	

          	(d)	
            who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in Clause 39.2.2(a) or 39.2.2(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;

          

    
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          	(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)	
            to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 25.8 (Security over Lenders'
                rights);

          

    	

          	(h)	
            who is a Party; or

          

    	

          	(i)	
            with the consent of the Borrowers;

          

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

    	

          	(i)	
            in relation to Clauses 39.2.2(a), 39.2.2(b) and 39.2.2(c), the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall
              be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;

          

    	

          	(ii)	
            in relation to Clause 39.2.2(d), the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of
              confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

          

    	

          	(iii)	
            in relation to Clauses 39.2.2(e), 39.2.2(f) and 39.2.2(g), the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such
              Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances;

          

    	

          	39.2.3	
            to any person appointed by that Finance Party or by a person to whom Clause 39.2.2(a) or 39.2.2(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 39.2.3 if the service provider to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking;

          

    	

          	39.2.4	
            to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency

          

    
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     to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors and/or the Group.

    	39.3	
            Disclosure to numbering service providers

          

    	

          	39.3.1	
            Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this
              Agreement, the Loan and/or one or more Obligors the following information:

          

    	

          	(a)	
            names of Obligors;

          

    	

          	(b)	
            country of domicile of Obligors;

          

    	

          	(c)	
            place of incorporation of Obligors;

          

    	

          	(d)	
            date of this Agreement;

          

    	

          	(e)	
            Clause 43 (Governing law);

          

    	

          	(f)	
            the names of the Agent;

          

    	

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

          

    	

          	(h)	
            amount of Total Commitments;

          

    	

          	(i)	
            currencies of the Loan;

          

    	

          	(j)	
            type of Loan;

          

    	

          	(k)	
            ranking of the Loan;

          

    	

          	(l)	
            Termination Date;

          

    	

          	(m)	
            changes to any of the information previously supplied pursuant to (a) to (l); and

          

    	

          	(n)	
            such other information agreed between such Finance Party and that Obligor,

          

    to enable such numbering service provider to provide its usual syndicated loan numbering identification services.

    	

          	39.3.2	
            The Parties acknowledge and agree that each identification number assigned to this Agreement, the Loan and/or one or more Obligors by a numbering service provider and the information
              associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

          

    	

          	39.3.3	
            Each Borrower represents that none of the information set out in Clauses 39.3.1(a) to 39.3.1(n) is, nor will at any time be, unpublished price-sensitive information.

          

    	

          	39.3.4	
            The Agent shall notify the Borrowers and the other Finance Parties of:

          

    
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          	(a)	
            the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Loan and/or one or more Obligors; and

          

    	

          	(b)	
            the number or, as the case may be, numbers assigned to this Agreement, the Loan and/or one or more Obligors by such numbering service provider.

          

    	39.4	
            Entire agreement   This Clause 39 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.

          

    	39.5	
            Inside information   Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information
              and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential
              Information for any unlawful purpose.

          

    	39.6	
            Notification of disclosure   Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers:

          

    	

          	39.6.1	
            of the circumstances of any disclosure of Confidential Information made pursuant to Clause 39.2.2(e) (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

          

    	

          	39.6.2	
            upon becoming aware that Confidential Information has been disclosed in breach of this Clause 39.

          

    	39.7	
            Continuing obligations   The obligations in this Clause 39 are continuing and, in particular, shall survive and remain binding on each Finance Party for
              a period of 12 months from the earlier of:

          

    	

          	39.7.1	
            the date on which all amounts payable by the Obligors under or in connection with the Finance Documents have been paid in full and all Commitments have been cancelled or otherwise cease to be
              available; and

          

    	

          	39.7.2	
            the date on which such Finance Party otherwise ceases to be a Finance Party.

          

    	40	
            Disclosure of Lender Details by Agent

          

    	40.1	
            Supply of Lender details to Borrowers   The Agent shall provide to the Borrowers within seven Business Days of a request by the Borrowers (but no more
              frequently than once per calendar month) a list (which may be in electronic form) setting out the names of the Lenders as at that Business Day, their respective Commitments, the address and fax number (and the department or officer, if any,
              for whose attention any communication is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information
              required to enable the transmission of information by electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with the Finance Documents may be made by that means

          

    
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    and the account details of each Lender for any payment to be distributed by the Agent to that Lender under the Finance Documents.

    	40.2	
            Supply of Lender details at Borrowers' direction

          

    	

          	40.2.1	
            The Agent shall, at the request of the Borrowers, disclose the identity of the Lenders and the details of the Lenders' Commitments to any:

          

    	

          	(a)	
            other Party or any other person if that disclosure is made to facilitate, in each case, a refinancing of the Financial Indebtedness arising under the Finance Documents or a material waiver or
              amendment of any term of any Finance Document; and

          

    	

          	(b)	
            Obligor.

          

    	

          	40.2.2	
            Subject to Clause 40.2.3, the Borrowers shall procure that the recipient of information disclosed pursuant to Clause 40.2.1 shall keep such information confidential and shall not disclose it
              to anyone and shall ensure that all such information is protected with security measures and a degree of care that would apply to the recipient's own confidential information.

          

    	

          	40.2.3	
            The recipient may disclose such information to any of its officers, directors, employees, professional advisers, auditors and partners as it shall consider appropriate if any such person is
              informed in writing of its confidential nature, except that there shall be no such requirement to so inform if that person is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by
              duties of confidentiality in relation to the information.

          

    	40.3	
            Supply of Lender details to other Lenders

          

    	

          	40.3.1	
            If a Lender (a "Disclosing Lender") indicates to the Agent that the Agent may do so, the Agent shall disclose that Lender's name and Commitment to any
              other Lender that is, or becomes, a Disclosing Lender.

          

    	

          	40.3.2	
            The Agent shall, if so directed by the Requisite Lenders, request each Lender to indicate to it whether it is a Disclosing Lender.

          

    	40.4	
            Lender enquiry   If any Lender believes that any entity is, or may be, a Lender and:

          

    	

          	40.4.1	
            that entity ceases to have an Investment Grade Rating; or

          

    	

          	40.4.2	
            an Insolvency Event occurs in relation to that entity,

          

    the Agent shall, at the request of that Lender, indicate to that Lender the extent to which that entity has a Commitment.

    	40.5	
            Lender details definitions   In this Clause 40:

          

    "Investment Grade Rating" means, in relation to an entity, a rating for its long-term unsecured and
      non-credit-enhanced debt obligations of BBB- or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or Baa3 or higher by Moody's

    
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    Investors Service Limited or a comparable rating from an internationally recognised credit rating agency.

    "Requisite Lenders" means a Lender or Lenders whose Commitments aggregate 15 per cent (or more) of
      the Total Commitments (or if the Total Commitments have been reduced to zero, aggregated 15 per cent (or more) of the Total Commitments immediately prior to that reduction).

    	41	
            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.

    	42	
            Joint and Several Liability

          

    	42.1	
            Nature of liability   The representations, warranties, covenants, obligations and undertakings of the Borrowers contained in this Agreement shall be
              joint and several so that each Borrower shall be jointly and severally liable with all the Borrowers for all of the same and such liability shall not in any way be discharged, impaired or otherwise affected by:

          

    	

          	42.1.1	
            any forbearance (whether as to payment or otherwise) or any time or other indulgence granted to any other Borrower or any other Obligor under or in connection with any Finance Document;

          

    	

          	42.1.2	
            any amendment, variation, novation or replacement of any other Finance Document;

          

    	

          	42.1.3	
            any failure of any Finance Document to be legal valid binding and enforceable in relation to any other Borrower or any other Obligor for any reason;

          

    	

          	42.1.4	
            the winding-up or dissolution of any other Borrower or any other Obligor;

          

    	

          	42.1.5	
            the release (whether in whole or in part) of, or the entering into of any compromise or composition with, any other Borrower or any other Obligor; or

          

    	

          	42.1.6	
            any other act, omission, thing or circumstance which would or might, but for this provision, operate to discharge, impair or otherwise affect such liability.

          

    	42.2	
            No rights as surety   Until the Indebtedness has been unconditionally and irrevocably paid and discharged in full, each Borrower agrees that it shall
              not, by virtue of any payment made under this Agreement on account of the Indebtedness or by virtue of any enforcement by a Finance Party of its rights under this Agreement or by virtue of any relationship between, or transaction involving,
              the relevant Borrower and any other Borrower or any other Obligor:

          

    	

          	42.2.1	
            exercise any rights of subrogation in relation to any rights, security or moneys held or received or receivable by a Finance Party or any other person; or

          

    
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          	42.2.2	
            exercise any right of contribution from any other Borrower or any other Obligor under any Finance Document; or

          

    	

          	42.2.3	
            exercise any right of set-off or counterclaim against any other Borrower or any other Obligor; or

          

    	

          	42.2.4	
            receive, claim or have the benefit of any payment, distribution, security or indemnity from any other Borrower or any other Obligor; or

          

    	

          	42.2.5	
            unless so directed by the Agent (when the relevant Borrower will prove in accordance with such directions), claim as a creditor of any other Borrower or any other Obligor in competition with
              any Finance Party

          

    and each Borrower shall hold in trust for the Finance Parties and forthwith pay or transfer (as appropriate) to the
      Agent any such payment (including an amount equal to any such set-off), distribution or benefit of such security, indemnity or claim in fact received by it.

    
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    	Section 12	
            Governing Law and Enforcement

          

    	43	
            Governing Law

          

    This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

    	44	
            Enforcement

          

    	44.1	
            Jurisdiction of English courts

          

    	

          	44.1.1	
            The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or
              termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a "Dispute").  Each Party agrees that the courts of England are the most appropriate
              and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

          

    	

          	44.1.2	
            Notwithstanding Clause 44.1.1, 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, any
              Finance Party may take concurrent proceedings in any number of jurisdictions.

          

    	44.2	
            Service of process

          

    	

          	44.2.1	
            Without prejudice to any other mode of service allowed under any relevant law, each Borrower and each Guarantor:

          

    	

          	(a)	
            irrevocably appoints Hill Dickinson Services (London) Ltd, The Broadgate Tower, 20 Primrose Street, London EC2A 2EW as its agent for service of process in relation to any proceedings before
              the English courts in connection with any Finance Document; and

          

    agrees that failure by a process agent to notify that Borrower or that Guarantor (as the case may be) of the process will not invalidate
      the proceedings concerned.

    	

          	44.2.2	
            If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process or terminates its appointment as agent for service of process, the
              relevant Borrower or relevant Guarantor (as the case may be) must immediately (and in any event within five 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.

    
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    Schedule 1

      Part I The Original Lenders

    	
            Name of Original Lender

          	
            Commitment

          	
            Treaty Passport scheme reference number and jurisdiction of residence (if applicable)

          
	
            ABN AMRO Bank N.V.

          	
            Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands

          	 
	 	 	 
	 	 	 
	 	 	 

    

    

    
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    Schedule 2

      Part I

      Initial Conditions Precedent

    	1	
            Obligors

          

    	

          	(a)	
            Constitutional documents   Copies of the constitutional documents of each Obligor together with such other evidence as the Agent may reasonably require
              that each Obligor is duly incorporated in its country of incorporation and remains in existence with power to enter into, and perform its obligations under, the Relevant Documents to which it is or is to become a party.

          

    	

          	(b)	
            Certificates of good standing   A certificate of good standing in respect of each Obligor (if such a certificate can be obtained).

          

    	

          	(c)	
            Board resolutions   A copy of a resolution of the board of directors of each Obligor (other than the Original Guarantor) and a copy of a resolution of
              the executive committee of the board of directors of the Original Guarantor:

          

    	

          	(i)	
            approving the terms of, and the transactions contemplated by, the Relevant Documents to which it is a party and resolving that it execute those Relevant Documents; and

          

    	

          	(ii)	
            authorising a specified person or persons to execute those Relevant Documents (and all documents and notices to be signed and/or dispatched under those documents) on its behalf.

          

    	

          	(d)	
            Copy passports   A copy of the passport of each person actually executing any of the Relevant Documents pursuant to the resolutions referred to in (c)
              and of the director and officers of each Obligor.

          

    	

          	(e)	
            Shareholder resolutions   A copy of a resolution signed by all the holders of the issued shares in each Obligor (other than the Original Guarantor),
              approving the terms of, and the transactions contemplated by, the Relevant Documents to which that Obligor is a party.

          

    	

          	(f)	
            Officer's certificates   An original certificate of a duly authorised officer of each Obligor:

          

    	

          	(i)	
            certifying that each copy document relating to it specified in this Part I of Schedule 2 is correct, complete and in full force and effect;

          

    	

          	(ii)	
            setting out the names of (a) the directors and officers of that Obligor and (b) the shareholders of that Obligor (other than the Original Guarantor) and the proportion of shares held by each
              shareholder; and

          

    	

          	(iii)	
            confirming that borrowing or guaranteeing or securing, as appropriate, the Loan would not cause any borrowing, guarantee, security or similar limit binding on that Obligor to be exceeded.

          

    
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          	(g)	
            Evidence of registration   Where such registration is required or permitted under the laws of the relevant jurisdiction, evidence that the names of the
              directors, officers and shareholders of each Obligor are duly registered in the companies registry or other registry in the country of incorporation of that Obligor.

          

    	

          	(h)	
            Powers of attorney   The original notarially attested and legalised power of attorney of each of the Obligors under which the Relevant Documents to
              which it is or is to become a party are to be executed or transactions undertaken by that Obligor.

          

    	2	
            Security and related documents

          

    	

          	(a)	
            Security Documents   The Guarantee, the Account Security Deed, the Share Securities and any other Credit Support Documents, together with all other
              documents required by any of them, including, without limitation, (i) all notices of assignment and/or charge and evidence that those notices will be duly acknowledged by the recipients and (ii) (pursuant to the Share Securities) all share
              certificates, certified copy share registers or registers of members, transfer forms, proxy forms, letters of resignation and letters of undertaking.

          

    	

          	(b)	
            Mandates   Such duly signed forms of mandate, and/or other evidence of the opening of the Earnings Accounts, as the Security Agent may require.

          

    	

          	(c)	
            No disputes   The written confirmation of the Borrowers that there is no dispute under any of the Relevant Documents as between the parties to any such
              document.

          

    	

          	(d)	
            Account Holder's confirmation   The written confirmation of the Account Holder that the Earnings Accounts have been opened with the Account Holder and
              to its actual knowledge are free from Encumbrances other than as created by or pursuant to the Security Documents and rights of set off in favour of the Account Holder as account holder.

          

    	

          	(e)	
            Master Agreement   The Master Agreement.

          

    	

          	(f)	
            Other Relevant Documents   Copies of each of the Relevant Documents not otherwise comprised in the documents listed in this Part I of Schedule 2.

          

    	3	
            Legal opinions

          

    The following legal opinions, each addressed to the Agent, or confirmation satisfactory to the Agent that such opinions will be given:

    	

          	(a)	
            a legal opinion of Stephenson Harwood LLP, legal advisers to the Agent as to English law substantially in the form distributed to the Lenders prior to signing this Agreement;

          

    	

          	(b)	
            a legal opinion of the following legal advisers to the Agent:

          

    	

          	(i)	
            Hill Dickinson as to Marshall Islands law;

          

    	

          	(ii)	
            Patton, Moreno & Asvat as to Panamanian law and

          

    
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          	(iii)	
            NautaDutilh N.V. as to Dutch law.

          

    	4	
            Other documents and evidence

          

    	

          	(a)	
            Process agent   Evidence that any process agent referred to in Clause 44.2 (Service of process) and any process
              agent appointed under any other Finance Document has accepted its appointment.

          

    	

          	(b)	
            Other Authorisations   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 Relevant Document or for the validity and enforceability of any Relevant Document.

          

    	

          	(c)	
            Financial statements   A copy of each of the Original Financial Statements.

          

    	

          	(d)	
            Fees   The evidence that the fees, costs and expenses then due from the Borrowers under Clause 11 (Fees) and
              Clause 16 (Costs and Expenses) have been paid or will be paid by the Utilisation Date.

          

    	

          	(e)	
            "Know your customer" documents   Such documentation and other evidence as is reasonably requested by the Agent in order for the Lenders to comply with
              all necessary "know your customer" or similar identification procedures in relation to the transactions contemplated in the Finance Documents.

          

    	

          	(f)	
            "Know your customer" procedure Satisfactory conclusion of the Lenders' internal "know your customer" procedures

          

    
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    Part II

    Utilisation Conditions Precedent

    	1	
            Obligors

          

    	

          	(a)	
            Officers certificate If required, a certificate signed by a duly authorised officer of each Obligor confirming that none of the documents and evidence
              delivered to the Agent pursuant to Part I of Schedule 2 has been amended, modified or revoked in any way since its delivery to the Agent.

          

    	

          	(b)	
            Certificates of good standing   A certificate of good standing in respect of each Obligor (if such a certificate can be obtained).

          

    	2	
            Security and related documents

          

    	

          	(a)	
            Vessel documents   Photocopies, certified as true, accurate and complete by a director or the secretary or the legal advisers of the Borrower, of:

          

    	

          	(i)	
            any charterparty or other contract of employment of each Vessel which will be in force on the Utilisation Date including, without limitation, the Charter;

          

    	

          	(ii)	
            the confirmation (by email from the master of the Vessel) for the delivery of the Vessel pursuant to the Charter (if the Charter is a time charter) or the protocol of delivery and acceptance
              evidencing the unconditional physical delivery of the Vessel by the Borrower to the Charterer pursuant to the Charter (if the Charter is a bareboat charter);

          

    	

          	(iii)	
            the Management Agreements;

          

    	

          	(iv)	
            each Vessel's current Safety Construction, Safety Equipment, Safety Radio and Load Line Certificates;

          

    	

          	(v)	
            evidence of each Vessel's current Certificate of Financial Responsibility issued pursuant to the United States Oil Pollution Act 1990;

          

    	

          	(vi)	
            each Vessel's current SMC;

          

    	

          	(vii)	
            each ISM Company's current DOC;

          

    	

          	(viii)	
            each Vessel's current ISSC;

          

    	

          	(ix)	
            each Vessel's current IAPPC;

          

    	

          	(x)	
            each Vessel's current Tonnage Certificate;

          

    in each case together with all addenda, amendments or supplements.

    	

          	(b)	
            Evidence of Borrower's title   Evidence that on the Utilisation Date (i) each Vessel will be permanently registered under the relevant flag in the
              ownership of the relevant Borrower or Guarantor and (ii) the Mortgage will be capable of being registered against that Vessel with first priority.

          

    
      Page 135

      
        

    

    

    

    

    

    	

          	(c)	
            Evidence of insurance   Evidence that the Vessel is insured in the manner required by the Security Documents and that letters of undertaking will be
              issued in the manner required by the Security Documents, together with (if required by the Agent) the written approval of the Insurances by an insurance adviser appointed by the Agent.

          

    	

          	(d)	
            Confirmation of class   A Class Certificate for hull and machinery confirming that the Vessel is classed with the highest class applicable to vessels of
              her type with Lloyd's Register or such other classification society which is a member of the International Association of Classification Societies as may be acceptable to the Agent free of overdue recommendations.

          

    	

          	(e)	
            Valuation   Two valuations of each Borrower's Vessel addressed to the Agent from an Approved Shipbroker certifying the Market Value for each  Vessel,
              acceptable to the Agent dated not earlier than thirty (30) Business Days prior to the proposed Utilisation Date.  If the one set of such valuations for all Borrowers’ Vessels provided by the first Approved Shipbroker differs in aggregate by
              more than 10 per cent from the other set of such valuations provided by the second Approved Broker, then the Facility Agent shall obtain a third set of valuations from a third Approved Shipbroker and the aggregate Market Value shall be the
              arithmetic average of the two lowest sets of valuations.

          

    	

          	(f)	
            Security Documents   The Mortgage and the Assignments in respect of the Vessel and any other Credit Support Documents, together with all other documents
              required by any of them, including, without limitation, all notices of assignment and/or charge and evidence that those notices will be duly acknowledged by the recipients.

          

    	

          	(g)	
            Managers' Undertakings   The Managers' Undertakings together with notices of any assignments contained in the same and evidence that those notices will
              be duly acknowledged by the recipients.

          

    	

          	(h)	
            No disputes   The written confirmation of the Borrowers that there is no dispute under any of the Relevant Documents as between the parties to any such
              document.

          

    	

          	(i)	
            Other Relevant Documents   Copies of each of the Relevant Documents not otherwise comprised in the documents listed in this Part I of Schedule 2.

          

    	3	
            Legal opinions

          

    The following legal opinions, each addressed to the Agent, or confirmation satisfactory to the Agent that such opinions will be given:

    	

          	(a)	
            a legal opinion of Stephenson Harwood LLP, legal advisers to the Agent as to English law substantially in the form distributed to the Lenders prior to signing this Agreement;

          

    	

          	(b)	
            a legal opinion of the following legal advisers to the Agent:

          

    	

          	(i)	
            Hill Dickinson as to Marshall Islands law;

          

    
      Page 136

      
        

    

    

    

    

    

    	

          	(ii)	
            Patton, Moreno & Asvat as to Panamanian law and

          

    	

          	(iii)	
            NautaDutilh N.V. as to Dutch law.

          

    	4	
            Other documents and evidence

          

    	

          	(a)	
            Utilisation Request   A duly completed Utilisation Request.

          

    	

          	(b)	
            Other Authorisations   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 Relevant Document or for the validity and enforceability of any Relevant Document.

          

    	

          	(c)	
            Fees   The evidence that the fees, costs and expenses then due from the Borrowers under Clause 11 (Fees) and
              Clause 16 (Costs and Expenses) have been paid or will be paid by the Utilisation Date.

          

    

    

    

    

    

    

    
      Page 137

      
        

    

    

    

    Part III

    Conditions Subsequent

    	1	
            Evidence of Borrower's title   Certificate of ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) of the
              relevant flag confirming that (a) the Vessel is permanently registered under that flag in the ownership of the Borrower or Collateral Guarantor, (b) the Mortgage has been registered with first or second priority against the Vessel and (c)
              there are no further Encumbrances registered against the Vessel other than in favour of the Security Agent (in the case of the Collateral Guarantor).

          

    	2	
            Letters of undertaking   Letters of undertaking in respect of the Insurances as required by the Security Documents together with copies of the relevant
              policies or cover notes or entry certificates duly endorsed with the interest of the Finance Parties.

          

    	3	
            Acknowledgements of notices   Acknowledgements of all notices of assignment and/or charge given pursuant to any Security Documents received by the Agent
              pursuant to Part I of this Schedule 2.

          

    	4	
            Legal opinions   Such of the legal opinions specified in Part I of this Schedule 2 as have not already been provided to the Agent.

          

    	5	
            Companies Act registrations   Evidence that the prescribed particulars of any Security Documents received by the Agent pursuant to Part I of this
              Schedule 2 have been delivered to the relevant Registry of Companies/Corporations within the statutory time limit.

          

    	6	
            Master's receipt   The master's receipt for the Mortgage.

          

    	7	
            Shares Security documents   Any original documents pursuant to the Shares Security, which have not already been provided to the Agent.

          

    
      Page 138

      
        

    

    

    

    

    

    Schedule 3

      Utilisation Request

    From: Lelu Shipping Company Inc.

      

      

      Rairok Shipping Company Inc.

      

      

      Lae Shipping Company Inc.

      

      

      Namu Shipping Company Inc.

      

      

      Fayo Shipping Company Inc.

      

      

      Ujae Shipping Company Inc

    	To:	
            ABN AMRO Bank N.V.

          

    Dated:

    Dear Sirs

    Lelu Shipping Company Inc., Rairok Shipping Company Inc., Lae Shipping Company Inc., Namu Shipping Company Inc., Fayo Shipping Company Inc., and Ujae Shipping Company Inc, – $91,000,000 Loan Agreement dated [                   ] 2021 (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 make a Utilisation on the following terms:

            
	 	 
	 	
              Proposed Utilisation Date:

            	
              [          ] (or, if that is not a Business Day, the next Business Day)

            
	 	 	 
	 	
              Currency of Utilisation:

            	
              [          ]

            
	 	 	 
	 	
              Amount:

            	
              [          ]

            
	 	 	 
	 	
              Interest Period:

            	
              [          ]

            
	 	 	 
	 	
              Vessel:

            	
              [          ]

            
	 	 
	
              3

            	
              We confirm that each condition specified in Clause 4.1 (Further conditions precedent) is satisfied on the date of this
                Utilisation Request.

            
	 	 
	
              4

            	
              The proceeds of the Utilisation should be paid as follows:

            
	 	 
	
              5

            	
              This Utilisation Request is irrevocable.

            

    

     

      

     

      

    

    

    
      Page 139

      
        

    

    

    

    

    

    Yours faithfully

    .......................................

    authorised signatory for

    Lelu Shipping Company Inc.

    

    

    Rairok Shipping Company Inc.

    

    

    Lae Shipping Company Inc.

    

    

    Namu Shipping Company Inc.

    

    

    Fayo Shipping Company Inc.

    

    

    Ujae Shipping Company Inc.

    
      Page 140

      
        

    

    

    

    Schedule 4

    Form of Transfer Certificate

    To: ABN AMRO Bank N.V. as Agent

    	From:	
            [The Existing Lender] (the "Existing Lender") and [The New Lender]
              (the "New Lender")

          

    Dated:

    Lelu Shipping Company Inc., Rairok Shipping Company Inc., Lae Shipping Company Inc., Namu Shipping Company Inc., Fayo Shipping Company Inc., and Ujae Shipping Company Inc,  – $91,000,000 Loan Agreement dated [                   ] 2021 (the "Loan Agreement")

    	1	
            We refer to the Loan Agreement.  This agreement (the "Agreement") shall take effect as a Transfer Certificate for the purposes of the Loan Agreement. 
              Terms defined in the Loan Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement.

          

    	2	
            We refer to Clause 25.5 (Procedure for transfer) of the Loan Agreement:

          

    	

          	(a)	
            The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation and in accordance with Clause 25.5 (Procedure
                for transfer) all of the Existing Lender's rights and obligations under the Loan Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment(s) and participations in the Loan under the
              Loan Agreement as specified in the Schedule.

          

    	

          	(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 34.2 (Addresses) of the Loan
              Agreement are set out in the Schedule.

          

    	3	
            The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in Clause 25.4.1(c) (Limitation of responsibility of
                Existing Lenders) of the Loan Agreement.

          

    	4	
            The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:

          

    	

          	(a)	
            [a Qualifying Lender other than a Treaty Lender;]

          

    	

          	(b)	
            [a Treaty Lender;]

          

    	

          	(c)	
            [not a Qualifying Lender].

          

    	5	
            The New Lender confirms that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document is either:

          

    
      Page 141

      
        

    

    

    

    

    

    	

          	(a)	
            a company resident in the United Kingdom for United Kingdom tax purposes;

          

    	

          	(b)	
            a partnership each member of which is:

          

    	

          	(i)	
            a company so resident in the United Kingdom; or

          

    	

          	(ii)	
            a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable
              profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or

          

    	

          	(c)	
            a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of
              that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company.]

          

    	5	
            The New Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number [                   ]) and is tax resident in [                   ], so that
              interest payable to it by borrowers is generally subject to full exemption from UK withholding tax, and requests that the Agent notify the Borrowers that it wishes that scheme to apply to the Agreement.

          

    	6	
            This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

          

    	7	
            This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

          

    	8	
            This Agreement has been entered into on the date stated at the beginning of this Agreement.

          

    	Note:	
            The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender's interest in any Encumbrance created or expressed to
                be created or evidenced by the Security Documents in all jurisdictions.  It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to
                perfect a transfer of such a share in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.

          

    
      Page 142

      
        

    

    

    

    The Schedule

    Commitment/rights and obligations to be transferred

    [insert relevant details]

    [Facility Office address, fax number and attention details for notices and account details for payments,]

    
      	
              [Existing Lender]

            	
              [New Lender]

            
	 	 
	
              By:

            	
              By:

            
	 	 

    

     

    

    

    

    This Agreement is accepted as a Transfer Certificate for the purposes of the Loan Agreement by the Agent and the Transfer Date is confirmed as [              
                ].

    ABN AMRO Bank N.V.

    By:

    
      Page 143

      
        

    

    

    

    

    

    Schedule 5

      Form of Assignment Agreement

    	To:	
            ABN AMRO Bank N.V. as Agent, as Security Agent and as Arranger and Lelu Shipping Company Inc., Rairok Shipping Company Inc., Lae Shipping Company Inc., Namu Shipping Company Inc., Fayo
                Shipping Company Inc., and Ujae Shipping Company Inc,  as Borrowers, for and on behalf of each Obligor

          

    	From:	
            [the Existing Lender] (the "Existing Lender") and [the New Lender]
              (the "New Lender")

          

    Dated:

    Lelu Shipping Company Inc., Rairok Shipping Company Inc., Lae Shipping Company Inc., Namu Shipping Company Inc., Fayo Shipping Company Inc., and Ujae Shipping Company Inc,– $91,000,000 Loan Agreement dated [                   ] 2021 (the "Loan Agreement")

    	1	
            We refer to the Loan Agreement.  This is an Assignment Agreement.  This agreement (the "Agreement") shall take effect as an Assignment Agreement for the
              purpose of the Loan Agreement.  Terms defined in the Loan Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement.

          

    	2	
            We refer to Clause 25.6 (Procedure for assignment) of the Loan Agreement:

          

    	

          	(a)	
            The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Loan Agreement, the other Finance Documents and in respect of any Encumbrance created
              or expressed to be created or evidenced by the Security Documents which correspond to that portion of the Existing Lender's Commitment(s) and participations in the Loan under the Loan Agreement as specified in the Schedule.

          

    	

          	(b)	
            The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender's Commitment(s) and participations in the Loan under the
              Loan Agreement specified in the Schedule.

          

    	

          	(c)	
            The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b).

          

    	3	
            The proposed Transfer Date is [      ].

          

    	4	
            On the Transfer Date the New Lender becomes Party to the relevant Finance Documents as a Lender.

          

    	5	
            The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 34.2 (Addresses) of the Loan
              Agreement are set out in the Schedule.

          

    
      Page 144

      
        

    

    

    

    

    

    	6	
            The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in Clause 25.4.3 (Limitation of responsibility of Existing
                Lenders) of the Loan Agreement.

          

    	7	
            The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:

          

    	

          	(a)	
            [a Qualifying Lender (other than a Treaty Lender);]

          

    	

          	(b)	
            [a Treaty Lender;]

          

    	

          	(c)	
            [not a Qualifying Lender].

          

    	8	
            The New Lender confirms that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document is either:

          

    	

          	(a)	
            a company resident in the United Kingdom for United Kingdom tax purposes;

          

    	

          	(b)	
            a partnership each member of which is:

          

    	

          	(i)	
            a company so resident in the United Kingdom; or

          

    	

          	(ii)	
            a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable
              profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or

          

    	

          	(c)	
            a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of
              that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company.]

          

    	9	
            The New Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number [  ]) and is tax resident in [   ], so that interest payable to it by borrowers is
              generally subject to full exemption from UK withholding tax and hereby notifies the Borrowers that it wishes that scheme to apply to the Loan Agreement.

          

    	10	
            This Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 25.7 (Copy of Transfer Certificate
                or Assignment Agreement to Borrowers), to the Borrowers (on behalf of each Obligor) of the assignment referred to in this Agreement.

          

    	11	
            This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

          

    	12	
            This Agreement and any non-contractual obligations arising out of or in connection with it is governed by English law.

          

    
      Page 145

      
        

    

    

    

    

    

    	13	
            This Agreement has been entered into on the date stated at the beginning of this Agreement.

          

    	Note:	
            The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender's interest in any Encumbrance created or expressed to be created or
              evidenced by the Security Documents in all jurisdictions.  It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in any jurisdiction and, if
              so, to arrange for execution of those documents and completion of those formalities.

          

    
      Page 146

      
        

    

    

    

    The Schedule

    Commitment/rights and obligations to be transferred by assignment, release and accession

    [insert relevant details]

    [Facility office address, fax number and attention details for notices and account details for payments]

    
      	
              [Existing Lender]

            	
              [New Lender]

            
	 	 
	
              By:

            	
              By:

            
	 	 

    

     

    

    

    

    This Agreement is accepted as an Assignment Agreement for the purposes of the Loan Agreement by the Agent and the Transfer Date is confirmed as
      [                    ].

    Signature of this Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to in this Agreement, which
      notice the Agent receives on behalf of each Finance Party.

    ABN AMRO Bank N.V.

    By:

    
      Page 147

      
        

    

    

    

    

    

    Schedule 6

      Form of Accession Deed

    	To:	
            ABN AMRO Bank N.V. as Agent, as Arranger and as Security Agent for itself and each of the other Finance Parties

          

    From: [Affiliate of a Borrower][Member of the Group] and [Borrowers]

    Dated:

    Dear Sirs

    Lelu Shipping Company Inc., Rairok Shipping Company Inc., Lae Shipping Company Inc., Namu Shipping Company Inc., Fayo Shipping Company Inc., and Ujae Shipping Company Inc,– $91,000,000 Loan Agreement dated [                   ] 2021 (the "Agreement")

    	1	
            We refer to the Agreement.  This deed (the "Accession Deed") shall take effect as an Accession Deed for the purposes of the Agreement.  Terms defined in
              the Agreement have the same meaning in paragraphs 1-3 of this Accession Deed unless given a different meaning in this Accession Deed.

          

    	2	
            [Affiliate of a Borrower] agrees to become an Additional Guarantor and to be bound by the terms of the Agreement and the other Finance Documents as an
              Additional Guarantor pursuant to Clause 26.2 (Additional Guarantors)] of the Agreement.  [Affiliate of a Borrower] is a company duly incorporated under the laws
              of [name of relevant jurisdiction] and is a limited liability company and registered number [                   ].

          

    	3	
            [Affiliate of a Borrower's] administrative details for the purposes of the Agreement are as follows:

          

    Address:

    Fax No.:

    Attention:

    This Accession Deed and any non-contractual obligations arising out of or in connection with it are governed by English law.

    This Accession Deed has been signed on behalf of the [Borrowers] and executed as a deed by [Affiliate of a Borrower] and is delivered on the date stated above.

    

    

    
      Page 148

      
        

    

    

    

    [Affiliate of a Borrower]

    
      	
              [Executed as a Deed

            	
              )

            
	 	 
	
              By: [Affiliate of a Borrower]

            	
              )

            
	 	 

      

      

      
        	 	
                Director

              
	 	
                 

              
	 	
                Director/Secretary]

              
	 	

              

      

    

    

    

    or

    

    

    

    

    	
            [Executed as a Deed

             

            By: [Affiliate of a Borrower]

          	 
	
             

            _____________________________

             

          	
            Signature of Director

             

          
	
            _____________________________

            in the presence of

          	
            Name of Director

             

          
	
            _____________________________

             

          	
            Signature of witness

             

          
	
            _____________________________

             

          	
            Name of witness

             

          
	
            _____________________________

             

          	
            Address of witness

             

          
	
            _____________________________

             

          	 
	
            _____________________________

             

          	 
	
            _____________________________

             

          	 
	
            _____________________________

             

          	
            Occupation of witness]

          

    

    

    

    

    The [Borrowers]

     

    

    	
             

            _____________________________

            _____________________________

            _____________________________

            _____________________________

            _____________________________

            _____________________________

             

             

          	
            [Borrowers]

             

          

    

    

    
      Page 149

      
        

    

    

    

    

    

    By: ]

    

    

    
      Page 150

      
        

    

    

    

    Schedule 7

      Form of Compliance Certificate

    To: ABN AMRO Bank N.V.

    From: Diana Shipping Inc.

                                                                                                       Dated:

    Dear Sirs

    Lelu Shipping Company Inc., Rairok Shipping Company Inc., Lae Shipping Company Inc., Namu Shipping Company Inc., Fayo Shipping Company Inc., and Ujae Shipping Company Inc, – $91,000,000 Loan Agreement dated [                   ] 2021 (the "Agreement")

    	1	
            We refer to the Agreement.  This is a Compliance Certificate.  Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in
              this Compliance Certificate.

          

    	2	
            We confirm that on [●]:

          

    Total Assets:

    Market Value Adjusted Total Assets: [                    ]

    Total Liabilities: [                    ]

    Market Value Adjusted Net Worth: [                    ]

    Market Value Adjusted Net Worth: [   ]% of Market Value Adjusted Total Assets

    Minimum Liquidity Amount: [                    ]

    	3	
            [We confirm that no Default is continuing.]

          

    

    

    	
            Signed:

          	
            ......................................................

          	 
	 	
            Chief Finance Officer

          	 
	 	
            of

          	 
	 	
            Diana Shipping Inc.

             

          	 

    

    

    
      Page 151

      
        

    

    

    

    Schedule 8 

    Additional Definitions

    "Fleet" shall mean all vessels that are managed by Diana Shipping Services S.A.

    "Vessel AER" shall mean the average efficiency ratio of the vessel as calculated per the Poseidon Principles as
      follows:

                                              AER = ΣCi/ΣDWT x Di

    Where Ci is the carbon emissions for voyage I computed using the fuel consumption and carbon factor of each type of fuel, DWT is the design deadweight of a
      vessel and D is the distance travelled on voyage i. The AER is computed for all voyages performed over a calendar year.

    "Fleet AER Score" shall mean the average efficiency ratio of the Fleet

                                              AER = ΣCi/Σ(DWTi x Di)

    Where Ci is the total carbon emissions for the running year for vessel i, DWT is the nominal deadweight of vessel i and Di is the total distance travelled for
      the running year for vessel i.

    "Annex VI" shall mean Annex VI of the Protocol of 1997 (as subsequently amended from time to time) to amend the
      International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.

    "ECBT" shall mean E-learning computer based training (ECBT) of Diana's seafarers through the learning and assessment
      platform of Seagull Maritime AS (certified as Maritime Training Provider by DNV-GL attached). ECBT includes the following e-learning trainings targeted for dry-bulk carriers:

    MARPOL;

    Ship Energy Efficiency Management Plan (SEEMP);

    Green Passport (inventory of Hazardous Materials);

    Ballast water management;

    Cyber security awareness;

    IMSBC code;

    Hatch cover maintenance and operation;

    Asbestos awareness;

    Marine environmental awareness;

    Loading and unloading

    "Fleet Carbon Intensity Certificate" shall mean the certificate(s) from a Recognized Organization relating to each
      Fleet Vessel and a calendar year setting out the AER of a Vessel for all voyages performed by it over that calendar year using ship fuel oil consumption data

    
      Page 152

      
        

    

    

    

    required to be collected and reported in accordance with Regulation 22A of Annex VI in respect of that calendar year.

    “Recognized Organisation” means, in respect of a Fleet Vessel, an organization representing that Fleet Vessel’s flag
      state and, for the purposes of this Schedule 8, duly authorised to determine whether the owner of such Fleet Vessel has complied with regulation 22A of Annex VI.

    "Poseidon Principles" shall mean the financial industry framework for assessing and disclosing the climate alignment
      of ship finance portfolios published on June 18 2019, as the same may be amended or replaced from time to time.

    "Fleet Vessel" shall mean any vessel in the Fleet.

    "Training Eligible Vessels" in any given year means Fleet Vessels that are managed by Diana Shipping Services S.A. for
      more than 180 days during that year.

    "Concluded Trainings" In any given year, means the number of successfully concluded (electronic record provided by
      Seagull Maritime AS) ECBT on board Training Eligible Vessels through the learning and assessment platform of certified maritime training provider (such as Seagull Maritime AS) during that year.

    "Total Seafarers" shall mean the total number of seafarers serving on board Training Eligible Vessels.

    "Safety ECBT Score" means the ratio of Concluded Trainings over Total Seafarers.

    
      	
              Key Performance Indicators

            	
              Baseline

              2020

            	 	
              2022

            	
              2023

            	
              2024

               

            	
              2025

               

            
	
              KPI 1: Fleet AER Score

            	
              3.04

            	
              Targets

            	
              3.01

            	
              2.98

            	
              2.95

            	
              2.92

            
	
              KPI 2: Safety ECBT Score

            	
              8.36

            	
              Targets

            	
              8.50

            	
              8.75

            	
              9.00

            	
              9.25

            

    

    

    

    

    

    
      Page 153

      
        

    

    

    

    

    

    Schedule 9  FORM OF SUSTAINABILITY PERFORMANCE CERTIFICATE

    

    

    To: ABN AMRO Bank N.V. as the facility agent

    

    

    From: Diana Shipping Inc.

    

    

    Date:             May 2021

    Dear Sirs

    	1	
            We refer to the Agreement. This is a Sustainability Performance Certificate.  Terms defined in the Agreement have the same meaning when used in this Sustainability Performance Certificate
              unless given a different meaning in this Sustainability Performance Certificate.

          

    	2	
            We confirm that as at [insert relevant testing date] :

          

    (a) the Realised Performance of KPI1 (Fleet AER Score) was [           ], and therefore the Sustainability Performance Target for the considered year has been [achieved/missed].

    (b) the Realised Performance of KPI2 (Safety ECBT Score) was [            ], and therefore
        the Sustainability Performance Target for the considered year has been [achieved/missed].

    	3	
            On the basis of clause 8 above, Sustainability Performance Targets have been achieved for KPI1 and KPI2, [resulting in a Margin [reduction/increase] of [     ] % per annum] [and therefore the
              Margin will remain unchanged until the next Sustainability Effective Date].

          

    

    

    Signed: .................................................................

    Chief Finance Officer

    of

    Diana Shipping Inc.

    	 	 	 
	 	 	 
	 	 	 

    
      Page 154

      
        

    

    

    

    Signatures

    The Borrowers

    

    

    
      	
              Lelu Shipping Company Inc.

            	
              )

            
	 	
              )

            
	
              By: Ioannis Zafirakis

            	
              ) /s/ Ioannis Zafirakis

            
	

               	
              )

            
	
              Address:

            	
              c/o Diana Shipping Services S.A.

            	
              )

            
	 	
              Pendelis 16, 175 64 Palaio Faliro, Athens,

            	
              )

            
	 	
              Greece

            	
              )

            
	
              Fax no.:

            	
              +30 210 9470101

            	
              )

            
	
              Department/Officer: Mr Ioannis Zafirakis

            	
              )

            
	 	 	 
	 	 	 

      

      

      	
              Rairok Shipping Company Inc.

            	
              )

            
	 	
              )

            
	
              By: Ioannis Zafirakis

            	
              ) /s/ Ioannis Zafirakis

            
	 

            	
              )

            
	
              Address:

            	
              c/o Diana Shipping Services S.A.

            	
              )

            
	 	
              Pendelis 16, 175 64 Palaio Faliro, Athens,

            	
              )

            
	 	
              Greece

            	
              )

            
	
              Fax no.:

            	
              +30 210 9470101

            	
              )

            
	
              Department/Officer: Mr Ioannis Zafirakis

            	
              )

            
	 	 	 
	 	 	 

      

      

      	
              Lae Shipping Company Inc.

            	
              )

            
	 	
              )

            
	
              By: Ioannis Zafirakis

            	
              ) /s/ Ioannis Zafirakis

            
	 	
              )

            
	
              Address:

            	
              c/o Diana Shipping Services S.A.

            	
              )

            
	 	
              Pendelis 16, 175 64 Palaio Faliro, Athens,

            	
              )

            
	 	
              Greece

            	
              )

            
	
              Fax no.:

            	
              +30 210 9470101

            	
              )

            
	
              Department/Officer: Mr Ioannis Zafirakis

            	
              )

            
	 	 	 

      

      

      	
              Namu Shipping Company Inc.

            	
              )

            
	 	
              )

            
	
              By: Ioannis Zafirakis

            	
              ) /s/ Ioannis Zafirakis

            
	 	
              )

            
	
              Address:

            	
              c/o Diana Shipping Services S.A.

            	
              )

            
	 	
              Pendelis 16, 175 64 Palaio Faliro, Athens,

            	
              )

            
	 	
              Greece

            	
              )

            
	
              Fax no.:

            	
              +30 210 9470101

            	
              )

            
	
              Department/Officer: Mr Ioannis Zafirakis

            	
              )

            
	 	 	 

    

    

    

    

    

    

    

    
      Page 155

      
        

    

    
      	
              Fayo Shipping Company Inc.

            	
              )

            
	 	
              )

            
	
              By: Ioannis Zafirakis

            	
              ) /s/ Ioannis Zafirakis

            
	 	
              )

            
	
              Address:

            	
              c/o Diana Shipping Services S.A.

            	
              )

            
	 	
              Pendelis 16, 175 64 Palaio Faliro, Athens,

            	
              )

            
	 	
              Greece

            	
              )

            
	
              Fax no.:

            	
              +30 210 9470101

            	
              )

            
	
              Department/Officer: Mr Ioannis Zafirakis

            	
              )

            
	 	 	 
	 	 	 

      

      

      	
              Ujae Shipping Company Inc.

            	
              )

            
	 	
              )

            
	
              By: Ioannis Zafirakis

            	
              ) /s/ Ioannis Zafirakis

            
	 	
              )

            
	
              Address:

            	
              c/o Diana Shipping Services S.A.

            	
              )

            
	 	
              Pendelis 16, 175 64 Palaio Faliro, Athens,

            	
              )

            
	 	
              Greece

            	
              )

            
	
              Fax no.:

            	
              +30 210 9470101

            	
              )

            
	
              Department/Officer: Mr Ioannis Zafirakis

            	
              )

            
	 	 	 
	 	 	 

      

      

      	
              The Original Guarantor

            	
              )

            
	 	
              )

            
	
              Diana Shipping Inc.

            	
              )

            
	 	
              )

            
	
              By: Ioannis Zafirakis

            	
              ) /s/ Ioannis Zafirakis

            
	 	 	
              )

            
	
              Address:

            	
              c/o Diana Shipping Services S.A.

            	
              )

            
	 	
              Pendelis 16, 175 64 Palaio Faliro, Athens,

            	
              )

            
	 	
              Greece

            	
              )

            
	
              Fax no.:

            	
              +30 210 9470101

            	 
	
              Department/Officer: Mr Ioannis Zafirakis

            	
              )

            
	 	 	 
	 	 	 

      

      

      	
              The Agent

            	
              )

            
	 	
              )

            
	
              ABN AMRO Bank N.V.

            	
              )

            
	 	
              )

            
	
              By:

            	
              Nigel Vaughan Bowen-Morris

            	
              ) /s/ Nigel Vaughan Bowen-Morris

            
	 	 	
              )

            
	
              Address:

            	
              Gustav Mahlerlaan 10,

            	
              )

            
	 	
              1082 PP Amsterdam, The Netherlands

            	
              )

            
	
              Fax no.:

            	
              +31 (0) 10 401 53 23

            	
              )

            
	
              Department/Officer: Global Transportation and Logistics

            	
              )

            
	 	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      Page 156

      
        

    

    
    

    

    

    

    

    

    
      	
              The Security Agent

            	
              )

            
	 	
              )

            
	
              ABN AMRO Bank N.V

            	
              )

            
	 	
              )

            
	
              By:

            	
              Nigel Vaughan Bowen-Morris

            	
              ) /s/ Nigel Vaughan Bowen-Morris

            
	 	 	
              )

            
	
              Address:

            	
              Gustav Mahlerlaan 10,

            	
              )

            
	 	
              1082 PP Amsterdam, The Netherlands

            	
              )

            
	
              Fax no.:

            	
              +31 (0) 10 401 53 23

            	
              )

            
	
              Department/Officer: Global Transportation and Logistics

            	
              )

            
	 	 	 

      

      

      	
              The Arranger

            	
              )

            
	 	
              )

            
	
              ABN AMRO Bank N.V.

            	
              )

            
	 	
              )

            
	
              By:

            	
              Nigel Vaughan Bowen-Morris

            	
              ) /s/ Nigel Vaughan Bowen-Morris

            
	 	 	
              )

            
	
              Address:

            	
              Gustav Mahlerlaan 10,

            	
              )

            
	 	
              1082 PP Amsterdam, The Netherlands

            	
              )

            
	
              Fax no.:

            	
              +31 (0) 10 401 53 23

            	
              )

            
	
              Department/Officer: Global Transportation and Logistics

            	
              )

            
	 	 	 

      

      

      	
              The Original Lenders

            	
              )

            
	 	
              )

            
	
              ABN AMRO Bank N.V.

            	
              )

            
	 	
              )

            
	
              By:

            	
              Nigel Vaughan Bowen-Morris

            	
              ) /s/ Nigel Vaughan Bowen-Morris

            
	 	 	
              )

            
	
              Address:

            	
              Gustav Mahlerlaan 10,

            	
              )

            
	 	
              1082 PP Amsterdam, The Netherlands

            	
              )

            
	
              Fax no.:

            	
              +31 (0) 10 401 53 23

            	
              )

            
	
              Department/Officer: Global Transportation and Logistics

            	
              )

            
	 	 	 

      

      

      	
              The Swap Provider

            	
              )

            
	 	
              )

            
	
              ABN AMRO Bank N.V.

            	
              )

            
	 	
              )

            
	
              By:

            	
              Nigel Vaughan Bowen-Morris

            	
              ) /s/ Nigel Vaughan Bowen-Morris

            
	 	 	
              )

            
	
              Address:

            	
              Gustav Mahlerlaan 10,

            	
              )

            
	 	
              1082 PP Amsterdam, The Netherlands

            	
              )

            
	
              Fax no.:

            	
              +31 (0) 10 401 53 23

            	
              )

            
	
              Department/Officer: Global Transportation and Logistics

            	
              )

            

      

      

    

    

    

  

  

  Page 157

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}]]