Document:

Exhibit

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.
	
			
	 
	 
	 

	Principal Amount: $100,000.00 
Purchase Price: $75,000.00
	 
	Issue Date: May 14, 2019 

PROMISSORY NOTE
FOR VALUE RECEIVED, ASCENT SOLAR TECHNOLOGIES, INC., a Delaware corporation (hereinafter called “Borrower”), hereby promises to pay to BAYBRIDGE CAPITAL FUND, LP, a Delaware limited partnership, or its assigns (the “Holder” and together with the Borrower, the “Parties”) or order, without demand, the sum of One Hundred Thousand Dollars ($100,000) (“Principal Amount”), and to pay interest on the unpaid principal balance hereof at the rate of twelve percent (12%) (the “Interest Rate”) per annum, accruing thereon from the date of receipt by the Borrower attached hereto as Annex I and maturing on November 14, 2019 (the “Maturity Date”) together with all accrued and unpaid interest thereon, fees incurred or other amounts owing hereunder, all as set forth below in this Promissory Note (this “Note”), if not sooner paid. All payments due hereunder shall be made in lawful money of the United States of America and such payments shall be applied to amounts owing under the Note by Holder, in its sole discretion. 
This Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.  
The following terms shall apply to this Note:

ARTICLE I
GENERAL PROVISIONS
1.1     Payment Grace Period. The Borrower shall have a five (5) day grace period to pay any monetary amounts due under this Note, after which grace period a default interest rate of eighteen percent (18%) per annum shall apply from the due date thereof until the same is paid (“Default Interest”).  

1.2    Original Issue Discount. The Borrower acknowledges that the Principal Amount of this Note exceeds the Purchase Price (as set forth above) for this Note and that such excess is an original issue discount and shall be fully earned and charged to the Borrower upon the execution of this Note, and shall be paid to the Holder as part of the outstanding principal balance as set forth in this Note.

1.3    Application of Payments. The Borrower acknowledges that the payments made in connection with this Note shall be applied first to collection expenses (including all attorneys’ fees and expenses), if any, thereafter to amounts due hereunder other than principal and interest, thereafter to Interest and finally to Principal Amount all in the Holder’s sole discretion.

1.4    Change of Control. In the event of (i) any transaction or series of related transactions (including any reorganization, merger or consolidation) by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Borrower, by contract or otherwise) that results in the transfer of 33% or more of the outstanding voting power of the Borrower, (ii) the Borrower merges into or consolidates with any other Person, or any Person merges into or consolidates with the Borrower and, after giving effect to such transaction, the stockholders of the Borrower immediately prior to such transaction own less than 66% of the aggregate voting power of the Borrower or the successor entity of such transaction, or (iii) a sale of all or substantially all of the assets of the Borrower to another person or entity, this Note shall be automatically due and payable in full, immediately. The Borrower will give the Holder not less than twenty (20) business days prior written notice of the occurrence of any events referred to in this Section 1.4.

1.5    Miscellaneous. The Interest on this Note shall be calculated on the basis of a 360-day year and the actual number of days elapsed.  Principal and interest on this Note and other payments in connection with this Note shall be payable at the Holder’s offices as designated in lawful money of the United States of America in immediately available funds without set-off, deduction or counterclaim. Upon assignment of the interest of Holder in this Note, Borrower shall instead make its payment pursuant to the assignee’s instructions upon receipt of written notice thereof.
  
ARTICLE II
REPRESENTATIONS AND WARRANTIES

  2.         Representations and Warranties of the Borrower.  The Borrower hereby represents and warrants to the Holder that:
 
         (a)           The Borrower’s Common Stock is registered under Section 12(g) of the Securities Exchange Act of 1934 (the “Exchange Act”);
 
(b)           The Borrower is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and has filed all required reports under section 13 or 15(d) of the Exchange Act during the 12 months prior to the date hereof (or for such shorter period that the issuer was required to file such reports); 

(c)    Regulatory Compliance. Borrower is not an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended.  Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act.  Neither Borrower nor any of its Subsidiaries is a “holding company” or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not violated any laws, ordinances or rules, the violation of which could reasonably be expected to have a material adverse effect on its business.  None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally.  Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently conducted;

(d)         Litigation.  There is no claim, legal action, suit, arbitration, investigation or other proceeding pending, or to the knowledge of the Borrower, threatened against or relating to the Borrower or its assets.  Neither the Borrower nor any of its assets are subject to any outstanding judgment, order, writ, injunction or decree of any Governmental Authority. There is currently no investigation or review by any Governmental Authority with respect to the Borrower pending or, to the knowledge of the Borrower, threatened, nor has any Governmental Authority notified the Borrower of its intention to conduct the same;

(e)         SEC Matters.  To the knowledge of the Borrower, neither the Borrower, nor any current or past officer or director of the Borrower has ever been sanctioned, disciplined, fined, and/or imprisoned for any violations of any securities laws of the United States or any other jurisdiction.

ARTICLE IV
CERTAIN COVENANTS
  
3.1    Exchange Listing, Existence.  The Borrower shall make such filings, registrations or qualifications and take all other necessary action and will use its best efforts to obtain such consents, approvals and authorizations, if any, and satisfy all conditions that such Exchange may impose on the listing of the Common Stock and shall use its best efforts to obtain such listing on an and maintain such listing continuously thereafter for so long as all or any of the principal amount of the Notes remains outstanding. The Borrower shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain, duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification necessary.

3.2    No Integration.  Neither the Borrower nor any of its affiliates (as defined in Rule 501(b) of Regulation D of the Securities Act (“Regulation D”)) has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Note in a manner that would require registration of the Note under the Securities Act.

3.3    Shell Company Status.  The Borrower is not now, and has not, prior to the date of this Note, been a “shell company” as such term is defined in Rule 12b-2 of the Exchange Act.

3.4    Public Information.  The Borrower shall make such filings, registrations or qualifications and take all other necessary action and will use its best efforts to satisfy all conditions to be in compliance and satisfy the current public information requirement under Rule 144(c), more specifically with Rule 144(c)(1), and otherwise without restriction or limitation pursuant to Rule 144, and shall use its best efforts to obtain such listing on an and maintain such listing continuously thereafter for so long as all or any of the principal amount of the Notes remains outstanding.

3.5    DTCC Eligibility.  The Borrower shall make such filings, registrations or qualifications and take all other necessary action to remain DTCC-eligible and not have its eligibility revoked or “chilled” by the Depository Trust Company (“DTC”) or any similar program hereafter adopted performing substantially the same function.

3.6    Legal Action Notice.  The Borrower shall promptly report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Fifty Thousand Dollars ($50,000) or more.

3.7    Other Financial Information.  The Borrower shall deliver budgets, sales projections, operating plans and other financial information reasonably requested by the Holder. 

3.8    Change in Nature of Business.  So long as the Borrower shall have any obligation under this Note, the Borrower shall not make, or permit any of its Subsidiaries to make, any material change in the nature of its business as described in the Borrower’s most recent annual report filed on Form 10-K with the SEC. The Borrower shall not modify its corporate structure or purpose.

ARTICLE IV
EVENT OF DEFAULT
The occurrence of any of the following events of default (“Event of Default”) shall, at the option of the Holder hereof, make all sums of principal and interest then remaining unpaid hereon and all other amounts payable hereunder immediately due and payable, upon demand, without presentment, or grace period, all of which hereby are expressly waived, except as set forth below:
4.1     Failure to Pay Principal. The Borrower fails to pay any principal, interest, or other sum due under this Note whether on demand, at maturity, upon acceleration, Change of Control or otherwise;
4.2     Breach of Covenant. The Borrower or any Subsidiary of Borrower breaches any material covenant or other material term or condition of this Note in any material respect and such breach, if subject to cure, continues for a period of five (5) business days after written notice to the Borrower or any such Subsidiary of Borrower from the Holder.
4.3     Breach of Representations and Warranties. Any material representation or warranty of the Borrower or any Subsidiary of Borrower made herein, in any statement or certificate given in writing pursuant hereto or in connection herewith or therewith shall be false or misleading in any material respect as of the date made and as of the Issue Date.
4.4    Liquidation. Any dissolution, liquidation or winding up of Borrower or any operating Subsidiary of Borrower or any substantial portion of its business.
4.5     Cessation of Operations. Any cessation of operations by Borrower or any operating Subsidiary of Borrower for a period of 30 consecutive days.
4.6     Maintenance of Assets. The failure by Borrower or any Subsidiary of Borrower to protect, defend and maintain validity and enforceability of any material intellectual property rights, personal, real property or other assets which are necessary to conduct its business (whether now or in the future).
4.7     Receiver or Trustee. The Borrower or any Subsidiary of Borrower shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business; or such a receiver or trustee shall otherwise be appointed.
4.8    Judgments.   Any money judgment, writ or similar process shall be entered or filed against the Borrower or any subsidiary of the Borrower or any of its property or other assets for more than Fifty Thousand Dollars $50,000, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld.
4.9    Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings or relief under any bankruptcy law or any law for the relief of debtors shall be instituted by the Borrower or any Subsidiary of Borrower or any such proceeding shall be instituted against the Borrower or any Subsidiary of Borrower, which proceedings are not, within sixty (60) days after institution thereof, discharged or stayed pending appeal.
4.10    Delisting. An event resulting in the Borrower’s Common Stock no longer being quoted on the Over-The-Counter Bulletin Board (the “OTCBB”); failure to comply with the requirements for continued quotation on the OTCBB for a period of five (5) consecutive trading days; or notification from the OTCBB that the Borrower is not in compliance with the conditions for such continued quotation and such non-compliance continues for five (5) days following such notification. If the Borrower’s Common Stock is quoted by OTC Markets, Inc. f/k/a “Pink Sheets,” then any event or failure of the Borrower’s Common Stock to be listed as “Pink Current Information” for trading or quotation for five (5) or more consecutive days.
4.11     DTC Eligible. An event resulting in the Borrower’s Common Stock no longer being eligible to deposit (either electronically or by physical certificates, or otherwise) shares into the DTC system; failure to comply with the requirements for continued DTC eligibility for a period of seven (7) consecutive trading days; or notification from DTC that the Borrower is not in compliance with the conditions for such continued DTC eligibility and such non-compliance continues for seven (7) days following such notification  
4.12    Stop Trade. An SEC or judicial stop trade order or Principal Market trading suspension with respect to the Borrower’s Common Stock that lasts for seven (7) or more consecutive trading days.
4.13    Failure to Deliver Replacement Note. Borrower’s failures to timely deliver, if required, a replacement Note.
4.14    Financial Statement Restatement. A restatement of any financial statements filed by the Borrower with the Securities and Exchange Commission for any date or period from two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result of such restatement would, by comparison to the unrestated financial statements, have constituted a Material Adverse Effect.
4.15    Reverse Splits. The Borrower effectuates a reverse split of its Common Stock without five (5) business days prior written notice to the Holder.

4.16    Misrepresentations.  Borrower or any representative acting for Borrower makes any representation, warranty, or other statement now or later in this Note or in any writing delivered to the Holder or to induce the Holder to enter this Note, and such representation, warranty, or other statement is incorrect or contains any untrue statement of a material fact, or omits or will omit to state a material fact necessary to make the statements or facts contained herein or therein not misleading in any material respect in light of the circumstances under which they were made.

4.17    Other Note Default.  A default by the Borrower or the occurrence of an Event of Default under any Other Note issued by the Borrower.

4.18    Failure to Timely File Borrower’s Financial Reports.  The Borrower fails to timely file all reporting required under the Securities Exchange Act of 1934, as amended, filed with the Securities and Exchange Commission or if, the Borrower’s Common Stock is quoted by OTC Markets, Inc. f/k/a “Pink Sheets” then, the Borrower’s failure to timely file all reports required to be filed by it with OTC Markets, Inc. f/k/a “Pink Sheets” whereby the Borrower either (i) fails to be reported as “Pink Current Information” designated company, or (ii) is reported as “No Inside.”

4.19      Default Under The Note.   An Event of Default has occurred and is continuing under this Note, then, upon the occurrence and during the continuation of any Event of Default specified in Section 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7, 4.8, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, or 4.18, at the option of the Holder exercisable through the delivery of written notice to the Borrower by such Holder (the “Default Notice”), and upon the occurrence of an Event of Default specified in Section 4.9, the Notes shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory Prepayment Date”) plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any other amounts owed to the Holder pursuant to this Note (the then outstanding principal amount of this Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default Amount”) and all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, any and all legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

ARTICLE V
MISCELLANEOUS
5.1     Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder hereof in the exercise of any power, right or privilege hereunder shall operate as a waiver, election, or acquiescence thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available provided for by law, or in equity.
5.2     Demand Waiver.  Borrower hereby waives:(i) demand, notice of default, delinquency or dishonor, notice of payment and nonpayment, notice of any default, notice of acceleration, nonpayment at maturity, notice of costs, expenses and losses and interest thereon, notice of late charges; (ii) all defenses and pleas on the grounds of any release, compromise, settlement, extension, or extensions of the time of payment or any due date under this Note, in whole or in part, whether before or after maturity and with or without notice; and (iii) diligence in taking any action to collect any sums owing under this Note or in proceeding against any the rights and interests in and to properties securing payment of this Note such as, but not limited to, the renewal of accounts, documents, instruments, chattel paper, and guarantees held by the Holder on which Borrower is liable. 
5.3    Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, electronic mail (email), or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the first business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:
(i) if to Borrower, to:
Ascent Solar Technologies, Inc.
12300 N. Grant Street
Thornton, CO  80241
Attn: Victor Lee, CEO 
With a copy to:
James H. Carroll, Esq.
Carroll Legal LLC
233 McKinley Lane
Louisville, CO  80027
(ii) if to the Holder, to:
BayBridge Capital Fund, LP
Attn: Investment Manager
Fax: 
5.4    Amendment Provision. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented in writing, then as so amended or supplemented.
5.5    Assignability. The Holder, without consent from or notice to anyone, may at any time assign the Holder’s rights in this Note, the Borrower’s obligations under this Note, or any part thereof. This Note shall be binding upon the Borrower and their respective legal representatives, heirs and its successors, and shall inure to the benefit of the Holder and its successors, assigns, heirs, administrators and transferees. The Borrower may not assign its obligations under this Note.
5.6    Cost of Collection. Borrower shall pay to the Holder, on demand and if demanded, prior to any conclusion of any action related hereto, the amount of any and all expenses, including, without limitation, attorneys’ fees, appellate attorney’s fees, legal costs and expenses, as well as collection agency fees and costs, any of which the Holder, whether or not the Holder agrees to dismiss an action upon payment of sums allegedly due, obtains substantially the relief sought or may incur in connection with (a) enforcement or collection of this Note following an Event of Default; (b) exercise or enforcement of any the rights, remedies or powers of the Holder hereunder or with respect to any or all of the obligations under this Note upon breach or threatened breach; or (c) failure by Borrower to perform and observe any agreements of Borrower contained herein.
5.7    Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles that would result in the application of the substantive laws of another jurisdiction. Any action brought by either party against the other concerning the transactions contemplated by this Note must be brought only in the civil or state courts of New York or in the federal courts located in the State and county of New York. Both parties and the individual signing this Note on behalf of the Borrower agree to submit to the jurisdiction of such courts. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and costs at both the trial and appellate level. In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or unenforceability of any other provision of this Note in any other jurisdiction. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Borrower in any other jurisdiction to collect on the Borrower’s obligations to Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other decision in favor of the Holder. This Note shall be deemed an unconditional obligation of Borrower for the payment of money and, without limitation to any other remedies of Holder, may be enforced against Borrower by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar rule or statute in the jurisdiction where enforcement is sought. For purposes of such rule or statute, any other document or agreement to which Holder and Borrower are parties or which Borrower delivered to Holder, which may be convenient or necessary to determine Holder’s rights hereunder or Borrower’s obligations to Holder are deemed a part of this Note, whether or not such other document or agreement was delivered together herewith or was executed apart from this Note.

5.8     Waiver of Jury Trial.TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND THE HOLDER EACH HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS NOTE OR ANY CONTEMPLATED TRANSACTION, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF OR BETWEEN ANY PARTY HERETO, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THE BORROWER AGREES AND CONSENTS TO THE GRANTING TO HOLDER OF RELIEF FROM ANY STAY ORDER WHICH MIGHT BE ENTERED BY ANY COURT AGAINST HOLDER AND TO ASSIST HOLDER IN OBTAINING SUCH RELIEF.  THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS NOTE.  EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. THE BORROWER’S REASONABLE RELIANCE UPON SUCH INDUCEMENT IS HEREBY ACKNOWLEDGED. 

5.9          Certain Amounts.   Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding principal amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest on such interest, the Borrower and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this Note may be difficult to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty. To the extent it may lawfully do so, the Borrower hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any claim, action or proceeding that may be brought by the Holder in order to enforce any right or remedy under this Note.  

5.10    Usury Savings Clause.   Borrower and Holder intend to contract in compliance with all state and federal usury laws governing the loan evidenced by this Note. Holder and Borrower agree that none of the terms of this Note shall be construed to require payment of interest at a rate in excess of the maximum interest rate allowed by any applicable state, federal or foreign usury laws. If Holder receives sums which constitute interest that would otherwise increase the effective interest rate on this Note to a rate in excess of that permitted by any applicable law, then all such sums constituting interest in excess of the maximum lawful rate shall at Holder’s option either be credited to the payment of principal or returned to Borrower. 

Notwithstanding any provision in this Note to the contrary, the total liability for payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions, or other sums which may at any time be deemed to be interest, shall not exceed the limit imposed by the usury laws of the jurisdiction governing this Note or any other applicable law.  In the event the total liability of payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions or other sums which may at any time be deemed to be interest, shall, for any reason whatsoever, result in an effective rate of interest, which for any month or other interest payment period exceeds the limit imposed by the usury laws of the jurisdiction governing this Note, all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice by, between, or to any party hereto, be applied to the reduction of the outstanding principal balance due hereunder immediately upon receipt of such sums by the Holder hereof, with the same force and effect as though the Borrower had specifically designated such excess sums to be so applied to the reduction of the principal balance then outstanding, and the Holder hereof had agreed to accept such sums as a penalty-free payment of principal; provided, however, that the Holder may, at any time and from time to time, elect, by notice in writing to the Borrower, to waive, reduce, or limit the collection of any sums in excess of those lawfully collectible as interest, rather than accept such sums as a prepayment of the principal balance then outstanding.  It is the intention of the parties that the Borrower does not intend or expect to pay, nor does the Holder intend or expect to charge or collect any interest under this Note greater than the highest non-usurious rate of interest which may be charged under applicable law.  

5.11    Maximum Payments. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum rate permitted by applicable law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum rate permitted by applicable law, any payments in excess of such maximum rate shall be credited against amounts owed by the Borrower to the Holder and thus refunded to the Borrower, the manner of handling such excess to be at the Holder’s election.

5.12    Further Assurances.  At any time or from time to time after the date hereof, the Parties agree to cooperate with each other and, at the request of any other Party, to execute and deliver any further instruments or documents and to take all such further action as the other Party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the Parties hereunder. 

5.13      Remedies.   The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the intent and purpose of the transaction contemplated hereby.  Accordingly, the Borrower acknowledges that the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required. 

5.14    No Impairment.  The Borrower will not, by amendment of its Articles of Incorporation or By-Laws or other organizational document, or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, willfully avoid or seek to avoid the observance or performance of any of the terms of this Note, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder under this Note against impairment or dilution.

5.15    Substitute Notes.  Upon (i) receipt by the Borrower of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation hereof, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Borrower in customary form, or (ii) the request of the Holder of this Note upon surrender hereof, the Borrower shall execute and deliver in lieu hereof, a new Note or Notes, payable to the order of the Holder or such persons as the Holder may request and in a principal amount equal to the unpaid principal amount hereof, which shall be dated and bear interest from the date to which interest has theretofore been paid hereon.  Each such Note shall in all other respects be in the same form and be treated the same as this Note and all references herein to this Note shall apply to each such Note. This Note is exchangeable, upon the surrender hereof by the Holder at the principal office of the Borrower, for a new Note or Notes representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

5.16    Absolute Obligation.  No provision of this Note shall alter or impair the obligation of the Borrower, which is absolute and unconditional, to pay the principal of, accrued interest, Default Amounts, or damages as applicable, on this Note at the time, place, and rate, and in the coin or currency, herein prescribed.  This Note is a direct, unconditional and secured debt obligation of the Borrower.  

5.17    Relationship.  The relationship of the parties to this Note is determined solely by the provisions of this Note. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract.

5.18    Entire Agreement.  This Note and any instruments and agreements to be executed pursuant to this Note, sets forth the entire agreement and understanding of the Parties with respect to its subject matter of this Note and supersedes, merges and replaces all prior and contemporaneous understandings, discussions and negotiations, oral or written, regarding the same subject matter which shall remain in full force and effect and may not be altered or modified, except in writing and signed by the party to be charged thereby, and supersedes any and all previous discussions between the parties relating to the subject matter thereof.

5.19    Counterparts.  This Note may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when this Note has been signed by the Borrower and delivered to any other party, it being understood that all parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission, by email in “portable document format” (“.pdf”), electronic signature or other similar electronic means intended to preserve the original graphic and pictorial appearance of this Note, such signature shall have the same effect as physical delivery of the paper document bearing original signature and create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were an original thereof.

5.20    Counsel. The parties expressly acknowledge that each has been advised to seek separate counsel for advice in this matter and has been given a reasonable opportunity to do so.

5.21    Headings. The headings in this Note are for convenience of reference only and shall not affect the interpretation of this Note.

[ Signatures on Following Pages ]
IN WITNESS WHEREOF, Borrower has caused this Promissory Note to be signed in its name by an authorized officer as of the first date written above.

ASCENT SOLAR TECHNOLOGIES, INC.
  

By:  /s/ Victor Lee

Name: Victor Lee
Title: Chief Executive Officer

ANNEX I 

WIRE LEDGER 

	
								
	 
	Date
	 
	 
	Wire Amount
	 

	 
	3/18/2019
	 
	 
	$7,500
	 

	 
	4/12/2019
	 
	 
	$22,500
	 

	 
	4/30/2019
	 
	 
	$20,000
	 

	 
	5/14/2019
	 
	 
	$25,000
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

US.116218804.02Exhibit 4.13

            

             

            

             

            

            FACILITY AGREEMENT

             

            

          
	
            UP TO USD 250,000,000 TERM LOAN FACILITY

            for

             

              

          
	
            FLEX LNG CONSTELLATION LIMITED

                and

                FLEX LNG COURAGEOUS LIMITED

                as Borrowers

             

              

            with

                FLEX LNG LTD.

                and

                FLEX LNG FLEET LIMITED

                as Guarantors

             

              

          
	
            arranged by

                DANSKE BANK A/S

                as Bookrunner, Co-ordinator and Mandated Lead Arranger

                

                ABN AMRO BANK  N.V.

                NORDEA BANK ABP, FILIAL I NORGE

                SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

                as Bookrunners and Mandated Lead Arrangers

                

                with

                DANSKE BANK A/S

                ABN AMRO BANK  N.V.

                NORDEA BANK ABP

                SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

                as Hedge Providers

             

              

          
	
            and

             

              

          
	
            DANSKE BANK A/S

                as Agent and Security Agent

             

              

          
	
            in respect of the Vessels

             

              

          
	
            "FLEX CONSTELLATION"

                "FLEX COURAGEOUS"

             

            Dated 26 April 2019

          

    
      
        

    

    

    

    TABLE OF CONTENTS

    	
            1

          	
            DEFINITIONS AND INTERPRETATION

          	
            4

          
	
            2

          	
            THE FACILITY

          	
            21

          
	
            3

          	
            PURPOSE

          	
            22

          
	
            4

          	
            CONDITIONS PRECEDENT

          	
            22

          
	
            5

          	
            DRAWDOWN

          	
            24

          
	
            6

          	
            REPAYMENT

          	
            25

          
	
            7

          	
            PREPAYMENT AND CANCELLATION

          	
            25

          
	
            8

          	
            INTEREST

          	
            29

          
	
            9

          	
            INTEREST PERIODS

          	
            29

          
	
            10

          	
            CHANGES TO THE CALCULATION OF INTEREST

          	
            30

          
	
            11

          	
            FEES

          	
            31

          
	
            12

          	
            TAX GROSS-UP AND INDEMNITIES

          	
            31

          
	
            13

          	
            INCREASED COSTS

          	
            36

          
	
            14

          	
            OTHER INDEMNITIES

          	
            37

          
	
            15

          	
            MITIGATION BY THE LENDERS

          	
            39

          
	
            16

          	
            COSTS AND EXPENSES

          	
            40

          
	
            17

          	
            GUARANTEE AND INDEMNITY

          	
            41

          
	
            18

          	
            SECURITY

          	
            45

          
	
            19

          	
            REPRESENTATIONS AND WARRANTIES

          	
            47

          
	
            20

          	
            INFORMATION UNDERTAKINGS

          	
            51

          
	
            21

          	
            FINANCIAL COVENANTS

          	
            55

          
	
            22

          	
            GENERAL UNDERTAKINGS

          	
            56

          
	
            23

          	
            VESSEL COVENANTS

          	
            61

          
	
            24

          	
            EVENTS OF DEFAULT

          	
            65

          
	
            25

          	
            CHANGES TO THE PARTIES

          	
            69

          
	
            26

          	
            ROLE OF THE AGENT, THE SECURITY AGENT AND THE ARRANGER

          	
            72

          
	
            27

          	
            CONDUCT OF BUSINESS OF THE FINANCE PARTIES

          	
            81

          
	
            28

          	
            SHARING AMONG THE FINANCE PARTIES

          	
            81

          
	
            29

          	
            PAYMENT MECHANICS

          	
            83

          
	
            30

          	
            SET-OFF

          	
            85

          
	
            31

          	
            NOTICES

          	
            85

          
	
            32

          	
            CALCULATIONS AND CERTIFICATES

          	
            86

          
	
            33

          	
            PARTIAL INVALIDITY

          	
            87

          
	
            34

          	
            REMEDIES AND WAIVERS

          	
            87

          
	
            35

          	
            AMENDMENTS AND WAIVERS

          	
            87

          

    
      2

      
        

    

    

    

    	
            36

          	
            CONFIDENTIAL INFORMATION

          	
            89

          
	
            37

          	
            COUNTERPARTS

          	
            93

          
	
            38

          	
            CONTRACTUAL RECOGNITION OF BAIL-IN

          	
            93

          
	
            39

          	
            GOVERNING LAW AND ENFORCEMENT

          	
            94

          

    

    

    

    

    

    
      3

      
        

    

    THIS FACILITY AGREEMENT
        is dated 26 April 2019 and made between:

    
      
        	(1)	
                FLEX LNG CONSTELLATION LIMITED, a corporation
                    incorporated in the Republic of Marshall Islands, having registration no. 90733, whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 as borrower;

              

      

    

    
      
        	(2)	
                FLEX LNG COURAGEOUS LIMITED, a corporation incorporated in the Republic of Marshall Islands, having registration no. 90734, whose registered address is at Trust Company Complex,
                    Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 as borrower (together with the entity referred to in (1) above, the "Borrowers"
                    and each a "Borrower";

              

      

    

    
      
        	(3)	
                FLEX LNG FLEET LIMITED, a company incorporated and existing under the laws of Bermuda, having company registration no. 52351, whose registered office is at Par-la-Ville Place, 14
                    Par-la-Ville Road, Hamilton, Bermuda (the "Intermediate Parent");

              

      

    

    
      
        	(4)	
                FLEX LNG LTD., a company incorporated and existing
                    under the laws of Bermuda, having company registration no. 52644, whose registered office is at Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, Bermuda (the "Ultimate Parent", and together with the Intermediate Parent, the "Guarantors" and each a "Guarantor")

              

      

    

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

              

      

    

    
      
        	(6)	
                DANSKE BANK A/S as bookrunner, co-ordinator and
                    mandated lead arranger;

              

      

    

    
      
        	(7)	
                ABN AMRO BANK  N.V., NORDEA BANK ABP, FILIAL I NORGE and SKANDINAVISKA ENSKILDA
                      BANKEN AB (PUBL) as bookrunners and mandated lead arrangers (together with the entity referred to in (6) above, the "Arrangers",

                    and each an "Arranger");

              

      

    

    
      
        	(8)	
                DANSKE BANK A/S, ABN AMRO BANK  N.V., NORDEA BANK ABP and SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) as hedge providers (each a "Hedge Provider", jointly the "Hedge Providers");

              

      

    

    
      
        	(9)	
                DANSKE BANK A/S as facility agent of the other Finance
                    Parties (in such capacity, the "Agent"); and

              

      

    

    
      
        	(10)	
                DANSKE BANK A/S as security agent of the other Finance
                    Parties (in such capacity, the "Security Agent").

              

      

    

    IT IS AGREED as
        follows:

    SECTION 1

        INTERPRETATION

    
      
        	1	
                DEFINITIONS AND INTERPRETATION

              

      

    

    
      
        	1.1	
                Definitions

              

      

    

    In this Agreement, unless the context otherwise requires:

    "Account Bank"
        means DNB Bank ASA or the Agent, as relevant.

    
      4

      
        

    

    

    

    

    

    "Account Pledge"
        means a first priority pledge granted or to be granted by each Borrower in favour of the Security Agent (on behalf of the Finance Parties) over the Earnings Accounts of the Borrowers, to be in form and substance satisfactory to the Security Agent.

    "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.

    "Agreement" means
        this facility agreement, as it may be amended, supplemented and varied from time to time, including its Schedules and any Transfer Certificate.

    "Approved Broker"
        means each of Fearnleys, Clarksons Platou, Nordic Shipping, Affinity, Simpson Spence Young or such other independent and internationally reputable shipbroker(s) as may be approved in writing by the Agent.

    "Approved Manager" means:

    a) Bernhard Schulte Shipmanagement;

    b) any company within the Group or the Seatankers Group; or

    
      
        	c)	
                any other management company acceptable to the Majority Lenders from time to time as the technical and/or commercial manager of a Vessel, such consent not to
                    be unreasonably withheld or delayed.

              

      

    

    "Approved Ship Registry"
        means each of the Marshall Islands, the Norwegian International Ship Registry (NIS), Liberia or such other international ship registry as may be approved in writing by all the Lenders.

    "Approved Classification
          Society" means each of DNV GL, Lloyds Register, American Bureau of Shipping (ABS), Bureau Veritas or such other IACS classification society as may be pre-approved in writing by all the Lenders, such approval not to be unreasonably withheld
        or delayed.

    "Assignment of Earnings
          and Charterparties" means a first priority assignment granted or to be granted by each Borrower in favour of the Security Agent (on behalf of the Finance Parties) of any of the Borrowers' (i) rights, titles and interests to any Earnings,
        and (ii) in respect of any charterparty for any Vessel with a firm term (excluding options) exceeding twelve (12) months, its rights, titles and interests to same, to be in form and substance acceptable to the Security Agent.

    "Assignment of Hedging
          Claims" means a first priority assignment granted or to be granted by each Borrower in favour of the Security Agent (on behalf of the Finance Parties) of each Borrower's rights, titles and interests under any Hedging Agreements related to
        this Facility, to be in form and substance acceptable to the Security Agent.

    "Assignment of
          Insurances" means a first priority assignment granted or to be granted by each Borrower in favour of the Security Agent (on behalf of the Finance Parties) of the Insurances relating to each Vessel, to be in form and substance acceptable to
        the Security Agent.

    "Assignment of
          Intercompany Loans" means a first priority assignment of the claims against any Borrower from any Guarantor or other Borrower, and any claims against any Guarantor or other Borrower from any Borrower, in favour of the Security Agent (on
        behalf of the Finance Parties) to be in form and substance acceptable to the Security Agent, and to include a statement of

    
      5

      
        

    

    

    

    subordination, whereby the relevant creditor subordinates its claims against the relevant debtor to the claims of the
        Finance Parties under the Finance Documents.

    "Authorisations"
        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 the last Delivery Date, however no later than 30 November 2019.

    "Available Commitment"
        means a Lender's Commitment minus the amount of its participation in any outstanding Loans.

    "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 of Directive 2014/59/EU establishing a framework for
                    the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and

              

      

    

    
      
        	b)	
                in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion
                    Powers contained in that law or regulation.

              

      

    

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

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

              

      

    

    exceeds:

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

              

      

    

    "Business Day"
        means a day (other than a Saturday or Sunday) on which banks are open for general business in Oslo, Copenhagen, Stockholm, London and New York (or any other relevant place of payment under Clause 29 (Payment mechanics)).

    “Change in Ultimate
          Beneficial Owner” means in respect of an Obligor any event by which a private individual (i) acquires the legal and/or beneficial ownership (directly or indirectly) of 25 per cent. or more of the issued share capital of that Obligor or
        (ii) acquires the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to (directly or indirectly) cast, or control the casting of, 25 per cent. or more of the votes that might be cast at a general meeting of that
        Obligor or (iii) gains effective control over that Obligor (such private individual being referred to as the “Ultimate Beneficial Owner”).

    "Change of Control"
        means the occurrence of any of the following events:

    
      6

      
        

    

    

    

    

    

    
      
        	a)	
                any company controlled directly or indirectly by the John Fredriksen Family ceases to own directly minimum 25% of the shares and the voting rights of the
                    Ultimate Parent; or

              

      

    

    
      
        	b)	
                without the prior written approval of the Majority Lenders, any individual person or more persons acting in concert (other than any company controlled
                    directly or indirectly by the John Fredriksen Family) have the right or the ability to control, either directly or indirectly, the affairs or composition of the majority of the board of directors (or equivalent) of the Ultimate Parent
                    or becomes owners of 1/3 or more of the voting shares of the Ultimate Parent; or

              

      

    

    
      
        	c)	
                the Ultimate Parent ceases to own directly 100% of the shares in the Intermediate Parent; or

              

      

    

    
      
        	d)	
                the Intermediate Parent ceases to own directly 100% of the shares in each of the Borrowers, excluding in the event of a disposal of such shares in accordance
                    with Clause 7.2 (Disposal or Total Loss), in which case that clause shall apply.

              

      

    

    "Code" means the
        US Internal Revenue Code of 1986 (as amended).

    "COFR" means the
        U.S. Certificate of Financial Responsibility program (as in effect from time to time), based on the U.S. Oil Pollution Act of 1980.

    "Commitment"
        means

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

              

      

    

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

              

      

    

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

    "Compliance Certificate"
        means a certificate substantially in the form as set out in Schedule 5 (Form of Compliance Certificates).

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

    
      
        	a)	
                the Obligors or any of their respective advisers; or

              

      

    

    
      
        	b)	
                another Finance Party, if the information was obtained by that Finance Party directly or indirectly from the Obligors or any of their 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 36.1 (Confidential Information); or

              

      

    

    
      7

      
        

    

    

    

    

    

    
      
        	

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

              

      

    

    
      
        	

              	(iii)	
                is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs a) or b) above or is lawfully obtained by that
                    Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Obligor 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.

              

      

    

    "Default" means
        an Event of Default or any event or circumstance specified in Clause 24 (Events of Default) which would (with the expiry of a grace period, the
        giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

    "Delivery Date"
        means the date on which a Vessel is actually delivered, by passing of risk and title, to the relevant Borrower under the Intermediate MOA,
        expected to occur on or about 30 June 2019 and on our about 31 August 2019, respectively.

    "DOC" means, in
        relation to any technical Manager of a Vessel, a valid document of compliance issued to the technical Manager pursuant to paragraph 13.2 of the ISM Code.

    "Drawdown Date"
        means the Business Day on which a Borrower has requested drawdown of a Loan pursuant to this Agreement or, as the context requires, the date on which the drawdown is actually made.

    "Drawdown Notice"
        means a notice substantially in the form set out in Schedule 3 (Form of Drawdown Notice).

    "Earnings" means
        all moneys whatsoever which are now, or later become, payable (actually or contingently) to a Borrower and which arise out of the use of or operation of a Vessel, including (but not limited to):

    
      
        	a)	
                all freight, hire and passage moneys payable to a Borrower, including (without limitation) payments of any nature under a charterparty or any other agreement
                    for the employment, use, possession, management and/or operation of a Vessel;

              

      

    

    
      
        	b)	
                any claim under any guarantees related to freight and hire payable to a Borrower as a consequence of the operation of a Vessel;

              

      

    

    
      
        	c)	
                compensation payable to a Borrower in the event of any requisition of a Vessel or for the use of a Vessel by any government authority or other competent
                    authority;

              

      

    

    
      
        	d)	
                remuneration for salvage, towage and other services performed by a Vessel payable to a Borrower;

              

      

    

    
      
        	e)	
                demurrage and retention money receivable by a Borrower in relation to a Vessel;

              

      

    

    
      
        	f)	
                all moneys which are at any time payable under the Insurances in respect of loss of earnings;

              

      

    

    
      
        	g)	
                any damages for breach (or payments for variation or termination) of any contract of employment of a Vessel payable to a Borrower;

              

      

    

    
      8

      
        

    

    

    

    

    

    
      
        	h)	
                if and whenever a Vessel is employed on terms whereby any moneys falling within paragraphs a) to f) above (both inclusive) are pooled or shared with any other
                    person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to such Vessel; and

              

      

    

    
      
        	i)	
                any other money whatsoever due or to become due to a Borrower from third parties in relation to a Vessel, or otherwise.

              

      

    

    "Earnings Accounts"
        means the Borrowers' bank accounts, into which all Earnings are to be paid, to be held with the Account Bank, and to be subject to the Account Pledge.

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

    "Environmental Approval"
        means any permit, licence, consent, approval and other Authorisations and the filing of any notification, report or assessment required under any Environmental Law for the operation of a Vessel.

    "Environmental Claim"
        means any claim, proceeding or investigation by any party in respect of any Environmental Law or Environmental Approval.

    "Environmental Law"
        means any law, regulation, convention or treaty applicable to an Obligor and which relates to the pollution or protection of the environment or to the carriage of material which is capable of polluting the environment.

    "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.

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

    "FA Act" means
        the Norwegian Financial Agreements Act 1999 No. 46 (No. finansavtaleloven).

    "Facility" means
        the senior secured term loan facility made available under this Agreement as described in Clause 2.1 (The Facility).

    "FATCA" means:

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

              

      

    

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

              

      

    

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

              

      

    

    "FATCA Application Date"
        means:

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

              

      

    

    
      9

      
        

    

    

    

    

    

    
      
        	b)	
                in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraph (a) above, 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:

    
      
        	a)	
                the Agent (on behalf of any other Finance Parties) and a Borrower; and

              

      

    

    
      
        	b)	
                the Agent (for itself) and a Borrower,

              

      

    

    in each case, setting out any of the fees referred to in Clause 11 (Fees).

    "Final Maturity Date"
        means the day falling five (5) years after the last Drawdown Date, however, not later than 30 November 2024.

    "Finance Documents"
        means

    
      
        	a)	
                this Agreement;

              

      

    

    
      
        	b)	
                any Fee Letter;

              

      

    

    
      
        	c)	
                the Security Documents;

              

      

    

    
      
        	d)	
                the Sterna Subordination Statement;

              

      

    

    
      
        	e)	
                any Trust Agreement;

              

      

    

    
      
        	f)	
                each Hedging Agreement, other than in respect of Clauses 35 (Amendments

                      and Waivers), 37 (Counterparts) and (in relation to any communications between the Borrowers and the Hedge Providers)
                    Clause 31 (Notices); and

              

      

    

    
      
        	g)	
                any other document designated as such by the Agent and the Borrowers.

              

      

    

    "Finance Party"
        means any or all of the Lenders, the Agent, the Security Agent, the Arrangers and the Hedge Providers.

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

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

              

      

    

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

              

      

    

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

              

      

    

    
      10

      
        

    

    

    

    

    

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

              

      

    

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

              

      

    

    
      
        	f)	
                any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the
                    value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account);

              

      

    

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

              

      

    

    
      
        	h)	
                any amount of any liability under a deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is 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 60 days after the date of supply;

              

      

    

    
      
        	i)	
                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 US GAAP; and

              

      

    

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

              

      

    

    "Green Passport"
        means a document listing all potential hazardous materials on board the relevant Vessel as further described by the relevant Vessel's classification society and/or the International Maritime Organization (IMO), hereunder an Inventory of Hazardous
        Materials as described thereby.

    "Group" means the
        Ultimate Parent and its Subsidiaries from time to time.

    "Guarantee" means
        the unconditional and irrevocable guarantee (In Norwegian: "Selvskyldnerkausjon") and indemnity  provided by the each of the Guarantors pursuant
        to Clause 17 (Guarantee and indemnity).

    "Hedging Agreement"
        means any master agreement, confirmation, schedule or other agreement entered or to be entered into by any Borrower and any Hedge Provider to hedge liabilities relating to the Agreement.

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

    "Insurance Report"
        means a report with respect to the Insurances, with a form, scope and conclusion acceptable to the Lenders, and from a firm of marine insurance brokers acceptable to the Lenders.

    "Insurances"
        means, in relation to any Vessel, all insurance policies and contracts of insurance (which expression includes all entries of any Vessel in a protection and indemnity or war risk association) which are from time to time during the Security Period
        in place or taken out or entered

    
      11

      
        

    

    

    

    into by or for the benefit of any Borrower (whether in the sole name of a Borrower or in the joint names of the Obligors
        and any other person) in respect of any Vessel or otherwise in connection with a Vessel and all benefits thereunder (including claims of whatsoever nature and return of premiums).

    "Interest Payment Date"
        means the last Business Day of each Interest Period.

    "Interest Period"
        means, in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods), and, in relation to an Unpaid Sum, each
        period determined in accordance with Clause 8.3 (Default interest).

    "Intermediate Buyer"
        means Courageous Inc. in respect of the Vessel "Flex Courageous" and Constellation Inc. in respect of the Vessel "Flex Constellation", which entities are parties as buyers to the Shipbuilding Contracts, and have entered into the Intermediate MOAs.

    "Intermediate MOA" means each memorandum of agreement for the sale of the respective Vessels from the Intermediate Buyers as sellers to the respective Borrower as
        buyer, securing a concurrent delivery under the Shipbuilding Contract and the Intermediate MOA, and including arrangements for the assignment of Yard's warranties in respect of the Vessel to the relevant Borrower, to be in form and substance
        satisfactory to the Agent.

    "Interpolated Screen
          Rate" means, in relation to LIBOR for any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between:

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

              

      

    

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

              

      

    

    each as of 12:00 hours on the Quotation Day for USD.

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

    "ISPS Code" means
        the International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization's (IMO) Diplomatic Conference of December 2002.

    "John Fredriksen Family"
        means Mr. John Fredriksen, his direct lineal descendants, the personal estate of any of them and/or any trust created for the benefit of any of the aforementioned persons or their estates.

    "Lender" means:

    
      
        	a)	
                any Original Lender; and

              

      

    

    
      
        	b)	
                any New Lender,

              

      

    

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

    "LIBOR" means, in
        relation to any Loan:

    
      12

      
        

    

    

    

    

    

    a) the applicable Screen Rate; or

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

              

      

    

    c) if:

    (i) no Screen Rate is available for USD; or

    
      
        	

              	(ii)	
                no Screen Rate is available for the Interest Period of that Loan and it is not possible to calculate an Interpolated Screen Rate for that Loan,

              

      

    

    the Reference Bank Rate,

    as of 12:00 hours on the Quotation Day for USD and for a period equal in length to the Interest Period of that Loan,
        and, if any such rate is below zero, LIBOR will be deemed to be zero.

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

    "Majority Lenders"
        means:

    
      
        	a)	
                if there are no Loan outstanding, a Lender or Lenders whose Commitments aggregate equal to or more than 662/3% of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated equal to or more than 662/3% of the Total Commitments immediately prior to the reduction); or

              

      

    

    
      
        	b)	
                at any other time, a Lender or Lenders whose participations in the Loans then outstanding aggregate equal to or more than 662/3% of the Loans then outstanding.

              

      

    

    "Management Agreement(s)"
        means any commercial and/or technical management agreement entered into between any of the Borrowers and the Manager(s) regarding any of the Vessels, on terms and conditions acceptable to the Majority Lenders.

    "Manager" means
        any technical or commercial manager of a Vessel.

    "Manager's Undertaking"
        means a subordination statement by each Manager of a Vessel, in form and substance acceptable to the Agent, whereupon the Manager fully subordinates its claims under any Management Agreement(s) and otherwise in respect of the Vessel to the claims
        of the Finance Parties under the Finance Document.

    "Margin" means
        two point thirty five per cent (2.35%) per annum.

    "Marpol" means
        the International Convention for the Prevention of Pollution from Ships.

    "Market Value"
        means the fair market value of each Vessel in USD, being the average of valuations of the Vessel obtained from two (2) Approved Brokers by the Borrowers. Such valuations to be made with or without physical inspection of the relevant Vessel (as the
        Agent may require) on the basis of a sale for prompt delivery for cash at arm's length on normal commercial terms as between a willing buyer and seller, on an "as is, where is" basis, free of any existing charter or other contract of employment
        and/or pool arrangement. If the two valuations differ by more than ten per cent. (10.00%), then a third Approved Broker appointed by the Agent shall provide a valuation and the

    
      13

      
        

    

    

    

    value of the Vessel shall be the average of the three valuations. The valuations shall be for the cost of the Borrowers.

    "Material Adverse Effect" means a material adverse effect on:

    
      
        
          	a)	
                  the financial position, business or operation of any
                        Obligor or the Group (taken as a whole);

                

        

      

    

    
      
        	b)	
                the ability of any of the Obligors to perform any of its obligations under the Finance Documents; or

              

      

    

    
      
        	c)	
                the validity or enforceability of, or the effectiveness or ranking of any Security Interest granted or purported 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 lower of:

    
      
        	a)	
                65% of the Market Value of the applicable Vessel; and

              

      

    

    
      
        	b)	
                USD 125,000,000,

              

      

    

    "Mortgage(s)"
        means each of the first priority or preferred, as applicable, cross collateralized ship mortgages and, if applicable, the declaration of pledges or deeds of covenants collateral thereto, granted by each Borrower in favour of the Security Agent (on
        behalf of the Finance Parties) in form and substance acceptable to the Security Agent and registered against each of the Vessels with the applicable Approved Ship Registry.

    "New Lender" has
        the meaning set out in Clause 25 (Changes to the Parties).

    "Obligor" means
        the Borrowers or the Guarantors, or any of them, as the case may be.

    "Original Financial
          Statements" means the financial statements for each Obligor (consolidated and audited in respect of the Ultimate Parent), for the financial year ended 31 December 2018.

    "Party" means a
        party to this Agreement.

    "Quotation Day"
        means, in relation to any period for which an interest rate is to be determined two (2) Business Days before the first day of that period.

    "Reference Banks"
        means Danske Bank A/S, Nordea Bank Abp, filial i Norge, Skandinaviska Enskilda Banken AB (PUBL), ABN Amro Bank N.V. and/or such other banks as may be appointed by the Agent.

    "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, as the rate at which the relevant Reference Bank could borrow funds in the applicable interbank market
        in the relevant currency and for the relevant period, were it to obtain interbank offers for deposits in that currency and for that period, and if a Reference Bank does not supply a quotation by 12:00 hours on the Quotation Day, the applicable rate
        shall be determined on the basis of the quotations of the remaining Reference Banks.

    "Relevant Jurisdiction"
        means in relation to any Party:

    
      14

      
        

    

    

    

    

    

    a) its jurisdiction of incorporation;

    
      
        	b)	
                any jurisdiction where any asset subject to or intended to be subject to Security Interest under a Security Document to be created by it is situated or
                    registered, as applicable;

              

      

    

    c) any jurisdiction where it conducts its business; and

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

              

      

    

    "Repeating
          Representations" means each of the representations set out in Clause 19 (Representations and warranties), except for Clauses 19.3a) (Binding obligations), 19.4a) (No conflict with
          other obligations), 19.6 (Governing law and enforcement), 19.8 b (Taxes) and Clause 19.9 (No filing or stamp taxes).

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

    "Restricted Party"
        means a person or persons, legal or physical that:

    a) is listed on any Sanctions List;

    
      
        	b)	
                is domiciled, resident, located or having its main place of business in, or is incorporated under the laws of, a country or a territory that is or whose
                    government is subject to Sanctions which attach legal effect to being domiciled, located, having its main place of business in, or incorporated under the laws such country;

              

      

    

    
      
        	c)	
                otherwise the target of Sanctions (whether designated by name or by reason of being included in a class of person);

              

      

    

    
      
        	d)	
                with which any Finance Party is prohibited from dealing with or otherwise engaging in a transaction with due to Sanctions; or

              

      

    

    
      
        	e)	
                is directly or indirectly owned by more than 50 percent or controlled, or acting on behalf, at the direction or for the benefit of a person(s) referred to in
                    paragraph (a), (b) or (c) above.

              

      

    

    "Sanctions" means
        any economic or financial sanctions laws and/or regulations, trade embargoes, prohibitions, restrictive measures, decisions, executive orders, or notices from regulators implemented, adapted, imposed, administered, enacted, or enforced by any
        Sanctions Authority.

    "Sanctions Authority"
        means the United Nations Security Council, the European Union or any of its member states (including, without limitation, The Netherlands and the Kingdom of Sweden), the United Kingdom, the Kingdom of Norway, any country to which any Obligor is
        bound, the United States of America (including but not limited to the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) and the U.S. Department of State), and any authority acting on behalf of any of them in connection with
        Sanctions.

    "Sanctions List"
        means any list of persons or entities subject to Sanctions published in connection with Sanctions by or on behalf of any Sanctions Authority from time to time.

    "Screen Rate"
        means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for USD for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Reuters
        screen (or any

    
      15

      
        

    

    

    

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

    "Security Documents"
        means all or any security documents as may be entered into from time to time pursuant to Clause 18 (Security).

    "Security Interest"
        means any mortgage, charge (whether fixed or floating), encumbrance, pledge, lien, assignment by way of security, finance lease, sale and repurchase or sale and leaseback arrangement, sale of receivables on a recourse basis or other security
        interest or any other agreement or arrangement having the effect of conferring security.

    "Security Period"
        means the period commencing on the date of this Agreement and ending the date on which the Agent notifies the Borrowers and the other Finance Parties that:

    
      
        	a)	
                all amounts which have become due for payment by the Borrowers or any other party under the Finance Documents have been paid in full;

              

      

    

    
      
        	b)	
                no amount is owing or has accrued (without yet having become due for payment) under any of the Finance Documents;

              

      

    

    
      
        	c)	
                the Obligors have no future or contingent liability under any provision of this Agreement, the other Finance Documents; and

              

      

    

    
      
        	d)	
                the Agent and the Majority Lenders do not consider that there is a significant risk that any payment or transaction under a Finance Document would be set
                    aside, or would have to be reversed or adjusted, in any present or possible future proceeding relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created by a Finance Document.

              

      

    

    "Selection Notice"
        means a notice substantially in the form set forth in Schedule 4 (Form of Selection Notice) given in accordance with Clause 9.1 (Selection of Interest Periods).

    "Share Pledges"
        means first priority pledges in favour of the Security Agent (on behalf of the Finance Parties) to be created over all shares in the Borrowers pursuant to one or several share pledge agreements in form and substance acceptable to the Security
        Agent, to be entered into between the Security Agent and the Intermediate Parent.

    "Shipbuilding Contracts"
        means any or all, as the case may be, of the shipbuilding contracts entered into between the applicable Intermediate Buyer and the Yard regarding the construction of the Vessels.

    "Sterna RCF"
        means the revolving credit facility currently in the amount of USD 270,000,000 made available to the Intermediate Parent (as borrower) by Sterna Finance Ltd. (as lender) pursuant to a facility agreement dated 7 March 2017, as amended from time to
        time.

    "Sterna Subordination
          Statement" means a subordination statement in form and substance acceptable to all Lenders, to be entered into between Sterna Finance Ltd. (as lender under the Sterna RCF) and the Agent (on behalf of the Finance Parties), pursuant to which
        Sterna Finance Ltd. irrevocably fully subordinates its rights and claims against the Intermediate Parent to the rights and claims of the Finance Parties under the Finance Documents.

    
      16

      
        

    

    

    

    

    

    "SMC" means a
        valid safety management certificate issued for a Vessel pursuant to paragraph 13.7 of the ISM Code.

    "SMS" means a
        safety management system for a Vessel developed and implemented in accordance with the ISM Code and including the functional requirements duties and obligations that follow from the ISM Code.

    "Subsidiary" means
        an entity from time to time of which a person:

    

    

    
      
        	a)	
                has direct or indirect control;

              

      

    

    
      
        	b)	
                or owns directly or indirectly more than fifty per cent. (50.00%) (votes and/or capital),

              

      

    

    and for the purpose of paragraph a) above, an entity shall be treated as being "controlled" by a person if that person
        is able to direct its affairs and/or control either directly or indirectly, the composition of its board of directors or equivalent body.

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

    "Total Commitments"
        means the aggregate of the Commitments, being USD 250,000,000 at the date of this Agreement.

    "Total Loss"
        means, in relation to a Vessel:

    
      
        	a)	
                the actual, constructive, compromised, agreed, arranged or other total loss of the Vessel;

              

      

    

    
      
        	b)	
                any expropriation, confiscation, requisition or acquisition of the Vessel, whether for full consideration, a consideration less than its proper value, a
                    nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons purporting to be or to represent a governmental or official authority unless it is within 180
                    calendar days from the Total Loss Date redelivered to the full control of the relevant Borrower; and

              

      

    

    
      
        	c)	
                any capture or seizure of the Vessel (including any hijacking or theft) unless it is within 180 calendar days from the Total Loss Date redelivered to the full
                    control of the relevant Borrower.

              

      

    

    "Total Loss Date"
        means:

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

              

      

    

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

              

      

    

    
      
        	

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

              

      

    

    
      
        	

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

              

      

    

    
      17

      
        

    

    

    

    

    

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

              

      

    

    "Transaction Documents"
        means any Management Agreement, the Sterna RCF, any Shipbuilding Contract and the Intermediate MOAs.

    "Transfer Certificate"
        means a certificate substantially in the form as set out in Schedule 6 (Form of Transfer Certificate) or any other form agreed between the Agent and the Borrowers.

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

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

              

      

    

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

              

      

    

    "Trust Agreement"
        means:

    
      
        	a)	
                any vessel trust agreement entered into from time to time between the Agent and the Security Agent (as mortgagee) in respect of each Vessel and Mortgage,
                    whereby the Security Agent agrees to hold the Vessels and/or the Mortgages on trust for the Finance Parties; and

              

      

    

    
      
        	b)	
                any trust deed entered into from time to time between the Finance Parties and the Security Agent in respect of any English law governed Security Documents.

              

      

    

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

    "US" means the
        United States of America.

    "US GAAP" means the
        generally accepted account principles in the US.

    "US Tax Obligor"
        means:

    
      
        	a)	
                an Obligor which is resident for tax purposes in the US; or

              

      

    

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

              

      

    

    "USD" means
        United States Dollars, being the lawful currency of the United States of America.

    "VAT" means value
        added tax and any other tax of similar nature.

        

        "Vessel" means each of the vessels set out in Schedule 7
        (Vessel).

    "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; and

              

      

    

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

    
      18

      
        

    

    

    

    

    

    
      
        	

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

              

      

    

    
      
        	

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

              

      

    

    "Yard" means
        Daewoo Shipbuilding and Marine Engineering Co., Ltd.

    
      
        	1.2	
                Construction

              

      

    

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

              

      

    

    
      
        	

              	(i)	
                the "Agent", the "Security Agent", the "Arranger", any "Finance Party", any "Lender", any
                    "Obligor", any "Hedge Provider"
                    or any "Party" shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of,
                    its rights and/or obligations under the Finance Documents;

              

      

    

    
      
        	

              	(ii)	
                a "Finance Document" or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or
                    restated;

              

      

    

    
      
        	

              	(iii)	
                "control" means the power to appoint a majority of the
                    board of directors or to direct the management and policies of an entity, whether through the ownership of voting capital, by contract or otherwise;

              

      

    

    
      
        	

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

              

      

    

    
      
        	

              	(v)	
                a "person" shall include any individual, firm,
                    partnership, joint venture, company, corporation, trust, fund, body, corporate, unincorporated body of persons, or any state or any agency of a state or association (whether or not having separate legal personality);

              

      

    

    
      
        	

              	(vi)	
                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;

              

      

    

    
      
        	

              	(vii)	
                a provision of law is a reference to that provision as it may be amended or re-enacted; and

              

      

    

    
      
        	

              	(viii)	
                a time of the day is a reference to Oslo time unless specified otherwise.

              

      

    

    
      
        	b)	
                Section, Clause and Schedule headings are for ease of reference only.

              

      

    

    
      19

      
        

    

    

    

    

    

    
      
        	c)	
                Words denoting the singular number shall include the plural and vice versa.

              

      

    

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

              

      

    

    
      
        	e)	
                Unless the contrary intention appears, a reference to a "month"
                    or "months" is a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the
                    next calendar month, except that;

              

      

    

    
      
        	

              	(i)	
                (subject to paragraph (iii) 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;

              

      

    

    
      
        	

              	(ii)	
                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

              

      

    

    
      
        	

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

              

      

    

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

    
      
        	f)	
                A Default and/or an Event of Default is "continuing" if
                    it has not been remedied or waived.

              

      

    

    
      
        	1.3	
                Conflicting provisions

              

      

    

    In case of conflict between this Agreement and the terms of any of the Security Documents, the terms and conditions of
        this Agreement shall prevail.

    
      
        	1.4	
                The FA Act

              

      

    

    Each Obligor hereby agrees and accepts, to the extent permitted by law, that this Clause 1.3 (The FA Act) shall constitute a waiver of the provisions of the FA Act, and further agrees and accepts, to the extent permitted by law, that the provisions of the FA
        Act shall not apply to this Agreement or to the relationship between the Finance Parties and each Obligor.

    
      20

      
        

    

    SECTION 2

        THE FACILITY

    
      
        	2	
                THE FACILITY

              

      

    

    
      
        	2.1	
                The Facility

              

      

    

    Subject to the terms of this Agreement, the Lenders agree to make available to the Borrowers a senior secured term loan
        facility up to the Total Commitments, which Facility shall be available for drawdown in up to two (2) Loans, one for each respective Borrower and its respective Vessel.

    
      
        	2.2	
                Finance Parties' rights and obligations

              

      

    

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

              

      

    

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

              

      

    

    
      
        	c)	
                A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents.

              

      

    

    
      
        	2.3	
                Obligors' agent

              

      

    

    
      
        	a)	
                Each Obligor (other than the Ultimate Parent) by its execution of this Agreement irrevocably appoints the Ultimate Parent to act on its behalf as its agent in
                    relation to the Finance Documents and irrevocably by way of security authorises:

              

      

    

    
      
        	

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

              

      

    

    
      
        	

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

              

      

    

    and in each case the other Obligors shall be bound as though the Ultimate Parent itself had been
        given the notices and instructions or executed or made the agreements or deeds or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication.

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

              

      

    

    
      21

      
        

    

    

    

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

    
      
        	2.4	
                Joint and several liability

              

      

    

    Notwithstanding anything to the contrary herein contained, each Borrower shall be and remain jointly and severally
        liable with the other Borrower for (i) the payment of each and every sum from time to time due from the Borrowers, (ii) each and every obligation undertaken and (iii) each and every liability incurred on the part of the Borrowers under or pursuant
        to the Finance Documents.

    If at any time a Borrower has paid to the Finance Parties or the Finance Parties have recovered from that Borrower a sum
        which was due from the Borrowers under or pursuant to the Finance Documents and such sum is higher than the amount that Borrower was obliged to contribute in its relation (if any) with the other Borrower, then that Borrower shall not have the
        benefit of any right of subrogation and shall not exercise any right of recourse or claim any set-off or counterclaim against the other Borrower or prove otherwise in competition with the Finance Parties (all such rights being hereby irrevocably
        waived by each Borrower) unless and until the outstanding indebtedness under the Finance Documents has been paid and discharged in full.

    If, and only to the extent, the joint and several obligations (or parts thereof) are deemed to be guarantee obligations
        (in Norwegian: kausjon) pursuant to the terms of the FA Act: (i) the maximum liability of each Borrower for the other Borrower's obligations
        under the Finance Documents shall always be limited to USD 300,000,000 plus (i) any interest, default interest, Break Cost or other costs, fees and expenses related to the Borrowers' obligations under the Finance Documents and (ii) any default
        interest or other costs, fees and expenses related to the liability of that Borrower hereunder. Each Borrower, to the extent it is considered to be a guarantor for the obligations of the other Borrower, specifically waives all rights under the
        provisions of the FA Act not being mandatory provisions.

    
      
        	3	
                PURPOSE

              

      

    

    
      
        	3.1	
                Purpose

              

      

    

    The Borrowers shall apply all amounts borrowed by it under the Facility towards the part financing of the Vessels.

    
      
        	3.2	
                Monitoring

              

      

    

    Without prejudice to the obligations of the Borrowers under this Clause 3, no Finance Party is bound to monitor or
        verify the application of any amount borrowed pursuant to this Agreement.

    
      
        	4	
                CONDITIONS PRECEDENT

              

      

    

    
      
        	4.1	
                Initial conditions precedent

              

      

    

    
      
        	a)	
                The signing and effectiveness of this Agreement is conditional upon the Agent having received all of the documents and other evidence listed in Part I of Schedule 2 (Conditions precedent - Signing)
                    in form and substance satisfactory to the Agent no later than 30 April 2019, unless otherwise agreed by the Parties hereto. The Agent shall notify the Borrowers and the Lenders promptly upon being so satisfied.

              

      

    

    
      22

      
        

    

    

    

    

    

    
      
        	b)	
                The Borrowers may not deliver a Drawdown Notice unless the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions precedent – Drawdown Notice) in
                    form and substance satisfactory to the Agent. The Agent shall notify the Borrowers and the Lenders promptly upon being so satisfied.

              

      

    

    
      
        	c)	
                the Borrowers shall procure that the Agent has received all of the documents and other evidence listed in Part III of Schedule 2 (Conditions precedent – Delivery Date) in form and substance
                    satisfactory to the Agent latest on the relevant Delivery Date.

              

      

    

    
      
        	d)	
                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 paragraph
                    b) above, 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 comply with Clause 0 (Lenders' participation) if on the date of a Drawdown Notice and on the proposed Drawdown Date:

    
      
        	a)	
                no Default is continuing or would result from the proposed drawing; and

              

      

    

    
      
        	b)	
                the Repeating Representations contained in Clause 19 (Representations

                      and warranties) deemed to be repeated on those dates are true and correct in all material respects.

              

      

    

    
      
        	4.3	
                Maximum number of drawings

              

      

    

    The Facility may be drawn in two (2) Loans only during the Availability Period, one in respect of each Borrower and its
        Vessel.

    
      
        	4.4	
                Waiver of conditions precedent

              

      

    

    The conditions precedent specified in this Clause 4 are solely for the benefit of the Lenders and may be waived on their
        behalf in whole or in part and with or without conditions by the Agent (acting on the instructions of all the Lenders).

    
      23

      
        

    

    SECTION 3

        DRAWDOWN

    
      
        	5	
                DRAWDOWN

              

      

    

    
      
        	5.1	
                Delivery of a Drawdown Notice

              

      

    

    The Borrowers may utilise the Facility by delivering to the Agent a duly completed Drawdown Notice no later than 11:00
        hours three (3) Business Days prior to the proposed Drawdown Date.

    
      
        	5.2	
                Completion of the Drawdown Notice

              

      

    

    Each Drawdown Notice is irrevocable and will not be regarded as having been duly completed unless:

    
      
        	a)	
                it identifies the Borrower, and the Vessel to which the proposed Loan relates;

              

      

    

    
      
        	b)	
                it identifies the purpose of the proposed Loan, being in accordance with Clause 3.1 (Purpose);

              

      

    

    
      
        	c)	
                the proposed Drawdown Date is a Business Day within the Availability Period;

              

      

    

    
      
        	d)	
                subject to Clause 5.5 (Closing mechanics), the
                    proposed Drawdown Date is also the Delivery Date of the relevant Vessel;

              

      

    

    
      
        	e)	
                the currency specified is USD;

              

      

    

    
      
        	f)	
                the amount of the proposed Loan is an amount not exceeding the applicable Maximum Loan Amount, as determined by the Market Value of the relevant Vessel
                    established not more than four (4) weeks prior to the proposed Drawdown Date, and

              

      

    

    
      
        	g)	
                the aggregate of any Loan utilised and the amount of the proposed Loan, does not exceed the Total Commitments; and

              

      

    

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

              

      

    

    
      
        	5.3	
                Availability

              

      

    

    Any amount of the Total Commitments which, at that time, has not been utilised shall automatically be cancelled at the
        close of business in Oslo on the expiry of the Availability Period.

    
      
        	5.4	
                Lenders' participation

              

      

    

    
      
        	a)	
                Upon receipt of a Drawdown Notice, the Agent shall notify each Lender of the details of the requested drawing and the amount of each Lender's participation.

              

      

    

    
      
        	b)	
                If the conditions set out in this Agreement have been met, each Lender shall no later than 11:00 hours on a Drawdown Date make available to the Agent for the
                    account of the relevant Borrower an amount equal to its participation in the drawing to be advanced pursuant to a Drawdown Notice.

              

      

    

    
      
        	5.5	
                Closing mechanics

              

      

    

    Subject to (i)
          an agreed closing procedure, (ii) conditions for release and return of funds, and (iii) relevant undertakings not to trigger release prior to the Agent's written consent, all to the satisfaction of the Agent (acting on the instruction of the
          Lenders, in their sole discretion), the

    
      24

      
        

    

    

    

    Drawdown Date
          may be prior to the Delivery Date in order to facilitate pre-positioning of funds with the Yard's bank.

    SECTION 4

        REPAYMENT, PREPAYMENT AND CANCELLATION

    
      
        	6	
                REPAYMENT

              

      

    

    
      
        	6.1	
                Repayment

              

      

    

    
      
        	a)	
                Each Borrower shall repay its respective Loan in equal quarterly consecutive instalments, based on a 20-year linear repayment profile, with the first
                    instalment falling due three (3) months after the Drawdown Date of the respective Loan.

              

      

    

    
      
        	b)	
                On the Final Maturity Date the remaining principal amount outstanding under the Loans shall be repaid as a balloon repayment.

              

      

    

    
      
        	c)	
                An illustrative repayment schedule is set out in Schedule 8 (Repayment Schedule), based on the assumption of full utilisation of the Total Commitments. The Agent shall provide an updated repayment
                    schedule prior to each Drawdown Date, reflecting the final amount of each Loan and its Drawdown Date.

              

      

    

    
      
        	6.2	
                No re-borrowing

              

      

    

    A Borrower may not re-borrow any part of a Loan which is repaid.

    
      
        	6.3	
                Final repayment

              

      

    

    Notwithstanding Clause 6.1 (Repayment), on the Final Maturity Date, the Borrowers shall repay the Loans then outstanding under this Agreement in full, together with all other sums due and outstanding under the Finance Documents at such date (if any).

    
      
        	7	
                PREPAYMENT AND CANCELLATION

              

      

    

    
      
        	7.1	
                Mandatory prepayment – Collateral Maintenance Test

              

      

    

    The aggregate Market Value of the Vessels shall at all times be minimum one hundred and thirty per cent. (130%) of the
        Loans outstanding (the "Collateral Maintenance Test").

    If there is a breach of the Collateral Maintenance Test, the Borrowers shall within fourteen (14) days of the occurrence
        of such breach either;

    
      
        	(i)	
                post additional collateral reasonably satisfactory to the Majority Lenders in favour of the Security Agent (it being understood that cash in USD placed in a
                    pledged and blocked account shall be satisfactory to the Majority Lenders), pursuant to security documentation in form and substance reasonably satisfactory to the Agent, in an aggregate amount sufficient to cure such breach, or

              

      

    

    
      
        	(ii)	
                prepay the Loans by an amount necessary to cure such breach.

              

      

    

    
      
        	7.2	
                Mandatory prepayment – Total Loss or sale

              

      

    

    
      
        	a)	
                For the purpose of this Clause 7.2, the following definitions shall apply:

              

      

    

    "Disposal

          Date" means:

    
      25

      
        

    

    

    

    

    

    
      
        	

              	(i)	
                in case of a sale or other disposal of a Vessel, the date on which the sale or other disposal is completed by delivery of the Vessel to the buyer;

              

      

    

    
      
        	

              	(ii)	
                in case of a sale or other disposal of all shares in a Borrower, the date of transfer of such shares from the Intermediate Parent to the buyer; or

              

      

    

    
      
        	

              	(iii)	
                in the case of a Total Loss, on the earlier of (i) the date falling one hundred and twenty (120) days after the Total Loss Date and (ii) the receipt by the
                    Agent (on behalf of the Lenders) of the proceeds of Insurance relating to such Total Loss (or in the event of a requisition for title of the Vessel, immediately after the occurrence of such requisition of title).

              

      

    

    
      
        	b)	
                If a Vessel is sold or otherwise disposed of, or it becomes a Total Loss, or all shares in a Borrower is sold or otherwise disposed of, the respective
                    Borrower shall be obliged to prepay the Loan related to such Vessel in full, together with accrued interest, and settle all costs and fees, and all outstanding amounts under Hedging Agreements, related to such Loan, on the Disposal
                    Date.

              

      

    

    
      
        	7.3	
                Mandatory prepayment – Illegality

              

      

    

    If it becomes unlawful in any applicable jurisdiction or contrary to, or declared by any Sanctions Authority to be
        contrary to, Sanctions (including, without limitation, due to actions by any Obligor) for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in a Loan:

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

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

              

      

    

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

              

      

    

    
      
        	7.4	
                Mandatory prepayment – Change of Control

              

      

    

    Upon the occurrence of a Change of Control any Lender may cancel its Commitments, and declare that its participation in
        any Loan, together with accrued interest, costs and fees shall be due and payable. Such notice shall be given by the relevant Lender(s) to the Agent, and upon the Agent notifying the Borrowers, such Commitments will be immediately cancelled and
        such outstanding part of any Loan and other amounts will become due and payable by the Borrower(s) within 20 Business Days of such notice. The Borrowers shall promptly notify the Agent upon becoming aware of a Change of Control.

    
      
        	7.5	
                Voluntary prepayment

              

      

    

    The Borrowers may, if it gives the Agent not less than ten (10) Business Days' (or such shorter period as the Majority
        Lenders may agree) prior written notice, prepay the whole or any part of a Loan (but if in part, being an amount of minimum USD 5,000,000 or in integral multiples thereof).

    
      
        	7.6	
                Voluntary cancellation

              

      

    

    The Borrowers may, if it gives the Agent not less than ten (10) Business Days' (or such shorter period as the Majority
        Lenders may agree) prior written notice, cancel the whole or any part of the

    
      26

      
        

    

    

    

    Available Commitments (but if in part being a minimum amount of USD 5,000,000 or in integral multiples thereof). Any
        cancellation under this Clause 7.6 shall reduce the Commitments of the Lenders rateably.

    
      
        	7.7	
                Right of repayment in relation to a single Lender

              

      

    

    
      
        	a)	
                If:

              

      

    

    
      
        	

              	(i)	
                any sum payable to any Lender by the Borrowers is required to be increased under paragraph c) of Clause 12.2 (Tax gross-up); or

              

      

    

    
      
        	

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

              

      

    

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

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

              

      

    

    
      
        	c)	
                On the last day of each Interest Period which ends after the Borrowers have given notice of cancellation under paragraph a) above (or, if earlier, the date
                    specified by the Borrowers in that notice), the Borrowers shall repay that Lender's participation in the Loans together with all interest and other amounts accrued under the Finance Documents.

              

      

    

    
      
        	7.8	
                Terms and conditions for prepayments and cancellation

              

      

    

    
      
        	a)	
                Any notice of prepayment or cancellation by the Borrowers under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this
                    Agreement, shall specify the date upon which the prepayment or cancellation is to be made.

              

      

    

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

              

      

    

    
      
        	c)	
                The Borrowers may not re-borrow any part of the Facility which is prepaid.

              

      

    

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

              

      

    

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

              

      

    

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

              

      

    

    
      
        	7.9	
                Application of prepayments

              

      

    

    Unless otherwise provided for in this Clause 7, prepaid amounts shall be applied as follows:

    
      
        	a)	
                any mandatory prepayment under this Agreement shall, to the extent
                    not prepaying a single Loan in full, be applied in inverse order of maturity against the remaining instalments, including balloon
                    payments, pro rata between the Loans under the Facility,

              

      

    

    
      27

      
        

    

    

    

    and shall, save as otherwise stated, reduce rateably each Lender's
        participation in the Loan(s) prepaid; and

    
      
        	b)	
                any voluntary prepayment under this Agreement shall be applied pro rata across the repayment schedule, including the balloon, for the relevant Loan(s) being prepaid, including any balloon, and shall, save as otherwise stated, reduce rateably each Lender's participation in the Loan(s) prepaid.

              

      

    

    

    

    
      28

      
        

    

    SECTION 5

        COSTS OF UTILISATION

    
      
        	8	
                INTEREST

              

      

    

    
      
        	8.1	
                Calculation of interest

              

      

    

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

              

      

    

    
      
        	

              	(i)	
                the Margin; and

              

      

    

    
      
        	

              	(ii)	
                LIBOR.

              

      

    

    
      
        	b)	
                Effective interest pursuant to Section 46 of the FA Act has been calculated by the Agent as set out in a separate notice from the Agent to the Borrowers.

              

      

    

    
      
        	8.2	
                Payment of interest

              

      

    

    The Borrowers shall pay accrued interest on the Loans on the last day of each Interest Period (and if the Interest
        Period is longer than six (6) months, on the date falling at six-monthly intervals after the first day of the Interest Period).

    
      
        	8.3	
                Default interest

              

      

    

    
      
        	a)	
                If an Obligor fails to pay any amount payable by it under the Finance Documents on its due date, interest shall accrue on the overdue amount from the due date
                    and up to the date of actual payment (both before and after judgment) at a rate determined by the Agent to be two percentage points (2.00%) per annum higher than the rate which would have been payable if the overdue amount had, during
                    the period of non-payment, constituted a 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 8.3 shall be
                    immediately payable by the relevant Obligor on demand by the Agent.

              

      

    

    
      
        	b)	
                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.

              

      

    

    
      
        	c)	
                If an Event of Default has occurred and is continuing, and notice thereof has been sent from the Agent to the Borrowers, all outstanding amounts under the
                    Facility shall be deemed overdue and default interest will be calculated and is payable forthwith upon demand from the Agent.

              

      

    

    
      
        	9	
                INTEREST PERIODS

              

      

    

    
      
        	9.1	
                Selection of Interest Periods

              

      

    

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

              

      

    

    
      
        	b)	
                Each Selection Notice is irrevocable and must be received by the Agent not later than 12:00 hours three (3) Business Days before the Quotation Day for that
                    Interest Period.

              

      

    

    
      
        	c)	
                If the Borrowers fails to deliver a Selection Notice to the Agent in accordance with paragraph b) above, the relevant Interest Period will be three (3)
                    months.

              

      

    

    
      29

      
        

    

    

    

    

    

    
      
        	d)	
                The Borrowers may select an Interest Period of one (1), three (3) or six (6) months or such other period agreed between the Borrowers and the Agent (on behalf
                    of the Lenders), however maximum three (3) one (1) month periods per year.

              

      

    

    
      
        	e)	
                Each Interest Period for a Loan shall start on the Drawdown Date or (if already made) on the last day of its preceding Interest Period.

              

      

    

    
      
        	f)	
                An Interest Period shall not extend beyond the Final Maturity Date, but shall be shortened so that it ends on the Final Maturity Date.

              

      

    

    
      
        	9.2	
                Non-Business Day

              

      

    

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

    
      
        	10	
                CHANGES TO THE CALCULATION OF INTEREST

              

      

    

    
      
        	10.1	
                Market disruption

              

      

    

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

              

      

    

    
      
        	

              	(i)	
                the Margin; and

              

      

    

    
      
        	

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

              

      

    

    
      
        	b)	
                In this Agreement, "Market Disruption Event" means:

              

      

    

    
      
        	

              	(i)	
                at or about 12:00 hours on the Quotation Day for the relevant Interest Period, LIBOR is not available; or

              

      

    

    
      
        	

              	(ii)	
                before close of business in the London interbank market on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender
                    or Lenders (whose participations in Loan exceed fifty per cent (50.00%) of the Loan) that the cost to it or them of obtaining matching deposits in the London interbank market would be in excess of LIBOR.

              

      

    

    
      
        	10.2	
                Alternative basis of interest or funding

              

      

    

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

              

      

    

    
      
        	b)	
                Any alternative basis agreed pursuant to this Clause 10.2 shall, with the prior consent of all the Lenders and the Borrowers, be binding on all Parties.

              

      

    

    
      
        	10.3	
                Break Costs

              

      

    

    
      
        	a)	
                The Borrowers shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance Party its Break Cost attributable to all or any part of
                    a Loan or Unpaid Sum

              

      

    

    
      30

      
        

    

    

    

    being paid by the Borrowers on a day other than the last day of an Interest
        Period for the Loan or Unpaid Sum.

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

              

      

    

    
      
        	11	
                FEES

              

      

    

    
      
        	11.1	
                Commitment fee

              

      

    

    
      
        	a)	
                The Borrowers shall pay to the Agent (for the account of each Lender) a fee in USD computed at a rate per annum equal to 40% of the Margin, calculated on each
                    Lender's Available Commitment, from the date of this Agreement to the earlier of:

              

      

    

    
      
        	

              	(i)	
                the expiry of the Availability Period; or

              

      

    

    
      
        	

              	(ii)	
                the date on which the Facility has been fully drawn or cancelled in whole.

              

      

    

    
      
        	b)	
                The accrued commitment fee is payable quarterly in arrears on the last day of each fiscal quarter and on the last day of the Availability Period or such other
                    date upon which the Facility is fully drawn or cancelled in whole or, in respect of any part cancellation, on the cancelled amount on the date the cancellation is effective.

              

      

    

    
      
        	11.2	
                Arrangement fee

              

      

    

    The Borrowers shall pay to Agent (for further distribution to the Arrangers) an arrangement fee in the amount and at the
        times agreed in a Fee Letter.

    
      
        	11.3	
                Agency fee

              

      

    

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

    SECTION 6

        ADDITIONAL PAYMENT OBLIGATIONS

    
      
        	12	
                TAX GROSS-UP AND INDEMNITIES

              

      

    

    
      
        	12.1	
                Definitions

              

      

    

    
      
        	a)	
                In this Agreement:

              

      

    

    "Protected

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

    "Qualifying

          Lender" means a Lender which is beneficially entitled to interest payable to it in respect of a Loan under a Finance Document and, in relation to a Borrower is:

    
      
        	

              	(i)	
                a Lender which is resident for tax purposes in a Borrower's Tax Jurisdiction and to whom interest may be paid by that Borrower without a Tax Deduction under
                    the domestic laws of that Borrower's Tax Jurisdiction; or

              

      

    

    
      31

      
        

    

    

    

    

    

    (ii) a Treaty Lender.

    "Tax

          Confirmation" means a confirmation by a Lender that it is beneficially entitled to interest payable to it in respect of an advance under a Finance Document specifying:

    (i) its Tax Jurisdiction;

    (ii) whether the Lender believes it is a Treaty Lender in relation to a Borrower; and

    
      
        	

              	(iii)	
                such other relevant details as may be reasonably requested by the Borrowers or the Agent

              

      

    

    "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

          Jurisdiction" means, in relation to a Borrower, the jurisdiction in which it is resident for tax purposes from time to time.

    "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, in relation to a Borrower, a Lender which is treated as resident in a jurisdiction that has a double taxation agreement (a "Treaty")

        with the Borrowers' Tax Jurisdiction which gives such resident full exemption from tax imposed by the Borrowers' Tax Jurisdiction on interest.

    
      
        	b)	
                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

              

      

    

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

              

      

    

    
      
        	b)	
                The 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.

              

      

    

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

              

      

    

    
      
        	d)	
                A payment shall not be increased under paragraph c) above by reason of a Tax Deduction if on the date on which the payment falls due:

              

      

    

    
      
        	

              	(i)	
                the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender in respect of that Obligor,

              

      

    

    
      32

      
        

    

    

    

    but on that date that Lender is not or has ceased to be a Qualifying Lender in
        respect of that Obligor 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 authority; or

    
      
        	

              	(ii)	
                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 the Lender without
                    the Tax Deduction had that Lender complied with its obligations under paragraph g) below.

              

      

    

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

              

      

    

    
      
        	f)	
                Within thirty (30) days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction
                    shall deliver to the Agent for the Finance Party 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.

              

      

    

    
      
        	g)	
                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.

              

      

    

    
      
        	h)	
                A Lender shall promptly provide a Tax Confirmation to the Agent when it becomes a party to this Agreement and the Agent shall promptly send the Tax
                    Confirmation it receives to the Borrowers. The Agent may request a Lender to provide a Tax Confirmation in a specific format. A 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

              

      

    

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

              

      

    

    
      
        	b)	
                Paragraph a) above shall not apply:

              

      

    

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

    
      
        	

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

              

      

    

    
      
        	

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

              

      

    

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

    
      33

      
        

    

    

    

    

    

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

    
      
        	

              	(A)	
                is compensated for by an increased payment under Clause 12.2 (Tax

                      gross-up); or

              

      

    

    
      
        	

              	(B)	
                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 paragraph d) of Clause 12.2 (Tax

                      gross-up) applied; or

              

      

    

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

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

              

      

    

    
      
        	d)	
                A Protected Party shall, on receiving a payment from an Obligor 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:

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

              

      

    

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

              

      

    

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

    
      
        	12.5	
                Stamp taxes

              

      

    

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

              

      

    

    
      
        	b)	
                The relevant Finance Party shall, if it intends to make a claim pursuant to paragraph a) above, promptly notify the Borrowers of the event giving rise to the
                    claim and shall as soon as practicable, provide a certificate confirming the amount of the claim.

              

      

    

    
      
        	12.6	
                VAT

              

      

    

    All amounts set out, or expressed to be payable under a Finance Document by any Party to a Finance Document shall be
        deemed to be exclusive of any VAT. If VAT is chargeable, the Borrowers shall pay to the Agent for the account of such Finance Party (in addition to the amount required pursuant to the Finance Documents) an amount equal to such VAT.

    
      
        	12.7	
                FATCA Information

              

      

    

    
      
        	a)	
                Subject to paragraph c) below, each Party shall, within ten (10) Business Days of a reasonable request by another Party:

              

      

    

    
      34

      
        

    

    

    

    

    

    
      
        	

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

              

      

    

    
      
        	

              	(A)	
                a FATCA Exempt Party; or

              

      

    

    
      
        	

              	(B)	
                not a FATCA Exempt Party;

              

      

    

    
      
        	

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

              

      

    

    
      
        	

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

              

      

    

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

              

      

    

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

              

      

    

    
      
        	

              	(i)	
                any law or regulation;

              

      

    

    
      
        	

              	(ii)	
                any fiduciary duty; or

              

      

    

    
      
        	

              	(iii)	
                any duty of confidentiality.

              

      

    

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

              

      

    

    
      
        	12.8	
                FATCA Deduction

              

      

    

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

              

      

    

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

              

      

    

    
      35

      
        

    

    

    

    

    

    
      
        	13	
                INCREASED COSTS

              

      

    

    
      
        	13.1	
                Increased Costs

              

      

    

    
      
        	a)	
                Subject to Clause 13.3 (Exceptions) the Borrowers
                    shall, within three (3) Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased 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 made after the date of this Agreement;

              

      

    

    (ii) compliance with any law or regulation made after the date of this Agreement;

    
      
        	

              	(iii)	
                the implementation or application of, or compliance with, Basel III, CRD IV or CRR; or

              

      

    

    
      
        	

              	(iv)	
                the implementation or application of, or compliance with, IFRS 9 or any other changes in relevant reporting standards,

              

      

    

    
      
        	b)	
                In this Agreement:

              

      

    

    "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;

              

      

    

    
      
        	

              	(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".

              

      

    

    "CRD

          IV" means 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 Directive 2006/48/EC and 2006/49/EC.

    "CRR"
        means 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.

    "IFRS

          9" means the International Financial Reporting Standard (IFRS) by the International Accounting Standards Board (IASB) designated as "IFRS 9" and replacing IAS 39.

    "Increased

          Costs" means:

    
      36

      
        

    

    

    

    

    

    
      
        	

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

              

      

    

    
      
        	

              	(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 its Commitment or funding or performing its obligations under any Finance Document.

    
      
        	13.2	
                Increased cost claims

              

      

    

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

              

      

    

    
      
        	b)	
                Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs, and the
                    Agent shall promptly forward such certificate to the Borrowers.

              

      

    

    
      
        	13.3	
                Exceptions

              

      

    

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

              

      

    

    
      
        	

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

              

      

    

    
      
        	

              	(ii)	
                compensated for by Clause 12.2 (Tax Indemnity) (or
                    would have been compensated for under Clause 12.2 (Tax Indemnity) but was not so compensated solely because any of the exclusions in
                    paragraph b) of Clause 12.2 (Tax Indemnity) applied);

              

      

    

    
      
        	

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

              

      

    

    
      
        	

              	(iv)	
                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 ("Basel
                      II") or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates);

              

      

    

    
      
        	

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

              

      

    

    
      
        	b)	
                In this Clause 13.3, a reference to "Tax Deduction" has
                    the same meaning given to that term in Clause 12.1 (Definitions).

              

      

    

    
      
        	14	
                OTHER INDEMNITIES

              

      

    

    
      
        	14.1	
                Currency indemnity

              

      

    

    
      
        	a)	
                If any sum due from an Obligor under the Finance Documents (a "Sum"),

                    or any order, judgement or award given or made in relation to a Sum, has to be converted from the

              

      

    

    
      37

      
        

    

    

    

    currency (the "First Currency") in which that Sum is payable into another currency (the "Second Currency") for the
        purpose of:

    
      
        	

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

              

      

    

    
      
        	

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

              

      

    

    that Obligor shall as an independent obligation, within three (3) Business Days of demand,
        indemnify each Finance 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 person at the time of its receipt of that Sum.

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

              

      

    

    
      
        	14.2	
                Sanctions indemnity

              

      

    

    Each Obligor shall, on demand, indemnify each Finance Party against any cost, loss or liability incurred by it as a
        result of any claim, action, civil penalty or fine against, any settlement, and any other kind of loss or liability, and all reasonable costs and expenses (including reasonable counsel fees and disbursements) incurred by the Agent or any Lender as
        a result of conduct of any Obligor or any of their directors, officers, employees, that violates any Sanctions Laws.

    
      
        	14.3	
                Other indemnities

              

      

    

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

    
      
        	a)	
                the occurrence of any Event of Default;

              

      

    

    
      
        	b)	
                a failure by an Obligor to pay any amount due under the Finance Documents on its due date, including without limitation, any cost, loss or liability arising
                    as a result of Clause 26 (Sharing among the Finance Parties);

              

      

    

    
      
        	c)	
                the funding, or making arrangements to fund, its participation in a Loan requested by any Borrower in a Drawdown Notice 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 Lender alone); or

              

      

    

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

              

      

    

    
      
        	14.4	
                Indemnity to the Agent

              

      

    

    The Borrowers shall promptly indemnify the Agent against 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 possible Event of Default;

              

      

    

    
      38

      
        

    

    

    

    

    

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

              

      

    

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

              

      

    

    
      
        	14.5	
                Indemnity to the Security Agent

              

      

    

    
      
        	a)	
                The Borrowers shall promptly indemnify the Security Agent against any cost, loss or liability incurred by it as a result of:

              

      

    

    
      
        	

              	(i)	
                the taking, holding, protection or enforcement of the Security Documents or any other Finance Documents,

              

      

    

    
      
        	

              	(ii)	
                the exercise of any of the rights, powers, discretions and remedies vested in the Security Agent by the Finance Documents or by law; or

              

      

    

    
      
        	

              	(iii)	
                any default by an Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents.

              

      

    

    
      
        	b)	
                The Security Agent may, in priority to any payment to the Finance Parties, indemnify itself out of the assets subject to the Security Documents, and pay and
                    retain, all sums necessary to give effect to the indemnity in this Clause 14.5 and shall have a lien on the Security Documents and the proceeds of the enforcement of the Security Documents for all monies payable to it.

              

      

    

    
      
        	15	
                MITIGATION BY THE LENDERS

              

      

    

    
      
        	15.1	
                Mitigation

              

      

    

    
      
        	a)	
                Each Finance Party shall, in consultation with the Borrowers, take all reasonable steps (for a period of fifteen (15) Business Days) to mitigate any
                    circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of:

              

      

    

    
      
        	

              	(i)	
                Clause 7.3 (Mandatory prepayment – Illegality);

              

      

    

    
      
        	

              	(ii)	
                Clause 12 (Tax gross-up and indemnities); and

              

      

    

    
      
        	

              	(iii)	
                Clause 13 (Increased Costs),

              

      

    

    including (but not limited to) transferring its rights and obligations under the Finance Documents
        to another Affiliate.

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

              

      

    

    
      
        	15.2	
                Limitation of liability

              

      

    

    
      
        	a)	
                The Borrowers shall promptly indemnify each Finance Party for all costs and expenses reasonably and properly incurred by that Finance Party as a result of
                    steps taken by it under Clause 15.1 (Mitigation).

              

      

    

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

              

      

    

    
      39

      
        

    

    

    

    

    

    
      
        	16	
                COSTS AND EXPENSES

              

      

    

    
      
        	16.1	
                Transaction expenses

              

      

    

    The Borrowers shall promptly on demand pay to the Agent (for distribution to the relevant Finance Party) the amount of
        all costs and expenses (including legal fees) reasonably and properly incurred by any of them in connection with the negotiation, preparation, printing, perfection, execution, registration and syndication of:

    
      
        	a)	
                this Agreement and any other documents referred to in this Agreement; and

              

      

    

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

              

      

    

    
      
        	16.2	
                Amendment and enforcement costs, etc

              

      

    

    The Borrowers shall, within three (3) Business Days of demand, reimburse the Agent or another Finance Party for the
        amount of all costs and expenses (including internal and external legal fees) reasonably and properly incurred by it in connection with:

    
      
        	a)	
                the granting of any release, waiver or consent under the Finance Documents;

              

      

    

    
      
        	b)	
                any amendment or variation of any of the Finance Documents; and

              

      

    

    
      
        	c)	
                the preservation, protection, enforcement or maintenance of, or attempt to preserve or enforce, any of the rights of the Finance Parties under the Finance
                    Documents.

              

      

    

    

    

    
      40

      
        

    

    SECTION 7

        GUARANTEE AND SECURITY

    
      
        	17	
                GUARANTEE AND INDEMNITY

              

      

    

    
      
        	17.1	
                Guarantee and indemnity

              

      

    

    Each Guarantor hereby irrevocably and unconditionally guarantees, as primary obligors as and for its own debt and not
        merely as surety (No. selvskylderkausjon) to each Finance Party, on a joint and several basis with the other Guarantor:

    
      
        	a)	
                the due and punctual payment by the Borrowers of any and all sums which are now or at any time hereafter will be payable by the Borrowers under or in respect
                    of the Finance Documents in accordance with the terms and provisions thereof (including, without limitation, principal, interest, default interest, legal fees and other fees, Break Costs, transaction and enforcement costs and any other
                    costs, expenses, Taxes and Tax indemnities, currency indemnities and any other indemnities, claims for damages and any other costs and expenses in respect of any Event of Default or any other breach by the Borrowers under the Finance
                    Documents);

              

      

    

    
      
        	b)	
                the due and punctual performance by the Borrowers of all of the Borrowers' obligations under or in respect of the Finance Documents; and

              

      

    

    
      
        	c)	
                to indemnify each Finance Party immediately upon the Agent's first written demand against any loss, liability, costs and expenses suffered, incurred or paid
                    by that Finance Party if any obligation of the Borrowers is or becomes unenforceable, invalid or illegal

              

      

    

    (such amounts together referred to as the "Outstanding Indebtedness").

    
      
        	17.2	
                Payment upon first demand

              

      

    

    If any Borrower shall fail to pay any sum under the Finance Documents as and when such sum shall become due and payable,
        each Guarantor shall immediately upon the Agent's first written demand pay to the Agent for the account of the relevant Finance Party an amount equal to such sum which the Borrowers shall not have paid, such payment to be made in immediately
        available funds to the account of the Agent, as the Agent may designate, without set-off or counter-claim and free and clear of and without deduction for or on account of any present or future Taxes.

    
      
        	17.3	
                No limitation on number of demands

              

      

    

    Demands under this Clause 17 may be made by the Agent (on behalf of the Finance Parties) from time to time and there
        shall be no limitation in the number of demands which can be made hereunder.

    
      
        	17.4	
                Maximum guarantee liability

              

      

    

    The total liability of each Guarantor under this Clause 17 shall, in the aggregate, always be limited to USD
        300,000,000, plus any unpaid amount of interest, fees, liability, costs and expenses under the Finance Documents.

    
      
        	17.5	
                Continuing guarantee

              

      

    

    This Guarantee shall be a continuing guarantee which shall be effective as of the date hereof and shall remain in full
        force and effect until payment in full has been received by the Agent (on behalf of the Finance Parties) of the Outstanding Indebtedness.

    
      41

      
        

    

    

    

    

    

    
      
        	17.6	
                No discharge

              

      

    

    The obligations of each Guarantor under this Clause 17 shall not be discharged, impaired or otherwise affected by reason
        of any of the following events or circumstances regardless of whether any such events or circumstances occur with or without such Guarantor's knowledge and consent:

    
      
        	a)	
                any total or partial invalidity, irregularity, illegality, unenforceability, imperfection or avoidance of or any defect in any security granted by, or the
                    obligation of a Borrower, the Finance Parties or any other person under the Finance Documents or any other document or security;

              

      

    

    
      
        	b)	
                any time, waiver, consent or other indulgence granted to any Borrower or any other person or any composition or arrangement made by any Finance Party or any
                    other person with a Borrower or any other person;

              

      

    

    
      
        	c)	
                any increase or reduction of the amount of a Loan, or variation of the terms and conditions for its repayment (including without limitation, the rate and/or
                    method of calculation of interest payable on the Loan);

              

      

    

    
      
        	d)	
                any amendment, modification, replacement, supplement, variation, compromise, extension or renewal of any Finance Document or any right against any security
                    over any assets of a Borrower or any other person;

              

      

    

    
      
        	e)	
                any refusal or neglect to take up or perfect or enforce or any release, indulgence or other relief granted under any Finance Document or any rights against or
                    any security over any assets of a Borrower or any other person or any failure to realize the full value of any security;

              

      

    

    
      
        	f)	
                any transfer, assignment, assumption or novation of rights and obligations under the Finance Documents by a Borrower, a Lender or any other person;

              

      

    

    
      
        	g)	
                any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Borrower, a Lender or any other
                    person;

              

      

    

    
      
        	h)	
                any corporate reorganisation, reconstruction, amalgamation, dissolution, merger, acquisition or any other alteration in the corporate existence or structure
                    of any of the Finance Parties, any Borrower or any other person; or

              

      

    

    
      
        	i)	
                any insolvency or similar proceedings concerning a Borrower, a Lender or any other person.

              

      

    

    
      
        	17.7	
                Waiver

              

      

    

    Each Guarantor specifically waives all rights under the provisions of the FA Act not being mandatory provisions,
        including the following provisions (the main contents of the relevant provisions being as indicated in the brackets):

    
      
        	a)	
                § 62 (1) (a) (to be notified of any security the giving
                    of which was a precondition for the advance of a Loan, but which has not been validly granted or has lapsed);

              

      

    

    
      
        	b)	
                § 63 (1) - (2) (to be notified of any Event of Default
                    under the Agreement and to be kept informed thereof);

              

      

    

    
      42

      
        

    

    

    

    

    

    
      
        	c)	
                § 63 (3) (to be notified of any extension granted to a
                    Borrower in payment of principal and/or interest);

              

      

    

    
      
        	d)	
                § 63 (4) (to be notified of any of the Borrowers'
                    bankruptcy proceedings or debt reorganisation proceedings and/or any application for the latter);

              

      

    

    
      
        	e)	
                § 65 (3) (that the consent of the Guarantor is
                    required for the Guarantor to be bound by amendments to the Finance Documents that may be detrimental to its interest);

              

      

    

    
      
        	f)	
                § 66 (1) - (2) (that the Guarantor shall be released
                    from liabilities hereunder if security which was given, or the giving of which was a precondition for the advance of a Loan, is released by any of the Finance Parties without the consent of the Guarantor);

              

      

    

    
      
        	g)	
                § 66 (3) (that the Guarantor shall be released from its
                    liabilities hereunder if, without its consent, security the giving of which was a precondition for the advance of a Loan, was not validly granted);

              

      

    

    
      
        	h)	
                § 67 (2) (about reduction of the Guarantor's
                    liabilities hereunder);

              

      

    

    
      
        	i)	
                § 67 (4) (that the Guarantor's liabilities hereunder
                    shall lapse after ten (10) years, as the Guarantor shall remain liable hereunder as long as any amount is outstanding under the Finance Documents);

              

      

    

    
      
        	j)	
                § 70 (as the Guarantor shall have no right of
                    subrogation into the rights of the Finance Parties under the Finance Documents until and unless the Finance Parties shall have received all amounts due or to become due to them under the Finance Documents);

              

      

    

    
      
        	k)	
                § 71 (as the Finance Parties shall have no liability
                    first to make demand upon or seek to enforce remedies against a Borrower or any other security provided in respect of a Borrower's liabilities under the Finance Documents before seeking to enforce the security created hereunder);

              

      

    

    
      
        	l)	
                § 72 (as all interest and default interest due under
                    the Finance Documents shall be secured hereunder);

              

      

    

    
      
        	m)	
                § 73 (1) - (2) (as all costs and expenses related to a
                    default under the Finance Documents shall be secured hereunder); and

              

      

    

    
      
        	n)	
                § 74 (1) - (2) (as the Guarantor shall make no claim
                    against the Borrowers for payment until and unless the Finance Parties first shall have received all amounts due or to become due to them under the Finance Documents).

              

      

    

    
      
        	17.8	
                Reinstatement

              

      

    

    If any payment by any Borrower, any other guarantor or any other provider of security under the Finance Documents must
        be repaid, or any discharge given by a Lender (whether in respect of the obligations of any Borrower, another guarantor or any security for those obligations or otherwise) is avoided or reduced, as a result of insolvency or any similar event:

    
      
        	a)	
                the liability of the Guarantors shall continue as if such payment, discharge, avoidance or reduction had not occurred; and

              

      

    

    
      43

      
        

    

    

    

    

    

    
      
        	b)	
                the Finance Parties shall be entitled to recover the value or amount of that security or payment from the Guarantors, as if such payment, discharge, avoidance
                    or reduction had not occurred.

              

      

    

    
      
        	17.9	
                Undertaking

              

      

    

    Each Guarantor undertakes to the Agent that as long as this Guarantee is effective:

    
      
        	a)	
                following receipt of a notice from the Agent of the occurrence of any Event of Default, the Guarantor will not make a demand for any claim of moneys due to
                    the Guarantor from any Borrower or any other guarantor, or exercise any other right or remedy to which any Borrower or any other guarantor are entitled to in respect of such moneys unless and until all moneys due and payable by the
                    Borrowers have been irrevocably paid in full;

              

      

    

    
      
        	b)	
                if a Borrower or any other guarantor becomes the subject of an insolvency proceeding or shall be wound up or liquidated, the Guarantor shall not (unless so
                    instructed by the Agent and then only on condition that the Guarantor holds the benefit of any claim in such insolvency or liquidation to pay any amounts recovered thereunder to the Agent) make any claim in such insolvency, winding-up
                    or liquidation until all the Outstanding Indebtedness owing or due has been irrevocably paid in full;

              

      

    

    
      
        	c)	
                if the Guarantor being in breach of paragraphs a) and b) above receives or recovers any money pursuant to such exercise, claim or proof as therein referred
                    to, such moneys shall be held by the Guarantor for the Agent to apply the same as if they were money received or recovered by the Agent under this Guarantee; and

              

      

    

    
      
        	d)	
                it will not take or has not taken from any Borrower any security whatsoever for the obligations guaranteed hereunder.

              

      

    

    
      
        	17.10	
                Immediate recourse

              

      

    

    The Agent shall not be required to take any action against any Borrower, either Guarantor or any other person before
        claiming from either or both of the Guarantors (in its sole discretion) under this Clause 17.

    
      
        	17.11	
                No right of recourse and no security

              

      

    

    The Guarantors shall have no right of recourse against any Borrower, any other guarantor or any of their respective
        bankruptcy estate for any amount paid by the Guarantors under this Guarantee for so long as any part of the Outstanding Indebtedness remains outstanding, and the Guarantors shall not be entitled to obtain from any Borrower any security for any such
        right of recourse which the Guarantors may have after such time. Any such security which the Guarantors might obtain shall be regarded as supplementary security in favour of the Finance Parties. The Guarantors hereby renounce any and all such
        claims it has or may get against any Borrower or any other guarantor for as long as any part of the Outstanding Indebtedness remains outstanding.

    
      
        	17.12	
                No subrogation in Finance Parties' security

              

      

    

    The Guarantors shall have no right to subrogate, wholly or partly, in any security provided to the Finance Parties
        pursuant to the Finance Documents or in any other way until all of the Outstanding Indebtedness has been fully and finally paid.

    
      
        	17.13	
                Action

              

      

    

    Without affecting the obligations of either Guarantor hereunder, the Agent, the other Finance Parties may take such
        action as the Agent, the other Finance Parties, as the case may be, in their own

    
      44

      
        

    

    

    

    discretion may consider appropriate against any Borrower, the Guarantors or any other persons or parties or securities
        to recover monies due and payable in respect of the obligations under the Finance Documents.

    
      
        	17.14	
                Knowledge of the additional security

              

      

    

    Each Guarantor acknowledges and agrees that:

    
      
        	a)	
                it has received a copy of and has full knowledge of the security which is to be granted in respect of the amounts outstanding under the Finance Documents;

              

      

    

    
      
        	b)	
                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 as security
                    for the Borrowers' obligations under the Finance Documents.

              

      

    

    
      
        	17.15	
                Assignment

              

      

    

    The Agent and the Finance Parties may assign or transfer the rights under this Guarantee to any person to whom the
        rights and obligations of such Finance Party under the Agreement are wholly or partly assigned or transferred to in accordance with Clause 25 (Changes to the Parties) of the Agreement.

    
      
        	17.16	
                Expenses

              

      

    

    The Guarantors shall pay to the Agent on demand on a full indemnity basis all charges, costs and expenses (including the
        legal fees) reasonably and properly incurred by the Finance Parties in connection with the preservation and enforcement of any of the rights of the Finance Parties under this Guarantee.

    
      
        	17.17	
                No implied waivers

              

      

    

    No delay or failure by the Agent or any other Finance Party to exercise any right or remedy under this Guarantee shall
        operate or be construed as a waiver of such rights or remedies unless otherwise expressly stated in writing by the Agent or such Finance Party. No partial exercise of any right or remedy shall prevent any further or other exercise of such right or
        remedy or any other right or remedy. No express waiver of any rights or remedies in respect of an Event of Default or any other event by the Agent, any other Finance Party shall operate or be construed as a waiver of any rights or remedies in
        respect of any similar or other Event of Default or events.

    
      
        	18	
                SECURITY

              

      

    

    
      
        	18.1	
                Security Documents

              

      

    

    The Borrowers' obligations and liabilities under the Finance Documents, including (without limitation) the Borrowers'
        obligation to repay the Loans together with all unpaid interest, default interest, commissions, charges, expenses and any other derived liability whatsoever of any Borrower towards the Lenders, the Agent or any other Finance Party in connection
        with this Agreement or another Finance Document, shall at any time until all amounts due to the Finance Parties under the Finance Documents have been paid and/or repaid in full, be cross collaterally secured by:

    
      
        	(i)	
                the Account Pledge;

              

      

    

    
      
        	(ii)	
                the Assignment of Earnings and Charterparties;

              

      

    

    
      
        	(iii)	
                the Assignment of Hedging Claims;

              

      

    

    
      45

      
        

    

    

    

    

    

    
      
        	(iv)	
                the Assignment of Insurances;

              

      

    

    
      
        	(v)	
                the Assignment of Intercompany Loans;

              

      

    

    
      
        	(vi)	
                the Guarantees;

              

      

    

    
      
        	(vii)	
                the Mortgages; and

              

      

    

    
      
        	(viii)	
                the Share Pledges.

              

      

    

    
      
        	18.2	
                Security for Hedging Agreements

              

      

    

    For the avoidance of doubt, the Security Interest created by the Security Documents shall also secure the Borrowers'
        obligations under the Hedging Agreements on a pro rata basis, but subject to a subordinated distribution of proceeds in accordance with Clause 29.5 (Partial

          payments).

    Each Borrower shall ensure that the Mortgages be amended to cover any and all Hedging Agreements entered into subsequent
        to the date of any of the Mortgages, on terms acceptable to the Security Agent and without undue delay from entry into of any such Hedging Agreement, in order to secure that any liability of the Borrowers under any and all Hedging Agreements are
        secured under the Mortgages.

    
      
        	18.3	
                Perfection and further assistance

              

      

    

    Each Obligor undertakes to ensure that the above Security Documents be duly executed by the parties thereto in favour of
        the Security Agent (on behalf of the Finance Parties) on or about the date of this Agreement (or if not possible, as soon as practically possible), and legally valid and in full force and effect throughout the Security Period. Each Obligor further
        undertake to 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, maintenance or realisation of any Security Interest conferred or
        intended to be conferred on the Security Agent or the Finance Parties by or pursuant to the Finance Documents.

    
      
        	18.4	
                Share Pledges - waiver of recourse

              

      

    

    If the Security Agent enforces any or all of the Share Pledges, each Guarantor and each Borrower hereby irrevocably (i)
        waives any and all of its claims against the (other) Borrower and releases the (other) Borrower from any and all liabilities to each Guarantor and each Borrower, including but not limited to any liabilities of the (other) Borrower under any 
        intra-group or shareholder loans and any liability to each Guarantor and the (other) Borrower under any recourse claims (the "Borrower Liabilities"), and (ii) authorises the Security Agent and grants power of attorney to the Security Agent to
        (without any consent, sanction, authority or further confirmation from any other party), to release any and all of the Borrower Liabilities, in order to allow for a sale of the shares in each of the Borrowers to be completed without any claims of
        any Guarantor and/or any of the (other) Borrowers continuing to exist against any of the Borrowers following such sale to the extent permitted by applicable mandatory laws.

    
      46

      
        

    

    SECTION 8

        REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

    
      
        	19	
                REPRESENTATIONS AND WARRANTIES

              

      

    

    Each Obligor makes the representations and warranties set out in this Clause 19 to each Finance Party on the date of
        this Agreement:

    
      
        	19.1	
                Status and ownership

              

      

    

    
      
        	a)	
                It is a company with limited liability or corporation, as applicable, duly incorporated and validly existing under the law of its jurisdiction of
                    incorporation;

              

      

    

    
      
        	b)	
                It has the power to own its assets and carry on its business as it is being conducted;

              

      

    

    
      
        	c)	
                The Intermediate Parent owns directly one hundred per cent. (100.00%) of the shares and voting rights in the Borrowers; and

              

      

    

    
      
        	d)	
                The Ultimate Parent owns directly one hundred per cent. (100.00%) of the shares and voting rights in the Intermediate Parent.

              

      

    

    
      
        	19.2	
                Insolvency

              

      

    

    No corporate action, legal proceeding or other procedure or step described in Clause 24.7 (Insolvency proceedings) or creditors' process described in Clause 24.8 (Creditors'

          process), has been taken or threatened in relation to an Obligor, and none of the circumstances described in Clause 24.6 (Insolvency)
        applies to an Obligor.

    
      
        	19.3	
                Binding obligations

              

      

    

    
      
        	a)	
                The Finance Documents and Transaction Documents to which it is a party constitute legal, valid, binding and enforceable obligations.

              

      

    

    
      
        	b)	
                Save as provided herein or therein and/or as have been or shall be completed prior to the Drawdown Date, no registration, filing, payment of tax or fees or
                    other formalities are necessary or desired to render the Finance Documents enforceable against it, and in respect of the Vessels, for each Mortgages to constitute a valid and enforceable first priority mortgage over the respective
                    Vessel.

              

      

    

    
      
        	19.4	
                No conflict with other obligations

              

      

    

    The entry into and performance by it of, and the transactions contemplated by, the Finance Documents and/or the
        Transaction Documents do not and will not conflict with:

    
      
        	a)	
                any law or regulation applicable to it any present law or regulation applicable to it (including Directive 1905/60/EC of the European Parliament and of the
                    Council of the European Communities Union of 26 October 2005, implemented to combat money laundering);

              

      

    

    
      
        	b)	
                any of its constitutional documents; or

              

      

    

    
      
        	c)	
                any agreement or document to which it is a party or by which it or any of its assets are bound.

              

      

    

    
      47

      
        

    

    

    

    

    

    
      
        	19.5	
                Power and authority

              

      

    

    It has the power to enter into, perform and deliver, and has taken all necessary actions to authorise its entry into,
        performance and delivery of, the Finance Documents and Transaction Documents to which it is a party and the transactions contemplated by those Finance Documents and Transaction Documents.

    
      
        	19.6	
                Governing law and enforcement

              

      

    

    
      
        	a)	
                The choices of governing law of the relevant Finance Documents will be recognised and enforced in its jurisdiction of incorporation.

              

      

    

    
      
        	b)	
                Any judgment obtained in relation to a Finance Document in the jurisdiction of the governing law will be recognised and enforced in its Relevant Jurisdiction.

              

      

    

    
      
        	19.7	
                Authorisations and consents

              

      

    

    All Authorisations required by it (i) in connection with the entering into, performance, validity and enforceability of
        the Finance Documents and the transactions contemplated hereby and thereby, and (ii) to make the Finance Documents to which it is a party admissible in evidence in its Relevant Jurisdiction, have been obtained or effected and are in full force and
        effect.

    
      
        	19.8	
                Taxes

              

      

    

    
      
        	a)	
                It has complied with all taxation laws in all jurisdictions where it is subject to taxation and has paid all applicable Taxes and other amounts due to
                    governments and other public bodies where failure to do so is reasonably likely to have a Material Adverse Effect. No claims are being asserted against it with respect to any Taxes or other payments due to public or governmental bodies,
                    which are reasonably likely to have a Material Adverse Effect.

              

      

    

    
      
        	b)	
                It is not required to make any Tax Deductions (as defined in Clause 12.1 (Definitions)) for or on account of Tax from any payment it may make under any of the Finance Documents.

              

      

    

    
      
        	19.9	
                No filing or stamp taxes

              

      

    

    Under the laws of its Relevant Jurisdiction it is not necessary that the Finance Documents be filed, recorded or
        enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents, except
        the registration of the Mortgages with the Approved Ship Registry, which registrations, filings, taxes and fees shall be made and paid promptly by the Obligors after the date of the relevant Finance Document.

    
      
        	19.10	
                No Default

              

      

    

    
      
        	a)	
                No Event of Default is continuing or might reasonably be expected to result from the making of a Loan or the entry into and performance of or any transaction
                    contemplated by any of the Finance Documents.

              

      

    

    
      
        	b)	
                No other event or circumstances is outstanding which constitutes a default or (with the expiry of a grace period, giving of notice or the making of any
                    determination or any combination of the foregoing) might constitute a default under any other agreement or instrument which is binding on it or to which the its assets are subject which has or is reasonably likely to have a Material
                    Adverse Effect.

              

      

    

    
      48

      
        

    

    

    

    

    

    
      
        	19.11	
                No misleading information

              

      

    

    
      
        	a)	
                Any factual information, documents, exhibits or reports relating to it and which have been furnished to the Finance Parties by or on behalf of it for the
                    purposes of this Agreement are complete and correct in all material respects and do not contain any misstatement of fact or omit to state a fact making such information, exhibits or reports misleading in any material respect.

              

      

    

    
      
        	b)	
                Any financial projections contained in the information referred to in paragraph a) above have been prepared as at their date on the basis of recent historical
                    information and on the basis of assumptions believed by the Obligor to be reasonable as at the date of preparation.

              

      

    

    
      
        	19.12	
                Original Financial Statements

              

      

    

    
      
        	a)	
                The Original Financial Statements give a true and fair view of its financial condition as at the end of the period to which they related, and have been
                    prepared in accordance with US GAAP consistently applied.

              

      

    

    
      
        	b)	
                Since the date of the Original Financial Statements, there has been no material adverse change in its business or financial condition.

              

      

    

    
      
        	19.13	
                Pari passu ranking

              

      

    

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

    
      
        	19.14	
                No proceedings pending or threatened

              

      

    

    No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency, which if
        adversely determined, might reasonably be expected to have a Material Adverse Effect, have (to its knowledge and belief) been started or threatened against it.

    
      
        	19.15	
                No immunity

              

      

    

    The execution and delivery by it of each Finance Document to which it is a party constitute, and its exercise of its
        respective rights and performance of its obligations under each Finance Document will constitute, private and commercial acts performed for private and commercial purposes, and it will not (except for bankruptcy or any similar proceedings) be
        entitled to claim for itself or any or all of its assets immunity from suit, execution, attachment or other legal process in any other proceedings taken in Norway and/or elsewhere (as the case may be) in relation to any Finance Document.

    
      
        	19.16	
                No winding-up

              

      

    

    It has not taken any corporate action nor have any other steps been taken or legal proceedings been started or
        threatened against it for its reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise), winding-up, dissolution, judicial management or administration or for the appointment of a receiver, administrator, administrative
        receiver, judicial manager, trustee or similar officer of it or any or all of its assets.

    
      
        	19.17	
                Environmental compliance

              

      

    

    It has performed and observed in all material respects all Environmental Laws, Environmental Approvals and all other
        material covenants, conditions, restrictions or agreements directly or indirectly concerned with any contamination, pollution or waste or the release or discharge of any toxic or hazardous substance in connection with the Vessels.

    
      49

      
        

    

    

    

    

    

    
      
        	19.18	
                Environmental Claims

              

      

    

    No Environmental Claim has been commenced or (to the best of the Obligor's knowledge and belief) is threatened against
        it.

    
      
        	19.19	
                ISM Code and ISPS Code compliance

              

      

    

    All requirements of the ISM Code and the ISPS Code as they relate to any Obligor, the Managers and/or any Vessel have
        been complied with in all material respects.

    
      
        	19.20	
                The Vessels

              

      

    

    Each Vessel is or will from its respective Delivery Date be:

    
      
        	a)	
                in the absolute ownership of the respective Borrower, free and clear of all encumbrances (other than as permitted in accordance with Clause 22.5 (Negative Pledge – Collateral)) and the relevant Borrower is and will remain the sole, legal and beneficial owner of the Vessel;

              

      

    

    
      
        	b)	
                registered in the name of the relevant Borrower with an Approved Ship Registry under the laws and flag of such Approved Ship Registry;

              

      

    

    
      
        	c)	
                operationally seaworthy in every way and fit for service; and

              

      

    

    
      
        	d)	
                classed with an Approved Classification Society, free of all overdue requirements, recommendations and conditions.

              

      

    

    
      
        	19.21	
                Anti-corruption laws

              

      

    

    The Obligors have 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.

    
      
        	19.22	
                No money laundering

              

      

    

    
      
        	a)	
                It is acting for its own account in relation to the Facility and in relation to the performance and the discharge of its obligations and liabilities under the
                    Finance Documents and the transactions and other arrangements effected or contemplated by the Finance Documents to which it is a party, and the foregoing will not involve or lead to contravention of any law, official requirement or
                    other regulatory measure or procedure implemented to combat money laundering (as defined in Article 1 of the Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2006 (as amended, supplemented and/or replaced
                    from time to time).

              

      

    

    
      
        	b)	
                The Borrowers will use the proceeds of the Facility for its own benefit, under its full responsibility and exclusively for the purposes specified in this
                    Agreement.

              

      

    

    
      
        	19.23	
                No breach of laws

              

      

    

    Except as notified by the Obligors to the Agent and accepted in writing by the Agent, each Obligor complies in all
        material respects with any law or regulation applicable to it.

    
      
        	19.24	
                Sanctions

              

      

    

    None of the Obligors nor any of their Subsidiaries and, to their knowledge, none of their respective directors, officers
        or employees:

    a) is in breach of any Sanctions;

    
      50

      
        

    

    

    

    

    

    b) is a Restricted Party nor acts directly or indirectly on behalf of a Restricted Party; or

    
      
        	c)	
                has received notice of or is aware of any claim, action, suit, proceeding, formal notice or investigation against it with respect to Sanctions.

              

      

    

    
      
        	19.25	
                Repetition

              

      

    

    The Repeating Representations set out in this Clause 19 shall be deemed to be repeated:

    
      
        	a)	
                on the date of each Drawdown Notice;

              

      

    

    
      
        	b)	
                on each Drawdown Date;

              

      

    

    
      
        	c)	
                on the first day of each Interest Period; and

              

      

    

    
      
        	d)	
                in each Compliance Certificate forwarded to the Agent pursuant to Clause 20.2 (Compliance certificate) (or, if no such Compliance Certificate is forwarded, on each day such certificate should have been forwarded to the Agent at the latest).

              

      

    

    
      
        	20	
                INFORMATION UNDERTAKINGS

              

      

    

    The undertakings set out in this Clause 20 shall remain in force from the date of this Agreement and throughout the
        Security Period.

    
      
        	20.1	
                Financial statements

              

      

    

    The Ultimate Parent shall supply to the Agent in sufficient copies for all of the Lenders:

    
      
        	a)	
                as soon as the same become available, but in any event within one hundred and twenty (120) days after the end of each of its fiscal years, its consolidated
                    audited financial statements for that fiscal year together with the unaudited accounts of each Borrower;

              

      

    

    
      
        	b)	
                as soon as the same become available, but in any event within sixty (60) days after the end of each financial quarter, its unaudited consolidated financial
                    statements for that financial quarter; and

              

      

    

    
      
        	c)	
                as soon as same become available, but in any event no later than 28 February for each year, its budget and cash flow projections.

              

      

    

    
      
        	20.2	
                Compliance Certificates

              

      

    

    The Ultimate Parent shall supply to the Agent, with each set of financial statements delivered pursuant to paragraphs a)
        and b) of Clause 20.1 (Financial statements), a Compliance Certificate in the form set out in Schedule 5 (Form of Compliance Certificate) signed by the CFO of the Ultimate Parent setting out (in
        reasonable detail) computations as to compliance with Clause 21 (Financial covenants) and the Collateral Maintenance Test pursuant to Clause 7.1
        (Mandatory prepayment – Collateral Maintenance Test), as at the date at which those financial statements were drawn up.

    
      
        	20.3	
                Vessels' Market Value

              

      

    

    Valuations to determine the Market Value of the Vessels shall be obtained by the Borrowers for the Borrowers' cost prior
        to the end of each financial half-year and to be sent to the Agent together with each relevant Compliance Certificate, or, if an Event of Default has occurred, for the Borrowers' cost at such further frequency as may be requested by the Agent
        (acting on behalf of the Majority Lenders).

    
      51

      
        

    

    

    

    

    

    
      
        	20.4	
                Requirements as to financial statements

              

      

    

    The Obligors shall procure that each set of financial statements delivered pursuant to Clause 20.1 (Financial statements) is prepared using US GAAP, accounting practices and financial reference periods consistent with those applied in the
        preparation of the Original Financial Statements for the Obligors unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in US GAAP, the accounting practices or reference periods and the Obligor's
        auditors deliver to the Agent:

    
      
        	a)	
                a description of any change necessary for those financial statements to reflect US GAAP, accounting practices and reference periods upon which that Obligor's
                    Original Financial Statements were prepared; and

              

      

    

    
      
        	b)	
                sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine whether Clause 21 (Financial covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial
                    statements and that Obligor's 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.

    
      
        	20.5	
                Fiscal Year

              

      

    

    There shall be no change to any Obligor's fiscal year without the prior written consent of the Agent (on behalf of the
        Majority Lenders).

    
      
        	20.6	
                Information – miscellaneous

              

      

    

    The Obligor shall notify the Agent and/or supply to the Agent (in sufficient copies for all the Lenders, if the Agent so
        requests):

    
      
        	a)	
                at the same time as they are dispatched, copies of all documents dispatched by an Obligor to its creditors generally;

              

      

    

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

              

      

    

    
      
        	c)	
                promptly, such further information regarding the business, operations, assets, operations (financial or otherwise) and technical data of the Obligors and the
                    Vessels as the Agent may reasonably request, and which can be delivered without breach of any confidentiality undertakings or any applicable law or rules of a securities/regulatory exchange;

              

      

    

    
      
        	d)	
                promptly, such further information reasonably requested by the Agent (on behalf of the Finance Parties) in order for each Finance Party to carry out and be
                    satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents;

              

      

    

    
      
        	e)	
                promptly upon becoming aware of any Change in Ultimate Beneficial Owner, the name of the Ultimate Beneficial Owner and such documentation and other evidence
                    as is reasonably requested by the Agent or any Lender in order for the Agent or such Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar

              

      

    

    
      52

      
        

    

    

    

    checks under all applicable laws and regulations in relation to the Ultimate
        Beneficial Owner; and

    
      
        	f)	
                promptly, upon becoming aware of them, the details of any loss, seizure, capture or piracy against any Vessel.

              

      

    

    
      
        	20.7	
                Notification of default

              

      

    

    Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon
        becoming aware of its occurrence.

    
      
        	20.8	
                Notification of Environmental Claims

              

      

    

    Each Obligor shall inform the Agent in writing as soon as reasonably practicable upon becoming aware of the same:

    
      
        	a)	
                if any Environmental Claim has been commenced or (to the best of the Obligor's knowledge and belief) is threatened against an Obligor or a Vessel; and

              

      

    

    
      
        	b)	
                of any fact and circumstances which will or are reasonably likely to result in any Environmental Claim being commenced or threatened against an Obligor or a
                    Vessel.

              

      

    

    
      
        	20.9	
                "Know your customer" checks

              

      

    

    a) If:

    
      
        	

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

              

      

    

    (ii) any Change in Ultimate Beneficial Owner after the date of this Agreement;

    (iii) any Applicable KYC Procedures;

    
      
        	

              	(iv)	
                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;

              

      

    

    
      
        	

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

              

      

    

    
      
        	

              	(vi)	
                any anti-money laundering or anti-terrorism financing laws and regulations applicable to the Agent or any Lender,

              

      

    

    obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new
        Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of 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, in the case of the event described in paragraph (iii) above, on behalf of any
        prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other
        similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

    
      53

      
        

    

    

    

    

    

    
      
        	b)	
                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.

              

      

    

    For the purpose of this Clause 20.9:

    "Applicable KYC
          Procedures" means any applicable "know your customer" checks or similar identification procedures, or equivalent internal policies of a Lender or the Agent, or any equivalent procedures required by applicable law or regulations.

    
      
        	20.10	
                Use of websites

              

      

    

    
      
        	a)	
                The Ultimate Parent may satisfy its obligation under this Agreement to deliver any information in relation to those Finance Parties (the “Website Lenders”) who accept this method of communication by posting this information onto an electronic website designated by the
                    Ultimate Parent and the Agent (the “Designated Website”) if:

              

      

    

    
      
        	

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

              

      

    

    
      
        	

              	ii)	
                both the Ultimate Parent and the Agent are aware of the address of and any relevant password specifications for the Designated Website; and

              

      

    

    
      
        	

              	iii)	
                the information is in a format previously agreed between the Ultimate Parent and the Agent.

              

      

    

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

    
      
        	b)	
                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 Ultimate Parent and the Agent.

              

      

    

    
      
        	c)	
                The Ultimate Parent shall promptly upon becoming aware of its occurrence notify the Agent if:

              

      

    

    
      
        	

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

              

      

    

    
      
        	

              	ii)	
                the password specifications for the Designated Website change;

              

      

    

    
      
        	

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

              

      

    

    
      
        	

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

              

      

    

    
      54

      
        

    

    

    

    

    

    
      
        	

              	v)	
                the Ultimate Parent becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic
                    virus or similar software.

              

      

    

    If the Ultimate Parent notifies the Agent under paragraph c) i) or paragraph c) v) above, all information to be provided
        by the Ultimate Parent 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.

    
      
        	21	
                FINANCIAL COVENANTS

              

      

    

    
      
        	21.1	
                Financial definitions

              

      

    

    Except otherwise explicitly provided for in this Agreement, an accounting term used in this Clause is to be construed in
        accordance with US GAAP.

    For the purposes of this Clause 21, the following definitions shall apply:

    "Cash and Cash
          Equivalents" means, at any date, the aggregate amount of freely available cash and cash equivalents of the Group, in each case reported in accordance with US GAAP, including without limitation:

    a) cash in hand or on freely available deposit with any bank or financial institution;

    
      
        	b)	
                certificates of deposits or marketable debt securities (included money market funds) with a maturity of twelve (12) months or less after the relevant date of
                    calculation, issued by an Arranger or a financial institution which has a rating for its long term unsecured and non-credit enhanced debt obligations with A or higher by Standard & Poor’s Rating Services or Fitch Ratings Ltd or A2
                    or higher by Moody’s Investor Services Limited or a comparable rating from an internationally recognised credit rating agency; or

              

      

    

    
      
        	c)	
                any other instrument, security or investment approved in writing by the Agent, and in each case, to which any of the Obligors is beneficially entitled at that
                    time and which can be promptly realised and applied against the Loans.

              

      

    

    "Equity Ratio"
        means the ratio of Total Equity to Total Assets.

    "Liquidity"
        means, at any given time, the aggregate of (i) Cash and Cash Equivalents and (i) any undrawn amount freely and unconditionally available for drawings under either the Sterna RCF and/or any other credit facilities with remaining tenor of at least
        six (6) months.

    "Total Assets"
        means the aggregate book value of total assets in accordance with US GAAP.

    "Total Equity"
        means the aggregate book value of the equity treated as equity in accordance with US GAAP.

    "Working Capital"
        means current assets less current liabilities (which shall exclude instalments of long term debt due in the twelve (12) months, capital lease payments and, in respect of any Borrower only, any intra group debt incurred in accordance with Clause 
        22.10 (b) (ii) (Financial Indebtedness restrictions).

    
      55

      
        

    

    

    

    

    

    
      
        	21.2	
                Financial testing

              

      

    

    The financial covenants set out in this Clause 21 (Financial Covenants) shall be calculated in accordance with US GAAP consistently applied, provided always, that lease
        obligations shall be classified in accordance with applicable account principles prior to 1 January 2019 (for the avoidance of doubt, disregarding any amendments to accounting principles as a result of IFRS 16 or equivalent).

    The financial covenants shall be tested quarterly, by reference to each of the financial statements delivered pursuant
        to paragraphs (a) and (b) of Clause 20.1 (Financial Statements) and/or each Compliance Certificate delivered pursuant to Clause 20.2 (Compliance Certificate).

    
      
        	21.3	
                Financial covenants

              

      

    

    The Ultimate Parent shall ensure that it maintains (on a consolidated basis) at all times:

    a) an Equity Ratio of minimum 0.25 to 1.00;

    b) a positive Working Capital; and

    c) Liquidity of minimum the higher of:

    (i) USD 25,000,000; or

    
      
        	

              	(ii)	
                an amount equal to five per cent. (5%) of the Group’s total interest bearing Financial Indebtedness on a consolidated basis (excluding the Sterna RCF) net of any Cash and Cash Equivalents.

              

      

    

    
      
        	21.4	
                Change of accounting principles

              

      

    

    If the Agent believes that the definitions and/or the financial covenants set out in this Clause 21 (Financial covenants) need to be amended as a result of any change of accounting principles, determination or requirement, the Ultimate Parent and
        the Agent shall negotiate (Agent acting on the instructions of the Lenders) in good faith to amend the existing definitions and/or financial covenants so as to provide the Lenders with substantially the same protections as the definitions and/or
        financial covenants set out in this Clause 21 (but which are not materially more onerous for the Borrowers or the Ultimate Parent).

    
      
        	22	
                GENERAL UNDERTAKINGS

              

      

    

    The undertakings set out in this Clause 22 shall remain in force from the date of this Agreement and throughout the
        Security Period.

    
      
        	22.1	
                Authorisations etc.

              

      

    

    The Obligors shall promptly:

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

              

      

    

    
      
        	b)	
                supply certified copies to the Agent (if so requested) of,

              

      

    

    any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its
        obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document.

    
      56

      
        

    

    

    

    

    

    
      
        	22.2	
                Compliance with laws

              

      

    

    Each Obligor shall comply in all material respects with all laws to which it may be subject.

    
      
        	22.3	
                Pari passu ranking

              

      

    

    Each Obligor shall ensure that its obligations under the Finance Documents do and will rank at least pari passu with all its other present and future unsecured and unsubordinated obligations, except for those obligations which are preferred by
        mandatory law applying to companies generally in the jurisdictions of their incorporation or in the jurisdiction in the ports of calls.

    
      
        	22.4	
                Title – Collateral

              

      

    

    The respective Borrower will hold legal title to, and own the entire beneficial interest in, its Vessel, its Insurances,
        its Earnings and all of its other assets, free of all Security Interest, except for those created by the Financial Documents and as set out in Clause 22.5 (Negative pledge - Collateral).

    
      
        	22.5	
                Negative Pledge – Collateral

              

      

    

    Neither of the Obligors, nor any other member of the Group, shall create or permit to subsist any Security Interest over
        (i) any asset subject to, or intended to be subject to, Security Interest under the Security Documents, or (ii) any other asset of the Borrowers, other than:

    
      
        	a)	
                the Security Interest created under the Security Documents;

              

      

    

    
      
        	b)	
                any Security Interests arising in the ordinary course of business by operation of law and securing obligations not more than forty-five (45) days overdue; and

              

      

    

    
      
        	c)	
                any Security Interests disclosed in writing to the Agent, and consented to in writing by the Agent (acting upon instructions from the Majority Lenders).

              

      

    

    
      
        	22.6	
                Ownership of the Borrowers and the Intermediate Parent

              

      

    

    
      
        	a)	
                The Intermediate Parent shall at all times own directly one hundred per cent. (100.00%) of the shares and voting rights in the Borrowers.

              

      

    

    
      
        	b)	
                The Ultimate Parent shall at all times own directly one hundred per cent. (100.00%) of the shares and voting rights in the Intermediate Parent.

              

      

    

    
      
        	c)	
                Neither of the Obligors shall create or permit to subsist any Security Interest over any existing or future shares issued by any of the Borrowers or the
                    Intermediate Parent, other than the Security Interest created under the Security Documents.

              

      

    

    
      
        	22.7	
                Preservation of assets

              

      

    

    Each Obligor shall maintain and preserve all of its assets that are necessary or desirable, in the opinion of the Agent,
        for the conduct of its business, as intended to be conducted at the date of this Agreement, in good working order and condition, ordinary wear and tear excepted.

    
      
        	22.8	
                Change of business

              

      

    

    The Obligors shall ensure that no change is made to the general nature of its business from that carried out at the date
        of this Agreement without the prior written consent of the Agent (on behalf of the Lenders).

    
      57

      
        

    

    

    

    

    

    
      
        	22.9	
                No mergers etc.

              

      

    

    No Obligor shall enter into any merger, amalgamation, de-merger, split-up, divest, consolidation with or into any other
        person or be the subject of any reconstruction, name change or change of type of organization without the prior consent of the Agent (on behalf of the Lenders).

    
      
        	22.10	
                Financial Indebtedness restrictions

              

      

    

    a) The Borrowers shall not incur, create or permit to subsist any Financial Indebtedness.

    b) Paragraph (a) above does not apply to Financial Indebtedness:

    (i) incurred under the Finance Documents;

    
      
        	

              	(ii)	
                incurred under any loans from any Guarantor or any other Borrower, provided that any Guarantor’s or the other Borrower's claims under such loans are subject
                    to an Assignment of Intercompany Loan and fully subordinated to the claims of the Finance Parties under the Finance Documents; or

              

      

    

    (iii) consented to in writing by the Lenders.

    
      
        	22.11	
                Financial support

              

      

    

    The Borrowers shall not make or grant any loans, guarantees or any other form of financial support to any person, except
        for:

    
      
        	a)	
                financial support by way of trade credit in the ordinary course of operation of the Vessels; and

              

      

    

    
      
        	b)	
                intra-group loans to another Borrower or a Guarantor, provided always that the obligations of any other Borrower or a Guarantor be fully subordinated to any
                    obligations under the Finance Documents, and the relevant Borrower's claims under such loans are subject to an Assignment of Intercompany Loan.

              

      

    

    
      
        	22.12	
                Distributions from the Borrowers

              

      

    

    Following the occurrence of an Event of Default which is continuing, no Borrower may:

    
      
        	(i)	
                declare, make or pay any 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);

              

      

    

    
      
        	(ii)	
                pay any interest or repay any principal amount (or capitalised interest) on any debt to any of its shareholders; or

              

      

    

    
      
        	(iii)	
                redeem, repurchase or repay any of its share capital or resolve to do so, or enter into any transaction or arrangement having a similar effect as described in
                    paragraphs (i) to (iii).

              

      

    

    
      
        	22.13	
                Distributions from the Ultimate Parent

              

      

    

    a) Subject to the limitations listed in paragraph (b) below, the Ultimate Parent may:

    
      
        	

              	(i)	
                declare, make or pay any 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);

              

      

    

    
      
        	

              	(ii)	
                pay any interest or repay any principal amount (or capitalised interest) on any debt to any of its shareholders;

              

      

    

     

      

    
      58

      
        

    

    (iii) redeem, repurchase or repay any of its share capital or resolve to do so; or

    
      
        	

              	(iv)	
                enter into any transaction or arrangement having a similar effect as described in paragraphs (i) to (iii).

              

      

    

    
      
        	b)	
                The distributions described in paragraph (a) above can only be carried out and effectuated if:

              

      

    

    
      
        	

              	(i)	
                no Event of Default is existing and is continuing on the time when the distribution is to be made or would result from the making, payment or declaration of
                    the distribution; or

              

      

    

    
      
        	

              	(ii)	
                as otherwise consented to in writing by the Agent (on behalf of the Majority Lenders).

              

      

    

    
      
        	22.14	
                Sterna RCF

              

      

    

    
      
        	a)	
                The Intermediate Parent shall procure that the Sterna RCF is subject to the Sterna Subordination Statement on terms satisfactory to the Agent.

              

      

    

    
      
        	b)	
                The Intermediate Parent may not make any payments to Sterna Finance Ltd. (or any party replacing Sterna Finance Ltd. as creditor) under the Sterna RCF or any
                    other loans from Affiliates of the Ultimate Parent following the occurrence of an Event of Default or otherwise in breach of the subordination

                    statement(s) in favour of the Finance Parties.

              

      

    

    
      
        	22.15	
                Investments

              

      

    

    No Borrower shall make any investments or acquisitions, neither of vessels or companies (or shares in companies), other
        than:

    a) the acquisition of the Vessels;

    b) ordinary and scheduled maintenance of the Vessels; and

    
      
        	c)	
                any other maintenance of the Vessels required in order to be in compliance with the provisions under this Agreement, including, but not limited to, Clause
                    23.3 (Classification and repairs).

              

      

    

    
      
        	22.16	
                Environmental compliance

              

      

    

    The Obligors shall comply in all respects with all applicable Environmental Laws subject to the terms and conditions of
        any applicable Environmental Approval and obtain and maintain any applicable Environmental Approval.

    
      
        	22.17	
                Arm's length transactions

              

      

    

    No Obligor shall engage in, directly or indirectly, any transaction with any party (without limitation, the purchase,
        sale or exchange of assets or the rendering of any service), except pursuant to the reasonable requirement of the Obligor's business and upon fair and reasonable terms that are no less favorable to the Obligor, as the case may be, than those which
        might be obtained in an arm's length transaction at the time.

    
      
        	22.18	
                Listing

              

      

    

    The Ultimate Parent shall remain listed on the Oslo Stock Exchange, New York Stock Exchange or another recognised stock
        exchange acceptable to the Agent (on behalf of the Lenders).

    
      59

      
        

    

    

    

    

    

    
      
        	22.19	
                Hedging

              

      

    

    
      
        	a)	
                The Hedge Providers shall have a first right of
                      refusal in relation to interest hedging relating to any Vessel or the Facility on competitive terms.

              

      

    

    b) No Obligor shall carry out derivative transactions for speculative purposes.

    
      
        	22.20	
                Earnings Accounts

              

      

    

    The Borrowers shall open and maintain all its Earnings Accounts with the Account Bank, ensure that all Earnings are paid
        to the Earnings Accounts, and that the Earnings Accounts remain subject to the Account Pledge(s). The Borrowers may freely operate and make withdrawals from the Earnings Accounts until the occurrence of an Event of Default which is continuing.

    
      
        	22.21	
                Taxation

              

      

    

    The Obligors shall 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 such payment is being contested in good faith or can be lawfully withheld.

    
      
        	22.22	
                Sanctions

              

      

    

    
      
        	a)	
                Each Obligor, and the Obligors shall ensure that their directors, officers and employees, agents and representatives shall comply in all respects with
                    Sanctions.

              

      

    

    
      
        	b)	
                No Obligor shall, and the Obligors shall ensure that none of their directors, officers or employees will, take any action or make any omission that results,
                    or is reasonably likely to result, in it or any Finance Party becoming a Restricted Party.

              

      

    

    
      
        	c)	
                No Obligor shall 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;

              

      

    

    
      
        	d)	
                Each Obligor shall procure that no proceeds from any activity or dealing with a Restricted Party are credited to any bank account held with any Finance Party
                    in its name;

              

      

    

    
      
        	e)	
                Each Obligor shall to the extent permitted by law 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, and provide information on what steps are being taken with regards to answer or oppose such;

              

      

    

    
      
        	f)	
                No Obligor shall permit or authorise any other person to, directly or indirectly use the proceeds of a Loan, or lend, make payments of or contribute or
                    otherwise make available all or any part of such proceeds (i) to or for the benefit of any Restricted Party or (ii) in any other manner that would result in a violation of Sanctions by any person (including any person participating in a
                    Loan hereunder, whether as a Finance Party or otherwise) or any such person becoming a Restricted Party.

              

      

    

    
      
        	22.23	
                EU Bail-In

              

      

    

    In the event that any Finance Document will be governed by the laws of a non-EEA Member Country, then to the extent the
        Facility Agent determines it is necessary such Finance Document shall either prior to its entry, or if already in force be amended to, contain the current form of EU bail-in provisions recommended by the Loan Market Association.

    
      60

      
        

    

    

    

    

    

    
      
        	23	
                VESSEL COVENANTS

              

      

    

    The undertakings set out in this Clause 23 shall remain in force from the date of this Agreement and throughout the
        Security Period.

    
      
        	23.1	
                Insurance

              

      

    

    
      
        	a)	
                Each Borrower shall maintain or ensure that the Vessels are insured against such risks, including but not limited to, Hull and Machinery, Protection &
                    Indemnity (including maximum cover for pollution liability with a club within the International Group of P&I Clubs), Hull Interest and/or Freight Interest and War Risk (including acts of terrorism, hijacking, confiscation and
                    piracy) insurances, in such amounts, on such terms and with such brokers, clubs and/or insurers as the Agent from time to time shall approve (such approval not to be unreasonably withheld).

              

      

    

    
      
        	b)	
                The insurance value (to be on agreed value basis) for Hull and Machinery combined with Hull Interest and/or Freight Interest, and for War Risk, shall for each
                    Vessel cover the higher of (i) the Market Value of the Vessel, and (ii) one hundred and twenty per cent (120.00%) of the relevant Loan.

              

      

    

    
      
        	c)	
                The insured value for the Hull and Machinery insurance shall cover at least eighty per cent (80.00%) of the Market Value of the Vessel. The remaining cover
                    may be taken out as Hull Interest and/or Freight Interest.

              

      

    

    
      
        	d)	
                Each Obligor shall procure that the Security Agent (on behalf of the Finance Parties) is noted as first priority mortgagee in the insurance contracts,
                    together with the confirmation from the underwriters to the Agent thereof that the notice of assignment with regards to the Insurances and the loss payable clauses are noted in the insurance contracts and that standard letters of
                    undertaking are executed by the insurers and/or brokers (as applicable).

              

      

    

    
      
        	e)	
                Not later than fourteen (14) days prior to the expiry date of the relevant Insurances the Borrowers shall procure the delivery to the Agent of a certificate
                    from the insurance broker(s) through whom the Insurances referred to in paragraph a) above have been renewed and taken out in respect of a Vessel with insurance values as required by paragraph b) above, that such Insurances are in full
                    force and effect and that the Security Agent (on behalf of the Finance Parties) have been noted by the relevant insurers.

              

      

    

    
      
        	f)	
                The Agent may (at the request of a Lender), for the account of the Borrowers, take out a Mortgagee's Interest Insurance ("MII") and/or a Mortgagee's Interest
                    – Additional Perils Pollution Insurance ("MAPI") covering up to one hundred and twenty per cent (120.00%) of the Loans.

              

      

    

    
      
        	g)	
                If any of the Insurances referred to in paragraph a) form part of a fleet cover, the Borrowers shall procure that the insurers and/or brokers (as applicable)
                    shall undertake to the Agent that they shall neither set-off against any claims in respect of any Vessel any premiums due in respect of other vessels under such fleet cover or any premiums due for other insurances, nor cancel this
                    Insurance for reason of non-payment of premiums for other vessels under such fleet cover or of premiums for such other insurances, and shall undertake to issue a separate policy in respect of the Vessels if and when so requested by the
                    Agent.

              

      

    

    
      61

      
        

    

    

    

    

    

    
      
        	h)	
                The Borrower shall procure that any person named as assured or co-assured in any insurance policy assigns such insurances to the Security Agent or provides
                    other satisfactory undertakings as the Security Agent may require. Further, the Borrowers shall procure that the Security Agent shall have the right to appoint an insured party.

              

      

    

    
      
        	i)	
                The Borrowers shall procure that the Vessels always are employed in conformity with the terms of the instruments of Insurances (including any warranties
                    expressed or implied therein) and comply with such requirements as to extra premium or otherwise as the insurers may prescribe.

              

      

    

    
      
        	j)	
                No Obligor will make any change to the Insurances described under paragraphs a) and b) above without the prior written consent of the Agent (on behalf of the
                    Lenders).

              

      

    

    
      
        	k)	
                The Agent will obtain an Insurance Report from an independent insurance consultant for the account of the Borrowers prior to any utilisation of the Facility,
                    and, if the Agent (acting on the instructions of the Majority Lenders) so requires, on an annual basis thereafter.

              

      

    

    
      
        	l)	
                The Borrowers will supply to the Agent from time to time on request such information as the Agent may in its discretion require with regard to the Insurances
                    and the brokers, underwriters, associations or clubs through or with which the Insurances are placed.

              

      

    

    
      
        	m)	
                Each Obligor shall promptly take any steps required, or provide any and all assistance requested by the Agent, to ensure prompt collection of any claims under
                    the Insurances.

              

      

    

    
      
        	23.2	
                Loss Payable

              

      

    

    Claims related to the Insurances in respect of an actual or constructive or agreed or arranged or compromised Total Loss
        or requisition for title or other compulsory acquisition of a Vessel and claims payable in respect of a major casualty, that is to say any claim (or the aggregate of which) in excess of USD 3,000,000 shall be payable to the Security Agent. Subject
        thereto all other claims, unless and until the insurers have received notice from the Security Agent of an event of default which is continuing and unremedied under the Agreement in which event all claims shall be payable directly to the Security
        Agent up to the Finance Parties' mortgage interest, shall be released directly for the repair, salvage or other charges involved or to the relevant Borrower as reimbursement if it has fully repaired the damage and paid all of the salvage or other
        charges or otherwise in respect of Borrower's actual costs in connection with repair, salvage and/or other charges.

    
      
        	23.3	
                Classification and repairs

              

      

    

    The Obligors shall keep the Vessels in a good, safe and efficient condition consistent with first class ownership and
        management practice and in particular:

    
      
        	a)	
                so as to maintain the highest classification required for the relevant trade with an Approved Classification Society, free of overdue recommendations and
                    conditions; and

              

      

    

    
      
        	b)	
                so as to comply with the laws and regulations (statutory or otherwise) applicable to vessels registered under the flag state of the Vessels or to vessels
                    trading to any jurisdiction to which the Vessels may trade from time to time.

              

      

    

    
      
        	23.4	
                Restrictions on chartering, appointment of managers etc.

              

      

    

    
      
        	a)	
                The Borrowers shall not without the prior written consent of the Agent (on behalf of the Majority Lenders):

              

      

    

    
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              	(i)	
                let any Vessel on bareboat charter for any period other than to another member of the Group (subject to satisfactory Security Interest in favour of the Agent
                    (on behalf of the Finance Parties) with respect to such member of the Group's earnings and charterparty in respect of that Vessel);

              

      

    

    
      
        	

              	(ii)	
                charter in or hire any vessel or tonnage;

              

      

    

    
      
        	

              	(iii)	
                appoint a Manager other than any Approved Manager; or

              

      

    

    
      
        	

              	(iv)	
                change the class certification of any Vessel.

              

      

    

    
      
        	b)	
                The Borrowers shall inform the Agent of any change of management of a Vessel to another Approved Manager, or change of classification society to another
                    Approved Classification Society.

              

      

    

    
      
        	23.5	
                Notification of certain events

              

      

    

    The Borrowers shall immediately notify the Agent of:

    
      
        	a)	
                any accident to a Vessel involving repairs where the costs will or is likely to exceed USD 3,000,000 (or the equivalent in any other currency);

              

      

    

    
      
        	b)	
                any requirement or recommendation made by any insurer or classification society or by any competent authority which is not, or cannot be, immediately complied
                    with;

              

      

    

    
      
        	c)	
                any exercise or purported exercise of any lien on any Vessel, the Earnings or the Insurances;

              

      

    

    
      
        	d)	
                any occurrence as a result of which a Vessel has become or is, by the passing of time or otherwise, likely to become a Total Loss; and

              

      

    

    
      
        	e)	
                any claim for a material breach of the ISM Code or the ISPS Code being made against a Borrower, a Manager or otherwise in connection with a Vessel.

              

      

    

    
      
        	23.6	
                Operation of the Vessels

              

      

    

    
      
        	a)	
                The Borrowers shall comply, or procure the compliance by any manager, in all material respects with the ISM Code, the ISPS Code, Marpol, all Environmental
                    Laws and all other laws or regulations applicable to the Vessels, their ownership, operation and management or to the business of the Borrowers and shall not employ any Vessel nor allow its employment:

              

      

    

    
      
        	

              	(i)	
                in any manner contrary to law or regulation in any relevant jurisdiction including but not limited to the ISM Code;

              

      

    

    
      
        	

              	(ii)	
                in U.S. waters contrary to COFR regulations, always ensuring as required that a Certificate of Financial Responsibility is maintained for such purpose; and

              

      

    

    
      
        	

              	(iii)	
                in the event of hostilities in any part of the world (whether war is declared or not), in any zone which is declared a war zone by any government or by the
                    war risk insurers of the relevant Vessel unless the Borrower has (at its expense) effected any special, additional or modified insurance cover which shall be necessary or customary for first class shipowners trading vessels within the

              

      

    

    
      63

      
        

    

    

    

    territorial waters of such country at such time and has provided evidence of such cover to the
        Agent.

    
      
        	b)	
                Without limitation to the generality of this Clause 23.6, the Borrowers shall comply or procure compliance, with, as applicable, all requirements of the
                    International Convention for the Safety of Life at Sea (SOLAS) 1974 as adopted, amended or replaced from time to time including, but not limited to, the STCW 95, the ISM Code or the ISPS Code.

              

      

    

    
      
        	23.7	
                Inspections and class records

              

      

    

    
      
        	a)	
                The Borrowers shall upon the request of the Agent permit, and shall procure that any managers and charterers permit, one person appointed by the Agent to
                    inspect the Vessels, limited to one time per twelve (12) months per Vessel, at the cost of the Borrowers. If the request is made following an Event of Default which is continuing, there shall be no limitation on the number of
                    inspections per year. Unless there is an Event of Default, any inspection shall not interfere with the normal operation and trading of the Vessels.

              

      

    

    
      
        	b)	
                The Borrowers shall instruct the classification society to send to the Agent, following a written request from the Agent, copies of all class records held by
                    the classification society in relation to the Vessels.

              

      

    

    
      
        	23.8	
                Surveys

              

      

    

    The Borrowers shall submit to or cause the Vessels to be submitted to such periodic or other surveys as may be required
        for classification purposes and to ensure full compliance with regulations of the flag state of the Vessels and to supply or to cause to be supplied to the Agent copies of all survey reports and confirmations of class issued in respect thereof
        whenever such is required by the Agent, however limited to once a year.

    
      
        	23.9	
                Arrest

              

      

    

    The Borrowers shall or shall procure that the charterers (if any) shall, promptly pay and discharge:

    
      
        	a)	
                all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against any Vessel, the Earnings or the Insurances;

              

      

    

    
      
        	b)	
                all tolls, taxes, dues, fines, penalties and other amounts charged in respect of any Vessel, the Earnings or the Insurances; and

              

      

    

    
      
        	c)	
                all other outgoings whatsoever in respect of any Vessel, the Earnings and the Insurances.

              

      

    

    
      
        	23.10	
                Total Loss

              

      

    

    In the event that a Vessel shall suffer a Total Loss, the Borrowers shall, within a period of ninety (90) days after the
        Total Loss Date, obtain and present to the Agent, a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, and the insurance proceeds shall be applied in prepayment of the relevant Loan
        in accordance with Clause 7.1 (Mandatory prepayment – Total Loss or sale).

    
      
        	23.11	
                Dismantling

              

      

    

    
      
        	a)	
                Each Borrower shall procure that within eight (8) weeks of the Delivery Date of each respective Vessel, it has obtained a Green Passport in respect of such
                    Vessel, which shall be maintained and available throughout the lifespan of that Vessel.

              

      

    

    
      64

      
        

    

    

    

    

    

    
      
        	b)	
                Each Obligor shall ensure that any Vessel or other vessels controlled by it or another member of the Group being scrapped, 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 or EU Ship Recycling Regulation of 20 November, 2013.

              

      

    

    
      
        	23.12	
                Flag, name and registry

              

      

    

    
      
        	a)	
                The Vessels shall at all times be registered with an Approved Ship Registry.

              

      

    

    
      
        	b)	
                The Borrowers shall not, without the prior written consent of the Agent (on behalf of the Lenders), change the flag, name or registry of a Vessel. Subject to
                    substitution of the relevant Mortgage, and closing arrangements satisfactory to the Agent, the Lenders may not refuse a Borrower's request to change the registry of a Vessel from one Approved Ship Registry to another Approved Ship
                    Registry, unless a Default has occurred.

              

      

    

    
      
        	24	
                EVENTS OF DEFAULT

              

      

    

    Each of the events or circumstances set out in this Clause 24 is an Event of Default (save for Clause 24.17 (Acceleration)).

    
      
        	24.1	
                Non-payment

              

      

    

    Any Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the
        currency in which it is expressed to be payable unless:

    
      
        	a)	
                its failure to pay is caused by administrative or technical error affecting the transfer of funds despite timely payment instructions by the Obligor; and

              

      

    

    
      
        	b)	
                payment is made within three (3) Business Days of its due date.

              

      

    

    
      
        	24.2	
                Financial covenants, Sanctions, Insurances and Classification

              

      

    

    Any requirement in Clauses 21 (Financial covenants), 22.22 (Sanctions), 23.1 a) to d) (Insurance) or  23.3a) (Classification and repair) is not satisfied.

    
      
        	24.3	
                Other obligations

              

      

    

    
      
        	a)	
                An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 24.1 (Non-payment) and Clause 24.2 (Financial covenants, Sanctions,
                      Insurances and Classification)).

              

      

    

    
      
        	b)	
                No Event of Default under paragraph a) above will occur if the failure to comply is capable of remedy and is remedied within ten (10) Business Days of the
                    earlier of (i) the Agent giving notice to the Borrowers and (ii) any Obligor becoming aware of the failure to comply.

              

      

    

    
      
        	24.4	
                Misrepresentations

              

      

    

    Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document
        delivered by or on behalf of an Obligor under or in connection with any of the Finance Documents is or proves to have been incorrect or misleading in any material respect when made or deemed to be made.

    
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        	24.5	
                Cross default

              

      

    

    
      
        	a)	
                Any Financial Indebtedness of any Obligor is not paid when due nor within any originally applicable grace period.

              

      

    

    
      
        	b)	
                Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of
                    default (however described).

              

      

    

    
      
        	c)	
                Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor of any Obligor as a result of an event of default
                    (however described).

              

      

    

    
      
        	d)	
                Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of any Obligor due and payable prior to its specified maturity as a result
                    of an event of default (however described).

              

      

    

    
      
        	e)	
                No Event of Default will occur under this Clause 24.5 if the aggregate amount of the Financial Indebtedness or commitment for Financial Indebtedness falling
                    within paragraph a) to d) above is less than USD 8,000,000 (or its equivalent in any other currency or currencies).

              

      

    

    
      
        	24.6	
                Insolvency

              

      

    

    
      
        	a)	
                An Obligor is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual 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 is less than its liabilities (taking into account contingent and prospective liabilities).

              

      

    

    
      
        	24.7	
                Insolvency proceedings

              

      

    

    Any corporate action, legal proceedings or other procedure or step is taken in relation to:

    
      
        	a)	
                the suspension of payments, a moratorium of any indebtedness, winding-up, cessation of business, dissolution, administration, judicial management or
                    reorganisation (by way of voluntary arrangement, scheme or arrangement or otherwise) of an Obligor;

              

      

    

    
      
        	b)	
                a composition, compromise, assignment or arrangement with any creditor of an Obligor;

              

      

    

    
      
        	c)	
                the appointment of a liquidator, receiver, administrative receiver, administrator, judicial manager or other similar officer in respect of an Obligor; or

              

      

    

    
      
        	d)	
                enforcement of any Security Interest over any assets of an Obligor (excluding enforcement of any share pledge over shares owned by a Guarantor in special
                    purpose vessel owning entities (excluding any Obligor) within the Group).

              

      

    

    
      
        	24.8	
                Creditor's process

              

      

    

    Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of an Obligor (excluding
        shares owned by a Guarantor in special purpose vessel owning entities (excluding any Obligor) within the Group) and is not discharged within thirty (30) days after the Obligor has become aware of it.

    
      66

      
        

    

    

    

    

    

    
      
        	24.9	
                Arrest

              

      

    

    If an arrest or detention is taken or levied against a Vessel and is not discharged within twenty (20) days (or such longer
        period as approved in writing by the Lenders) after an Obligor becomes aware of the same.

        

    

    
      
        	24.10	
                Cessation of business

              

      

    

    Any of the Obligors suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a substantial
        part of its business, or otherwise substantially changes the general nature of its business.

    
      
        	24.11	
                Unlawfulness

              

      

    

    It is or becomes impossible or unlawful for an Obligor to perform any of its obligations under the Finance Documents.

    
      
        	24.12	
                Repudiation

              

      

    

    Any Obligor repudiates a Finance Document or evidences an intention to repudiate a Finance Document.

    
      
        	24.13	
                Security Documents

              

      

    

    Any of the Security Documents for any reason whatsoever becomes invalid, ineffective, illegal or for any other reason
        ceases to continue in full force and effect.

    
      
        	24.14	
                Material adverse change

              

      

    

    Any event or series of events occur which, in the opinion of the Agent (on behalf of the Lenders), might have a Material
        Adverse Effect.

    
      
        	24.15	
                Permits

              

      

    

    Any licence, authorization, consent, permission or approval required in order to enforce, complete or perform any of the
        Finance Documents is revoked, terminated or modified having a Material Adverse Effect on an Obligor.

    
      
        	24.16	
                Litigation

              

      

    

    There is current, pending or threatened any claims, litigation, arbitration or administrative proceedings against an
        Obligor which might, if adversely determined, have a Material Adverse Effect on that Obligor.

    
      
        	24.17	
                Acceleration

              

      

    

    Upon the occurrence of an Event of Default, the Agent may, and shall if so directed by the Majority Lenders, by written
        notice to the Borrowers:

    
      
        	a)	
                cancel the Total Commitments whereupon they shall immediately be cancelled;

              

      

    

    
      
        	b)	
                declare that all or part of the Loans together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents, be either
                    immediately due and payable and/or payable upon demand, whereupon they shall become either immediately due and payable or payable on demand; and/or

              

      

    

    
      
        	c)	
                instruct the Security Agent to start enforcement in respect of the Security Interests established by the Security Documents; and/or

              

      

    

    
      67

      
        

    

    

    

    

    

    
      
        	d)	
                take any other action, with or without notice to the Borrowers, exercise any other right or pursue any other remedy conferred upon the Agent, the Security
                    Agent or the Finance Parties by any of the Finance Documents or by any applicable law or regulation or otherwise as a consequence of such Event of Default; and/or

              

      

    

    
      
        	e)	
                exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.

              

      

    

    
      68

      
        

    

    SECTION 9

        CHANGES TO PARTIES

    
      
        	25	
                CHANGES TO THE PARTIES

              

      

    

    
      
        	25.1	
                No assignment by the Obligors

              

      

    

    The Obligors may not assign or transfer or have assumed any part of, or any interest in, its rights and/or obligations
        under the Finance Documents.

    
      
        	25.2	
                Assignments and transfers by the Lenders

              

      

    

    A Lender (the "Existing
          Lender") may at any time assign, transfer or have assumed its rights or obligations under the Finance Documents (a "Transfer") to
        another bank or financial institution (the "New Lender").

    The consent of the Obligors will be required (such consent not to be unreasonably withheld or delayed), unless (i) an
        Event of Default has occurred and is continuing, or (ii) in case of Transfer to another Lender, or an Affiliate of the Existing Lender or another Lender. The Obligors will be deemed to have given its consent if no express refusal is received within
        five (5) Business Days.

    Unless the Agent otherwise agrees and excluding an assignment or transfer to an Affiliate of a Lender, 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 USD 3,500.

    
      
        	25.3	
                Limitations of responsibility of Existing Lenders

              

      

    

    
      
        	a)	
                Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to the New Lender for:

              

      

    

    
      
        	

              	(i)	
                the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents;

              

      

    

    
      
        	

              	(ii)	
                the financial condition of an Obligor;

              

      

    

    
      
        	

              	(iii)	
                the performance and observance by the Obligors of its obligations under the Finance Documents or any other documents; or

              

      

    

    
      
        	

              	(iv)	
                the accuracy of any statements (whether written or oral) made in or in connection with the Finance Documents or any other document.

              

      

    

    
      
        	b)	
                Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

              

      

    

    
      
        	

              	(i)	
                has made (and will continue to make) its own independent investigation and assessment of the financial condition and affairs of the Obligors 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 Finance Document; and

              

      

    

    
      
        	

              	(ii)	
                will continue to make its own independent appraisal of the creditworthiness of the Obligors and its related entities whilst any amount is or may be
                    outstanding under the Finance Documents or any Commitment is in force.

              

      

    

    
      
        	c)	
                Nothing in any Finance Document obliges an Existing Lender to:

              

      

    

    
      69

      
        

    

    

    

    

    

    
      
        	(i)	
                accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 25; or

              

      

    

    
      
        	(ii)	
                support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance
                    Documents or otherwise.

              

      

    

    
      
        	25.4	
                Procedure for transfer

              

      

    

    Any Transfer shall be effected as follows:

    
      
        	a)	
                the Existing Lender must notify the Agent of its intention to Transfer all or part of its rights and obligations by delivering a duly completed Transfer
                    Certificate to the Agent duly executed by the Existing Lender and the New Lender;

              

      

    

    
      
        	b)	
                subject to Clause 25.2 (Assignments and transfers by the
                      Lenders), the Agent shall as soon as reasonable possible after receipt of a Transfer Certificate execute the Transfer Certificate and deliver a copy of the same to each of the Existing Lender and the New Lender; and

              

      

    

    
      
        	c)	
                subject to Clause 25.2 (Assignments and transfers by the
                      Lenders), the Transfer shall become effective on the Transfer Date.

              

      

    

    
      
        	25.5	
                Effects of the Transfer

              

      

    

    On the Transfer Date:

    
      
        	a)	
                to the extent that in the Transfer Certificate the Existing Lender seeks to transfer its rights and obligations under the Finance Documents, each of the
                    Obligors and the Existing Lender shall be released from further obligations to one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (the "Discharged Rights and Obligations");

              

      

    

    
      
        	b)	
                each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the
                    Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;

              

      

    

    
      
        	c)	
                the Agent, the Arrangers, the New Lender and the 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 hereunder with the rights and/or obligations acquired or assumed by it as a result of the Transfer and to that extent the Agent, the Arrangers 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	
                Further assurances

              

      

    

    The Borrowers undertake to procure that in relation to any Transfer, the Borrowers shall (at its own cost) at the
        request of the Agent execute such documents as may in the discretion of the Agent be necessary to ensure that the New Lender attains the benefit of the Finance Documents.

    
      
        	25.7	
                Disclosure of information

              

      

    

    Any Lender may disclose:

    
      70

      
        

    

    

    

    

    

    
      
        	a)	
                to any of its Affiliates and a potential assignee;

              

      

    

    
      
        	b)	
                to whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be
                    made by reference to, this Agreement or the Borrowers; and

              

      

    

    
      
        	c)	
                to whom, to the extent that, information is required to be discloses by any applicable law,

              

      

    

    such information about the Borrowers and the Finance Documents as that Lender shall consider appropriate.

    
      
        	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 the Obligors, at any time charge, assign or otherwise create Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender
        including, without limitation:

    
      
        	a)	
                any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and

              

      

    

    
      
        	b)	
                in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders)
                    of obligations owed, or securities issued, by that Lender as security for those obligations or securities,

              

      

    

    except that no such charge, assignment or Security Interest shall:

    
      
        	

              	(i)	
                release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest
                    for the Lender as a party to any of the Finance Documents; or

              

      

    

    
      
        	

              	(ii)	
                require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or
                    granted to the relevant Lender under the Finance Documents.

              

      

    

    
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    SECTION 10

        THE FINANCE PARTIES

    
      
        	26	
                ROLE OF THE AGENT, THE SECURITY AGENT AND THE ARRANGER

              

      

    

    
      
        	26.1	
                Appointment of the Agent and the Security Agent

              

      

    

    
      
        	a)	
                Each other Finance Party appoints the Agent to act as its facility agent under and in connection with the Finance Documents.

              

      

    

    
      
        	b)	
                Each other Finance Party appoints the Security Agent to act as its security agent under and in connection with the Finance Documents.

              

      

    

    
      
        	c)	
                Each other Finance Party authorises the Agent and the Security Agent to perform the duties, obligations and responsibilities and to exercise the rights,
                    powers, authorities and discretions specifically given to the Agent and the Security Agent, respectively, under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions.

              

      

    

    
      
        	d)	
                Each other Finance Party authorises the Agent and the Security Agent, as applicable, to execute and enforce each Finance Document to be executed and/or
                    enforced by the Agent or the Security Agent, as the case may be, on its behalf in the manner contemplated by the Finance Documents.

              

      

    

    
      
        	e)	
                The Finance Parties shall not have any independent power to enforce, or have recourse to, any of the Security or to exercise any right, power, authority or
                    discretion arising under the Security Documents except through the Agent.

              

      

    

    
      
        	26.2	
                Instructions

              

      

    

    
      
        	a)	
                The Agent and the Security Agent shall:

              

      

    

    
      
        	

              	(i)	
                unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as
                    Agent or Security Agent, as the case may be, in accordance with any instructions given to it by:

              

      

    

    
      
        	

              	(A)	
                all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

              

      

    

    
      
        	

              	(B)	
                in all other cases, the Majority Lenders; and

              

      

    

    
      
        	

              	(ii)	
                not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above.

              

      

    

    
      
        	b)	
                The Agent and the Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the
                    relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right,
                    power, authority or discretion. The Agent and the Security Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

              

      

    

    
      72

      
        

    

    

    

    

    

    
      
        	c)	
                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 or the Security Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance
                    Parties.

              

      

    

    
      
        	d)	
                The Agent and the Security 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.

              

      

    

    
      
        	e)	
                In the absence of instructions, the Agent and the Security Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders.

              

      

    

    
      
        	f)	
                The Agent and the Security Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent) in any legal or arbitration
                    proceedings relating to any Finance Document.

              

      

    

    
      
        	26.3	
                Duties of the Agent and the Security Agent

              

      

    

    
      
        	a)	
                The Agent and the Security Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

              

      

    

    
      
        	b)	
                Subject to paragraph c) below, 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.

              

      

    

    
      
        	c)	
                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.

              

      

    

    
      
        	d)	
                If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall
                    promptly notify the other Finance Parties.

              

      

    

    
      
        	e)	
                If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or the
                    Arranger) under this Agreement, it shall promptly notify the other Finance Parties.

              

      

    

    
      
        	f)	
                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).

              

      

    

    
      
        	26.4	
                Role of the Arranger

              

      

    

    Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party
        under or in connection with any Finance Document.

    
      
        	26.5	
                Role of the Security Agent

              

      

    

    
      
        	a)	
                The Security Agent shall not be (except as expressly provided in any Finance Document) a trustee of any Finance Party under or in connection with any Finance
                    Document.

              

      

    

    
      
        	b)	
                The Security Agent shall hold the benefit of the Security Documents for itself and as agent on behalf of the other Finance Parties and will apply all payments
                    and other benefits

              

      

    

    
      73

      
        

    

    

    

    received by it under the Security Documents in accordance with the provisions
        of this Agreement.

    
      
        	26.6	
                No fiduciary duties

              

      

    

    
      
        	a)	
                Nothing in any Finance Document constitutes the Agent, the Security Agent (except as expressly provided in any Finance Document) or the Arranger as a trustee
                    or fiduciary of any other person.

              

      

    

    
      
        	b)	
                None of the Agent, the Security Agent nor the Arranger 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.

              

      

    

    
      
        	26.7	
                Rights and discretions

              

      

    

    
      
        	a)	
                The Agent and the Security Agent may:

              

      

    

    
      
        	

              	(i)	
                rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;

              

      

    

    
      
        	

              	(ii)	
                assume that:

              

      

    

    
      
        	

              	(A)	
                any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance
                    Documents; and

              

      

    

    
      
        	

              	(B)	
                unless it has received notice of revocation, that those instructions have not been revoked; and

              

      

    

    
      
        	

              	(iii)	
                rely on a certificate from any person:

              

      

    

    
      
        	

              	(A)	
                as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or

              

      

    

    
      
        	

              	(B)	
                to the effect that such person approves of any particular dealing, transaction, step, action or thing,

              

      

    

    as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the
        truth and accuracy of that certificate.

    
      
        	b)	
                The Agent and the Security Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that:

              

      

    

    
      
        	

              	(i)	
                no Default has occurred (unless it has actual knowledge of a Default arising under Clause 24.1 (Non-payment));

              

      

    

    
      
        	

              	(ii)	
                any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised; and

              

      

    

    
      
        	

              	(iii)	
                any notice or request made by the Borrowers (other than a Drawdown Notice or Selection Notice) is made on behalf of and with the consent and knowledge of all
                    the Obligors.

              

      

    

    
      
        	c)	
                The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.

              

      

    

    
      74

      
        

    

    

    

    

    

    
      
        	d)	
                Without prejudice to the generality of paragraph c) above or paragraph e) below, 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 necessary.

              

      

    

    
      
        	e)	
                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.

              

      

    

    
      
        	f)	
                The Agent and the Security Agent may act in relation to the Finance Documents through its officers, employees and agents.

              

      

    

    
      
        	g)	
                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.

              

      

    

    
      
        	h)	
                Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger is obliged to do or omit to do anything if it
                    would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

              

      

    

    
      
        	i)	
                Notwithstanding any provision of any Finance Document to the contrary, the Agent and the Security Agent is not obliged to expend or risk its own funds or
                    otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or
                    adequate indemnity against, or security for, such risk or liability is not reasonably assured to it

              

      

    

    
      
        	26.8	
                Responsibility for documentation

              

      

    

    Neither the Agent, the Security Agent nor the Arranger is responsible or liable for:

    
      
        	a)	
                the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, the Arranger, the Obligors or any other person in
                    or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any
                    Finance Document;

              

      

    

    
      
        	b)	
                the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered into, made
                    or executed in anticipation of, under or in connection with any Finance Document; or

              

      

    

    
      
        	c)	
                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.

              

      

    

    
      
        	26.9	
                No duty to monitor

              

      

    

    The Agent shall not be bound to enquire:

    
      
        	a)	
                whether or not any Default has occurred;

              

      

    

    
      75

      
        

    

    

    

    

    

    
      
        	b)	
                as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

              

      

    

    
      
        	c)	
                whether any other event specified in any Finance Document has occurred

              

      

    

    
      
        	26.10	
                Exclusion of liability

              

      

    

    
      
        	a)	
                Without limiting paragraph b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent and
                    the Security Agent), the Agent and the Security Agent will not be liable for:

              

      

    

    
      
        	

              	(i)	
                any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under
                    or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct;

              

      

    

    
      
        	

              	(ii)	
                exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document or any other agreement,
                    arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct; or

              

      

    

    
      
        	

              	(iii)	
                without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any person, any diminution in value or any liability
                    whatsoever (including, without limitation, for negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent or the Security Agent) arising as a result of:

              

      

    

    
      
        	

              	(A)	
                any act, event or circumstance not reasonably within its control; or

              

      

    

    
      
        	

              	(B)	
                the general risks of investment in, or the holding of assets in, any jurisdiction,

              

      

    

    including (in each case and without limitation) such damages, costs, losses, diminution in value or
        liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value
        of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes
        or industrial action.

    
      
        	b)	
                No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the
                    Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause.

              

      

    

    
      
        	c)	
                Neither the Agent nor the Security Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under
                    the Finance Documents to be paid by it if it 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 it for that
                    purpose.

              

      

    

    
      76

      
        

    

    

    

    

    

    
      
        	d)	
                Nothing in this Agreement shall oblige the Agent, the Security Agent or the Arranger to carry out:

              

      

    

    
      
        	

              	(i)	
                any "know your customer" or other checks in relation to any person; or

              

      

    

    
      
        	

              	(ii)	
                any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender,

              

      

    

    on behalf of any Lender and each Lender confirms to the Agent, the Security Agent and the Arranger
        that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent, the Security Agent or the Arranger.

    
      
        	e)	
                Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability, any liability of the Agent or the Security Agent
                    arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Agent and the Security 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 and the Security 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.

              

      

    

    
      
        	26.11	
                Lenders' indemnity to the Agent and Finance Parties' indemnity to the Security Agent

              

      

    

    
      
        	a)	
                Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments
                    immediately prior to their reduction to zero) indemnify the Agent, 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 the Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct, in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by the Obligors pursuant to a Finance Document).

              

      

    

    
      
        	b)	
                Each other Finance Party shall (in proportion to its share of all amounts outstanding and/or available for drawing under the Finance Documents) indemnify the
                    Security Agent, within three (3) Business Days of demand, against any cost, loss or liability incurred by the Security Agent (otherwise than by reason of the Security Agent's gross negligence or wilful misconduct) in acting as Security
                    Agent under the Finance Documents (unless it has been reimbursed by the Obligors pursuant to a Finance Document).

              

      

    

    
      
        	26.12	
                Resignation of the Agent or the Security Agent

              

      

    

    
      
        	a)	
                The Agent or the Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders and the Borrowers.

              

      

    

    
      
        	b)	
                Alternatively, the Agent or the Security Agent may resign by giving thirty (30) days' notice to the Lenders and the Borrowers, in which case the Majority
                    Lenders (after consultation with the Borrowers) may appoint a successor Agent, or as the case may be, a successor Security Agent.

              

      

    

    
      77

      
        

    

    

    

    

    

    
      
        	c)	
                If the Majority Lenders have not appointed a successor Agent or as the case may be, a successor Security Agent in accordance with paragraph b) above within
                    twenty (20) days after notice of resignation was given, the retiring Agent or Security Agent (after consultation with the Borrowers) may appoint a successor Agent or as the case may be, a successor Security Agent.

              

      

    

    
      
        	d)	
                The retiring Agent shall, or, as the case may be, the Security Agent make available to the successor Agent, or, as the case may be, the successor Security
                    Agent such documents and records and provide such assistance as the successor Agent or, as the case may be, the successor Security Agent may reasonably request for the purposes of performing its functions 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.

              

      

    

    
      
        	e)	
                The Agent's, or, as the case may be, the Security Agent's, resignation notice shall only take effect upon the appointment of a successor.

              

      

    

    
      
        	f)	
                Upon the appointment of a successor, the retiring Agent or Security Agent shall be discharged from any further obligation in respect of the Finance Documents
                    (other than its obligations under paragraph e) above) but shall remain entitled to the benefit of Clause 14.4 (Indemnity to the Agent),

                    Clause 14.5 (Indemnity to the Security Agent) and this Clause 26 (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.

              

      

    

    
      
        	g)	
                After consultation with the Borrowers, the Majority Lenders may, by notice to the Agent, require it to resign in accordance with paragraph b) above. In this
                    event, the Agent shall resign in accordance with paragraph b) above.

              

      

    

    
      
        	h)	
                The Agent shall resign in accordance with paragraph b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent
                    pursuant to paragraph c) above) if on or after the date which is three (3) months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

              

      

    

    
      
        	

              	(i)	
                the Agent fails to respond to a request under Clause 12.7 (FATCA

                      Information) and 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;

              

      

    

    
      
        	

              	(ii)	
                the information supplied by the Agent pursuant to Clause 12.7 (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

              

      

    

    
      
        	

              	(iii)	
                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 the Borrowers or that Lender, by notice to the Agent, requires it to resign.

    
      78

      
        

    

    

    

    

    

    
      
        	26.13	
                Confidentiality

              

      

    

    
      
        	a)	
                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.

              

      

    

    
      
        	b)	
                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.

              

      

    

    
      
        	26.14	
                Relationship with the Lenders

              

      

    

    
      
        	a)	
                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:

              

      

    

    
      
        	

              	(i)	
                entitled to or liable for any payment due under any Finance Document on that day; and

              

      

    

    
      
        	

              	(ii)	
                entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or
                    delivered on that day,

              

      

    

    unless it has received not less than five (5) Business Days' prior notice from that Lender to the
        contrary in accordance with the terms of this Agreement.

    
      
        	b)	
                Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or
                    despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and e-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, e-mail address (or such other information), department and officer by that
                    Lender for the purposes of Clause 31.2 (Addresses) 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.

              

      

    

    
      
        	26.15	
                Credit appraisal by the Lenders

              

      

    

    Without affecting the responsibility of each Obligor for information supplied by it or on its behalf in connection with
        any Finance Document, each Lender confirms to the Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any
        Finance Document including but not limited to:

    
      
        	a)	
                the financial condition, status and nature of the Obligors;

              

      

    

    
      
        	b)	
                the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made
                    or executed in anticipation of, under or in connection with any Finance Document;

              

      

    

    
      
        	c)	
                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 Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and

              

      

    

    
      
        	d)	
                the adequacy, accuracy or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance
                    Document, the transactions contemplated by any Finance Document or any other agreement,

              

      

    

    
      79

      
        

    

    

    

    arrangement or document entered into, made or executed in anticipation of,
        under or in connection with any Finance Document.

    
      
        	26.16	
                Reference Banks

              

      

    

    If a Reference Bank ceases to be a Lender, the Agent shall (in consultation with the Borrowers) appoint another Lender
        to replace that Reference Bank.

    
      
        	26.17	
                Role of Reference Banks

              

      

    

    
      
        	a)	
                No Reference Bank is under any obligation to provide a quotation or any other information to the Agent.

              

      

    

    
      
        	b)	
                No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document, or for any quotation provided as Reference Bank,
                    unless directly caused by its gross negligence or wilful misconduct.

              

      

    

    
      
        	c)	
                No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any Reference Bank in respect of any
                    claim it might have against that Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any quotation provided as a Reference Bank, and any officer,
                    employee or agent of each Reference Bank may rely on this Clause 26.17.

              

      

    

    
      
        	26.18	
                Deduction from amounts payable by the Agent or the Security Agent

              

      

    

    If any Party owes an amount to the Agent or the Security Agent under the Finance Documents the Agent or the Security
        Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent or the Security Agent (as the case may be) 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.

    
      
        	26.19	
                No responsibility to perfect Security Interest

              

      

    

    Neither the Agent nor the Security Agent shall be liable for any failure to:

    
      
        	a)	
                require the deposit with it of any deed or document certifying, representing or constituting the title of any Obligor to any of the assets subject to or
                    intended to be subject to the Security Interest under the Security Documents;

              

      

    

    
      
        	b)	
                obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any Finance
                    Document or the Security Interest;

              

      

    

    
      
        	c)	
                register, file or record or otherwise protect any of the Security Interest under the Security Documents (or the priority of any of those Security Interest)
                    under any law or regulation or to give notice to any person of the execution of any Finance Document or of the Security Interest under the Security Documents;

              

      

    

    
      80

      
        

    

    

    

    

    

    
      
        	d)	
                take, or to require any Obligor to take, any step to perfect its title to any of the assets subject to or intended to be subject to the Security Interest
                    under the Security Documents or to render those Security Interest effective or to secure the creation of any ancillary Security under any law or regulation; or

              

      

    

    
      
        	e)	
                require any further assurance in relation to any Security Document.

              

      

    

    
      
        	27	
                CONDUCT OF BUSINESS OF THE FINANCE PARTIES

              

      

    

    No provision of this Agreement will:

    
      
        	a)	
                interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

              

      

    

    
      
        	b)	
                oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or to the extent, order or manner of any claim; or

              

      

    

    
      
        	c)	
                oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

              

      

    

    
      
        	28	
                SHARING AMONG THE FINANCE PARTIES

              

      

    

    
      
        	28.1	
                Payment 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 29 (Payment mechanics) (a "Recovered Amount") and applies that amount to a payment due under the Finance Documents then:

    
      
        	a)	
                the Recovering Finance Party shall promptly, within three (3) Business Days, notify details of the receipt or recovery to the Agent;

              

      

    

    
      
        	b)	
                the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or
                    recovery been received by or made by the Agent and distributed in accordance with Clause 29 (Payment mechanics), without taking
                    account of Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and

              

      

    

    
      
        	c)	
                the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of
                    any payment to be made, in accordance with Clause 29.5 (Partial payments).

              

      

    

    
      
        	28.2	
                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 29.5 (Partial payments) towards the obligations of that Obligor to the Sharing Finance Parties.

    
      
        	28.3	
                Recovering Finance Party's rights

              

      

    

    On a distribution by the Agent under Clause 28.2 (Redistribution of payments), of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the

    
      81

      
        

    

    

    

    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.

    
      
        	28.4	
                Reversal of redistribution

              

      

    

    If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid
        by that Recovering Finance Party, then:

    
      
        	a)	
                each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the
                    appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is
                    required to pay) (the "Redistributed Amount"); and

              

      

    

    
      
        	b)	
                as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will treated as not having been
                    paid by that Obligor.

              

      

    

    
      
        	28.5	
                Exceptions

              

      

    

    
      
        	a)	
                This Clause 28 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.

              

      

    

    
      
        	b)	
                A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a
                    result of taking legal or arbitration proceedings, if:

              

      

    

    
      
        	

              	(i)	
                it notified that other Finance Party of the legal or arbitration proceedings; and

              

      

    

    
      
        	

              	(ii)	
                that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as reasonably practicable having
                    received notice and did not take separate legal or arbitration proceedings.

              

      

    

    

    

    
      82

      
        

    

    SECTION 11

        ADMINISTRATION

    

    

    
      
        	29	
                PAYMENT MECHANICS

              

      

    

    
      
        	29.1	
                Payments to the Agent

              

      

    

    All payments by an Obligor or a Lender under the Finance Documents (other than in connection with the realisation or
        enforcement of any Security Documents) shall be made:

    
      
        	a)	
                to the Agent to its account with such office or bank as the Agent may from time to time designate in writing to the Obligor or a Lender for this purpose; and

              

      

    

    
      
        	b)	
                for value on the due date at such times and in such funds as the Agent may specify to the Party concerned as being customary at the time for settlement of
                    transactions in the relevant currency in the place of payment.

              

      

    

    
      
        	29.2	
                Distributions by the Agent

              

      

    

    Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 29.3 (Distributions to the Obligors), 29.4 (Clawback)
        and 29.9 (Payments to the Security Agent), be made available by the Agent as soon as practicable after receipt to the Party entitled to receive
        payment in accordance with this Agreement, to such account as that Party may notify to the Agent by not less than five (5) Business Days' notice.

    
      
        	29.3	
                Distributions to an Obligor

              

      

    

    The Agent may (with the consent of the Obligor or in accordance with Clause 30 (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 currency to be so applied.

    
      
        	29.4	
                Clawback and pre-funding

              

      

    

    
      
        	a)	
                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.

              

      

    

    
      
        	b)	
                Unless paragraph c) below 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 amount 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.

              

      

    

    
      
        	c)	
                If the Agent has notified the Lenders that it is willing to make available amounts for the account of the Borrowers 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:

              

      

    

    
      
        	

              	(i)	
                the Agent shall notify the Borrowers of that Lender's identity and the Borrowers shall on demand refund it to the Agent; and

              

      

    

    
      83

      
        

    

    

    

    

    

    
      
        	

              	(ii)	
                the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrowers 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.

              

      

    

    
      
        	29.5	
                Partial payments

              

      

    

    
      
        	a)	
                If the Agent (or the Security Agent, as applicable) receives

                    a payment or an amount is recovered by the Security Agent pursuant to the terms of any Security Document in connection with the realisation or enforcement of all or any part of the Security Interest) that is insufficient to discharge
                    all the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order:

              

      

    

    
      
        	

              	(i)	
                firstly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and the Security Agent under the Finance Documents;

              

      

    

    
      
        	

              	(ii)	
                secondly, in or towards payment pro rata of any accrued interest (including default interest), fee or commissions due but unpaid under this Agreement;

              

      

    

    
      
        	

              	(iii)	
                thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and

              

      

    

    
      
        	

              	(iv)	
                fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents (excluding the Hedging Agreements); and

              

      

    

    
      
        	

              	(v)	
                fifthly, in or towards payment pro rata of any other sum due but unpaid under the Hedging Agreements.

              

      

    

    
      
        	b)	
                The Agent shall, if so directed by the Lenders, vary the order set out in paragraphs (i) to (v) above.

              

      

    

    
      
        	c)	
                This Clause 29.5 will override any appropriation made by an Obligor.

              

      

    

    
      
        	29.6	
                No set-off by the 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.

    
      
        	29.7	
                Business Days

              

      

    

    
      
        	a)	
                Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same
                    calendar month (if there is one) or the preceding Business Day (if there is not).

              

      

    

    
      
        	b)	
                During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the
                    rate payable on the original due date.

              

      

    

    
      
        	29.8	
                Currency of account

              

      

    

    The Obligors shall pay:

    
      
        	a)	
                any amount payable under the Finance Documents, except as otherwise provided for herein, in USD; and

              

      

    

    
      84

      
        

    

    

    

    

    

    
      
        	b)	
                all payments of costs and Taxes in the currency in which the same were incurred.

              

      

    

    
      
        	29.9	
                Payments to the Security Agent

              

      

    

    Notwithstanding any other provision of any Finance Document, at any time after any Security Interest created by or
        pursuant to any Security Document becomes enforceable, the Security Agent may require:

    
      
        	a)	
                any Obligor to pay all sums due under any Finance Document; or

              

      

    

    
      
        	b)	
                the Agent to pay all sums received or recovered from an Obligor under any Finance Document,

              

      

    

    in each case as the Security Agent may direct for application in accordance with the terms of the relevant Security
        Document.

    
      
        	30	
                SET-OFF

              

      

    

    
      
        	a)	
                A Finance Party may, to the extent permitted by applicable law, set off any obligation due from an Obligor under the Finance Documents (to the extent
                    beneficially owned by that Finance Party) against any obligations 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.

              

      

    

    
      
        	b)	
                Each Obligor hereby agrees and accepts that this Clause 30 shall constitute a waiver of the provisions of Section 29 of the FA Act and further agrees and
                    accepts, to the extent permitted by law, that Section 29 of the FA Act shall not apply to this Agreement.

              

      

    

    
      
        	31	
                NOTICES

              

      

    

    
      
        	31.1	
                Communication in writing

              

      

    

    
      
        	a)	
                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 e-mail or
                    letter.

              

      

    

    
      
        	b)	
                Any such notice or communication addressed as provided in Clause 31.2 (Addresses) will be deemed to be given or made as follows:

              

      

    

    
      
        	

              	(i)	
                if by letter, when delivered at the address of the relevant Party;

              

      

    

    
      
        	

              	(ii)	
                if by email, when received in legible form.

              

      

    

    
      
        	c)	
                However, a notice given in accordance with the above but received on a day which is not a Business Day or after 16:00 hours in the place of receipt will only
                    be deemed to be given at 9:00 hours on the next Business Day in that place.

              

      

    

    
      
        	d)	
                Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent and then only if it is expressly
                    marked for the attention of the department or officer identified with the Agent's signature below (or any substitute department or officer as the Agent shall specify for this purpose).

              

      

    

    
      85

      
        

    

    

    

    

    

    
      
        	31.2	
                Addresses

              

      

    

    Any communication or document to be made under or in connection with the Finance Documents shall be made or delivered to
        the address and email address of each Party and marked for the attention of the department or persons set out below and, in case of any New Lender, to the address notified to the Agent:

    	
            If to the Agent or

                the Security Agent:

          	
            DANSKE BANK A/S

            2-12 Holmens Kanal

                DK 1092 Copenhagen K

                Denmark

                

                For credit and documentation matters:

                Email: loanagency@danskebank.com

                (recipient for information undertakings, amendment and waiver requests, conditions precedent and conditions subsequent etc.)

                

                For loan operation matters:

                Email: loanadministration@danskebank.dk

                (recipient for utilisation requests, selection notices, payment notices etc.)

          	 
	 	 	 
	
            If to any of the Obligors:

          	
            FLEX LNG MANAGEMENT AS

                Bryggegata 3

                0250 Oslo, Norway

                Att: Chief Financial Officer

                E-mail: finance@flexlng.com

          	 

    

    

    or any substitute address and/or email address and/or marked for such other attention as the Party may notify to the
        other Agent (or the Agent may notify the other Parties if a change is made by the Agent) by not less than five (5) Business Days' prior notice.

    
      
        	31.3	
                Communication with the Obligors

              

      

    

    All communication from or to an Obligor shall be sent through the Agent.

    
      
        	31.4	
                Language

              

      

    

    Communication to be given by one Party to another under the Finance Documents shall be given in the English language or,
        if not in English and if so required by the Agent, be accompanied by a certified English translation and, in this case, the English translation shall prevail unless the document is a statutory or other official document.

    
      
        	32	
                CALCULATIONS AND CERTIFICATES

              

      

    

    
      
        	32.1	
                Certificates and Determinations

              

      

    

    Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence
        of manifest error, conclusive evidence of the matters to which it relates.

    
      
        	32.2	
                Day count convention

              

      

    

    All interest, commission or fee accruing under the Finance Documents 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.

    
      86

      
        

    

    

    

    

    

    
      
        	33	
                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 provisions under any law of any other jurisdiction will in any way be affected or
        impaired.

    
      
        	34	
                REMEDIES AND WAIVERS

              

      

    

    No failure to exercise, nor any delay in exercising on the part of any Finance Party, any right or remedy under the
        Finance Documents shall operate as a waiver, of any such right or remedy any of the Finance Documents. No single or partial exercise of any other right or remedy shall prevent any further or other 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.

    
      
        	35	
                AMENDMENTS AND WAIVERS

              

      

    

    
      
        	35.1	
                Required consents

              

      

    

    
      
        	a)	
                Subject to Clause 35.2 (All Lender matters) and 35.3 (Other exceptions), any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the
                    Obligors and any such amendment will be binding on all Parties.

              

      

    

    
      
        	b)	
                The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause.

              

      

    

    
      
        	35.2	
                All Lender matters

              

      

    

    An amendment to or waiver of 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 of the date of any payment of any amount under the Finance Documents;

              

      

    

    
      
        	c)	
                a reduction in Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable;

              

      

    

    
      
        	d)	
                an increase in or extension of any Commitment or an extension of the Availability Period or any requirement that a cancellation of Commitments reduces the
                    Commitments of the Lenders rateably under the Facility;

              

      

    

    
      
        	e)	
                a term of the Finance Documents which expressly requires the consent of all the Lenders;

              

      

    

    
      
        	f)	
                a proposed substitution or replacement of a Borrower or a Guarantor;

              

      

    

    
      
        	g)	
                the definitions of "Restricted Party", "Sanctions", "Sanctions Authority" or "Sanctions List", any Clause in which such term is used in this Agreement, or any
                    other provision or other matters relating to Sanctions, including without limitation Clause 22.22 (Sanctions).

              

      

    

    
      
        	h)	
                the release of any guarantee and indemnity granted under Clause 17 (Guarantee and indemnity) or of any Security Interest granted under any of 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 to Security Interest where such sale or disposal is expressly permitted under this Agreement or any other Finance Document; or

              

      

    

    
      87

      
        

    

    

    

    

    

    
      
        	i)	
                Clauses 2.2 (Finance party's rights and obligations),
                    7.3 (Mandatory prepayment – Illegality) 18 (Security), 25 (Changes to the Parties), 28 (Sharing among the Finance Parties), 29.5 (Partial payments), this Clause 35.2, Clause 39.1 (Governing law) and 39.2 (Jurisdiction),

              

      

    

    shall not be made without the prior written consent of all the Lenders.

    
      
        	35.3	
                Other exceptions

              

      

    

    An amendment or waiver which relates to the rights or obligations of the Agent, Hedge Providers, the Security Agent or
        the Arranger (each in their capacity as such) may not be effected without the consent of the Agent, the Hedge Providers, the Security Agent or, as the case may be, the Arranger.

    
      
        	35.4	
                Replacement of Screen Rate

              

      

    

    
      
        	a)	
                Subject to Clause 35.3 (Other exceptions), any
                    amendment or waiver which relates to:

              

      

    

    
      
        	

              	(i)	
                providing for the use of a Replacement Benchmark; and

              

      

    

    (ii)

    
      
        	

              	(A)	
                aligning any provision of any Finance Document to the use of that Replacement Benchmark;

              

      

    

    
      
        	

              	(B)	
                enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes
                    required to enable that Replacement Benchmark to be used for the purposes of this Agreement);

              

      

    

    
      
        	

              	(C)	
                implementing market conventions applicable to that Replacement Benchmark;

              

      

    

    
      
        	

              	(D)	
                providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

              

      

    

    
      
        	

              	(E)	
                adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of
                    the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on
                    the basis of that designation, nomination or recommendation),

              

      

    

    may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and
        the Obligors.

    
      
        	b)	
                If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above within 10 Business Days (or such longer time period in
                    relation to any request which the Company and the Agent may agree) of that request being made:

              

      

    

    
      
        	

              	(i)	
                its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the relevant Facility when ascertaining whether any
                    relevant percentage of Total Commitments has been obtained to approve that request; and

              

      

    

    
      88

      
        

    

    

    

    

    

    
      
        	

              	(ii)	
                its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to
                    approve that request.

              

      

    

    c) For the purpose of this Clause 35.4 (Replacement of Screen Rate)

    "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 paragraphs, the "Replacement Benchmark" will be the replacement under paragraph (ii) above;

    
      
        	

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

              

      

    

    
      
        	

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

              

      

    

    
      
        	36	
                CONFIDENTIAL INFORMATION

              

      

    

    
      
        	36.1	
                Confidentiality

              

      

    

    Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to
        the extent permitted by Clause 36.2 (Disclosure of Confidential Information), and to ensure that all Confidential Information is protected with
        security measures and a degree of care that would apply to its own confidential information.

    
      
        	36.2	
                Disclosure of Confidential Information

              

      

    

    Any Finance Party may disclose:

    
      
        	a)	
                to any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners, insurance and reinsurance brokers,
                    insurers and reinsurers and representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph a) is informed in
                    writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional
                    obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

              

      

    

    
      89

      
        

    

    

    

    

    

    
      
        	b)	
                to any person and only such Confidential Information as that Finance Party shall consider appropriate:

              

      

    

    
      
        	

              	(i)	
                to (or through) whom it transfers (or may potentially 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 and, in each case, to any of that person's Affiliates and professional advisers;

              

      

    

    
      
        	

              	(ii)	
                with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other
                    transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and the Borrowers and to any of that person's Affiliates and professional advisers;

              

      

    

    
      
        	

              	(iii)	
                appointed by any Finance Party or by a person to whom paragraph b)(i) or (ii) above applies to receive communications, notices, information or documents
                    delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph c) of Clause 26.14 (Relationship with the Lenders));

              

      

    

    
      
        	

              	(iv)	
                who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph
                    b)(i) or b)(ii) above;

              

      

    

    
      
        	

              	(v)	
                to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory
                    authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;

              

      

    

    
      
        	

              	(vi)	
                to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other
                    investigations, proceedings or disputes;

              

      

    

    
      
        	

              	(vii)	
                to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 25.8 (Security over Lenders' rights);

              

      

    

    
      
        	

              	(viii)	
                who is a Party; or

              

      

    

    
      
        	

              	(ix)	
                with the consent of the Borrowers.

              

      

    

    
      
        	36.3	
                Disclosure to numbering service providers

              

      

    

    
      
        	a)	
                Notwithstanding any other term of any Finance Document or any other agreement between the Parties to the contrary (whether express or implied), any Finance
                    Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more Obligors the
                    following information:

              

      

    

    (i) names of Obligors;

    (ii) country of domicile of Obligors;

    
      90

      
        

    

    

    

    

    

    (iii) place of incorporation of Obligors;

    (iv) date of the Agreement;

    (v) governing law of the Agreement;

    (vi) names of the Agent and the Arrangers;

    (vii) date of each amendment and restatement of the Agreement;

    (viii) amounts of, and names of, the Facility (and any tranches);

    (ix) amount of Total Commitments;

    (x) currencies of the Facility;

    (xi) type of Facility;

    (xii) ranking of Facility;

    (xiii) Termination Date for Facility;

    
      
        	

              	(xiv)	
                changes to any of the information previously supplied pursuant to sub-clauses (i) to (xii) above; and

              

      

    

    
      
        	

              	(xv)	
                such other information agreed between such Finance Party and the Ultimate Parent,

              

      

    

    to enable such numbering service provider to provide its usual syndicated loan numbering
        identification services.

    
      
        	b)	
                The Parties acknowledge and agree that each identification number assigned to the Agreement, the Facility and/or one or more Obligors by a numbering service
                    provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

              

      

    

    
      
        	c)	
                Each Obligor represents that none of the information set out in sub-paragraphs (i) to (xiv) of paragraph a) above is, nor will at any time be, unpublished
                    price-sensitive information.

              

      

    

    
      
        	d)	
                The Agent shall notify the Ultimate Parent and the other Finance Parties of:

              

      

    

    
      
        	

              	(i)	
                the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility and/or one or more Obligors; and

              

      

    

    
      
        	

              	(ii)	
                the number or, as the case may be, numbers assigned to the Agreement, the Facility and/or one or more Obligors by such numbering service provider.

              

      

    

    
      
        	36.4	
                Disclosure to administration/settlement services providers

              

      

    

    Notwithstanding any other term of any Finance Document or any other agreement between the Parties to the contrary
        (whether express or implied), any Finance Party may disclose to any person appointed by:

    
      
        	a)	
                that Finance Party;

              

      

    

    
      91

      
        

    

    

    

    

    

    
      
        	b)	
                a person to (or through) whom that Finance Party 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 under the Agreement; and/or

              

      

    

    
      
        	c)	
                a person with (or through) whom that Finance Party enters into (or may potentially enter into) 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,

              

      

    

    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
        36.4 if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for use with Administration/ Settlement Services
        Providers or such other form of confidentiality undertaking agreed between the Ultimate Parent and the relevant Finance Party.

    
      
        	36.5	
                Entire agreement

              

      

    

    This Clause 36 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.

    
      
        	36.6	
                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.

    
      
        	36.7	
                Notification of disclosure

              

      

    

    Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers:

    
      
        	a)	
                of the circumstances of any disclosure of Confidential Information made pursuant to paragraph b)(v) of Clause 36.2 (Disclosure of Confidential Information), except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its
                    supervisory or regulatory function; and

              

      

    

    
      
        	b)	
                upon becoming aware that Confidential Information has been disclosed in breach of this Clause 36.

              

      

    

    
      
        	36.8	
                Continuing obligations

              

      

    

    The obligations in this Clause 36 are continuing and, in particular, shall survive and remain binding on each Finance
        Party for a period of twelve (12) months from the earlier of:

    
      
        	a)	
                the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been
                    cancelled or otherwise cease to be available; and

              

      

    

    
      92

      
        

    

    

    

    

    

    
      
        	b)	
                the date on which such Finance Party otherwise ceases to be a Finance Party.

              

      

    

    
      
        	37	
                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.

    
      
        	38	
                CONTRACTUAL RECOGNITION OF BAIL-IN

              

      

    

    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:

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

    
      
        	

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

              

      

    

    
      
        	

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

              

      

    

    (iii) a cancellation of any such liability; and

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

              

      

    

    

    

    
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    SECTION 11

        GOVERNING LAW AND ENFORCEMENT

    
      
        	39	
                GOVERNING LAW AND ENFORCEMENT

              

      

    

    
      
        	39.1	
                Governing law

              

      

    

    This Agreement shall be governed by Norwegian law.

    
      
        	39.2	
                Jurisdiction

              

      

    

    
      
        	a)	
                For the benefit of each Finance Party, each Obligor agrees that the courts of Oslo, Norway, have jurisdiction to settle any disputes arising out of or in
                    connection with the Finance Documents including a dispute regarding the existence, validity or termination of this Agreement, and the Obligors accordingly submits to the non-exclusive jurisdiction of the Oslo District Court (Oslo tingrett).

              

      

    

    
      
        	b)	
                Nothing in this Clause 39.2 shall limit the right of the Finance Parties to commence proceedings against an Obligor in any other court of competent
                    jurisdiction. To the extent permitted by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.

              

      

    

    
      
        	39.3	
                Service of process

              

      

    

    Without prejudice to any other mode of service, each Obligor:

    
      
        	a)	
                appoints Flex LNG Management AS (company no. 920 626 289), PO Box 1327 Vika, 0112 Oslo (mail address) and Bryggegate 3, 0250 Oslo, Norway (visiting adress) as
                    its agent for the service of process and/or any other writ, notice, order or judgment in respect of this Agreement, any other Finance Document governed by Norwegian law and/or the matters arising here from; and

              

      

    

    
      
        	b)	
                agrees that failure by such process agent to notify an Obligor of the process will not invalidate the proceedings concerned.

              

      

    

    If any process agent appointed pursuant to this Clause 39.3 (Service of process) (or any successor thereto) shall cease
        to exist for any reason where process may be served, the Obligor will forthwith appoint another process agent with an office in Norway where process may be served and will forthwith notify the Agent thereof.

    

    

    * * *

    This Agreement has been entered into on the date stated at the beginning of this Agreement.

    
      94

      
        

    

    SIGNATORIES

    	
            Borrower:

          	
            Borrower:

          
	
            FLEX LNG CONSTELLATION LIMITED

          	
            FLEX LNG COURAGEOUS LIMITED

          
	
             

             

            By: /s/ Kristine Hasle Øverby

          	
             

             

            By: /s/ Kristine Hasle Øverby

          
	
            Name: Kristine Hasle Øverby

          	
            Name: Kristine Hasle Øverby

          
	
            Title: Attorney-in-fact Advokatfirmaet Wiersholm AS

              

          	
            Title: Attorney-in-fact Advokatfirmaet Wiersholm AS

          

    

    

    	
            Guarantor and Intermediate Parent:

          	
            Guarantor and Ultimate Parent:

          
	
            FLEX LNG FLEET LIMITED

          	
            FLEX LNG LTD.

          
	
             

             

            By: /s/ Kristine Hasle Øverby

          	
             

             

            By: /s/ Kristine Hasle Øverby

          
	
            
              Name: Kristine Hasle Øverby

            

          	
            
              Name: Kristine Hasle Øverby

            

          
	
            Title: Attorney-in-fact Advokatfirmaet Wiersholm AS

          	
            Title: Attorney-in-fact Advokatfirmaet Wiersholm AS

          

    

    

    	
            Agent:

          	
            Security Agent:

          
	
            DANSKE BANK A/S

          	
            DANSKE BANK A/S

          
	
             

             

            By: /s/ Bjørn Sande Urtegaard

              

          	
             

             

            By: /s/ Bjørn Sande Urtegaard

          
	
            
              Name: Bjørn Sande Urtegaard

            

          	
            
              Name: Bjørn Sande Urtegaard

            

          
	
            Title: Attorney-in-fact

              

          	
            Title: Attorney-in-fact

          

    

    

    	
            Arranger:

          	
            Lender:

          
	
            ABN AMRO BANK  N.V.

          	
            ABN AMRO BANK  N.V.

          
	
             

             

            By: /s/ Bjørn Sande Urtegaard

          	
             

             

            By: /s/ Bjørn Sande Urtegaard

          
	
            Name: Bjørn Sande Urtegaard

          	
            
              Name: Bjørn Sande Urtegaard

            

          
	
            Title: Attorney-in-fact

          	
            Title: Attorney-in-fact

          

    

    

    	
            Arranger:

          	
            Lender:

          
	
            DANSKE BANK A/S

          	
            DANSKE BANK, NORWEGIAN BRANCH

          
	
             

             

            By: /s/ Bjørn Sande Urtegaard

          	
             

             

            By: /s/ Bjørn Sande Urtegaard

          
	
            
              Name: Bjørn Sande Urtegaard

            

          	
            
              Name: Bjørn Sande Urtegaard

            

          
	
            Title: Attorney-in-fact

          	
            Title: Attorney-in-fact

          

    
      95

      
        

    

    

    

    	 	 
	
            Arranger:

          	
            Lender:

          
	
            NORDEA BANK ABP, FILIAL I NORGE

          	
            NORDEA BANK ABP, FILIAL I NORGE

          
	
             

             

            By: /s/ Bjørn Sande Urtegaard

          	
             

             

            By: /s/ Bjørn Sande Urtegaard

          
	
            
              Name: Bjørn Sande Urtegaard

            

          	
            
              Name: Bjørn Sande Urtegaard

            

          
	
            Title: Attorney-in-fact

          	
            Title: Attorney-in-fact

          

    

    

    	
            Arranger:

          	
            Lender:

          
	
            SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

          	
            SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

          
	
             

             

            By: /s/ Bjørn Sande Urtegaard

          	
             

             

            By: /s/ Bjørn Sande Urtegaard

          
	
            
              Name: Bjørn Sande Urtegaard

            

          	
            
              Name: Bjørn Sande Urtegaard

            

          
	
            Title: Attorney-in-fact

          	
            Title: Attorney-in-fact

          

    

    

    	
            Hedge Provider:

          	
            Hedge Provider:

          
	
            DANSKE BANK A/S

          	
            ABN AMRO BANK  N.V.

          
	
             

             

            By: /s/ Bjørn Sande Urtegaard

          	
             

             

            By: /s/ Bjørn Sande Urtegaard

          
	
            
              Name: Bjørn Sande Urtegaard

            

          	
            
              Name: Bjørn Sande Urtegaard

            

          
	
            Title: Attorney-in-fact

          	
            Title: Attorney-in-fact

          

    

    

    	
            Hedge Provider:

          	
            Hedge Provider:

          
	
            NORDEA BANK ABP

          	
            SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

          
	
             

             

            By: /s/ Bjørn Sande Urtegaard

          	
             

             

            By: /s/ Bjørn Sande Urtegaard

          
	
            
              Name: Bjørn Sande Urtegaard

            

          	
            
              Name: Bjørn Sande Urtegaard

            

          
	
            Title: Attorney-in-fact

          	
            Title: Attorney-in-fact

          

    

    

  

  96

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