Document:

Exhibit 4.3

    

  

  

  
    WARRANT AGENCY AGREEMENT

     

    This WARRANT AGENCY AGREEMENT (this “Warrant Agreement”) is dated as of
        [_________], 2020 (the “Issuance Date”) between Pyxis Tankers Inc., a Marshall Islands corporation (the “Company”), and VStock Transfer, LLC, a California limited liability company (the “Warrant Agent”).

     

    WHEREAS, pursuant to the terms of that certain Underwriting Agreement (“Underwriting Agreement”), dated [_________], 2020, by and between the Company and ThinkEquity, a division of
        Fordham Financial Management, Inc., as representative of the underwriters set forth therein, the Company is engaged in a public offering (the “Offering”) of [_] units (“Units”), each Unit consisting of one Series A Cumulative Redeemable Perpetual Preferred
        Share, par value $0.001 per share of the Company (the “Preferred Shares”) and [_] Warrants (the “Warrants”) to purchase common shares, par value $0.001 per share (“Common Shares”) of the Company, including Units issuable pursuant to the underwriters’ over-allotment option (the Common Shares issuable upon exercise of the Warrants are referred to
          as “Warrant Shares”);

      

    WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form F-1 (File No. 333-[____])
        (as the same may be amended from time to time, the “Registration Statement”), for the registration under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, including the Preferred Shares, Warrants and Warrant Shares, and such Registration Statement was declared effective on [_______], 2020;

     

    WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms set forth in this Warrant Agreement in connection with the issuance,
        registration, transfer, exchange and exercise of the Warrants;

     

    WHEREAS, the Company desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant
        Agent, and the holders of the Warrants; and

     

    WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Warrant Agreement.

     

    NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

     

    1. Appointment of Warrant Agent. The
      Company hereby appoints the Warrant Agent to act as agent for the Company with respect to the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and conditions set forth
      in this Warrant Agreement (and no duties or obligations shall be inferred or implied).

     

    2. Warrants.

     

    2.1 Form of Warrants. The Warrants
      shall be registered securities and shall be initially evidenced by a global Warrant certificate (“Global Certificate”) in the form of Annex A to this

    

    

    
      
        

    

    
    

    

    Warrant Agreement, which shall be deposited on behalf of the Company with a custodian for The Depository Trust Company (“DTC”) and registered in the name of Cede & Co., a nominee of DTC. If DTC subsequently ceases to make its settlement system available for the Warrants, the Company may
      instruct the Warrant Agent regarding making arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, registration in the name of Cede & Co., a
      nominee of DTC, the Company may instruct the Warrant Agent to provide written instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct the Warrant Agent to deliver to each Holder (as
      defined below) separate certificates evidencing Warrants (“Definitive Certificates” and, together with the Global Certificate, “Warrant Certificates”), in the form of Annex C to this Warrant Agreement. The Warrants represented by the Global Certificate are referred
      to as “Global Warrants.”

      

    2.2. Issuance and Registration of Warrants.

     

    2.2.1. Warrant Register. The Warrant
      Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants. Any Person in whose name ownership
      of a beneficial interest in the Warrants evidenced by a Global Certificate is recorded in the records maintained by DTC or its nominee shall be deemed the “beneficial owner” thereof, provided that all such beneficial interests shall be held through a
      Participant (as defined below), which shall be the registered holder of such Warrants.

     

    2.2.2. Issuance of Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver the Warrants in the DTC settlement system in accordance with written instructions delivered to the Warrant Agent by the Company. Ownership
        of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC, and (ii) institutions that have accounts with DTC (each, a “Participant”), subject to a Holder’s right to elect to receive a Warrant in certificated form in the form of Annex C to
        this Warrant Agreement. Any Holder desiring to elect to receive a Warrant in certificated form shall make such request in writing delivered to the Warrant Agent pursuant to Section 2.2.8, and shall surrender to the Warrant Agent the interest of the
        Holder on the books of the Participant evidencing the Warrants which are to be represented by a Definitive Certificate through the DTC settlement system. Thereupon, the Warrant Agent shall countersign and deliver to the person entitled thereto a
        Warrant Certificate or Warrant Certificates, as the case may be, as so requested.

     

    2.2.3. Beneficial Owner; Holder.
      Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”) as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
      Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by DTC governing the
      exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners in a Warrant evidenced by the Global Certificate shall be exercised by the Holder or a Participant through the DTC system, except to the
      extent set forth herein or in the Global Certificate.

     

    2.2.4. Execution. The Warrant
      Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized Officer”), which need not be the same authorized

    

    

    
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    signatory for all of the Warrant Certificates, either manually or by facsimile signature. The Warrant Certificates shall be
      countersigned by an authorized signatory of the Warrant Agent, which need not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In case any Authorized Officer
      of the Company that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be
      countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of
      the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be an Authorized Officer of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement
      any such person was not such an Authorized Officer.

     

    2.2.5. Registration of Transfer. At
      any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate or Warrant
      Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such
      request in writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing the Warrants the transfer of which is to be registered or that is or are to be split up, combined
      or exchanged. Thereupon, the Warrant Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested. The Warrant Agent may require reasonable and customary
      payment, by the Holder requesting a registration of transfer of Warrants or a split-up, combination or exchange of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants and issuance of Warrant Shares to the
      Holder), of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with such registration of transfer, split-up, combination or exchange, together with reimbursement to the Warrant Agent of all reasonable expenses
      incidental thereto.

     

     2.2.6. Loss, Theft and
          Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or
      destruction, of indemnity or security in customary form and amount, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant
      Certificate if mutilated, the Warrant Agent shall, on behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated. The Warrant Agent
      may charge the Holder an administrative fee for processing the replacement of lost Warrant Certificates, which shall be charged only once in instances where a single surety bond obtained covers multiple certificates. The Warrant Agent may receive
      compensation from the surety companies or surety bond agents for administrative services provided to them.

    2.2.7. Proxies. The Holder of a
      Warrant may grant proxies or otherwise authorize any person, including the Participants and beneficial holders that may own interests through the Participants, to take any action that a Holder is entitled to take under this Agreement or the
      Warrants; provided, however, that at all times that Warrants are evidenced by a Global
      Certificate,

    

    

    
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    exercise of those Warrants shall be effected on their behalf by Participants through DTC in accordance the procedures administered
      by DTC.

    

    

    2.2.8. Warrant Certificate Request.
      A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some
      or all of such Holder’s Global Warrants for a Definitive Certificate evidencing the same number of Warrants, which request shall be in the form attached hereto as Annex E (a
      “Warrant Certificate Request Notice” and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the deemed surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Definitive Certificate, a “Warrant Exchange”), the Warrant Agent shall promptly effect the Warrant Exchange and shall promptly issue and deliver to the Holder a Definitive Certificate for such number of
      Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company, shall be in the form
      attached hereto as Annex C, and shall be reasonably acceptable in all respects to such Holder. In connection with a Warrant Exchange, the Company agrees to deliver, or to
      direct the Warrant Agent to deliver, the Definitive Certificate to the Holder within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period of the Warrant Certificate Request Notice
      pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). If the Company fails for any reason to deliver to the
      Holder the Definitive Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares
      evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants) of the Common Shares on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery Date
      until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice,
      the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions of the
      Warrants evidenced by such Warrant Certificate and the terms of this Agreement, other than Sections 3(c) and 9 herein, shall not apply to the Warrants evidenced by the Definitive Certificate.

    

    

    2.2.9. Subsequent to the Issuance Date, any and all costs incurred relating to transfers of Warrants, replacement
      of lost, stolen or mutilated Warrants or Warrant Exchanges shall be borne by the Holder of such Warrants.

    

    

    2.2.10. For purposes of clarity, if there is a conflict between the express terms of this Warrant Agreement and
      the Warrant certificate in the form of Annex C hereto with respect to terms of the Warrants, the terms of the Warrant certificate shall govern and control.

     

    3. Terms and Exercise of Warrants.

     

    3.1. Exercise Price. Each Warrant
      shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of this Warrant Agreement, to purchase from the Company the number of Common Shares stated therein, at the price of $1.40 per whole share, subject to the

    

    

    
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    subsequent adjustments provided in Section 4 hereof. The term “Exercise
          Price” as used in this Warrant Agreement refers to the price per share at which Common Shares may be purchased at the time a Warrant is exercised.

     

    3.2. Duration of Warrants. Warrants
      may be exercised only during the period (“Exercise Period”) commencing on the Issuance Date and terminating at 5:00 P.M., New York City time (the “close of business”) on [______], 2025 (the “Expiration Date”). Each Warrant not exercised on or before the
      Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date.

     

    3.3. Exercise of Warrants.

     

    3.3.1. Exercise and Payment.

     

    (a)          Exercise of the purchase rights represented by a Warrant may be made, in whole or in part, at any time or times during the Exercise Period by delivery to the Warrant Agent of the Notice of Exercise in the form
        annexed as Annex B hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading
        Days and (ii) the number of Trading Days comprising the Standard Settlement Period following the date the Holder delivers the Notice of Exercise as aforesaid, the Holder shall deliver, in accordance with the payment instructions in the Notice of
        Exercise, the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 3.3.6 below is
        specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding
        anything herein to the contrary, the Holder shall not be required to physically surrender a Warrant Certificate to the Company until the Holder has purchased all of the Warrant Shares available thereunder and the Warrant has been exercised in full,
        in which case, the Holder shall surrender such Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of a Warrant resulting in purchases of a
        portion of the total number of Warrant Shares available thereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder
        and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within two (2) Business Days of receipt of such notice. The Holder and any assignee, by acceptance of a Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of
          the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face thereof.

    Notwithstanding the foregoing in this Section 3.3.1 a holder whose interest in a Warrant is a beneficial interest in certificate(s)
      representing such Warrant held in registered form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 3.3.1 by delivering to DTC (or such other clearing
      corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right to elect to receive
      a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply. Upon giving irrevocable instructions to its

    

    

    
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    Participant to exercise Warrants, solely for purposes of Regulation SHO, the holder whose interest in the Warrant is a beneficial interest shall be
      deemed to have exercised such Warrant, notwithstanding when the applicable Warrant Shares are delivered to such holder.

      

    3.3.2. Issuance of Warrant Shares.
      (a) The Warrant Agent shall, on the Trading Day following the date of exercise of any Warrant, advise the Company, the transfer agent and registrar for the Company’s Common Shares, in respect of (i) the number of Warrant Shares indicated on the
      Notice of Exercise as issuable upon such exercise with respect to such exercised Warrants, (ii) the instructions of the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery of the Warrant Shares and
      the number of Warrants that remain outstanding after such exercise and (iii) such other information as the Company or such transfer agent and registrar shall reasonably request.

     

    (b) The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the
      Holder by either (1) crediting the account of the Holder’s or its designee’s balance account with DTC through its Deposit or Withdrawal at Custodian system (“DWAC”) if the
      Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless
      exercise, or (2) by delivery of a book-entry position, registered in the Company’s share register in the name of the Holder or its designee, in each case for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to
      the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of
      Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the
      holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless
      exercise) is received within the earlier of (i) two (2) Trading Days of and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the
      Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based
      on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
      Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as the Warrants remain outstanding and exercisable.  As
      used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of
      Exercise.

     

    3.3.3. Valid Issuance. All Warrant
      Shares issued by the Company upon the proper exercise of a Warrant in conformity with this Warrant Agreement shall be validly issued, fully paid and non-assessable.

     

    3.3.4. No Fractional Exercise. No
      fractional Warrant Shares will be issued upon the exercise of the Warrant. If, by reason of any adjustment made pursuant to Section 4, a Holder would be entitled,

    

    

    
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    upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to
      the nearest whole number of Warrant Shares to be issued to such Holder.

     

    3.3.5 No Transfer Taxes. Issuance of
      Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
      Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
      executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any
      Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

    

    

    3.3.6 Restrictive Legend Events; Cashless
          Exercise Under Certain Circumstances.

     

    (i) The Company shall use its commercially reasonable efforts to maintain the effectiveness of
      the Registration Statement and the current status of the prospectus included therein or to file and maintain the effectiveness of another registration statement and another current prospectus covering the Warrants and the Warrant Shares at any time
      that the Warrants are exercisable. The Company shall provide to the Warrant Agent and each Holder prompt written notice of any time that the Company is unable to deliver the Warrant Shares via DTC transfer or otherwise without restrictive legend
      because (A) the Commission has issued a stop order with respect to the Registration Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (C) the Company
      has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (D) the prospectus contained in the Registration Statement is not available for the issuance of the Warrant Shares to the Holder or (E)
      otherwise (each a “Restrictive Legend Event”). To the extent that the Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive Legend Event
      occurs after a Holder has exercised Warrants in accordance with the terms of the Warrants but prior to the delivery of the Warrant Shares, the Company shall, at the election of the Holder, which shall be given within five (5) days of receipt of such
      notice of the Restrictive Legend Event, either (A) rescind the previously submitted Election to Purchase and the Company shall return all consideration paid by registered holder for such shares upon such rescission or (B) treat the attempted exercise
      as a cashless exercise as described in paragraph (ii) below and refund the cash portion of the exercise price to the Holder.

     

    (ii) If a Restrictive Legend Event has occurred, the Warrant may also be exercisable on a
      cashless basis. Notwithstanding anything herein to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares. Upon a “cashless exercise”, the Holder shall
      be entitled to receive the number of Warrant Shares equal to the quotient (if such quotient would be a positive number) obtained by dividing (A-B) (X) by (A), where:

    
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    (A)
        = the last VWAP immediately preceding the date of exercise giving rise to the applicable “cashless exercise”, as set forth in the applicable Election to Purchase
          (to clarify, the “last VWAP” will be the last VWAP as calculated over an entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading Market is open, the prior Trading Day’s VWAP shall be used in this
          calculation)

    

    

    (B) = the Exercise Price of the Warrant, as adjusted as set forth herein; and

    

    

    (X) = the number of Warrant Shares that would be issuable upon exercise of the Warrant  in
      accordance with the terms of the Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

     

    If the Warrant Shares are issued in such a cashless exercise, the Company acknowledges and
      agrees that, in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised and the Company agrees not to take any position contrary thereto. Upon receipt of
      an Election to Purchase for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election to Purchase to the Company to confirm the number of Warrant Shares issuable in connection with the cashless exercise. The Company shall
      calculate and transmit to the Warrant Agent in a written notice, and the Warrant Agent shall have no duty, responsibility or obligation under this section to calculate, the number of Warrant Shares issuable in connection with any cashless exercise.
      The Warrant Agent shall be entitled to rely conclusively on any such written notice provided by the Company, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written
      instructions or pursuant to this Warrant Agreement. Notwithstanding anything herein to the contrary, on the Termination Date (as defined below), this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 3.3.6.

       

    3.3.7 Disputes. In the case of a
      dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant Shares that are not
      disputed.

     

    3.3.8 Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit
        to the Holder the Warrant Shares in accordance with the provisions of Section 3.3.2(b) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open
        market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in
        cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that
        the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed; provided, however, that such Holder provides reasonable evidence of the
        date and time of such sell order and such sell order occurred after the missed Warrant Share Delivery Date and prior to the delivery of the related Warrant Shares, and (B) at the option of the Holder, either reinstate the portion of the Warrant and

    

    

    
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    equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded)
      or deliver to the Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of
      $11,000 to cover a Buy-In with respect to an attempted exercise of Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to
      pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a
      Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Shares
      upon exercise of the Warrant as required pursuant to the terms hereof.

      

    3.3.9 Beneficial Ownership Limitation.
      The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of a Warrant, pursuant to Section 3 or otherwise, to the extent that after giving effect to such issuance after exercise as set
      forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the
      Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of such Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares which would be
      issuable upon (i) exercise of the remaining, non-exercised portion of such Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any
      other securities of the Company (including, without limitation, any other securities of the Company which would entitle the holder thereof to acquire at any time Common Shares, including, without limitation, any debt, preferred stock, right, option,
      warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares (“Common Share
          Equivalents”)) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding
      sentence, for purposes of this Section 3.3.9, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
          Act”) and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the
      Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 3.3.9 applies, the determination of whether a Warrant is exercisable (in relation to other
      securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of a Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the
      Holder’s determination of whether a Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of a Warrant is exercisable, in each case subject to the
      Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with
      Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section

    

    

    
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    3.3.9, in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as
      reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting
      forth the number of Common Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing (including by e-mail) to the Holder the number of Common Shares then outstanding. 
      In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including such Warrant, by the Holder or its Affiliates or Attribution Parties since the date as
      of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of
      any Warrants, 9.99%) of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of a Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial
      Ownership Limitation provisions of this Section 3.3.9, provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares upon
      exercise of this Warrant held by the Holder and the provisions of this Section 3.3.9 shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to
      the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3.3.9 to correct this paragraph (or any portion hereof) which may be defective or
      inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a
      successor holder of this Warrant.

     

    4. Adjustments.

     

    4.1 Adjustment upon Subdivisions or Combinations.
      If the Company, at any time while the Warrants are outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on its Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for
      avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of the Warrants), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split)
      outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of the Common Shares any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the
      numerator shall be the number of Common Shares and such other capital stock of the Company (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares and such other
      capital stock of the Company (excluding treasury shares, if any) outstanding immediately after such event, and the number of shares issuable upon exercise of each Warrant shall be proportionately adjusted such that the aggregate Exercise Price of
      such Warrant shall remain unchanged. Any adjustment made pursuant to this Section 4.1 shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
      effective immediately after the effective date in the case of a subdivision, combination or re-classification.

    

    

    4.2 Adjustment for Other Distributions.

    
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    (a) Subsequent Rights Offerings. In
      addition to any adjustments pursuant to Section 4.1 above, if at any time the Company grants, issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class
      of Common Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which
      the Holder could have acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of a Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
      immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the grant, issue or sale
      of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
      in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its
      right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

     

    (b) Extraordinary Dividends. If the Company, at any time during the Exercise Period, shall pay a dividend in cash, securities or other assets to all holders of Common Shares (or other shares of
      the Company’s capital stock into which the Warrants are convertible), other than (i) as described in Sections 4.1, 4.2(a) or 4.3, or (ii) regular quarterly or other periodic dividends (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the quotient of (1) the
      gross amount of cash and/or fair market value (as determined by the Company’s Board of Directors, in good faith) of all securities or other assets paid to the holders of Common Shares (or other shares of the Company’s capital stock into which the
      Warrants are convertible) in respect of such Extraordinary Dividend divided by (2) the sum of the number of Common Shares (or other shares of the Company’s capital stock into which the Warrants are exercisable) outstanding at the time of the
      Extraordinary Dividend plus the number of Common Shares then issuable upon exercise of all outstanding Warrants, provided, that the Exercise Price shall not be reduced below zero.

       

    4.3. Fundamental Transaction. If, at
      any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
      effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
      offer (whether by the Company or another Person) is completed pursuant to which all holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or
      more of the outstanding Common Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to
      which all outstanding Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or
      other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding
      Common Shares (not including any Common

    

    

    
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    Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or
      party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of a Warrant, the
      Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 3.3.9 on the exercise of
      a Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and such amount of cash or any other consideration (collectively, the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which a Warrant is exercisable immediately prior to such Fundamental Transaction
      (without regard to any limitation in Section 3.3.9 on the exercise of a Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount
      of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
      different components of the Alternate Consideration. If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the
      Alternate Consideration it receives upon any exercise of a Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under the Warrants in accordance with the provisions of this Section 4.3 pursuant to written
      agreements prior to or during such Fundamental Transaction. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the
      provisions of the Warrants referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under the Warrants with the same effect
      as if such Successor Entity had been named as the Company therein.

     

    The Company shall instruct the Warrant Agent in writing (including by e-mail) to send by e-mail or by first class
      mail, postage prepaid, to each Holder, written notice of the execution of any such amendment, supplement or agreement with the Successor Entity. Any supplemented or amended agreement entered into by the successor corporation or transferee shall
      provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4.3. The Warrant Agent shall have no duty, responsibility or obligation to determine the correctness of any provisions
      contained in such agreement or such notice, including but not limited to any provisions relating either to the kind or amount of securities or other property receivable upon exercise of warrants or with respect to the method employed and provided
      therein for any adjustments, and shall be entitled to rely conclusively for all purposes upon the provisions contained in any such agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, changes,
      consolidations, mergers, sales and conveyances of the kind described above.

     

    4.4. Notices to Holder. (a) Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 4, the Company shall promptly deliver to the Holder by facsimile
      or e-mail a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. Provided, however, that the Company may
      satisfy this notice requirement in this Section 4.4(a) by filing such notice with the Commission pursuant to a Report on Form 6-K, or, to

    

    

    
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    the extent that the Company is no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, by
      posting such notice on the Company’s website.

    

    

    (b) Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Shares, (B)
        the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of
        capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company is a party, any sale
        or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary
        dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by mail, facsimile or e-mail to the Holder at its last mailing address, facsimile number or e-mail address as it shall
        appear upon the Warrant Register of the Company, at least five (5) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
        dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be
        determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares of record shall
        be entitled to exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect
        therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice required to be provided in this Warrant Agreement constitutes, or contains, material,
        non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. Provided such notice occurs within the Exercise Period, the Holder
        shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

     

    4.5 Other Events. If any event occurs
      of the type contemplated by the provisions of Section 4.1 or 4.2 but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, Adjustment Rights, phantom stock rights or other rights with
      equity features to all holders of Common Shares for no consideration), then the Company's Board of Directors will, at its discretion and in good faith, make an adjustment in the Exercise Price and the number of Warrant Shares or designate such
      additional consideration to be deemed issuable upon exercise of a Warrant, so as to protect the rights of the registered Holder. No adjustment to the Exercise Price will be made pursuant to more than one sub-section of this Section 4 in connection
      with a single issuance.

     

    4.6. Notices of Changes in Warrant.
      Upon every adjustment of the Exercise Price or the number of Warrant Shares issuable upon exercise of a Warrant, the Company shall give written notice thereof (including by e-mail) to the Warrant Agent, which notice shall state the Exercise Price
      resulting from such adjustment and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method

    

    

    
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    of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1 or
      4.2, then, in any such event, the Company shall give written notice by mail, e-mail or facsimile to each Holder, at the last address set forth for such holder in the Warrant Register, as of the record date or the effective date of the event.
      Provided, however, that the Company may satisfy the notice requirement to Holders in this Section 4.6 by filing such notice with the Commission pursuant to a Report on Form 6-K, or, to the extent that the Company is no longer subject to the reporting
      requirements of Section 13 or 15(d) of the Exchange Act, by posting such notice on the Company’s website. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. The Warrant Agent shall be entitled
      to rely conclusively on, and shall be fully protected in relying on, any certificate, notice or instructions provided by the Company with respect to any adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant, or
      any related matter, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with any such certificate, notice or instructions or pursuant to this Warrant Agreement. The Warrant Agent shall
      not be deemed to have knowledge of any such adjustment unless and until it shall have received written notice thereof (including by e-mail) from the Company.

     

    
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    5. Restrictive Legends; Fractional Warrants.

     

    In the event that a Warrant Certificate surrendered for transfer bears a restrictive legend,
      the Warrant Agent shall not register that transfer until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the Warrants must also bear a restrictive legend upon that
      transfer. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

     

    

    6. Other Provisions Relating to Rights of
          Holders of Warrants.

     

    6.1. No Rights as Stockholder. Except
      as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything
      contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder of Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate
      action (whether any reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights or rights to participate in new issues of
      shares, or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of Warrants.

     

    6.2. Reservation of Common Shares.
      The Company shall at all times reserve and keep available a number of its authorized but unissued Common Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

     

    7. Concerning the Warrant Agent and Other
          Matters.

     

    7.1. Any instructions given to the Warrant Agent orally, as permitted by any provision of this Warrant Agreement,
      shall be confirmed in writing (including by e-mail) by the Company as soon as practicable. The Warrant Agent shall not be liable or responsible and shall be fully authorized and protected for acting, or failing to act, in accordance with any oral
      instructions which do not conform with the written confirmation received in accordance with this Section 7.1.

     

    7.2. (a) Whether or not any Warrants are exercised, for the Warrant Agent’s services as agent for the Company
      hereunder, the Company shall pay to the Warrant Agent such fees as may be separately agreed between the Company and Warrant Agent and the Warrant Agent’s out of pocket expenses in connection with this Warrant Agreement, including the reasonable fees
      and expenses of the Warrant Agent’s counsel. While the Warrant Agent endeavors to maintain out-of-pocket charges (both internal and external) at competitive rates, these charges may not reflect actual out-of-pocket costs, and may include handling
      charges to cover internal processing and use of the Warrant Agent’s billing systems.

     

    (b) No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or
      otherwise incur any financial liability in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.

     

    
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    7.3 As agent for the Company hereunder the
          Warrant Agent:

     

    (a) shall have no duties or obligations other than those specifically set forth herein or as may subsequently be
      agreed to in writing by the Warrant Agent and the Company;

     

    (b) shall be regarded as making no representations and having no responsibilities as to the validity,
      sufficiency, value, or genuineness of the Warrants or any Warrant Shares;

     

    (c) shall not be obligated to take any legal action hereunder; if, however, the Warrant Agent determines to take
      any legal action hereunder, and where the taking of such action might, in its judgment, subject or expose it to any expense or liability it shall not be required to act unless it has been furnished with an indemnity reasonably satisfactory to it;

      

    (d) may rely on and shall be fully authorized and protected in acting or failing to act upon any certificate,
      instrument, opinion, notice, letter, telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and believed by it to be genuine and to have been signed by the proper party or parties;

      

    (e) shall not be liable or responsible for any recital or statement contained in the Registration Statement or
      any other documents relating thereto;

     

    (f) shall not be liable or responsible for any failure on the part of the Company to comply with any of its
      covenants and obligations relating to the Warrants, including without limitation obligations under applicable securities laws;

     

    (g) may rely on and shall be fully authorized and protected in acting or failing to act upon the written,
      telephonic or oral instructions with respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying any such actions) of officers of the Company, and is hereby authorized and directed
      to accept instructions with respect to the performance of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection with the Warrant Agent’s duties hereunder, and the
      Warrant Agent shall not be liable for any delay in acting while waiting for those instructions; any applications by the Warrant Agent for written instructions from the Company may, at the option of the Warrant Agent, set forth in writing any action
      proposed to be taken or omitted by the Warrant Agent under this Warrant Agreement and the date on or after which such action shall be taken or such omission shall be effective; the Warrant Agent shall not be liable for any action taken by, or
      omission of, the Warrant Agent in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than five (5) Business Days after the date such application is sent to the
      Company, unless the Company shall have consented in writing to any earlier date) unless prior to taking any such action, the Warrant Agent shall have received written instructions in response to such application specifying the action to be taken or
      omitted;

    

    

    (h) may consult with counsel satisfactory to the Warrant Agent, including its in-house counsel, and the advice of
      such counsel shall be full and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in good faith and in accordance with the advice of such counsel;

     

    (i) may perform any of its duties hereunder either directly or by or through nominees, correspondents, designees,
      or subagents, and it shall not be liable or responsible for any misconduct

    

    

    
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    or negligence on the part of any nominee, correspondent, designee, or subagent appointed with reasonable care by it in connection
      with this Warrant Agreement;

     

    (j) is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any
      person; and

     

    (k) shall not be required hereunder to comply with the laws or regulations of any country other than the United
      States of America or any political subdivision thereof.

     

    7.4. (a) In the absence of gross negligence or willful or illegal misconduct on its part, the Warrant Agent shall
      not be liable for any action taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement. Anything in this Warrant Agreement to the contrary notwithstanding, in no event
      shall the Warrant Agent be liable for special, indirect, incidental, consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent has been advised of the possibility of such
      losses or damages and regardless of the form of action. Any liability of the Warrant Agent will be limited in the aggregate to the amount of fees paid by the Company hereunder. The Warrant Agent shall not be liable for any failures, delays or losses,
      arising directly or indirectly out of conditions beyond its reasonable control including, but not limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience, riots,
      rebellions, storms, electrical or mechanical failure, computer hardware or software failure, communications facilities failures including telephone failure, war, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences.

     

    (b) In the event any question or dispute arises with respect to the proper interpretation of
      the Warrants or the Warrant Agent’s duties under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall not be held liable or responsible for its refusal to act until the
      question or dispute has been judicially settled (and, if appropriate, it may file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all persons
      interested in the matter which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory to Warrant Agent and executed by the Company and each such Holder. In addition, the Warrant Agent may require
      for such purpose, but shall not be obligated to require, the execution of such written settlement by all the Holders and all other persons that may have an interest in the settlement.  

    7.5. The Company covenants to indemnify the Warrant Agent and hold it harmless from and against any loss,
      liability, claim or expense (“Loss”) arising out of or in connection with the Warrant Agent’s duties under this Warrant Agreement, including the costs and expenses of
      defending itself against any Loss, unless such Loss shall have been determined by a court of competent jurisdiction to be a result of the Warrant Agent’s gross negligence or willful misconduct.

     

    7.6. Unless terminated earlier by the parties hereto, this Warrant Agreement shall terminate ninety (90) days
      after the earlier of the Expiration Date and the date on which no Warrants remain outstanding (the “Termination Date”). On the Business Day following the Termination Date,
      the Warrant Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement. The Warrant Agent’s right to be reimbursed for fees, charges and out-

    

    

    
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    of-pocket expenses as provided in this Section 7 shall survive the termination of this Warrant Agreement.

     

    7.7. If any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court,
      this Warrant Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an Agreement among the parties to it to the full extent permitted by applicable law.

     

    7.8. The Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of
      its jurisdiction of incorporation, (b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including this Warrant Agreement) have been duly authorized by all necessary corporate
      action and will not result in a breach of or constitute a default under the articles of incorporation, bylaws or any similar document of the Company or any indenture, agreement or instrument to which it is a party or is bound, (c) this Warrant
      Agreement has been duly executed and delivered by the Company and constitutes the legal, valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with all applicable requirements of law and (e)
      to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in connection with the offering of the Warrants.

     

    7.9. In the event of inconsistency between this Warrant Agreement and the descriptions in the Registration
      Statement, as they may from time to time be amended, the terms of this Warrant Agreement shall control.

     

    7.10. Set forth in Annex D hereto is
      a list of the names and specimen signatures of the persons authorized to act for the Company under this Warrant Agreement (the “Authorized Representatives”). The Company
      shall, from time to time, certify to you the names and signatures of any other persons authorized to act for the Company under this Warrant Agreement.

     

    7.11. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant
      Agent or by the holder of any Warrant to or on the Company including, without limitation, any Notice of Exercise, shall be in writing and delivered by e-mail, hand or sent by registered or certified mail or a nationally recognized overnight courier
      service, addressed (until another address is filed in writing by the Company with the Warrant Agent) as set forth below and if to any holder any notice, statement or demand shall be given to the last address set forth for such holder (if any) in the
      Warrant Register:

    

    

    Pyxis Tankers Inc.

    59 K. Karamanli Street,

    Maroussi 15125 Greece

    Attention: [_______]

    Facsimile No.: [________]

    E-mail: [_______]

    

    

    

    

    with a copy (which shall not constitute notice) to:

    

    

    Seward & Kissel LLP

    One Battery Park Plaza

    
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    New York, New York 10004

    Attention: Keith Billotti, Esq.

    Facsimile No.: (212) 480-8421

    E-mail: billotti@sewkis.com

    

    

    Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any
      Warrant or by the Company to or on the Warrant Agent including, without limitation, any Notice of Exercise, shall be in writing and delivered by e-mail, facsimile, hand or sent by registered or certified mail a nationally recognized overnight courier
      service, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

    

    

    VStock Transfer, LLC

    18 Lafayette Place

    Woodmere, New York 11598

    Facsimile No.: [________]

    Attention: [_________]

    E-mail: [_________]

    

    

    Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of
      (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth above in this Section 7.11 prior to 5:30 p.m. (New York City time) on any Trading Day, (ii) the
      next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth in this Section 7.11 on a day that is not a Trading Day or later than 5:30
      p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be
      given.  Notwithstanding any other provision of this Warrant, where this Warrant provides for notice of any event to the Holder, if this Warrant is held in global form by DTC (or any successor depositary), such notice shall be sufficiently given if
      given to DTC (or any successor depositary) pursuant to the procedures of DTC (or such successor depositary), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in
      which case this sentence shall not apply.

     

    7.12. (a) This Warrant Agreement shall be governed by and construed in accordance with the laws of the State of
      New York. All actions and proceedings relating to or arising from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough of Manhattan in the City and State of New York. The Company hereby submits to the
      personal jurisdiction of such courts and consents that any service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder.

    

    

    (b) This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the
      parties hereto. This Warrant Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent of the other party, which the other party will not unreasonably withhold, condition or delay;
      except that (i) consent is not required for an assignment or delegation of duties by Warrant Agent to any affiliate of Warrant Agent and (ii) any reorganization, merger, consolidation, sale of assets or other form of business

    

    

    
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    combination by Warrant Agent or the Company shall not be deemed to constitute an assignment of this Warrant Agreement.

     

    (c) No provision of this Warrant Agreement may be amended, modified or waived, except in a written document
      signed by both parties. The Company and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision
      contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties determine, in good faith, shall not materially and
      adversely affect the interests of the Holders.  All other amendments and supplements shall require the vote or written consent of Holders of at least 50.1% of the then outstanding Warrants, provided that adjustments may be made to the Warrant terms
      and rights in accordance with Section 4 without the consent of the Holders.

     

    7.13 Payment of Taxes. The Company
      will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of Warrant Shares upon the exercise of Warrants, but the Company may require the Holders to pay
      any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering any transfer of Warrants or any delivery of any Warrant Shares unless or until the persons requesting the registration or issuance shall have
      paid to the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall have established to the reasonable satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been paid. 

      

    7.14 Resignation of Warrant Agent.

     

    7.14.1. Appointment of Successor Warrant Agent.
      The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company, or such shorter period of time
      agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor Warrant Agent, after giving thirty (30) days’ notice in writing to the Warrant Agent or successor Warrant Agent, or such shorter period of time as
      agreed to by the parties. If the office of the Warrant Agent becomes vacant by resignation, termination or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company
      shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent, then the Warrant Agent or any Holder may apply to any court of competent
      jurisdiction for the appointment of a successor Warrant Agent at the Company’s cost. Pending appointment of a successor to such Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the
      Company. Any successor Warrant Agent (but not including the initial Warrant Agent), whether appointed by the Company or by such court, shall be a person organized and existing under the laws of any state of the United States of America, in good
      standing, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers,
      rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed, and except for executing and delivering documents as provided in the
      sentence that follows, the predecessor Warrant Agent shall have no further duties, obligations, responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination of this Warrant Agreement and the resignation
      or removal of the

    

    

    
      20

      
        

    

    

    

    Warrant Agent, including but not limited to its right to indemnity hereunder. If for any reason it becomes necessary or appropriate
      or at the request of the Company, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant
      Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all
      such authority, powers, rights, immunities, duties, and obligations.

      

    7.14.2. Notice of Successor Warrant Agent.
      In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Shares not later than the effective date of any such appointment.

     

    7.14.3. Merger or Consolidation of Warrant Agent.
      Any person into which the Warrant Agent may be merged or converted or with which it may be consolidated or any person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party or any person succeeding to the
      shareowner services business of the Warrant Agent or any successor Warrant Agent shall be the successor Warrant Agent under this Warrant Agreement, without any further act or deed. For purposes of this Warrant Agreement, “person” shall mean any
      individual, firm, corporation, partnership, limited liability company, joint venture, association, trust or other entity, and shall include any successor (by merger or otherwise) thereof or thereto.

     

    8. Miscellaneous Provisions.

     

    8.1. Persons Having Rights under this Warrant
          Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties
      hereto and the Holders any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.

     

    8.2. Examination of the Warrant Agreement.
      A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require any such holder to
      provide reasonable evidence of its interest in the Warrants.

     

    8.3. Counterparts. This Warrant
      Agreement may be executed in any number of original, facsimile or electronic counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same
      instrument.

     

    8.4. Effect of Headings. The Section
      headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof.

     

    9. Certain Definitions.

     

    As used herein, the following terms shall have the following meanings:

     

    (i) “Adjustment Right” means any
      right granted with respect to any securities issued in connection with, or with respect to, any issuance, sale or delivery (or deemed issuance, sale or

    

    

    
      21

      
        

    

    

    

    delivery in accordance with Section 4) of Common Shares (other than rights of the type described in Section 4.2 and 4.3 hereof) that
      could result in a decrease in the net consideration received by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights) but excluding
      anti-dilution and other similar rights (including pursuant to Section 4.4 of this Agreement).

    

    

    (ii) “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State
        of New York are authorized or required by law or other governmental action to close.

      

    (iii) “Trading Day” means any day on
      which the Common Shares are traded on the Trading Market, or, if the Trading Market is not the principal trading market for the Common Shares, then on the principal securities exchange or securities market in the United States on which the Common
      Shares are then traded, provided that “Trading Day” shall not include any day on which the Common Shares are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Shares are suspended from trading during the
      final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00 P.M., New York City time).

     

    (iv) “Trading Market” means the NYSE
      American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

     

    (v) “VWAP” means, for any date, the
      price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on
      the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the
      volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares
      are then reported in the “Pink Open Market” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases,
      the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
      which shall be paid by the Company.

    

    

     

    [SIGNATURE PAGE FOLLOWS]

    
      22

      
        

    

    

    

    IN WITNESS WHEREOF, this Warrant Agency Agreement has been duly executed by the parties
      hereto as of the day and year first above written.

    

    

    	 	
            PYXIS TANKERS INC.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

     

    

    

    

    

    	 	
            VSTOCK TRANSFER, LLC

          
	 	
            As Warrant Agent

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    

    

    Annex A:    Form of
        Global Certificate

    Annex B:    Election
        to Purchase

    Annex C:    Form of
        Certificated Warrant

    Annex D:    Authorized
        Representatives

    Annex E:    Form of
        Warrant Certificate Request Notice

     

    
      23

      
        

    

    ANNEX A

     

    [FORM OF GLOBAL CERTIFICATE]

     

    UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
      CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
      ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    PYXIS TANKERS INC.

      WARRANT CERTIFICATE

      NOT EXERCISABLE AFTER ______, 2025

     

    This certifies that [_______], or its registered assigns, is the registered owner of [__] Warrants. Each Warrant
      entitles its registered holder to purchase from Pyxis Tankers Inc., a Marshall Islands corporation (the “Company”), at any time prior to 5:00 P.M. (New York City
      time) on [____], 2025, one common share, par value $0.001 per share, of the Company (each, a “Warrant Share” and collectively, the “Warrant Shares”), at an exercise price of $1.40 per share, subject to possible adjustments as provided in the Warrant Agreement (as defined below).

    

    

    The terms and conditions of the Warrants and the rights and obligations of the holder of this Warrant Certificate
      are set forth in the Warrant Agency Agreement, dated as of [____], 2020 (the “Warrant Agreement”) between the Company and VStock Transfer, LLC (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of
      this Warrant Certificate. A copy of the Warrant Agreement is available for inspection during business hours at the office of the Warrant Agent. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to
      them in the Warrant Agreement.

     

    A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate at the
      designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the
      Warrant Agent may reasonably request and duly stamped as may be required by the laws of the State of New York and of the United States of America.

    

    

    The Company and the Warrant Agent may deem and treat the registered Holder(s) hereof as the absolute owner(s) of
      this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor
      the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company. 

    
      24

      
        

    

    

    

    

    

    This Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned
      by an authorized signatory of the Warrant Agent.

    

    

    [Signature Page Follows]

     

    
      25

      
        

    

    

    

    IN WITNESS WHEREOF, the parties hereto have caused this Warrant Certificate to be duly executed as of the date
      first written above.

    	 	
            Pyxis Tankers Inc.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    Dated: [●], 202[●]

    Countersigned:

    

    

    	
            VStock Transfer, LLC

          	 
	
            As Warrant Agent

          	 
	 	 	 
	
            By:

          	 	 
	
            Name:

          	 	 
	
            Title:

          	 	 

    

    

    

    

    
      26

      
        

    

    

    

    ANNEX B

    

    

    NOTICE OF EXERCISE

    	TO:	
            VSTOCK TRANSFER, LLC, AS WARRANT AGENT

          

    	

          	(1)	
            The undersigned hereby elects to purchase ________ Warrant Shares of Pyxis Tankers Inc. (the “Company”) pursuant to the terms of the attached Warrant (only if exercised in full), and
              tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

          

    	

          	(2)	
            Payment shall take the form of (check applicable box):

          

    [  ] in lawful money of the United States (check applicable box):

    [  ] Cashier’s check drawn on a United States bank, made payable to: [_________]; or

    [_] Wire transfer to:

    [WIRE INSTRUCTIONS]

    [  ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the
      formula set forth in subsection 3.3.6 of the Warrant Agreement, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 3.3.6 of the Warrant
      Agreement.

    	

          	(3)	
            Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

          

    

    

    	 	 	 

    

    

    The Warrant Shares shall be delivered to the following DWAC Account Number:

    

    

    	 	 	 
	 	 	 
	 	 	 

    

    

    [SIGNATURE OF HOLDER]

    Name of Investing Entity: _____________________________________________________________

      

    Signature of Authorized Signatory of Investing Entity: ______________________________________

      

    
      27

      
        

    

    

    

    

    

    Name of Authorized Signatory: _________________________________________________________

      

    Title of Authorized Signatory: __________________________________________________________

      

    Date:  _____________________________________________________________________________

      

    

    

    
      28

      
        

    

    ANNEX C

    

    

    [FORM OF CERTIFICATED WARRANT]

    

    

    WARRANT TO PURCHASE COMMON SHARES

     

    PYXIS TANKERS INC.

     

    	
            Warrant Shares: _______

          	
            Initial Exercise Date: [●] ___, [●]

          
	
             

          	
            Issue Date: [●] ___, 2020

          

     

    	
             

          	
            CUSIP: ______________

          
	
             

          	
             

          
	
             

          	
            ISIN: _______________

          

     

    THIS COMMON SHARE PURCHASE WARRANT (the “Warrant”)
      certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions
      hereinafter set forth, at any time on or after ___, 2020 (the “Initial Exercise Date”) and on or prior to the close of business on the five (5) year anniversary of the
      Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from PYXIS TANKERS INC., a Marshall Islands corporation (the “Company”), up to ______ Common Shares, par value $0.001
      per share, of the Company (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one Common Share under this Warrant shall be equal to the Exercise
      Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”)
      shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

     

    Section 1.          Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

     

    “Affiliate” means any Person that, directly or indirectly
      through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

     

    “Business Day” means any day except any Saturday, any
      Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

     

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

    

    

    “Common Share Equivalents” means any securities of the
      Company or its subsidiaries that would entitle the holder thereof to acquire at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or
      exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.

    
      29

      
        

    

    

    

    

    

    

    

    “Common Shares” means the Company’s common shares, par
      value $0.001 per share.

     

    “Exchange Act” means the Securities Exchange Act of 1934,
      as amended, and the rules and regulations promulgated thereunder.

     

    “Liens” means a lien, charge pledge, security interest,
      encumbrance, right of first refusal, preemptive right or other restriction.

     

    “Person” means an individual or corporation, partnership,
      trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

     

    “Proceeding” means an action, claim, suit, investigation
      or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

     

    “Registration Statement” means the Company’s registration
      statement on Form F-1 (File No. 333-[___]).

     

    “Rule 144” means Rule 144 promulgated by the Commission
      pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

     

    “Securities Act” means the Securities Act of 1933, as
      amended, and the rules and regulations promulgated thereunder.

     

    “Trading Day” means a day on which the Common Shares are
      traded on a Trading Market.

     

    “Trading Market” means any of the following markets or
      exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors
      to any of the foregoing).

     

    “Transfer Agent” means VStock Transfer, LLC, with a mailing address of 18 Lafayette Place, Woodmere, New York 11598,
      and a facsimile number of (646) 536-3179, and any successor transfer agent of the Company.

     

    “Warrant Agreement” means that certain Warrant Agency
      Agreement, dated as of the Issuance Date, between the Company and the Warrant Agent.

     

    “Warrant Agent” means the Transfer Agent and any successor
      warrant agent of the Company.

     

    “Warrants” means this Warrant and other Common Share
      Purchase Warrants issued by the Company pursuant to the Registration Statement.

     

     Section 2.          Exercise.

    
      30

      
        

    

    

    

    

    

     

    a)          Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
      time or times during the Exercise Period by delivery to the Warrant Agent of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto. Within the earlier of (i) two (2) Trading Days and (ii) the
      number of Trading Days comprising the Standard Settlement Period following the date of exercise as aforesaid, the Holder shall deliver, in accordance with the payment instructions in the Notice of Exercise, the aggregate Exercise Price for the shares
      specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original
      Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to
      physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for
      cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall
      have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares
      purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within two (2) Trading Days of receipt of such notice. The
        Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for
        purchase hereunder at any given time may be less than the amount stated on the face hereof.

     

    Notwithstanding the foregoing in this Section 2(a), a Holder whose interest in this Warrant is a beneficial interest in certificate(s)
      representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing
      corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right to elect to receive
      a Warrant in certificated form pursuant to the terms of the Warrant Agreement, in which case this sentence shall not apply.

     

    b)          Exercise Price. The
      exercise price per Common Share under this Warrant shall be $_____, subject to adjustment hereunder (the “Exercise Price”).

     

    c)          Cashless Exercise. If at
      the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in
      part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained (if such quotient would be a positive number) by dividing (A-B) (X) by (A), where:

    
      31

      
        

    

    

    

    

    

     

    (A) = the last VWAP immediately preceding the time of delivery of the Notice of Exercise giving rise to the
      applicable “cashless exercise”, as set forth in the applicable Notice of Exercise (to clarify, the “last VWAP” will be the last VWAP as calculated over an entire Trading Day such that, in the event that this Warrant is exercised at a time that the
      Trading Market is open, the prior Trading Day’s VWAP shall be used in this calculation);

    

    

    (B) = the Exercise Price of this Warrant, as adjusted hereunder; and

     

    (X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with
      the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

     

    Notwithstanding anything herein to the contrary, the Company shall not be
        required to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares. If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
        of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised.  The Company agrees not to take any position contrary to this Section 2(c).

     

    “VWAP” means, for any date, the price
      determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the
      Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the
      volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares
      are then reported in the “Pink Open Market” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases,
      the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
      which shall be paid by the Company.

     

    Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically
      exercised via cashless exercise pursuant to this Section 2(c).

     

    d)          Mechanics of Exercise.

     

    i.            Delivery of Warrant Shares Upon
          Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by either (1) crediting the account of the Holder’s or its designee’s balance account with DTC through its
      Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting
      the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or

    

    

    
      32

      
        

    

    

    

    (B) this Warrant is being exercised via cashless exercise, or (2) by delivery of a book-entry position, registered in the Company’s
      share register in the name of the Holder or its designee, in each case for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is
      earlier of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the
      “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the
      Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received the
      earlier of (i) two (2) Trading Days of and (ii) the number of Trading Days comprising the Standard Settlement Period following the delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares
      subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common
      Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until
      such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard
      Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.

     

    ii.         Delivery of New Warrants Upon
          Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new
      Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

     

    iii.         Rescission Rights. If the
      Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

    

    

     iv.         Compensation for Buy-In on Failure
          to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of
      Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date,

    

    

    
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    and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s
      brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
      then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1)
      the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed; provided, however, that the Holder provides reasonable evidence of the date and time of such
      sell order and such sell order occurred after the missed Warrant Share Delivery Date and prior to the delivery of the related Warrant Shares, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of
      Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and
      delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Shares with an aggregate sale price giving rise to such
      purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect
      of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of
      specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof. For the avoidance of doubt, except in the event of gross
      negligence or willful misconduct on its part, the Warrant Agent shall not be liable for any failure of the Company to timely deliver Warrant Shares pursuant to this Section 2(d)(iv).

     

    v.           No Fractional Shares or Scrip.
      No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, upon such
      exercise, round down to the next whole number of Warrant Shares to be issued to the Holder.

     

    vi.         Charges, Taxes and Expenses.
      Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such
      Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the Holder, this

    

    

    
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    Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the
      Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all
      fees to DTC (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

     

    vii.         Closing of Books. The
      Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

     

    e)          Holder’s Exercise Limitations.
      The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as
      set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would
      beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the
      number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of the remaining, non-exercised portion of
      this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company (including, without limitation, any other
      Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence,
      for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not
      representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained
      in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable
      shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
      Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In
      addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining
      the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company’s most recent periodic or annual report filed

    

    

    
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    with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
      the Company or the Transfer Agent setting forth the number of Common Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing (including by e-mail) to the Holder the
      number of Common Shares then outstanding.  In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its
      Affiliates or Attribution Parties since the date as of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or,
      upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of  the Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant. The Holder, upon notice
      to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of  the Common Shares outstanding immediately
      after giving effect to the issuance of Common Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the
      61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or
      any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations
      contained in this paragraph shall apply to a successor holder of this Warrant.

     

    Section 3.          Certain Adjustments.

     

    a)          Stock Dividends and Splits.
      If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Shares or any other equity or equity equivalent securities payable in Common Shares
      (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock
      split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of  the Common Shares any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the
      numerator shall be the number of Common Shares and such other capital stock of the Company(excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares such other
      capital stock of the Company(excluding treasury shares, if any) outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this
      Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
      effective immediately after the effective date in the case of a subdivision, combination or re-classification.

      

    
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    b)          Subsequent Rights Offerings.
      In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any
      class of Common Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights
      which the Holder could have acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
      Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the grant,
      issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled
      to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if
      ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

     

    c)          Extraordinary Dividends. If
      the Company, at any time during the Exercise Period, shall pay a dividend in cash, securities or other assets to all holders of Common Shares (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (i) as
      described in Sections 3(a), 3(b) or 3(d), or (ii) regular quarterly or other periodic dividends (any such non-excluded event being referred to herein as an “Extraordinary Dividend”),
      then the Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the quotient of (i) the gross amount of cash and/or fair market value (as determined by the Company’s Board of Directors, in
      good faith) of all securities or other assets paid to the holders of Common Shares (or other shares of the Company’s capital stock into which the Warrants are convertible) in respect of such Extraordinary Dividend divided by (ii) the sum of the
      number of Common Shares (or other shares of the Company’s capital stock into which the Warrants are exercisable) outstanding at the time of the Extraordinary Dividend plus the number of Common Shares then issuable upon exercise of all outstanding
      Warrants, provided, that the Exercise Price shall not be reduced below zero.

    

    

     d)          Fundamental Transaction.
      If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
      effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
      offer (whether by the Company or another Person) is completed pursuant to which all holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or
      more of the outstanding Common Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to
      which all outstanding Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or

    

    

    
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    indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination
      (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including
      any Common Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable
      upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the
      Company, if it is the surviving corporation, and such amount of cash or any other consideration (collectively, the “Alternate Consideration”) receivable as a result of such
      Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For
      purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental
      Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Shares are given
      any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
      Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing
      all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements prior or during such Fundamental Transaction. Upon the occurrence of any such Fundamental Transaction, the
      Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of the Warrants referring to the “Company” shall refer instead to the Successor Entity), and may exercise every
      right and power of the Company and shall assume all of the obligations of the Company under the Warrants with the same effect as if such Successor Entity had been named as the Company therein.

     

    e)         Calculations. All
      calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the
      sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.

     

    f)          Notice to Holder.

     

    i.            Adjustment to Exercise Price.
      Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or e-mail a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
      to the

    

    

    
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    number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. Provided, however, that the
      Company may satisfy this notice requirement in this Section 3(f) by filing such notice with the Commission pursuant to a Report on Form 6-K, or, to the extent that the Company is no longer subject to the reporting requirements of Section 13 or 15(d)
      of the Exchange Act, by posting such notice on the Company’s website.

     

    ii.         Notice to Allow Exercise by Holder.
      If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize
      the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any
      reclassification of the Common Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are
      converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by
      mail, facsimile or e-mail to the Holder at its last mailing address, facsimile number or e-mail address as it shall appear upon the Warrant Register of the Company, at least five (5) calendar days prior to the applicable record or effective date
      hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
      Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become
      effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation,
      merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent
      that any notice required to be provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a
      Report on Form 6-K. Provided such notice occurs within the Exercise Period, the Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice
      except as may otherwise be expressly set forth herein.

     

    Section 4.          Transfer of Warrant.

     

    
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    a)          Transferability. This
      Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form
      attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a
      new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant
      not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
        surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the
        Company assigning this Warrant full.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

    

    

    b)          New Warrants. If this
      Warrant is not held in global form through DTC (or any successor depository), this Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the
      names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall
      execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original Issuance Date of this Warrant
      and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

     

    c)          Warrant Register. The
      Warrant Agent shall register this Warrant, upon records to be maintained by the Warrant Agent for that purpose (the “Warrant Register”), in the name of the record Holder
      hereof from time to time. The Company and the Warrant Agent may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes,
      absent actual notice to the contrary.

     

    Section 5.          Miscellaneous.

     

    a)          No Rights as Stockholder Until
          Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section
      3.

     

    b)          Loss, Theft, Destruction or Mutilation
          of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in
      case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate
      of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

     

    
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    c)          Saturdays, Sundays, Holidays, etc.
      If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

    

    

    d)          Expenses Borne by Holder.  Subsequent to the Issuance Date, any and all costs incurred relating to transfers of Warrants or replacement of lost,
          stolen or mutilated Warrants shall be borne by the Holder of such Warrants.

     

    e)          Authorized Shares.

     

    The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
      unissued Common Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full
      authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such
      Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed. The Company covenants that all Warrant Shares which may be
      issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully
      paid and non-assessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

     

    Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including,
      without limitation, amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
      performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in
      this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par
      value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts
      to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

     

    
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    Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant
      is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

     

    f)          Governing Law. All
      questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
      conflict of laws thereof. Each party agrees that all legal Proceedings concerning the interpretation, enforcement and defense of this Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan
      (the “New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in
      connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any provision hereunder), and hereby irrevocably waives, and agrees not to assert in any suit, action or Proceeding, any
      claim that it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue for such Proceeding. If any party shall commence an action or Proceeding to enforce any provisions of this
      Warrant, then the prevailing party in such action or Proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or Proceeding.

    

    

    g)         Restrictions. The Holder
      acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

     

    h)          Nonwaiver and Expenses. No
      course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this
      Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
      expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate Proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
      hereunder.

     

    i)          Notices. Any and all
      notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or by e-mail, or sent by a nationally recognized
      overnight courier service, addressed to the Company, at:

    

    

    Pyxis Tankers Inc.

    59 K. Karamanli Street

    Maroussi 15125 Greece

    Attention: [______]

    Facsimile number: [______]

    E-mail address: [_______]

    
      42

      
        

    

    

    

    

    

    With a copy (which shall not constitute notice) to:

    

    

    Seward & Kissel LLP

    One Battery Park Plaza

    New York, New York 10004

    Attention: Keith Billotti, Esq.

    Facsimile No: (212) 480-8421

    E-mail: billotti@sewkis.com

    

    

    or such other facsimile number, e-mail address or address as the Company may specify for such purposes by notice to the Holders. Any
      and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, by facsimile, or sent by registered or certified mail or a nationally recognized overnight courier
      service addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the books of the Warrant Agent. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the
      earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth in this Section 5(i) prior to 5:30 p.m. (New York City time) on any Trading Day,
      (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth in this Section 5(i) on a day that is not a Trading Day or later
      than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is
      required to be given. Notwithstanding any other provision of this Warrant, where this Warrant provides for notice of any event to the Holder, if this Warrant is held in global form by DTC (or any successor depositary), such notice shall be
      sufficiently given if given to DTC (or any successor depositary) pursuant to the procedures of DTC (or such successor depositary), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant
      Agency Agreement, in which case this sentence shall not apply.

     

    j)         Warrant Agreement. If this
      Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agreement, the
      provisions of this Warrant shall govern and be controlling.

     

    k)         Limitation of Liability. No
      provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the
      purchase price of any Common Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

     

    l)          Remedies. The Holder, in
      addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
      for any loss incurred by reason of a breach by it of the provisions of this Warrant

    

    

    
      43

      
        

    

    

    

    and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be
      adequate.

     

    m)         Successors and Assigns.
      Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of
      Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

     

    n)          Amendment. This Warrant may
      be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and either: (i) the Holder or the beneficial owner of this Warrant, on the other hand, or (ii) the vote or written consent of the Holders
      of at least 50.1% of the then outstanding Warrants issued pursuant to the Warrant Agreement, on the other hand, provided that adjustments may be made to the Warrant terms and rights of this Warrant in accordance with Section 3 of this Warrant without
      the consent of any Holder or beneficial owner of the Warrants.

     

    o)          Severability. Wherever
      possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be
      ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

     

    p)          Headings. The headings used
      in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

    

    

    

    

     

    ********************

     

    (Signature Page Follows)

    
      44

      
        

    

    

    

     

    IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
      above indicated.

     

    	
             

          	
            PYXIS TANKERS INC.

          	 
	
             

          	
             

          	
             

          	 
	
             

          	
            By:

          	
             

          	 
	
             

          	
             

          	
            Name:

          	 
	
             

          	
             

          	
            Title:

          	 

     

     

    

    

    

    

    

    

    

    

    
      45

      
        

    

    

    

    NOTICE OF EXERCISE

     

    	 	
            TO:

          	
            VSTOCK TRANSFER, LLC, AS WARRANT AGENT

          

     

    	

          	(1)	
            The undersigned hereby elects to purchase ________ Warrant Shares of Pyxis Tankers Inc. (the “Company”) pursuant to the terms of the attached Warrant (only if exercised in full), and
              tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

          

    	

          	(2)	
            Payment shall take the form of (check applicable box):

          

    [  ] in lawful money of the United States (check applicable box):

    [  ] Cashier’s check drawn on a United States bank, made payable to: [_________]; or

    [_] Wire transfer to:

    [WIRE INSTRUCTIONS]

    [  ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the
      formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

    	

          	(3)	
            Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

          

    

    

    	 	 	 

    

    

    The Warrant Shares shall be delivered to the following DWAC Account Number:

    

    

    	 	 	 
	 	 	 
	 	 	 

    

    

    [SIGNATURE OF HOLDER]

    Name of Investing Entity: _________________________________________________

      

    Signature of Authorized Signatory of Investing Entity: ___________________________

      

    Name of Authorized Signatory: _____________________________________________

      

    
      46

      
        

    

    

    

    

    

    Title of Authorized Signatory: ______________________________________________

      

    Date: _______________________________      

      

    
      47

      
        

    

    

    

    ASSIGNMENT FORM

    

    

    (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to
      purchase shares.)

     

    FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

     

    	
            Name:

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
            (Please Print)

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            Address:

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
            (Please Print)

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            Phone Number:

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            E-mail Address:

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            Dated: _____________________ __, ______

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            Holder’s Signature:

          	
             

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          	
             

          
	
            Holder’s Address:

          	
             

          	
             

          	
             

          	
             

          

     

    
      

      

       

      

      

    

    
      48

      
        

    

    

    

    ANNEX D

     

    AUTHORIZED REPRESENTATIVES

     

    	
            Name

          	
             

          	
            Title

          	
             

          	
            Signature

          

     

     

    
      49

      
        

    

    

    

    ANNEX E

    

    

    FORM OF

    WARRANT CERTIFICATE REQUEST NOTICE

     

    	 	
            To:

          	
            VSTOCK TRANSFER, LLC, as Warrant Agent for PYXIS TANKERS INC. (the “Company”)

          

     

    The undersigned Holder of Common Share Purchase Warrants (“Warrants”)
      in the form of Global Warrants issued by the Company hereby elects to receive a Definitive Certificate evidencing the Warrants held by the Holder as specified below:

     

    	 	
            1)

          	
            Name of Holder of Warrants in form of Global Warrants:

          

    

    

    	 	
            2)

          	
            Name of Holder in Definitive Certificate (if different from name of Holder of Warrants in form of Global Warrants):

          

     

    	 	
            3)

          	
            Number of Warrants in name of Holder in form of Global Warrants:

          

     

    	 	
            4)

          	
            Number of Warrants for which Definitive Certificate shall be issued:

          

     

    	 	
            5)

          	
            Number of Warrants in name of Holder in form of Global Warrants after issuance of

          

     

    Definitive Certificate, if any:

     

    	 	
            6)

          	
            Definitive Certificate shall be delivered to the following address:

          

     

    	 
	 
	 
	 
	 
	 
	 

     

    The undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Definitive Certificate, the Holder
      is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Definitive Certificate.

     

    [SIGNATURE OF HOLDER]

     

    Name of Investing Entity: _____________________________________

     

    Signature of Authorized Signatory of Investing Entity: _____________________________

    
      50

      
        

    

    

    

     

    Name of Authorized Signatory: _____________________________________

     

    Title of Authorized Signatory: _____________________________________

     

    Date:____________________________________

     

    

    

  

  

  

  
  
  51Exhibit 10.13

    

  Dated: 8th July, 2020

  ALPHA BANK S.A.

  - and -

  SEVENTHONE CORP.

  	
          LOAN AGREEMENT

          for a secured floating interest rate

          loan facility of US$15,250,000

           

          

        
	
           

           

          

        

  
    
      

  

  

  TABLE OF CONTENTS

  	
          CLAUSE

        	
          HEADINGS

        	
          PAGE

        

  

  

  	
          1.

        	
          PURPOSE, DEFINITIONS AND INTERPRETATION

        	
          1

        
	 	 	 
	
          2.

        	
          THE LOAN

        	
          22

        
	 	 	 
	
          3.

        	
          INTEREST

        	
          25

        
	 	 	 
	
          4.

        	
          REPAYMENT - PREPAYMENT

        	
          29

        
	 	 	 
	
          5.

        	
          PAYMENTS, TAXES, LOAN ACCOUNT AND COMPUTATION

        	
          31

        
	 	 	 
	
          6.

        	
          REPRESENTATIONS AND WARRANTIES

        	
          34

        
	 	 	 
	
          7.

        	
          CONDITIONS PRECEDENT

        	
          40

        
	 	 	 
	
          8.

        	
          COVENANTS

        	
          44

        
	 	 	 
	
          9.

        	
          EVENTS OF DEFAULT

        	
          57

        
	 	 	 
	
          10.

        	
          INDEMNITIES - EXPENSES – FEES

        	
          63

        
	 	 	 
	
          11.

        	
          SECURITY, APPLICATION, AND SET-OFF

        	
          69

        
	 	 	 
	
          12.

        	
          UNLAWFULNESS, INCREASED COSTS AND BAIL-IN

        	
          71

        
	 	 	 
	
          13.

        	
          OPERATING ACCOUNT

        	
          73

        
	 	 	 
	
          14.

        	
          ASSIGNMENT, TRANSFER, PARTICIPATION, LENDING OFFICE

        	
          76

        
	 	 	 
	
          15.

        	
          MISCELLANEOUS

        	
          79

        
	 	 	 
	
          16.

        	
          NOTICES AND COMMUNICATIONS

        	
          83

        
	 	 	 
	
          17.

        	
          LAW AND JURISDICTION

        	
          85

        
	 	 	 

  SCHEDULE 1:      Form of Drawdown Notice

  SCHEDULE 2:      Form of Insurance Letter

  

  

  
    
      

  

  
  THIS AGREEMENT is dated the 8th day of July, 2020 made BETWEEN:

  
    	
            1.

          	
            ALPHA BANK S.A., a banking société anonyme incorporated in and pursuant to the laws of the Hellenic Republic with its head office at 40 Stadiou
              Street, Athens GR 102 52, Greece, acting, except as otherwise herein provided, through its office at 93 Akti Miaouli, Piraeus, Greece (hereinafter called the “Lender”, which expression shall include its successors and assigns); and

          

  

  
    	
            2.

          	
            SEVENTHONE CORP., a corporation duly incorporated in the Republic of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake
              Island, Majuro, Marshall Islands MH 96960 (hereinafter called the “Borrower”, which expression shall include its successors)

          

  

  AND IT IS HEREBY AGREED as follows:

  
    	
            1.

          	
            PURPOSE, DEFINITIONS AND INTERPRETATION

          

  

  
    	
            1.1

          	
            Amount and Purpose

          

  

  This Agreement sets out the terms and conditions upon and subject to which the Lender agrees to make available to the Borrower a loan facility of Fifteen million two hundred fifty
    thousand Dollars ($15,250,000) (approximately 60% of the Market Value of the Vessel) by way of one (1) Advance, to be used for the purpose of refinancing the Existing Indebtedness under the Existing Loan Agreement and for working capital purposes.

  
    	
            1.2

          	
            Definitions

          

  

  Subject to Clauses 1.3 (Interpretation) and
    Clause 1.4 (Construction of certain terms), in this Agreement (unless otherwise defined in the relevant Finance Document
    and unless the context otherwise requires) and the other Finance Documents each term or expression defined in the recital of the parties and in this Clause shall have the meaning given to it in the recital of the parties and in this Clause:

  “Account Pledge Agreement” means an agreement to be entered into between the
    Borrower and the Lender for the creation of a pledge over the Operating Account in favour of the Lender, in form and substance as the Lender may approve or require, as the same may from time to time be amended and/or supplemented;

  “Applicable Accounting Principles” means the GAAP or IFRS and practices consistently applied;

  “Advance” means each borrowing of a portion of the Commitment by the Borrower
    or (as the context may require) the principal amount of such borrowing;

  “Affiliate” means, in relation to any person, a subsidiary
    of that person or a parent company of that person or any other subsidiary of that parent company;

  “Alternative Rate” means a rate agreed between the Lender and the Borrower on the basis of which (instead of LIBOR) the
    interest rate is determined pursuant to Clause 3.6  (Market disruption – Non Availability);

  “Approved Auditor” means any of Ernst & Young, Price Waterhouse Coopers, Deloitte, Grant Thornton or any other
    independent and reputable auditor having requisite experience proposed by the Borrower and acceptable to the Lender and, “Approved Auditors” means any or all of them, as the context may
    require;

  
    1

    
      

  

  

  

  “Approved Commercial Manager” means for the time being Pyxis Maritime Corp., a company lawfully incorporated in, and validly existing under the laws of the Republic of the Marshall Islands, and having a licenced office established in Greece pursuant to the Greek
    laws 378/68, 27/75, 2234/94, 3752/09 and 4150/13 (as amended and in force at the date hereof) at 59 K. Karamanli Street, Maroussi 15125, Greece) or any other person appointed by the Borrower with the consent of the Lender, as the commercial manager of
    the Vessel, and includes its successors in title;

  “Approved Managers” means, for the time being, together, the Approved Commercial Manager and the Approved Technical
    Manager and “Approved Manager” means any of them, as the context may require;

  “Approved Manager's Undertaking” means a letter of undertaking including (inter alia)
    an assignment of the relevant Approved Manager's rights, title and interest in the Insurances of the Vessel executed or to be executed by that Approved Manager in favour of the Lender agreeing certain matters in relation to that Approved Manager
    serving as commercial or, as the case may be, technical manager of the Vessel and subordinating its rights against the Vessel and Borrower to the rights of the Lender under the Finance Documents, in form and substance as the Lender may approve or
    require, as the same may from time to time be amended and/or supplemented (together, the “Approved Managers' Undertakings”)

  “Approved Shipbrokers” means Golden Destiny, Fearnleys A/S, Clarksons Platou Hellas Ltd., Intermodal Shipbrokers Co. and
    Allied Shipbroking Inc. and any other first class independent firm of internationally known shipbrokers proposed by the Borrower and acceptable to the Lender, and “Approved Shipbroker” means
    any of them;

  “Approved Technical Manager” means for the time being International Tanker Management Ltd., a company lawfully incorporated in, and validly existing under the laws of Bermuda, and having its registered office at Victoria Place, 31 Victoria Street, Hamilton HM 10,
    Bermuda, represented by its branch office at 809 Executive Heights (Damac Bldg.), P.O. Box 24415, Tecom, Dubai, U.A.E., or any other person appointed by the Borrower with the consent of the Lender, as the technical manager of the Vessel, and includes
    its successors in title;

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

  “Assignable Charterparty” means any time or bareboat charterparty, consecutive voyage charter or contract of
    affreightment or related document in respect of the employment of the Vessel having a fixed duration  of more than 12 months (excluding any optional extensions) and any guarantee of the obligations of the charterer under such charter in respect of the
    Vessel, whether now existing or hereinafter entered or to be entered into by the Borrower or any person, firm or company on its behalf and a charterer, at a daily rate and on terms and conditions acceptable to the Lender (and shall include any addenda
    thereto;

  “Assignee” has the meaning ascribed thereto in Clause 14.3 (Assignment by the Lender);

  “Availability Period” means the period starting on the date hereof and ending on:

  
    	
            (a)

          	
            the 31st day of August, 2020 or until such later date as the Lender may agree in writing; or

          

  

  
    	
            (b)

          	
            on such earlier date (if any): (i) on which the whole Commitment has been advanced by the Lender to the Borrower, or (ii) on which the Commitment is reduced to zero pursuant to Clauses 3.6  (Market disruption – Non Availability), 9.2  (Consequences of Default – Acceleration), 12.1  (Unlawfulness) or any other Clause of this Agreement;

          

  

  
    2

    
      

  

  

  

  “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;

        

  “Balloon Instalment” means the part of the Loan amounting to Nine million two hundred and fifty thousand Dollars
    ($9,250,000);

  “Banking Day” means a day (other than a Saturday or Sunday) on which banks are open for general business:

  	

        	(a)	
          in London, New York, Athens and Piraeus regarding the fixing of any interest rate which is required to be determined under this Agreement or any Finance Document;

        

  	

        	(b)	
          in New York, Athens and Piraeus in respect of any payment which is required to be made under a Finance Document; and

        

  	

        	(c)	
          in Athens, Piraeus and in each country or place in or at which an act is required to be done under this Agreement in accordance with the usual practice of the Lender regarding any other action to be taken under this Agreement or any other
            Finance Document;

        

  “Basel II Accord” means the “International Convergence of Capital Measurement and
      Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement;

  “Basel II Approach” means either the Standardised Approach or the relevant Internal Ratings Based Approach (each as
    defined in the Basel II Accord) adopted by the Lender (or its holding company) for the purposes of implementing or complying with the Basel II Accord;

  “Basel II Regulation” means (a) any law or regulation implementing the Basel II Accord (including the relevant
    provisions of CRD IV and CRR) to the extent only such law or regulation re-enacts and/or implements the requirement of the Basel II Accord but excluding any provision of such law or regulation implementing the Basel III Accord or (b) any Basel II
    Approach adopted by the Lender(s);

  “Basel III Accord” means:

  	

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

        

  	

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

        

  
    3

    
      

  

  

  

  	

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

        

  “Basel III Regulation” means any law or regulation implementing the Basel III Accord save and to the extent that it
    re-enacts a Basel II Regulation;

  “Beneficial Shareholder(s)” means in respect of each of the Borrower and the
    Corporate Guarantor, the person or persons disclosed to the Lender as being the ultimate legal and beneficial owner or owners (either directly and/or through companies beneficially owned by such person or persons or members of his/her direct family
    and/or trusts or foundations of which such person or persons or members of his/her direct family are legal and beneficial owners) of 100% of the shares and the voting rights attaching to those shares and the legal ownership of those shares in the
    Borrower and at least 40% in the Corporate Guarantor;

  “Borrower” means the Borrower as specified in the beginning of this Agreement;

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

  
    	
            (a)

          	
            the interest (excluding Margin)  which the Lender should have received for the period from the date of receipt of all or any part of its participation in the Loan or the relevant part of it or any sum due and
              payable but unpaid by a Security Party under the Security Documents to the last day of the current Interest Period in respect of the Loan or the relevant part of it or any sum due and payable but unpaid by a Security Party under the Security
              Documents, had the principal amount received been paid on the last day of that Interest Period;

          

  

  exceeds:

  
    	
            (b)

          	
            the amount which the Lender would be able to obtain by placing an amount equal to the principal amount or the relevant part of it or any sum due and payable but unpaid by a Security Party under the Security
              Documents received by it on deposit with a leading bank in the London Interbank Market for a period starting on the Banking Day following receipt or recovery and ending on the last day of the current Interest Period;

          

  

  “Charterparty Assignment” means an assignment of the rights of the Borrower under any Assignable Charterparty and any
    guarantee of such Assignable Charterparty executed or to be executed by the Borrower in favour of the Lender and the acknowledgement of notice of the assignment in respect of such Assignable Charterparty to be given (on best effort basis by the
    Borrower) in form and substance as the Lender may approve or require, as the same may from time to time be amended and/or supplemented, and “Charterparty Assignments” means all of them;

  “Classification” means in respect of the Vessel, the classification referred to
    in the Mortgage with the Classification Society or such other Classification Society as the Lender shall, at the request of the Borrower, have agreed in writing shall be treated as the Classification Society for the purposes of the Finance Documents;

  “Classification Society” means such classification society which is a member of
    IACS and which the Lender shall, at the request of the Borrower, have agreed in writing to be treated as the Classification Society for the purposes of the Finance Documents;

  “Commitment” means the amount which the Lender has agreed to lend to the Borrower under Clause 2.1 (Commitment to Lend) as reduced pursuant to any relevant term of this Agreement;

  “Commitment Letter” means the Commitment Letter dated 25th June, 2020
    addressed by the Lender to the Corporate Guarantor and the Approved Manager and shall include any amendments or addenda thereto;

  
    4

    
      

  

  

  

  “Compulsory Acquisition” means requisition for title or other compulsory
    acquisition, requisition, appropriation, expropriation, deprivation, forfeiture or confiscation for any reason of the Vessel, whether for full or part consideration, a consideration less than its proper value, a nominal consideration or without any
    consideration, which is effected by any Government Entity or other competent authority, whether de jure or de facto, but shall exclude requisition for use or hire not involving requisition of title;

  “Corporate Guarantee” means the irrevocable and unconditional guarantee executed or (as the context may require) to be
    executed by the Corporate Guarantor as a security for the Outstanding Indebtedness and any and all other obligations of the Borrower under this Agreement and the Security Documents, in form and substance satisfactory to the Lender as the same may from
    time to time be amended and/or supplemented;

  “Corporate Guarantor” means Pyxis Tankers Inc., a corporation lawfully incorporated in, and validly existing under the laws of the Republic of the Marshall Islands and/or any other person nominated by the Borrower and acceptable to the Lender which may give a
    Corporate Guarantee, and includes its successors in title;

  “CRD IV” means:

  
    	
            (a)

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

          

  

  	

        	(b)	
          any other law or regulation which implements Basel III;

        

  “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, as amended, supplemented or restated;

  “Deed of Release” means a deed releasing the Existing Security in form and substance as the Lender may approve or
    require;

  “Default” means any Event of Default or any event which with the giving of notice or lapse of time or the satisfaction
    of any other condition (or any combination thereof) would constitute an Event of Default;

  “Default Rate” means that rate of interest per annum which is determined in accordance with the provisions of Clause 3.4
    (Default Interest);

  “DOC” means a document of compliance issued to an Operator in accordance with rule 13 of the ISM Code;

  “Dollars” (and the sign “$”)

    means the lawful currency for the time being of the United States of America;

  “Drawdown Date” means the date, being a Banking Day, requested by the Borrower for the Loan to be made available, or (as
    the context requires) the date on which the Loan is actually made available;

  “Drawdown Notice” means a notice substantially in the terms of Schedule 1 (Form of
      Drawdown Notice) (or in any other form which the Lender approves);

  
    5

    
      

  

  

  

  “Earnings” means all moneys whatsoever which are now, or later become, payable (actually or contingently) to the
    Borrower and which arise out of the use or operation of the Vessel, including (but not limited to), all freight, hire and passage moneys, compensation payable to the Owner in the event of requisition of the Vessel for hire, remuneration for salvage and
    towage services, demurrage and detention moneys, contributions of any nature whatsoever in respect of general average, damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Vessel
    and any other earnings whatsoever due or to become due to the Owner in respect of the Vessel and all sums recoverable under the Insurances in respect of loss of Earnings and includes, if and whenever the Vessel is employed on terms whereby any and all
    such moneys as aforesaid are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing agreement which is attributable to the Vessel;

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

  “Environmental Affiliate” means any agent or employee of the Borrower or any other Relevant Party or any person having a
    contractual relationship with the Borrower or any other Relevant Party in connection with any Relevant Ship or her operation or the carriage of cargo thereon;

  “Environmental Approval” means any consent, authorisation, licence or approval of any governmental or public  body or
    authorities or courts applicable to any Relevant Ship or her operation or the carriage of cargo thereon and/or passengers therein and/or provisions of goods and/or services on or from any Relevant Ship required under any Environmental Law;

  “Environmental Claim” means:

  
    	
            (a)

          	
            any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or which relates to any Environmental Law; or

          

  

  
    	
            (b)

          	
            any claim by any other person which relates to an Environmental Incident,

          

  

  and “claim” means a claim for damages, compensation, fines, penalties or any other payment of any kind which exceeds
    $600,000 (or the equivalent in any other currency) per incident;

  “Environmental Incident” means (i) any release of Material of Environmental Concern from the Vessel, (ii) any incident
    in which Material of Environmental Concern is released from a vessel other than the Vessel and which involves collision between the Vessel and such other vessel or some other incident of navigation or operation, in either case, where the Vessel, the
    Borrower or the Approved Managers (or any of them) are/is actually or allegedly at fault or otherwise liable (in whole or in part) or (iii) any other incident in which Material of Environmental Concern is released from a vessel other than the Vessel
    and where the Vessel is actually or potentially liable to be arrested as a result and/or where the Borrower or the Approved Managers (or any of them) are/is actually or allegedly at fault or otherwise liable to any legal or administrative action;

  “Environmental Laws” means all national, international and state laws, rules, regulations, treaties and conventions
    applicable to  any Relevant Ship pertaining to the pollution or protection of human health or the environment including, without limitation, the carriage or Materials of Environmental Concern and actual or threatened emissions, spills, releases or
    discharges of Materials of Environmental Concern and actual or threatened emissions, spills, releases or discharges of Materials of Environmental Concern from any Relevant Ship (including, without limitation, the United States Oil Pollution Act of 1990
    and any comparable laws of the individual States of the United States of America);

  
    6

    
      

  

  

  

  “Existing Indebtedness” means, at any date, the part of the aggregate outstanding Financial Indebtedness owed by the
    Borrower, as borrower, on that date under the Existing Loan Agreement;

  “Existing Loan Agreement” means the loan agreement dated October 12, 2012  and
    made between the Existing Lender, as lender, and, inter alia, the Borrower, as borrower, in respect of a term loan facility of (initially) $21,300,000 the outstanding amount of which as at the date hereof is
    $11,294,283 as amended from time to time;

   “Existing Lender” means Hamburg Commercial Bank AG, of Germany;

   “Existing Security” means any Security Interests created to secure the Existing Indebtedness;

  “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 set out in Clause 9 (Events) or described as such in any of the Finance Documents;

  “Expenses” means the aggregate at any relevant time (to the extent that the same have not been received or recovered by
    the Lender) of:

  	

        	(a)	
          all losses, liabilities, costs, charges, expenses, damages and outgoings of whatever nature, (including, without limitation, Taxes, repair costs, registration fees and insurance premiums, crew wages, repatriation expenses and seamen's
            pension fund dues) suffered, incurred, charged to or paid or committed to be paid by the Lender in connection with the exercise of the powers referred to in or granted by any of the Finance Documents or otherwise payable by the Borrower in
            accordance with the terms of any of the Finance Documents;

        

  	

        	(b)	
          the expenses referred to in Clause 10.2 (Expenses); and

        

  	

        	(c)	
          interest on all such losses, liabilities, costs, charges, expenses, damages and outgoings from, in the case of Expenses referred to in sub-paragraph (b) above, the date on which such Expenses were demanded by the Lender from the Borrower and
            in all other cases, the date on which the same were suffered, incurred or paid by the Lender until the date of receipt or recovery thereof (whether before or after judgement) at the Default Rate (as conclusively certified by the Lender but
            always absent manifest error);

        

  “FATCA” means:

  
    	
            (a)

          	
            sections 1471 to 1474 of the US Internal Revenue Code of 1986 (the “Code”) or any associated regulations or other associated official guidance;

          

  

  
    	
            (b)

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

          

  

  
    	
            (c)

          	
            any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction;

          

  

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

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

  
    7

    
      

  

  

  

  “Final Maturity Date” means the fifth (5th) anniversary of the Drawdown Date;

  “Finance Documents” means this Agreement, the Security Documents, the Insurance Letter and any other document designated
    as such by the Lender and the Borrower;

  “Financial Indebtedness” means, in relation to a person (the “debtor”), a
    liability of the debtor:

  

  

  
    	
            (a)

          	
            for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

          

  

  
    	
            (b)

          	
            under any loan stock, bond, note or other security issued by the debtor;

          

  

  
    	
            (c)

          	
            under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

          

  

  
    	
            (d)

          	
            under a financial lease, a deferred purchase consideration arrangement or any other agreement having the commercial effect of a borrowing or raising of money by the debtor;

          

  

  
    	
            (e)

          	
            under any interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual
              liabilities, the liability of the debtor for the net amount; or

          

  

  
    	
            (f)

          	
            under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within (a) to (e) if the references to the debtor referred to the other
              person;

          

  

  “Financial Year” means, in relation to the Borrower, each period of 1 year
    commencing on 1st January thereof in respect of which financial statements referred to in Clause 8.1(e) (Financial statements) are or ought to be prepared;

  “Flag State” means the Republic of Malta or such other state or territory
    proposed in writing by the Borrower to the Lender and approved by the Lender (such approval not to be unreasonably withheld, especially when requested for trading purposes), as being the Flag State of the Vessel for the purposes of the Finance
    Documents;

  “GAAP” means generally accepted accounting principles in the United States of
    America;

  “General Assignment” means the first priority deed of assignment of the Earnings, Insurances and Requisition
    Compensation collateral to the Mortgage executed or (as the context may require) to be executed by the Borrower in favour of the Lender, in form and substance as the Lender may approve or require, as the same may from time to time be amended and/or
    supplemented;

  “Group” means, together, the Corporate Guarantor and its
    direct or indirect Subsidiaries (including the Borrower) from time to time during the Security Period and “Group Member” means any member of the Group;

  “Government Entity” means and includes (whether having a distinct legal personality or not) any national or local
    government authority, board, commission, department, division, organ, instrumentality, court or agency and any association, organisation or institution of which any of the foregoing is a member or to whose jurisdiction any of the foregoing is subject
    or in whose activities any of the foregoing is a participant;

  “Governmental Withholdings” means withholdings and any restrictions or
    conditions resulting in any charge whatsoever imposed, either now or hereafter, by any sovereign state or by any political sub-division or taxing authority of any sovereign state;

  
    8

    
      

  

  

  

  “Insurance Letter” means a letter from the Borrower in the form of Schedule 2 (Form of
      Insurance Letter);

  “Insurances” means all policies and contracts of insurance (including, without limitation, all entries of the Vessel in
    a protection and indemnity, hull and machinery, war risks or other mutual insurance association) which are from time to time in place or taken out or entered into by or for the benefit of the Owner (whether in the sole name of the Owner or in the joint
    names of the Owner and the Lender, however without the Lender being liable for payment of premiums, contributions or calls) in respect of the Vessel and its earnings or otherwise howsoever in connection with the Vessel and all benefits of such policies
    and/or contracts (including all claims of whatsoever nature and return of premiums);

  “Interest Payment Date” means in respect of the Loan or any part thereof in respect of which a separate Interest Period
    is fixed the last day of the relevant Interest Period and in case of any Interest Period longer than three (3) months the date(s) falling at successive three (3) monthly intervals during such longer Interest Period and the last day of such Interest
    Period, provided, however, that if any of the aforesaid dates falls on a day which is not a Banking Day the Borrower shall pay the accrued interest on the first Banking Day thereafter unless the result of such extension would be to carry such
    Interest Payment Date over into another calendar month in which event such Interest Payment Date shall be the immediately preceding Banking Day;

  “Interest Period” means in relation to the Loan or any part thereof, each period for the calculation of interest in
    respect of the Loan or such part ascertained in accordance with Clauses 3.2 (Selection of Interest Period) and 3.3  (Determination of Interest Periods);

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

  “ISM Code” means in relation to its application to the Borrower, the Vessel, the Approved Managers and her operation:

  	

        	(a)	
          “The International Management Code for the Safe Operation of Ships and for Pollution Prevention”, currently known or referred to as the “ISM Code”, adopted by
            the Assembly of the International Maritime Organisation by Resolution A. 741(18) on 4th November, 1993 and incorporated on 19th May, 1994 into chapter IX of the International Convention for the Safety of Life at Sea 1974
            (SOLAS 1974); and

        

  	

        	(b)	
          all further resolutions, circulars, codes, guidelines, regulations and recommendations which are now or in the future issued by or on behalf of the International Maritime Organisation or any other entity with responsibility for implementing
            the ISM Code, including without limitation, the “Guidelines on implementation or administering of the International Safety Management (ISM) Code by Administrations” produced by the International Maritime
            Organisation pursuant to Resolution A. 788(19) adopted on 25th November, 1995, as the same may be amended, supplemented or replaced from time to time;

        

  “ISM Code Documentation” includes:

  	

        	(a)	
          the DOC and SMC issued by the Classification Society in all respects acceptable to the Lender in its absolute discretion pursuant to the ISM Code in relation to the Vessel within the period specified by the ISM Code;

        

  	

        	(b)	
          all other documents and data which are relevant to the ISM SMS and its implementation and verification which the Lender may require by request; and

        

  	

        	(c)	
          any other documents which are prepared or which are otherwise relevant to establish and maintain the Vessel's or the Borrower's compliance with the ISM Code which the Lender may require by request;

        

  
    9

    
      

  

  

  

  “ISM SMS” means the safety management system which is required to be developed, implemented and maintained under the ISM
    Code;

  “ISPS Code” means the International Ship and Port Security Code of the International Maritime Organization and includes
    any amendments or extensions thereto and any regulation issued pursuant thereto;

  “ISSC” means an International Ship Security Certificate issued in respect of the Vessel pursuant to the ISPS Code;

  “Lending Office” means the office of the Lender appearing at the beginning of this Agreement or any other office of the
    Lender designated by the Lender as the Lending Office by notice to the Borrower;

  “Lender” means the Lender as specified in the beginning of this Agreement and includes its successors in title and
    transferees;

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

  
    	
            (a)

          	
            the applicable Screen Rate at or about 11.45 a.m. (London time) on  the Quotation Day for Dollars and for a period equal in length to the Interest Period then applicable to the Loan or that part of
              the Loan; or

          

  

  
    	
            (b)

          	
            as otherwise determined pursuant to Clause3.6(d) (Negotiation of alternative rate of interest),

          

  

  
    	

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

          

  

  “Loan” means the aggregate principal amount borrowed by the Borrower in respect of the Commitment or (as the context may
    require) the principal amount thereof owing to the Lender under this Agreement at any relevant time;

  “Major Casualty” means any casualty to the Vessel in respect whereof the claim or the aggregate of the claims against
    all insurers, before adjustment for any relevant franchise or deductible, exceeds the Major Casualty Amount;

  “Major Casualty Amount” means Six hundred thousand Dollars ($600,000) or the
    equivalent in any other currency;

  “Management Agreement” in relation to the Vessel means the agreement made
    between the Borrower and the relevant Approved Manager providing (inter alia) for that Approved Manager to manage the Vessel (together, the “Management
      Agreements”);

  “Margin” means three point three five percent (3.35%) per annum;

  “Market Value” means the market value of the Vessel as determined in accordance with Clause 8.5(b) (Valuation of Vessel);

  “Material Adverse Change” means any event or series of events which, in the opinion of the Lender, is likely to have a
    Material Adverse Effect;

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

  
    	
            (a)

          	
            the business, property, assets, liabilities, operations or financial condition (of the Borrower and/or any other Security Party taken as a whole;

          

  

  
    10

    
      

  

  

  

  
    	
            (b)

          	
            the ability of the Borrower and/or any other Security Party to (i) comply with or perform any of its obligations or (ii) discharge any of its liabilities, under any Finance Document as they fall due; or

          

  

  
    	
            (c)

          	
            the validity, legality or enforceability of any Finance Document or the rights and remedies of the Lender under any Finance Document;

          

  

  Provided that the Total Loss of the Vessel shall not be considered as an event having a Material Adverse Effect on (a), (b) or (c) hereinabove so long as the Borrower complies with Clause 4.3.

  

  

  “Material of Environmental Concern” means and includes pollutants, contaminants, toxic substances, oil as defined in the
    United States Oil Pollution Act of 1990 and all hazardous substances as defined in the United States Comprehensive Environmental Response, Compensation and Liability Act 1988;

  “MII” and “MAPI” have the meaning given in Clause 10.7 (MII and MAPI costs);

  “month” means a period beginning in one calendar month and ending in the next calendar month on the day numerically
    corresponding to the day of the calendar month on which it started, provided that (i) if the period started on the last Banking Day in a calendar month or if there is no such numerically corresponding day, it shall end on the last Banking Day
    in such next calendar month and (ii) if such numerically corresponding day is not a Banking Day, the period shall end on the next following Banking Day in the same calendar month but if there is no such Banking Day it shall end on the preceding Banking
    Day and “months” and “monthly” shall be construed accordingly;

  “Mortgage” means the first priority ship mortgage on the Vessel and the deed of
    covenant supplemental thereto, both to be executed by the Borrower in favour of the Lender in form and substance as the Lender may approve or require, as the same may from time to time be amended and/or supplemented;

  “Operating Account” means the account opened or to be opened and maintained in the name of the Borrower with the Lending
    Office or with any other branch or office of the Lender or with such other bank as may be required by and at the discretion of the Lender pursuant to Clause 13.7 (Relocation
        of Operating Account) and shall include any sub-accounts or call accounts (whether in Dollars or any other currency) opened under the same designation or any revised designation or number from
    time to time notified by the Lender to the Borrower, to which (inter alia) all Earnings of the Vessel and/or any other moneys are to be paid in accordance with the provisions of this Agreement and/or the General Assignment and/or any of the other
    Finance Documents;

  “Operating Expenses” means the voyage and operating expenses
    of the Vessel, including, but not limited to, the expenses for operating, crewing, victualing, insuring, maintaining, repairing and generally trading the Vessel (and if applicable, voyage expenses), the expenses for spares, administration and
    management of the Vessel (inclusive of the management fees), the expenses for complying with requirements of the Classification Society and/or with any regulatory requirements as well as the reserves that the Borrower, acting reasonably, considers
    necessary for the commercial operation of the Vessel and the costs of intermediate and special surveys and dry docking of the Vessel;

  “Operator” means any person who is from time to time during the Security Period concerned in the operation of the Vessel
    and falls within the definition of “Company” set out in rule 1.1.2. of the ISM Code;

  
    11

    
      

  

  

  

  “Outstanding Indebtedness” means the aggregate of (a) the Loan and interest accrued and accruing thereon, (b) the
    Expenses, (c) all other sums of any nature (together with all interest on any of those sums) which from time to time may be payable by the Borrower to the Lender pursuant to the Finance Documents, whether actually or contingently, (d) any damages
    payable as a result of any breach by the Borrower of any of the Finance Documents and (e) any damages or other sums payable as a result of any of the obligations of the Borrower under or pursuant to any of the Finance Documents being disclaimed by a
    liquidator or any other person, or, where the context permits, the amount thereof for the time being outstanding;

  “Owner” means the Borrower;

  “Party” means a party to this Agreement, and “Parties” means
    any or all of them, as the context may require;

   “Permitted Financial Indebtedness” means:

  
    	

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

          

  

   

  

  	

        	(b)	
          any shareholders' loans, including any loans made by the Corporate Guarantor, which are unsecured and fully subordinated to all Financial Indebtedness incurred under the Finance Documents in writing pursuant to a subordination agreement
            acceptable to the Lender ;

        

  	

        	(c)	
          any Financial Indebtedness owing to an Approved Manager, subject to the Borrower ensuring on or prior to incurring such Financial Indebtedness, that the rights of the relevant creditor thereunder are fully subordinated to the rights of the
            Lender hereunder in writing pursuant to a subordination agreement acceptable to the Lender; and

        

  	

        	(d)	
          any Financial Indebtedness incurred in the ordinary course of owning, operating, maintaining, repairing and trading the Vessel or for the purposes of complying with requirements of the Classification Society and/or with any regulatory
            requirements.

        

  
    	

          	
            “Permitted Security Interests” means:

          

  

  
    	
            (a)

          	
            Security Interests created by the Finance Documents;

          

  

  
    	
            (b)

          	
            until the Drawdown Date, the Existing Security;

          

  

  
    	
            (c)

          	
            liens for unpaid master's and crew's wages in accordance with usual maritime practice;

          

  

  
    	
            (d)

          	
            liens for salvage;

          

  

  
    	
            (e)

          	
            liens arising by operation of law for not more than one month's prepaid hire under any charter in relation to the Vessel not prohibited by this Agreement;

          

  

  
    	
            (f)

          	
            liens for master's disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of the
              Vessel, provided such liens do not secure amounts more than 90 days overdue (unless the overdue amount is being contested by the Borrower in good faith by appropriate steps) and, in the case of liens for repair or maintenance, in the Vessel
              is put in the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed the Major Casualty Amount provided that (i) either that person has first given to the Lender(s) and in terms
              satisfactory to it a written undertaking not to exercise any lien on the Vessel or her earnings for the cost of such work or (ii) the previous consent of the Lender shall have been obtained (which consent shall not be unreasonably withheld);

          

  

  
    12

    
      

  

  

  

  
    	
            (g)

          	
            any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration as security for costs and expenses while the Borrower is actively prosecuting or defending such proceedings
              or arbitration in good faith; and

          

  

  
    	
            (h)

          	
            Security Interests arising by operation of law in respect of taxes which are not overdue for payment or in respect of taxes being contested in good faith by appropriate steps and in respect of which appropriate
              reserves have been made;

          

  

  “Pledged Deposit” has the meaning ascribed thereto in Clause 8.1(j) (Pledged Deposit);

  “Quotation Day” means, in respect of any Interest Period in respect of which an
    interest rate is to be determined, the date falling two (2) Banking Days before the first day of that Interest Period unless market practice differs in the London interbank market, in which case the Quotation Day will be determined by the Lender in
    accordance with market practice in the London interbank market (and if quotations would normally be given by leading banks in the London interbank market on more than one day, the Quotation Day will be the last of those days);

  “Registry” means the offices of such registrar, commissioner or representative of the Flag State who is duly authorised
    to register the Vessel, the Borrower's title to the Vessel and the Mortgage over the Vessel under the laws and flag of the Flag State;

  “Regulatory Agency” means the Government Entity or other organization in the relevant Flag State which has been
    designated by the government of the relevant Flag State to implement and/or administer and/or enforce the provisions of the ISM Code;

  “Related Company” means any company or other entity which is an Affiliate of the
    Borrower and “Related Companies” means any or all of them, as the context may require;

  “Relevant Jurisdiction” means any jurisdiction in which or where any Security Party is incorporated, resident,
    domiciled, has a permanent establishment, carries on, or has a place of business or is otherwise effectively connected;

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

  “Relevant Party” means the Borrower and each of the Borrower's Related
    Companies, and “Relevant Parties” means any or all of them, as the context may require;

  “Relevant Ship” means the Vessel and any other vessel from time to time (whether
    before or after the date of this Agreement) owned, managed or crewed by, or chartered to, any Relevant Party, and “Relevant Ships” means

    any or all of them, as the context may require;

  “Repayment Date” means each of the dates specified in Clause 4.1 (Repayment) on which the Repayment Instalments shall be payable by the Borrower to the Lender (together, the “Repayment

      Dates”);

  “Repayment Instalment” means each instalment of the Loan which becomes due for repayment by the Borrower to the Lender
    on a Repayment Date pursuant to Clause 4.1 (Repayment) (together, the “Repayment Instalments”);

  
    13

    
      

  

  

  

  “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 Lender and the Borrower, generally accepted in the international loan markets as the appropriate successor to a Screen Rate; or

          

  

  	

        	(c)	
          in the opinion of the Lender and the Borrower, an appropriate successor to a Screen Rate;

        

  “Requisition Compensation” means all sums of money or other compensation from time to time payable during the Security
    Period by reason of Compulsory Acquisition of the Vessel otherwise than by requisition for hire;

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

  “Sanctions” means any economic, financial or trade sanctions laws, regulations, embargoes or other restrictive measures
    adopted, administered, enacted or enforced by any Sanctions Authority, or otherwise imposed by any law or regulation compliance with which is reasonable in the ordinary course of business of the Borrower, any other Security Party and the Lender or to
    which the Borrower, any other Security Party and the Lender are subject (which shall include without limitation, any extra-territorial sanctions imposed by law or regulation of the United States of America);

  “Sanctions Authority” means:

  
    	
            (a)

          	
            the government of the United States of America;

          

  

  
    	
            (b)

          	
            the United Nations;

          

  

  
    	
            (c)

          	
            the European Union (or the governments of any of its member states);

          

  

  
    	
            (d)

          	
            the United Kingdom; or

          

  

  
    	
            (e)

          	
            the respective governmental institutions and agencies of any of the foregoing including the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”), the United States Department of State, the United States Department of Commerce and Her Majesty's Treasury;

          

  

  “Sanctions Restricted Jurisdiction” means any country or territory which is the subject of country-wide or
    territory-wide Sanctions, including as at the date of this Agreement, Iran, Sudan, Syria, Crimea, North Korea, Venezuela and Cuba.

  
    14

    
      

  

  
    	

          	
             

            

            “Sanctions Restricted Person” means a person or vessel:

          

  

  
    	
            (a)

          	
            that is, or is directly or indirectly, owned or controlled (as such terms are defined by the relevant Sanctions Authority) by, or acting on behalf of, one or more persons or entities on any list (each as
              amended, supplemented or substituted from time to time) of restricted entities, persons or organisations (or equivalent) published by a Sanctions Authority;

          

  

  
    	
            (b)

          	
            that is located or resident in or incorporated under the laws of, or owned or controlled by, a person located or resident in or incorporated under the laws of a Sanctions Restricted Jurisdiction; or

          

  

  	

        	(c)	
          that is otherwise the subject of Sanctions;

        

  
    	

          	
            “Screen Rate” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the
              administration of that rate) for Dollars for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson
              Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Lender may
              specify another page or service displaying the relevant rate after consultation with the Borrower;

          

  

  
    	

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

          

  

  
    	
            (a)

          	
            the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Lender and the Borrower, materially changed;

          

  

  	

        	(b)	
          (i)

        

  
    	
            (A)

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

          

  

  
    	
            (B)

          	
            information is published in any order, decree, notice, petition or filing, however described, or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial
              body which reasonably confirms that the administrator of that Screen Rate is insolvent,

          

  

  provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate;

  	

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

        

  	

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

        

  	

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

        

  	

        	(v)	
          in the opinion of the Lender and the Borrower, that Screen Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement;

        

  
    15

    
      

  

  

  

  “Security Documents” means:

  
    	
            (a)

          	
            the Account Pledge Agreement;

          

  

  
    	
            (b)

          	
            the Approved Manager's Undertakings;

          

  

  
    	
            (c)

          	
            the General Assignment;

          

  

  
    	
            (d)

          	
            the Mortgage;

          

  

  
    	
            (e)

          	
            the Charterparty Assignment in respect of any Assignable Charterparty;

          

  

  
    	
            (f)

          	
            the Corporate Guarantee; and

          

  

  
    	
            (g)

          	
            any other document (whether creating a Security Interest or not) which is executed at any time by the Borrower or the other Security Parties or any other person as security for, or to establish any form of
              subordination or priorities arrangement in relation to, the whole or any part of the Outstanding Indebtedness and/or any and all other obligations of the Borrower pursuant to this Agreement and other moneys from time to time owing or payable
              under or in connection with this Agreement to the Lender or any of the documents referred to in this definition as each such document may from time to time be amended and/or supplemented, and “Security Document” means any of them as the
              context may require;

          

  

  “Security Party” means each of the Borrower, the Corporate Guarantor, the Approved Commercial Manager and any other
    person (except the Lender, any charterer and any Approved Technical Manager) who, as a surety or mortgagor, as a party to any subordination or priorities arrangement, or in any similar capacity, executes a document falling within the last paragraph of
    the definition of “Finance Documents”, and “Security Parties” means any or all of them, as the context may require;

  “Security Period” means the period commencing on the Drawdown Date and
    ending on the date on which the Lender notifies the Borrower and the other Security Parties that:

  
    	
            (a)

          	
            all amounts which have become due for payment by the Borrower or any other Security Party under the Finance Documents have been paid;

          

  

  
    	
            (b)

          	
            no amount is owing or has accrued (without yet having become due for payment) under any Finance Document; and

          

  

  
    	
            (c)

          	
            neither the Borrower nor any other Security Party has any future or contingent liability under Clauses 11 (Indemnities-
                  Expenses-Fees) or 5 (Payments, Taxes, Loan Account and
                  Computation) or any other provision of this Agreement or another Finance Document;

          

  

  “Security Requirement” means the amount in Dollars (as certified by the Lender
    whose certificate shall, in the absence of manifest error, be conclusively binding on the Borrower) which is at any relevant time equal to the Security Requirement Ratio;

  “Security Requirement Ratio” means one hundred and twenty five (125%) of the
    Loan outstanding at the relevant time;

  “Security Value” means the amount in Dollars (as certified by the Lender whose
    certificate shall, in the absence of manifest error, be conclusive and binding on the Borrower) which, at any relevant time is the aggregate of (i) the Market Value of the Vessel as most recently determined in accordance with Clause 8.5(b) (Valuation of Vessel) and (ii) the market value of any additional security provided under Clause 8.5(a) (Security shortfall-Additional security) and accepted by the Lender (if any) and (iii) the amount of the Pledged Deposit
    referred to in Clause 8.1(j) (Pledged Deposit) standing to the credit of the
    Operating Account at the relevant time;

  
    16

    
      

  

  

  

  “SMC” means a safety management certificate issued in respect of the Vessel in accordance with rule 13 of the ISM Code;

  “Subsidiary” of a person means any company or entity directly or indirectly controlled by such person;

  “Taxes” includes all present and future taxes, levies, imposts, duties, fees or charges of whatever nature together with
    interest thereon and penalties in respect thereof (except taxes concerning the Lender and/or imposed on the overall net income of the Lender) and “Taxation” shall be construed accordingly;

  “Total Loss” means:

  	

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

        

  
    	
            (b)

          	
            the Compulsory Acquisition of the Vessel; or

          

  

  

  

  
    	
            (c)

          	
            any condemnation of the Vessel by any tribunal or by any person or persons claiming to be a tribunal, or capture, seizure, confiscation, arrest or detention of the Vessel (other than where the same amounts to
              the Compulsory Acquisition of the Vessel) by any Government Entity, or by persons acting on behalf of any Government Entity or otherwise, unless it is within one hundred and twenty (120) days from the date of such occurrence released and
              restored to the full control of the Borrower; and

          

  

  

  

  	

        	(d)	
          any arrest, capture, seizure, confiscation or detention of the Vessel (including any hijacking or theft or piracy or related incident) unless it is within one hundred and eighty (180) days from the date of such occurrence redelivered to the
            full control of the Borrower;

        

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

  
    	
            (a)

          	
            in the case of an actual loss of the 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 the Vessel, the earliest of:

          

  

  
    	
            (i)

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

          

  

  	

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

        

  
    	
            (c)

          	
            in the case of the Compulsory Acquisition of the Vessel, on the date upon which the relevant requisition of title or other compulsory acquisition occurs;

          

  

  
    	
            (d)

          	
            in the case of, condemnation, capture, seizure, confiscation, arrest, or detention of such Vessel (other than where the same amounts to Compulsory Acquisition of such Vessel) by any Government Entity, or by
              persons acting on behalf of any Government Entity, which deprives its Owner of the use of such Vessel for more than one hundred twenty (120) days, upon the expiry of the period of one hundred twenty (120) days after the date upon which the
              relevant, condemnation, capture, seizure or confiscation, arrest or detention occurred; and

          

  

  
    	
            (f)

          	
            in the case of hijacking, capture, seizure or confiscation of a Vessel arising as a result of a piracy or related incident upon the expiry of the period of one hundred eighty (180) days after the occurrence
              thereof;

          

  

  
    17

    
      

  

  

  

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

   “US” means the United States of America;

  “US Tax Obligor” means:

  
    	
            (a)

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

          

  

  
    	
            (b)

          	
            a Security Party some or all of whose payments under the Finance Documents are from sources within the United States for US Federal income tax purposes;

          

  

  “Vessel” means the oil tanker motor vessel “PYXIS THETA” of approximately 30,159 gt and 13,926 nt, built in 2013 in Korea and having IMO No. 9657064, registered under the laws and flag of the Flag State in the ownership of the Borrower with Official/IMO No. 9657064,
    together with all her boats, engines, machinery tackle outfit spare gear fuel consumable and other stores belongings and appurtenances whether on board or ashore and whether now owned or hereafter acquired and all the additions, improvements and
    replacements in or on the above described vessel; and

  “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:

        

  	

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

        

  	

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

        

  	

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

        

  	

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

        

  	

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

        

  
    18

    
      

  

  

  

  
    	
            1.3

          	
            Interpretation

          

  

  In this Agreement:

  
    	
            (a)

          	
            Clause headings and the table of contents are inserted for convenience of reference only and in interpreting a Finance Document or any provision of a Finance Document, all Clause, sub-Clause and other headings
              in that and any other Finance Document shall be entirely disregarded;

          

  

  
    	
            (b)

          	
            subject to any specific provision of this Agreement or of any assignment and/or participation or syndication agreement of any nature whatsoever, reference to each of the parties hereto and to the other Finance
              Documents shall be deemed to be reference to and/or to include, as appropriate, their respective successors and permitted assigns;

          

  

  
    	
            (c)

          	
            where the context so admits, words in the singular include the plural and vice versa;

          

  

  
    	
            (d)

          	
            the words “including” and “in particular” shall not be construed as limiting the generality of any foregoing words;

          

  

  
    	
            (e)

          	
            references to (or to any specified provisions of) a Finance Document or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as it may from time to time be
              amended, restated, novated or replaced, however fundamentally, whether before the date of this Agreement or otherwise;

          

  

  
    	
            (f)

          	
            references to Clauses and Schedules are to be construed as references to the Clauses of, and the Schedules to, the relevant Finance Document and references to a Finance Document include all the terms of that
              Finance Document and any Schedules, Annexes or Appendices thereto, which form an integral part of same;

          

  

  
    	
            (g)

          	
            references to the opinion of the Lender or a determination or acceptance by the Lender or to documents, acts, or persons acceptable or satisfactory to the Lender or the like shall be construed as reference to
              opinion, determination, acceptance or satisfaction of the Lender at the sole discretion of the Lender and such opinion, determination, acceptance or satisfaction of the Lender shall be conclusive and binding on the Borrower;

          

  

  
    	
            (h)

          	
            references to a “regulation” include any present or future regulation, rule, directive, requirement, request or guideline (whether or not having the
              force of law) of any of any governmental or intergovernmental body, agency, authority, central bank or government department or any self-regulatory or other national or supra-national authority or organisation and includes (without
              limitation) any Basel II Regulation or Basel III Regulation;

          

  

  
    	
            (i)

          	
            references to any person include such person's assignees and successors in title; and

          

  

  
    	
            (j)

          	
            references to or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Agreement or otherwise;

          

  

  
    	
            1.4

          	
            Construction of certain terms

          

  

  In this Agreement:

  “asset” includes every kind of property, asset, interest or right, including any present, future or contingent right to
    any revenues or other payment;

  “company” includes any partnership, joint venture and unincorporated association;

  
    19

    
      

  

  

  

  “consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration,
    notarisation and legalisation;

  “continuing”, in relation to any Default or any Event of Default, means that the Default or the Event of Default has not
    been remedied or waived;

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

  “control” of an entity means:

  
    	
            (a)

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

          

  

  
    	
            (i)

          	
            cast, or control the casting of, more than 50 per cent of the maximum number of votes that might be cast at a general meeting of that entity; or

          

  

  
    	
            (ii)

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

          

  

  
    	
            (iii)

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

          

  

  
    	
            (b)

          	
            the holding beneficially of more than 50 per cent of the issued share capital of that entity (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a
              distribution of either profits or capital) (and, for this purpose, any Security Interest over share capital shall be disregarded in determining the beneficial ownership of such share capital);

          

  

  and controlled shall be construed accordingly;

  “document” includes a deed; also a letter or fax;

  “guarantee” means any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation,
    direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or
    assist the ability of such person to meet its indebtedness and “guaranteed” shall be construed accordingly;

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

  “liability” includes every kind of debt or liability (present or future, certain or contingent), whether incurred as
    principal or surety or otherwise;

  “person” includes any individual, firm, company, corporation, unincorporated body of persons or any state, political
    sub-division or any agency thereof and local or municipal authority and any international organisation;

  “policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing
    the contract of insurance or its terms;

  
    20

    
      

  

  

  

  “regulation” includes any regulation, rule, official directive, request or guideline whether or not having the force of
    law of any governmental, intergovernmental or supranational body, agency, department or regulatory, self‐regulatory or other authority or organisation;

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

  “successor” includes any person who is entitled (by assignment, novation, merger or otherwise) to any other person's
    rights under this Agreement or any other Finance Document (or any interest in those rights) or who, as administrator, liquidator or otherwise, is entitled to exercise those rights; and in particular references to a successor include a person to whom
    those rights (or any interest in those rights) are transferred or pass as a result of a merger, division, reconstruction or other reorganisation of it or any other person;

  “tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any
    political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine; and

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

  
    	
            1.5

          	
            Same meaning

          

  

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

  
    	
            1.6

          	
            Inconsistency

          

  

  Unless a contrary indication appears, in the event of any inconsistency between the terms of this Agreement and the terms of any other Finance Document when dealing with the same
    or similar subject matter (other than as relates to the creation and/or perfection of security) are subject to the terms of this Agreement and, in the event of any conflict between any provision of this Agreement and any provision of any Finance
    Document (other than in relation to the creation and/or perfection of security) the provisions of this Agreement shall prevail.

  
    	
            1.7

          	
            Finance Documents

          

  

  Where any other Finance Document provides that Clause 1.3 (Interpretation) and Clause 1.4 (Construction of certain terms), shall apply to that Finance
    Document, any other provision of this Agreement which, by its terms, purports to apply to all or any of the Finance Documents and/or any Security Party shall apply to that Finance Document as if set out in it but with all necessary changes.

  
    21

    
      

  

  

  

  
    	
            2.

          	
            THE LOAN

          

  

  
    	
            2.1

          	
            Commitment to Lend

          

  

  The Lender, relying upon (inter alia) each of the representations and warranties set forth in Clause 6 (Representations

        and warranties) and in each of the Security Documents, agrees to lend to the Borrower in one (1) Advance and upon and subject to the terms of this Agreement, the amount specified in Clause 1.1 (Amount and Purpose) and the Borrower shall apply all amounts borrowed under the Commitment in accordance with Clause 1.1 (Amount and Purpose).

  
    	
            2.2

          	
            Drawdown Notice and Commitment to Borrow

          

  

  Subject to the terms and conditions of this Agreement, the Commitment shall be advanced to the Borrower following receipt by the Lender from the Borrower of a Drawdown Notice not
    later than 10:00 a.m. (London time) on the second Banking Day before the date on which the drawdown is intended to be made.

  
    	
            2.3

          	
            Drawdown Notice irrevocable

          

  

  A Drawdown Notice must be signed by a director or a duly authorised attorney-in-fact of the Borrower and shall be effective on actual receipt thereof by the Lender and, once
    served, it, subject as provided in Clause 3.6 (Market disruption – Non Availability), cannot be revoked without the prior
    consent of the Lender.

  
    	
            2.4

          	
            Number of Advances Agreed

          

  

  The Commitment shall be advanced to the Borrower in one (1) Advance and any amount undrawn under the Commitment shall be cancelled and may not be borrowed by the Borrower at a
    later date.

  
    	
            2.5

          	
            Disbursement

          

  

  Upon receipt of the Drawdown Notice complying with the terms of this Agreement the Lender shall, subject to the provisions of Clause 7  (Conditions precedent), on the date specified in the Drawdown Notice, make the Commitment available to the Borrower, and payment to the Borrower shall be made to the
    account which the Borrower specifies in the Drawdown Notice.

  
    	
            2.6

          	
            Application of Proceeds

          

  

  Without prejudice to the Borrower's obligations under Clause 8.1(c) (Use of Loan proceeds), the Lender is not bound to monitor or verify the application of any amount borrowed pursuant to this Agreement and shall have no responsibility for the application of the proceeds of the Loan (or any part
    thereof) by the Borrower.

  
    	
            2.7

          	
            Termination Date of the Commitment

          

  

  Any part of the Commitment undrawn and uncancelled at the end of the Availability Period shall thereupon be automatically cancelled.

  
    22

    
      

  

  
  

  

  
    	
            2.8

          	
            Evidence

          

  

  It is hereby expressly agreed and admitted by the Borrower that abstracts or photocopies of the books of the Lender as well as statements of accounts or a certificate signed by an
    authorised officer of the Lender shall be conclusive binding and full evidence, save for manifest error, on the Borrower as to the existence and/or the amount of the at any time Outstanding Indebtedness, of any amount due under this Agreement, of the
    applicable interest rate or Default Rate or any other rate provided for or referred to in this Agreement, the Interest Period, the value of additional securities under Clause 8.5(a) (Security shortfall-Additional security), the payment or non-payment of any amount. Nevertheless, enforcement procedures or any other court or out-of-court procedure can be commenced by
    the Lender on the basis of the above mentioned means of evidence including written statements or certificates of the Lender.

  
    	
            2.9

          	
            Cancellation

          

  

  The Borrower may, cancel any undrawn part of the Commitment under this Agreement upon giving the Lender not less than five (5) Banking Days' notice in writing to that effect, provided,

      that no Drawdown Notice has been given to the Lender under Clause 2.2 (Drawdown Notice and Commitment to Borrow) for

    the full amount of the Commitment or in respect of the portion thereof in respect of which cancellation is required by the Borrower.  Any such notice of cancellation, once given, shall be irrevocable. Any amount cancelled may not be drawn.
    Notwithstanding any such cancellation pursuant to this Clause 2.9 the Borrower shall continue to be liable for any and all amounts due to the Lender under this Agreement including without limitation any amounts due to the Lender under Clause 10 (Indemnities - Expenses – Fees).

  
    	
            2.10

          	
            No security or lien from other person

          

  

  The Borrower has not taken or received, and the Borrower undertakes that until all moneys, obligations and liabilities due, owing or incurred by the Borrower under this Agreement
    and the Security Documents have been paid in full, it will not take or receive, any security or lien from any other Security Party.

  
    	
            2.11

          	
            Disbursement of the Commitment to the Existing Lender

          

  

  
    	
            (a)

          	
            Notwithstanding the foregoing provisions of this Clause 2, in the event that any part of the Commitment is required to be drawn down prior to the satisfaction of the requirements of Clause 7 (Conditions precedent) and remitted to the Existing Lender, the Lender may in its absolute discretion agree to
              remit such amount to the Existing Lender by MT103 prior to the satisfaction of the requirements of Clause 7 (Conditions precedent) expressly subject to the following conditions:

          

  

  
    	
            (i)

          	
            such amount is remitted to the Existing Lender to be held by it in an account in the Lender's name and/or to the order of the Lender (the “deposit account”);

          

  

  
    	
            (ii)

          	
            the principal amount (the “deposited amount”) of such funds will only be released to the Existing Lender strictly in accordance with the Lender's
              instructions set out in the SWIFT payment instructions of the relevant MT199 (together herein, the “SWIFT Instructions”) of the Lender to the Existing Lender;

          

  

  
    	
            (iii)

          	
            the deposited amount so released may be used only for payment to the account of the Existing Lender in satisfaction of the Existing Indebtedness; and

          

  

   

   

   

  
    23

    
      

  

  

  

  
    
      	
              (iv)

            	
              in the event that:

            

    

    
      	
              a)

            	
              no part of the said amount so remitted is released (whether on the expected closing date or thereafter) in accordance with the SWIFT instructions or any part thereof is not so released in satisfaction of the
                Existing Indebtedness,  or

            

    

    
      	
              b)

            	
              the Existing Lender fails to remit (or to order the remittance of, as applicable) the said amount and any earned interest to the Operating Account and/or any other account designated by the Lender in
                accordance with the SWIFT Instructions:

            

    

    (1) the continued failure of the Existing Lender to comply with the SWIFT instructions shall be deemed to be an Event of Default for the purposes of this Agreement and (2) the Borrower shall
      forthwith upon demand by the Lender pay to the Lender such amounts that may be certified by the Lender as being the amount required to indemnify the Lender in respect of any cost transferred to the Lender in relation to the deposited amount from the
      date of payment thereof to the Existing Lender to the date of disbursement of the deposited amount to the Existing Lender or the refund of the deposited amount to the Lender less the amount (if any) of the earned interest received by the Lender from
      the Existing Lender.

  

  
    	
            (v)

          	
            Without prejudice to the obligations of the Borrower to indemnify the Lender on demand, the Lender shall in good faith take reasonable and proper steps diligently to seek recovery of the deposited amount from
              the Existing Lender (provided that prior to taking such action the Borrower shall have agreed to indemnify the Lender for all costs and expenses which may be incurred in seeking recovery of such amount, including, without limitation,
              all legal fees and disbursements reasonably and properly incurred) and if the Lender shall recover any part of the deposited amount (and provided that it has previously recovered full indemnification under Clause 2.11(a)(iv)) the
              Lender shall, so long as no Event of Default has occurred and is continuing, pay to the Borrower the amount so recovered after subtracting any tax suffered or incurred thereon or Expenses incurred by the Lender.

          

  

  
    	
            (vi)

          	
            The Lender shall have no liability whatsoever to the Borrower or any other person for any loss caused by the Existing Lender's failure for any reason whatsoever to remit the said amount and any earned interest
              to the designated account or to comply fully in accordance with the SWIFT Instructions.

          

  

  
    	
            (vii)

          	
            Any amounts remitted by the Existing Lender to the Lender and returned pursuant to this Clause 2.11 will be applied as follows, and express authority is hereby given by the Borrower to the Lender to make such
              application, in case the repayment of the Existing Indebtedness has not been effected, these amounts together, if needed,  with the amount of the Pledged Deposit, shall be applied in or towards prepayment of the Outstanding Indebtedness in
              full, and, following such prepayment,  the remaining amount (if any) shall be freely available to the Borrower.

          

  

  
    	
            (b)

          	
            The provisions of Clause 4.5 (Amounts payable on prepayment) shall apply to any prepayment of the Loan made under this
              Clause 2.11.

          

  

  
    24

    
      

  

  

  

  
    	
            3.

          	
            INTEREST

          

  

  
    	
            3.1

          	
            Normal Interest Rate

          

  

  The Borrower shall pay interest on the Loan (or as the case may be, each portion thereof to which a different Interest Period relates) in respect of each Interest Period (or part
    thereof) on each Interest Payment Date.  The interest rate for the calculation of interest shall be the rate per annum determined by the Lender to be the aggregate of (i) the Margin and (ii) LIBOR for such Interest Period, unless there is an
    Alternative Rate in which case the interest rate for the calculation of interest shall be the rate per annum determined by the Lender to be the aggregate of (i) the Margin and (ii) the Alternative Rate.

  
    	
            3.2

          	
            Selection of Interest Period

          

  

  
    	
            (a)

          	
            Notice:  The Borrower may by notice received by the Lender not later than 10:00 a.m. (London time) on the second Banking Day before the beginning of each Interest Period specify (subject to Clause 3.3 (Determination of Interest Periods)) whether such Interest Period shall have a duration of one (1) or two (2) or three (3) months (or such other period as
              may be requested by the Borrower and as the Lender, in its sole discretion, may agree to).

          

  

  
    	
            (b)

          	
            Non-availability of matching deposits for Interest Period selected:  If, after the Borrower has selected an Interest Period longer than 3 months, the Lender notifies the Borrower by 10.00 a.m. (London
              time) on the third Banking Day before the commencement of the Interest Period that it is not satisfied that deposits in Dollars for a period equal to the Interest Period will be available to it in the London Interbank Market when the Interest
              Period commences, the Interest Period shall be of such duration as the Lender may advise the Borrower in writing.

          

  

  
    	
            3.3

          	
            Determination of Interest Periods

          

  

  Every Interest Period shall, subject to market availability to be conclusively determined by the Lender, be of the duration specified by the Borrower pursuant to Clause 3.2 (Selection of Interest Period) but so that:

  
    	
            (a)

          	
            Initial Interest Period: the initial Interest Period applicable to the Loan will commence on the Drawdown Date and each subsequent Interest Period will commence forthwith upon the expiry of the preceding
              Interest Period;

          

  

  
    	
            (b)

          	
            Interest Period overrunning Repayment Date(s): if any Interest Period would otherwise overrun one or more Repayment Dates, then, in the case of the last Repayment Date, such Interest Period shall end on
              such Repayment Date, and in the case of any other Repayment Date or Dates the Loan shall be divided into parts so that there is one part equal to the amount of the Repayment Instalment due on each Repayment Date falling during that Interest
              Period and having an Interest Period ending on the relevant Repayment Date and another part equal to the amount of the balance of the Loan having an Interest Period determined in accordance with Clause 3.2 (Selection of Interest Period) and the other provisions of this Clause 3.3 and the expression “Interest
                Period in respect of the Loan” when used in this Agreement refers to the Interest Period in respect of the balance of the Loan; and

          

  

  
    	
            (c)

          	
            Failure to notify: if the Borrower fails to specify the duration of an Interest Period in accordance with the provisions of Clause 3.2 (Selection of Interest Period) and this Clause 3.3, such Interest Period shall have a duration of three (3) months unless another period shall be agreed between the Lender and
              the Borrower provided, always, that such period (whether of three months or different duration) shall comply with this Clause 3.3.

          

  

  
    25

    
      

  

  

  

  
    	
            3.4

          	
            Default Interest

          

  

  
    	
            (a)

          	
            Default interest: If the Borrower fails to pay any sum (including, without limitation, any sum payable pursuant to this Clause 3.4) on its due date for payment under any of the Finance Documents, the
              Borrower shall pay interest on such sum from the due date up to the date of actual payment (as well after as before judgement) at the rate determined by the Lender pursuant to this Clause 3.4.  The period beginning on such due date and ending
              on such date of payment shall be divided into successive periods of not more than three (3) months as selected by the Lender each of which (other than the first, which shall commence on such due date) shall commence on the last day of the
              preceding such period.  The rate of interest applicable to each such period shall be the aggregate (as determined by the Lender) of (i) two per cent (2%), per annum, (ii) the Margin and (iii) LIBOR.  Such interest shall be due and payable on
              the last day of each such period as determined by the Lender and each such day shall, for the purposes of this Agreement, be treated as an Interest Payment Date, provided that if such unpaid sum is of principal which became due and payable by
              reason of a declaration by the Lender under Clause 9.2 (Consequences of Default – Acceleration) or a
              prepayment pursuant to Clauses  4.3 (Compulsory Prepayment in case of Total Loss or sale of the Vessel), 8.5(a)
              (Security shortfall-Additional security) and 12.1 (Unlawfulness)  on a date other than an Interest Payment Date relating thereto, the first such period selected by the Lender shall be of a duration equal to
              the period between the due date of such principal sum and such Interest Payment Date and interest shall be payable on such principal sum during such period at a rate two per cent (2%) above the rate applicable thereto immediately before it
              fell due.  If for the reasons specified in Clause 3.6 (Market disruption – Non Availability), the Lender is
              unable to determine a rate in accordance with the foregoing provisions of this Clause 3.4 (Default interest), interest on any sum not paid on its due
              date for payment shall be calculated at a rate determined by the Lender to be two per cent (2%) per annum above the aggregate of (i) the Margin and (ii) the Alternative Rate.

          

  

  
    	
            (b)

          	
            Compounding of default interest:  Any such interest which is not paid at the end of the period by reference to which it was determined shall be compounded semi-annually.

          

  

  
    	
            3.5

          	
            Notification of Interest and interest rate

          

  

  The Lender shall notify the Borrower promptly of the duration of each Interest Period and of each rate of interest determined by it under this Clause 3 without prejudice to the
    right of the Lender to make determinations at its sole discretion, but this shall not be taken to imply that the Borrower is liable to pay such interest only with effect from the date of the Lender's notification. However, omission of the Lender to
    make such notification (without the application of the Borrower) will not constitute and will not be interpreted as if to constitute a breach of obligation of the Lender except in case of wilful misconduct.

  
    	
            3.6

          	
            Market disruption – Non Availability

          

  

  	

        	(a)	
          Market Disruption Event: If and whenever, at any time prior to the commencement of any Interest Period, the Lender (in its discretion) shall have determined (which determination shall be conclusive in the absence of manifest error)
            that a Market Disruption Event has occurred in relation to the Loan for any such Interest Period, then the Lender shall forthwith give notice thereof (a “Determination Notice”) to the
            Borrower and the rate of interest on the Loan (or the relevant part thereof) for that Interest Period shall be the percentage rate per annum which is the sum of:

        

  	

        	(i)	
          the Margin; and

        

  
    26

    
      

  

  

  

  	

        	(ii)	
          the rate which expresses as a percentage rate per annum the cost to the Lender of funding the Loan (or the relevant part thereof) from whatever source it may select.

        

  	

        	(b)	
          Suspension of drawdown:  If the Determination Notice is given before the Commitment (or a part thereof) is advanced, the Lender's obligation to make the Commitment (or a part thereof) available shall be suspended while the
            circumstances referred to in the Determination notice continue.

        

  	

        	(c)	
          Meaning of “Market Disruption Event”: In this Agreement “Market Disruption Event” means:

        

  	

        	(i)	
          at or about noon on the Quotation Day for the relevant Interest Period no Screen Rate is available for LIBOR for Dollars; and/or

        

  	

        	(ii)	
          before close of business in London on the Quotation Day for the relevant Interest Period, the Lender determines (in its sole discretion) that the cost to it of obtaining matching deposits in the London Interbank Market to fund the Loan (or
            the relevant part thereof) for such Interest Period would be in excess of the Screen Rate for such Interest Period; and

        

  	

        	(iii)	
          before close of business in London on the Quotation Day for the relevant Interest Period, deposits in Dollars are not available to the Lender in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the
            Loan (or the relevant part thereof) for such Interest Period.

        

  	

        	(d)	
          Negotiation of alternative rate of interest:  If the Determination Notice is served after the Loan is borrowed, the Borrower and the Lender shall enter into negotiations (for a period of not more than 15 days after the date on which
            the Lender serves the Determination Notice (the “Negotiation Period”) and shall use reasonable endeavours to agree, an alternative interest rate or (as the case may be) an alternative
            basis for the Lender to fund or continue to fund the Loan during the Interest Period concerned. During the Negotiation Period the Lender shall set an Interest Period and interest rate representing the Cost of Funding of the Lender in Dollars,
            in each case as determined by the Lender, of the Loan plus the Margin.

        

  	

        	(e)	
          Application of agreed alternative rate of interest: Any alternative interest rate or an alternative basis which is agreed during the Negotiation Period shall be binding on the Lender and all
            Security Parties and shall take effect in accordance with the terms agreed.

        

  	

        	(f)	
          Alternative basis of interest in absence of agreement: If the Lender and the Borrower will not enter into negotiations as provided in Clause 3.6(d)(i) or if an alternative interest rate or alternative basis is not agreed within the
            Negotiation Period, and the relevant  circumstances are continuing at the end of the Negotiation Period, then the Lender shall set the following Interest Period and an interest rate representing the cost of funding of the Lender in Dollars of
            the Loan (or the relevant part thereof) plus the Margin for such Interest Period; if the relevant circumstances are continuing at the end of the Interest Period so set by the Lender, the Lender shall continue to set the following Interest
            Period and an interest rate representing its cost of funding in Dollars of the Loan (or the relevant part thereof) plus the Margin for such Interest Period until such time as the circumstances specified in Sub-Clause 3.6(a) (Market Disruption Event) shall no longer exist, whereupon the normal rate of interest shall apply.

        

  	

        	(g)	
          Notice of prepayment: If the Borrower does not agree with an interest rate set by the Lender under Clause 3.6(f) (Alternative basis of interest in absence
                of agreement), the Borrower may give the Lender not less than 5 Banking Days' notice of its intention to prepay the Loan at the end of the interest period set by the Lender.

        

  
    27

    
      

  

  

  

  	

        	(h)	
          Prepayment; termination of Commitment: A notice under Clause 3.6(g) (Notice of prepayment) shall be
            irrevocable; and on the last Banking Day of the interest period set by the Lender the Borrower shall prepay (without premium or penalty) the Loan, together with accrued interest thereon at the applicable interest rate and the balance of the
            Outstanding Indebtedness.

        

  	

        	(i)	
          Application of prepayment:  The provisions of Clause 4 (Repayment-Prepayment) shall apply in relation
            to the prepayment made hereunder.

        

  	3.7	
          Replacement of Screen Rate

        

  
    	
            (a)

          	
            If a Screen Rate Replacement Event has occurred in relation to the Screen Rate for dollars, any amendment or waiver which relates to:

          

  

  
    	
            (i)

          	
            providing for the use of a Replacement Benchmark in relation to that currency in place of that Screen Rate ; and

          

  

  
    	
            (ii)

          	

          

  

  
    	
            (1)

          	
            aligning any provision of any Finance Document to the use of that Replacement Benchmark;

          

  

  
    	
            (2)

          	
            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);

          

  

  
    	
            (3)

          	
            implementing market conventions applicable to that Replacement Benchmark;

          

  

  
    	
            (4)

          	
            providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

          

  

  
    	
            (5)

          	
            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 without the consent of the Borrower.

          

  

  
    28

    
      

  

  

  

  
    	
            4.

          	
            REPAYMENT - PREPAYMENT

          

  

  
    	
            4.1

          	
            Repayment

          

  

  The Borrower shall and it is expressly undertaken by the Borrower to repay the Loan by (a) twenty (20) consecutive quarterly Repayment Instalments (the “Repayment Instalments”) to be repaid on each of the Repayment Dates so that the first Repayment Instalment is repaid on the date falling three (3) months after the Drawdown Date and each of the subsequent ones consecutively falling due
    for payment on each of the dates falling three (3) months after the immediately preceding Repayment Date with the last (the 20th) of such Repayment Instalments falling due for payment on the Final Maturity Date and (b) the Balloon Instalment
    falling due for payment on the Final Maturity Date; subject to the provisions of this Agreement the amount of each of such Repayment Instalments shall be Dollars Three hundred thousand ($300,000);

  provided, that (a) if the last Repayment Date would otherwise fall after the Final Maturity Date, the last Repayment Date shall be the Final Maturity Date, (b) in the event
    that the Commitment is not drawn down in full by the last day of the Availability Period, the amount of each of the Repayment Instalments shall be proportionally reduced, (c) there shall be no Repayment Dates after the Final Maturity Date, (d) on the
    Final Maturity Date the Borrower shall also pay to the Lender any and all other moneys then due and payable under this Agreement and the other Finance Documents and (e) if any of the Repayment Instalments shall become due on a day which is not a
    Banking Day, the due date therefor shall be extended to the next succeeding Banking Day unless such Banking Day falls in the next calendar month in which event such due date shall be the immediately preceding Banking Day.

  
    	
            4.2

          	
            Voluntary Prepayment

          

  

  The Borrower shall have the right, upon giving the Lender not less than five (5) days' notice in writing, to prepay, without penalty or prepayment fee, part or all of the Loan, in
    each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrower to the Lender hereunder or pursuant to the other Finance Documents and all interest accrued thereon, provided, that:

  
    	
            (a)

          	
            the giving of such notice by the Borrower will irrevocably commit the Borrower to prepay such amount as stated in such notice;

          

  

  
    	
            (b)

          	
            if the Borrower shall request consent to make such prepayment on a day other than the last day of an Interest Period the Borrower will pay, in addition to the amount to be prepaid, any such sum as may be
              payable to the Lender pursuant to Clause 10.1  (Indemnity);

          

  

  
    	
            (c)

          	
            each such prepayment shall be in an amount of $100,000 or a whole multiple thereof or the balance of the Loan and will be applied by the Lender in or towards pro-rata prepayment of the Balloon Instalment and
              the remaining Repayment Instalments;

          

  

  
    	
            (d)

          	
            every notice of prepayment shall be effective only on actual receipt (including by fax or electronic mail) by the Lender, shall be irrevocable and shall oblige the Borrower to make such prepayment on the date
              specified;

          

  

  
    	
            (e)

          	
            the Borrower has provided evidence satisfactory to the Lender that any consent required by the Borrower or any Security Party in connection with the prepayment has been obtained and remains in force, and that
              any regulation relevant to this Agreement which affects the Borrower or any Security Party has been complied with;

          

  

  
    	
            (f)

          	
            no amount prepaid may be re-borrowed; and

          

  

  
    29

    
      

  

  

  

  
    	
            (g)

          	
            the Borrower may not prepay the Loan or any part thereof, save as expressly provided in this Agreement or as otherwise agreed by the Lender;

          

  

  Provided always that if the Borrower shall, subject always to Clause 4.2(a), make a prepayment on a Banking Day other than the last
    day of an Interest Period in respect of the whole of the Loan, it shall, in addition to the amount prepaid and accrued interest, pay to the Lender any amount which the Lender may certify is necessary to compensate the Lender for any Break Costs
    incurred by the Lender as a result of the making of the prepayment in question.

  
    	
            4.3

          	
            Compulsory Prepayment in case of Total Loss or sale of the Vessel

          

  

  
    	
            (a)

          	
            Total Loss: On the Vessel becoming a Total Loss:

          

  

  	

        	(i)	
          prior to the advancing of the Commitment (or any part thereof), the obligation of the Lender to advance the Commitment (or any part thereof) shall immediately cease and the Commitment shall be reduced to zero; or

        

  	

        	(ii)	
          in case the Commitment (or any part thereof) has been already advanced, the Borrower shall prepay the Outstanding Indebtedness in full on the earlier of (1) the date falling one hundred and eighty (180) days after the Total Loss Date and (2)
            the date of receipt by the Lender of the insurance proceeds relating to such Total Loss or Requisition Compensation.

        

  
    	
            (b)

          	
            Sale of the Vessel - Refinancing:  In the event of a sale or other disposal of the Vessel, or in case of refinancing by another bank or if the Borrower requests the Lender's consent for the discharge of
              the Mortgage on the Vessel, the Borrower shall prepay the Outstanding Indebtedness in full.

          

  

  
    	
            4.4

          	
            Amounts payable on prepayment

          

  

  Any prepayment of all or part of the Loan under this Agreement shall be made together with:

  	

        	(a)	
          accrued interest on the prepaid amount to the date of such prepayment (calculated, in the case of a prepayment pursuant to Clause 3.6 (Market disruption – Non
                Availability) at a rate equal to the aggregate of the Margin and the cost to the Lender of funding the Loan);

        

  	

        	(b)	
          any additional amount, if applicable, payable under Clause 5.3 (Gross Up) and/or 12.2 (Increased cost) and 12.3 (Claim for
                increased cost);

        

  	

        	(c)	
          all other sums payable by the Borrower to the Lender under this Agreement or any of the other Finance Documents including, without limitation, any amounts payable under Clause 10 (Indemnities - Expenses – Fees); and

        

  	

        	(d)	
          in relation to any prepayment made on a date other than an Interest Payment Date in respect of the whole of the Loan, it shall, in addition to the amount prepaid and accrued interest, pay to the Lender any amount which the Lender may certify
            is necessary to compensate the Lender for any Break Costs incurred by the Lender as a result of the making of the prepayment in question.

        

  
    30

    
      

  

  

  

  
    	
            5.

          	
            PAYMENTS, TAXES, LOAN ACCOUNT AND COMPUTATION

          

  

  
    	
            5.1

          	
            Payments – No set-off or counterclaims

          

  

  
    	
            (a)

          	
            The Borrower acknowledges that in performing its obligations under this Agreement, the Lender will be incurring liabilities to third parties in relation to the funding of amounts to the Borrower, such
              liabilities matching the liabilities of the Borrower to the Lender and that it is reasonable for the Lender to be entitled to receive payments from the Borrower gross on the due date in order that the Lender is put in a position to perform
              its matching obligations to the relevant third parties. Accordingly, all payments to be made by the Borrower under this Agreement and/or any of the other Finance Documents shall be made in full, without any set-off or counterclaim whatsoever
              and, subject as provided in Clause 5.3  (Gross-up), free and clear of any deductions or withholdings or
              Governmental Withholdings whatsoever, as follows:

          

  

  
    	
            (i)

          	
            in Dollars, not later than 10:00 a.m. (London time) on the Banking Day (in Piraeus, Athens, London and New York City) on which the relevant payment is due under the terms of this Agreement; and

          

  

  
    	
            (ii)

          	
            to the account of the Lender at Citibank N.A., 399, Park Avenue, New York 10022, N.Y., U.S.A. (SWIFT Code CITIUS33) for account of the Lender, account number 36251442 (Swift

              Code: CRBAGRAA), or such other bank in New York as the Lender may notify from time to time to the Borrower, reference: “Seventhone Corp.-Loan Agreement dated: 8th July, 2020”, provided,

                however, that the Lender shall have the right to change the place of account for payment, upon ten (10) Banking Days' prior written notice to the Borrower from the date on which the relevant payment has to be made.

          

  

  
    	
            (b)

          	
            If at any time it shall become unlawful or impracticable for the Borrower to make payment under this Agreement to the relevant account or bank referred to in Clause 5.1(a), the Borrower may request and the
              Lender may agree to alternative arrangements for the payment of the amounts due by the Borrower to the Lender under this Agreement or the other Finance Documents.

          

  

  
    	
            5.2

          	
            Payments on Banking Days

          

  

  All payments due shall be made on a Banking Day.  If the due date for payment falls on a day which is not a Banking Day, that payment due shall be made on the next following
    Banking Day unless such Banking Day falls in the next calendar month in which case payment shall be made on the immediately preceding Banking Day.

  
    31

    
      

  

  

  

  
    	
            5.3

          	
            Gross Up

          

  

  If at any time any law, regulation, regulatory requirement or requirement of any governmental authority, monetary agency, central bank or the like compels the Borrower to make
    payment subject to Governmental Withholdings (other than a FATCA Deduction), the Borrower shall pay to the Lender such additional amounts as may be necessary to ensure that there will be received by the Lender a net amount equal to the full amount
    which would have been received had payment not been made subject to such Governmental Withholdings. The Borrower shall indemnify the Lender against any losses or costs incurred by the Lender by reason of any failure of the Borrower to make any such
    deduction or withholding or by reason of any increased payment not being made on the due date for such payment. The Borrower shall, not later than thirty (30) days after each deduction, withholding or payment of any Governmental Withholdings (other
    than a FATCA Deduction), forward to the Lender official receipts and any other documentary receipts and any other documentary evidence reasonably required by the Lender in respect of the payment made or to be made of any deduction or withholding or
    Governmental Withholding (other than a FATCA Deduction). The obligations of the Borrower under this provision shall, subject to applicable law, remain in force notwithstanding the repayment of the Loan and the payment of all interest due thereon
    pursuant to the provisions of this Agreement.

  
    	
            5.4

          	
            Mitigation

          

  

  If circumstances arise which would result in an increased amount being payable by the Borrower under this Clause then, without in any way limiting the rights of the Lender under
    this Clause, the Lender shall use reasonable endeavours to transfer the obligations, liabilities and rights under this Agreement and the Security Documents to another office or financial institution not affected by the circumstances, but the Lender
    shall be under no obligation to take any such action if in its opinion, to do so would or might:

  
    	
            (a)

          	
            have an adverse effect on its business, operations or financial condition on the Lender; or

          

  

  
    	
            (b)

          	
            involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent, with any regulation of the Lender; or

          

  

  
    	
            (c)

          	
            involve the Lender in any expense (unless indemnified to its reasonable satisfaction) or tax disadvantage.

          

  

  
    	
            5.5

          	
            Claw-back of Tax benefit

          

  

  If, following any such deduction or withholding as is referred to in Clause 5.3 (Gross-up) from any payment by the Borrower, the Lender shall receive or be granted a credit against or remission for any Taxes payable by it, the Lender shall, subject to the Borrower having made any increased payment in
    accordance with Clause 5.3 (Gross-up) and to the extent that the Lender can do so without prejudicing its retention of
    the amount of such credit or remission and without prejudice to the right of the Lender to obtain any other relief or allowance which may be available to it, reimburse the Borrower with such amount as the Lender shall in its absolute discretion certify
    to be the proportion of such credit or remission as will leave the Lender (after such reimbursement) in no worse position than it would have been in had there been no such deduction or withholding from the payment by the Borrower. Such reimbursement
    shall be made forthwith upon the Lender certifying that the amount of the credit or remission has been received by it, provided, always, that:

  
    	
            (a)

          	
            the Lender shall not be obliged to allocate this transaction any part of a tax repayment or credit which is referable to a number of transactions;

          

  

  
    32

    
      

  

  

  

  
    	
            (b)

          	
            nothing in this Clause shall oblige the Lender to rearrange its tax affairs in any particular manner, to claim any type of relief, credit, allowance or deduction instead of, or in priority to, another or to
              make any such claim within any particular time or to disclose any information regarding its tax affairs and computations;

          

  

  
    	
            (c)

          	
            nothing in this Clause shall oblige the Lender to make a payment which exceeds any repayment or credit in respect of tax on account of which the Borrower has made an increased payment under this Clause;

          

  

  
    	
            (d)

          	
            any allocation or determination made by the Lender under or in connection with this Clause shall be binding on the Borrower; and

          

  

  
    	
            (e)

          	
            without prejudice to the generality of the foregoing, the Borrower shall not, by virtue of this Clause 5.5, be entitled to enquire about the Lender's tax affairs.

          

  

  
    	
            5.6

          	
            Loan Account

          

  

  All sums advanced by the Lender to the Borrower under this Agreement and all interest accrued thereon and all other amounts due under this Agreement from time to time and all
    repayments and/or payments thereof shall be debited and credited respectively to a separate loan account maintained by the Lender in accordance with its usual practices in the name of the Borrower.  The Lender may, however, in accordance with its usual
    practices or for its accounting needs, maintain more than one account, consolidate or separate them but all such accounts shall be considered parts of one single loan account maintained under this Agreement. In case that a ship mortgage in the form of
    Account Current is granted as security under this Agreement, the account(s) referred to in this Clause shall be the Account Current referred to in such mortgage.

  
    	
            5.7

          	
            Computation

          

  

  All interest and other payments payable by reference to a rate per annum under this Agreement shall accrue from day to day and be calculated on the basis of actual days elapsed and
    a 360 day year.

  
    33

    
      

  

  

  

  
    	
            6.

          	
            REPRESENTATIONS AND WARRANTIES

          

  

  
    	
            6.1

          	
            Continuing representations and warranties

          

  

  The Borrower hereby represents and warrants to the Lender as follows:

  
    	
            (a)

          	
            Due Incorporation/Valid Existence: each of the Borrower and the other corporate Security Parties is duly incorporated and validly existing and in good standing under the laws of
              their respective countries of incorporation, and have power to own their respective property and assets, to carry on their respective business as the same are now being lawfully conducted and to purchase, own, finance and operate vessels, or,
              as the case may be, manage vessels, as well as to undertake the obligations which they have undertaken or shall undertake pursuant to the Finance Documents;

          

  

  
    	
            (b)

          	
            Due Corporate Authority:  each of the Borrower and the other corporate Security Parties has power to execute, deliver and perform its obligations under the Finance Documents to which
              it is a party and to borrow the Commitment and to make all the payments contemplated by, and to comply with, those Finance Documents to which that Security Party is a party and each of the corporate Security Parties has power to execute and
              deliver and perform its obligations under the Finance Documents to which it is or is to be a party; all necessary corporate, shareholder and other action has been taken to authorise the execution, delivery and performance of the same and no
              limitation on the powers of the Borrower to borrow will be exceeded as a result of borrowing the Loan;

          

  

  
    	
            (c)

          	
            Litigation: no litigation or arbitration, tax claim or administrative proceeding (including action relating to any alleged or actual breach of the ISM Code and the ISPS Code)
              relating to sums exceeding in respect of the Borrower, the amount of Six hundred thousand Dollars ($600,000) and in respect of the Corporate Guarantor, the amount of One million two hundred thousand Dollars ($1,200,000) involving a potential
              liability of the Borrower or the Corporate Guarantor is current or pending or (to its or its officers' knowledge) threatened against the Borrower or the Corporate Guarantor, which, if adversely determined, would have a Material Adverse Effect
              on any of them;

          

  

  
    	
            (d)

          	
            No conflict with other obligations:  the execution and delivery of, the performance of its obligations under, and compliance with the provisions of, the Finance Documents by the
              relevant Security Parties will not (i) contravene any existing applicable law, statute, rule or regulation or any judgment, decree or permit to which the Borrower or any other Security Party is subject, (ii) conflict with, or result in any
              breach of any of the terms of, or constitute a default under, any agreement or other instrument to which the Borrower or any other Security Party is a party or is subject to or by which it or any of its property is bound, (iii) contravene or
              conflict with any provision of the memorandum and articles of association/articles of incorporation/by-laws/statutes or other constitutional documents of the Borrower or any other Security Party or (iv) result in the creation or imposition of
              or oblige the Borrower or any other Security Party to create any Security Interest (other than a Permitted Security Interest) on any of the undertakings, assets, rights or revenues of the Borrower or any other Security Party;

          

  

  
    	
            (e)

          	
            Financial Condition: to the knowledge of the officers/directors or shareholders of the Borrower the financial condition of the Borrower and of the other Security Parties has not
              suffered any material deterioration since that condition was last disclosed to the Lender;

          

  

  
    34

    
      

  

  

  

  
    	
            (f)

          	
            No Immunity: neither the Borrower nor any other Security Party nor any of their respective assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal
              action or proceeding (which shall include, without limitation, suit, attachment prior to judgement, execution or other enforcement);

          

  

  
    	
            (g)

          	
            Shipping Company: each of the Borrower and the Approved Commercial Manager is a shipping company involved in the owning or, as the case may be, managing of ships engaged in
              international voyages and earning profits in free foreign currency;

          

  

  
    	
            (h)

          	
            Licences/Authorisation: every consent, authorisation, license or approval of, or registration with or declaration to, governmental or public bodies or authorities or courts required
              by any Security Party to authorise, or required by any Security Party in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of each of the Finance Documents or the performance by each Security
              Party of its obligations under the Finance Documents to which such Security Party is or is to be a party has been obtained or made and is in full force and effect and there has been no default in the observance of any of the conditions or
              restrictions (if any) imposed in, or in connection with, any of the same so far as the Borrower is aware;

          

  

  
    	
            (i)

          	
            Perfected Securities: the Finance Documents do now or, as the case may be, will, upon execution and delivery (and, where applicable, registration as provided for in the Finance
              Documents):

          

  

  
    	
            (i)

          	
            constitute the relevant Security Party's legal, valid and binding obligations enforceable against that Security Party in accordance with their respective terms (having the requisite
              corporate benefit which is legally and economically sufficient); and

          

  

  
    	
            (ii)

          	
            create legal, valid and binding Security Interests (having the priority specified in the relevant Finance Document) enforceable in accordance with their respective terms over all the assets
              and revenues intended to be covered to which they, by their terms, relate, subject to any relevant insolvency laws affecting creditors' rights generally;

          

  

  
    	
            (j)

          	
            No third party Security Interests: without limiting the generality of Clause 6.1(i) (Perfected Securities), at the time of the execution and delivery of each Finance Document to which the Borrower is a party:

          

  

  	

        	(i)	
          the Borrower will have the right to create all the Security Interests which that Finance Document purports to create; and

        

  	

        	(ii)	
          no third party will have any Security Interests (except for Permitted Security Interests) or any other interest, right or claim over, in or in relation to any asset to which any such Security Interest, by its terms, relates;

        

  
    	
            (k)

          	
            No Notarisation/Filing/Recording: save for the registration of any mortgage in the Registry, it is not necessary to ensure the legality, validity, enforceability or admissibility in
              evidence of this Agreement or any of the other Finance Documents that it or they or any other instrument be notarised, filed, recorded, registered or enrolled in any court, public office or elsewhere or that any stamp, registration or similar
              tax or charge be paid on or in relation to this Agreement or the other Finance Documents;

          

  

  
    	
            (l)

          	
            No conflict: There are no other agreements or arrangements which may adversely affect or conflict with the Finance Documents or the security thereby created;

          

  

  
    35

    
      

  

  

  

  
    	
            (m)

          	
            Valid Choice of Law:  the choice of law agreed to govern this Agreement and/or any other Finance Document and the submission to the jurisdiction of the courts agreed in each of the
              Finance Documents are or will be, on execution of the respective Finance Documents, valid and binding on the Borrower and any other Security Party which is or is to be a party thereto;

          

  

  
    	
            (n)

          	
            Shareholdings:

          

  

  
    	
            (i)

          	
            all the shares in the Borrower are legally and beneficially held directly or indirectly by the Beneficial Shareholders disclosed to the Lender before signing of this Agreement; and

          

  

  
    	
            (ii)

          	
            no change of control has been made directly or indirectly in the ownership, beneficial ownership, or management of the Borrower or any share therein or of the Vessel and 100% of the shares
              and voting rights in the Borrower and at least 40% in the Corporate Guarantor will remain throughout the Security Period in the ultimate legal and beneficial ownership of the Beneficial Shareholders disclosed to the Lender before signing of
              this Agreement unless otherwise permitted by the Lender; and

          

  

  
    	
            (o)

          	
            Sanctions:

          

  

  
    	
            (i)

          	
            none  of the Security Parties nor any other member of the Group:

          

  

  
    	
            a)

          	
            is a Sanctions Restricted Person;

          

  

  
    	
            b)

          	
            owns or controls directly or indirectly a Sanctions Restricted Person; or

          

  

  
    	
            c)

          	
            has a Sanctions Restricted Person serving as a director, officer or, to the best of its knowledge, employee; and

          

  

  
    	
            (ii)

          	
            no proceeds of the Loan shall be made available, directly or to the knowledge of the Borrower (after reasonable enquiry) indirectly, to or for the benefit of a Sanctions Restricted Person
              contrary to Sanctions or for transactions in a Sanctions Restricted Jurisdiction nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.

          

  

  
    	
            6.2

          	
            Initial representations and warranties

          

  

  The Borrower hereby further represents and warrants to the Lender that:

  
    	
            (a)

          	
            Direct obligations - Pari Passu:  the obligations of the Borrower under this Agreement are direct, general and unconditional obligations of the Borrower and rank at least pari passu
              with all other present and future unsecured and unsubordinated Financial Indebtedness of the Borrower with the exception of any obligations which are mandatorily preferred by law;

          

  

  
    	
            (b)

          	
            Information:  all information, accounts, statements of financial position, exhibits and reports furnished by or on behalf of any Security Party to the Lender in connection with the
              negotiation and preparation of this Agreement and each of the other Finance Documents are true and accurate in all material respects and not misleading, do not omit material facts and all reasonable enquiries have been made to verify the
              facts and statements contained therein; to the best knowledge of the Directors/Officers or shareholders of the Borrower, there are no other facts the omission of which would make any fact or statement therein misleading and, in the case of
              accounts and statements of financial position, they have been prepared in accordance with generally accepted accounting principles which have been consistently applied;

          

  

  
    36

    
      

  

  

  

  
    	
            (c)

          	
            No Event of Default:  no Event of Default has occurred and is continuing and neither the Borrower nor the Corporate Guarantor has been declared in default under any agreement
              relating to Financial Indebtedness to which it is a party or by which it may be bound;

          

  

  
    	
            (d)

          	
            No Taxes:   no Taxes are imposed by deduction, withholding or otherwise on any payment to be made by the Borrower under this Agreement and/or any other of the Finance Documents or
              are imposed on or by virtue of the execution or delivery of this Agreement and/or any other of the Finance Documents or any document or instrument to be executed or delivered hereunder or thereunder.  In case that any Tax exists now or will
              be imposed in the future, it will be borne by the Borrower;

          

  

  
    	
            (e)

          	
            Ownership/Flag/Seaworthiness/Class/Insurance of the Vessel:  the Vessel is and on the Drawdown  Date will be:

          

  

  
    	
            (i)

          	
            in the absolute and free from Security Interests (other than Permitted Security Interests ) ownership of the Borrower who is and will on and after the Drawdown Date be the sole legal and
              beneficial owner of the Vessel;

          

  

  
    	
            (ii)

          	
            registered in the name of the Borrower through the Registry under the laws and flag of the Flag State;

          

  

  
    	
            (iii)

          	
            operationally seaworthy and in every way fit for service;

          

  

  
    	
            (iv)

          	
            classed with the Classification Society which is a member of IACS and which has been approved by the Lender in writing and such class will be free of any overdue requirements and
              recommendations of the Classification Society affecting class;

          

  

  
    	
            (v)

          	
            insured in accordance with the provisions of this Agreement and the Mortgage;

          

  

  
    	
            (vi)

          	
            managed by the Approved Managers; and

          

  

  
    	
            (vii)

          	
            in full compliance with the ISM and the ISPS Code;

          

  

  
    	
            (f)

          	
            No Charter: unless otherwise permitted in writing by the Lender, the Vessel is not and will not on the Drawdown Date be subject to any charter or contract nor to any agreement to
              enter into any charter or contract which, if entered into after the Drawdown Date would have required the consent of the Lender under any of the Finance Documents and there will not on or before the Drawdown Date be any agreement or
              arrangement whereby the Earnings of the Vessel may be shared with any other person;

          

  

  
    	
            (g)

          	
            No Security Interests: neither the Vessel, nor its Earnings, Requisition Compensation or Insurances nor any other properties or rights which are, or are to be, the subject of any of
              the Security Documents nor any part thereof will, on the Drawdown Date, be subject to any Security Interests other than Permitted Security Interests or otherwise permitted by the Finance Documents;

          

  

  
    	
            (h)

          	
            Compliance with Environmental Laws and Approvals:  except as may already have been disclosed by the Borrower in writing to, and acknowledged in writing by, the Lender:

          

  

  
    	
            (i)

          	
            the Borrower and its Related Companies have complied with the provisions of all Environmental Laws;

          

  

  
    	
            (ii)

          	
            the Borrower and its Related Companies have obtained all Environmental Approvals and are in compliance with all such Environmental Approvals; and

          

  

  
    37

    
      

  

  

  

  
    	
            (iii)

          	
            neither the Borrower nor any of its Related Companies have received notice of any Environmental Claim that the Borrower or any of its Related Companies is not in compliance with any
              Environmental Law or any Environmental Approval;

          

  

  
    	
            (i)

          	
            No Environmental Claims:  except as may already have been disclosed by the Borrower in writing to, and acknowledged in writing by, the Lender:

          

  

  
    	
            (i)

          	
            there is no Environmental Claim in excess of Six hundred thousand Dollars ($600,000) pending or, to the best of the Borrower's knowledge and belief, threatened against the Borrower or the
              Vessel or the Borrower's Related Companies or any other Relevant Ship; and

          

  

  
    	
            (ii)

          	
            there has been no emission, spill, release or discharge of a Material of Environmental Concern from the Vessel or any other Relevant  Ship or any vessel owned by, managed or crewed by or
              chartered to the Borrower which could give rise to an Environmental Claim;

          

  

  
    	 	
            (j)

          	
            Copies true and complete:  the copies of the Management Agreements delivered or to be delivered to the Lender pursuant to Clause 7.2  (Conditions precedent to the making of the Commitment) are, or will when delivered be, true and complete
              copies of such documents; such documents will when delivered constitute valid and binding obligations of the parties thereto enforceable in accordance with their respective terms and there will have been no amendments or variations thereof or
              defaults thereunder;

          

  

  	

        	(m)	
          Compliance with the ISM Code: the Vessel and the Operator comply with the requirements of the ISM Code and the SMC which has been issued in respect of the Vessel and shall remain valid on the Drawdown Date and thereafter throughout
            the Security Period.

        

  	

        	(n)	
          Compliance with ISPS Code:  the Vessel and the Operator comply with the requirements of the ISPS Code and the ISSC which has been issued in respect of the Vessel and shall remain valid on the Drawdown Date and thereafter throughout
            the Security Period;

        

  	

        	(o)	
          No US Tax Obligor:  None of the Security Parties and the Group Members is a US Tax Obligor;

        

  	

        	(p)	
          Shareholding:  all of the issued shares in the Borrower and at least 40% of the issued shares in the Corporate Guarantor are legally and ultimately beneficially owned by the Beneficial Shareholders; and

        

  	

        	(q)	
          Taxes paid:  the Borrower has paid all taxes applicable to, or imposed on or in relation to itself, its business or the Vessel.

        

  	6.3	
          Acting for its own account - Money laundering

        

  The Borrower represents and warrants and confirms that it is the beneficiary of the Loan made or to be made available to it and it will promptly inform the Lender by written notice
    if it is not, or ceases to be, the beneficiary and notify the Lender in writing of the name and the address of the new beneficiary/beneficiaries; the Borrower is aware that under applicable money laundering provisions, it has an obligation to state for
    whose account the Loan is obtained; the Borrower confirms that, by entering into this Agreement and the other Finance Documents, it is acting on its own behalf and for its own account and it is obtaining the Loan for its own account. In relation to the
    borrowing by the Borrower of the Loan, the performance and discharge of its obligations and liabilities under this Agreement or any of the other Finance Documents and the transactions and other arrangements effected or contemplated by this Agreement or
    any of the Documents to which the Borrower is a party, it is acting for its own account and that the foregoing will not involve or lead to a contravention of any law, official requirement or other regulatory measure or procedure which has been
    implemented to combat “money laundering” (as defined in Article 1 of the Directive (91/308/EEC) of the Council of the European Community).

  
    38

    
      

  

  

  

  
    	
            6.3

          	
            Representations Correct

          

  

  At the time of entering into this Agreement all above representations and warranties or any other information given by the Borrower and/or the Corporate Guarantor to the Lender are
    true and accurate.

  
    	
            6.4

          	
            Repetition of Representations and Warranties

          

  

  The representations and warranties in this Clause 6 (except in relation to the representations and warranties in Clause 6.2 (Initial representations and warranties)) shall be deemed to be repeated by the Borrower:

  
    	
            (a)

          	
            on the date of service of the Drawdown Notice;

          

  

  
    	
            (b)

          	
            on the Drawdown Date; and

          

  

  
    	
            (c)

          	
            on each Interest Payment Date throughout the Security Period, as if made with reference to the facts and circumstances existing on each such day.

          

  

  
    39

    
      

  

  

  

  
    	
            7.

          	
            CONDITIONS PRECEDENT

          

  

  
    	
            7.1

          	
            Conditions precedent to the execution of this Agreement

          

  

  The obligation of the Lender to make the Commitment or any part thereof available shall be subject to the condition that the Lender shall have received, not later than the day on
    which the Drawdown Notice in respect of the Commitment or such part thereof is given, the following documents and evidence in form substance satisfactory to the Lender:

  
    	
            (a)

          	
            Constitutional Documents: a duly certified true copy of the Articles of Incorporation and By-Laws or the Memorandum and Articles of Association, or of any other constitutional
              documents, as the case may be, of each corporate Security Party;

          

  

  
    	
            (b)

          	
            Certificates of incumbency: a recent certificate of incumbency of each corporate Security Party issued by the appropriate authority or, as appropriate, signed by the secretary or a
              director thereof, stating the officers and the directors of each of them;

          

  

  
    	
            (c)

          	
            Shareholding: a written letter or statement addressed to the Lender from individual(s) acceptable to the Lender confirming the identity of the Beneficial Shareholder(s) of the
              Borrower, in line with “know your customer” procedures of the Lender;

          

  

  
    	
            (d)

          	
            Resolutions: minutes of separate meetings of the directors of each corporate Security Party and in respect of the Borrower, of the shareholders thereof, at which there was approved
              (inter alia) the entry into, execution, delivery and performance of this Agreement, the other Finance Documents and any other documents executed or to be executed pursuant hereto or thereto to which the relevant corporate Security Party is or
              is to be a party;

          

  

  
    	
            (e)

          	
            Powers of Attorney: the original of any power(s) of attorney and any further evidence of the due authority of any person signing this Agreement and the other Finance Documents;

          

  

  
    	
            (f)

          	
            Consents: evidence that all necessary licences, consents, permits and authorisations (including exchange control ones) have been obtained by any Security Party for the execution,
              delivery, validity, enforceability, admissibility in evidence and the due performance of the respective obligations under or pursuant to this Agreement and the other Finance Documents;

          

  

  
    	
            (g)

          	
            Fees:  evidence that the fees referred to in Clause 10.10 (Fees) have been paid in full;

          

  

  
    	
            (h)

          	
            Other documents: any other documents or recent certificates or other evidence which would be reasonably required by the Lender in relation to any corporate Security Party evidencing
              that the relevant Security Party has been properly established, continues to exist validly and is in good standing;

          

  

  
    	
            (i)

          	
            Management Agreements-Assignable Charterparty:  a copy of each of the following documents certified as true and complete by the legal counsel of the Borrower:

          

  

  
    	
            (i)

          	
            each Management Agreement evidencing that the Vessel is managed by the relevant Approved Manager on terms acceptable to the Lender; and

          

  

  
    	
            (ii)

          	
            any Assignable Charterparty; and

          

  

  
    	
            (j)

          	
            Operating Account: evidence that the Operating Account has been duly opened and all mandate forms and other legal documents required for the opening of an account under any
              applicable law, as well as signature cards and properly adopted authorizations have been duly delivered to and have been accepted by the compliance department of the Lender.

          

  

  
    40

    
      

  

  

  

  
    	
            7.2

          	
            Conditions precedent to the making of the Commitment

          

  

  The obligation of the Lender to advance the Commitment (or any part thereof) is subject to the further condition that the Lender shall have received prior to the drawdown or, where
    this is not possible, simultaneously with or immediately following the drawdown of the Commitment or the relevant part thereof:

  
    	
            (a)

          	
            Conditions precedent: evidence that the conditions precedent set out in Clause 7.1 (Conditions
                  precedent to the execution of this Agreement) remain fully satisfied;

          

  

  
    	
            (b)

          	
            Drawdown Notice: the Drawdown Notice duly executed and issued;

          

  

  
    	
            (c)

          	
            Security Documents:  each of the Security Documents duly executed and where appropriate duly registered with the Registry or any other competent authority (as required);

          

  

  
    	
            (d)

          	
            Title and no Security Interests:  evidence that the Vessel is and on the Drawdown Date will be duly registered in the ownership of the
              Borrower with the Registry and under the laws and flag of the Flag State free from any Security Interests save for those in favour of the Lender and otherwise as contemplated herein;

          

  

  
    	
            (e)

          	
            Insurances: evidence in form and substance satisfactory to the Lender that the Vessel has been or will - on the Drawdown Date- be insured in
              accordance with the insurance requirements provided for in this Agreement and the other Security Documents, , together with an opinion from insurance consultants (appointed by the Lender at the Borrower's expense) as to the adequacy of the
              insurances effected or to be effected in respect of the Vessel, to be followed by full copies of cover notes, policies, certificates of entry or other contracts of insurance and irrevocable authority is hereby given to the Lender at any time
              at its discretion to obtain copies of the policies, certificates of entry or other contracts of insurance from the insurers and/or obtain any information in relation to the Insurances relating to the Vessel;

          

  

  
    	
            (f)

          	
            Insurers' confirmations: all necessary confirmations from the insurers of the Vessel that they will issue letters of undertaking and endorse notice of assignment and loss payable
              clauses on the Insurances, in form and substance satisfactory to the Lender in its sole discretion and - in the event of fleet cover - accompanied by waivers for liens for unpaid premium of other vessels managed by the Approved Managers and
              which are not subject to any mortgage in favour of the Lender) and (if required by the Lender) an opinion signed by an independent firm of marine insurance brokers appointed and/or approved by the Lender at the expenses of the Borrower
              confirming the adequacy of the Insurances maintained on the Vessel;

          

  

  
    	
            (g)

          	
            MII & MAPI:  the MII and MAPI shall have been reimbursed by the Borrower as provided in Clause 10.7 (MII

                  and MAPI costs);

          

  

  
    	
            (h)

          	
            Access to class records: due authorisation in form and substance satisfactory to the Lender authorising the Lender to have access and/or obtain any copies of class records or other
              information at its discretion from the Classification Society of the Vessel, provided however, that the Lender shall not exercise such right unless and until an Event of Default has occurred and is continuing;

          

  

  
    	
            (i)

          	
            Notices of assignment:  duly executed notices of assignment in the form prescribed by the Security Documents;

          

  

  
    	
            (j)

          	
            Mortgage registration; evidence that the Mortgage on the Drawdown Date will be registered against the Vessel through the Registry under the
              laws and flag of the Flag State.

          

  

  
    41

    
      

  

  

  

  
    	
            (k)

          	
            Trading Certificates: copies of the trading certificates of the Vessel evidencing the same to be valid and in force;

          

  

  
    	
            (l)

          	
            Class confirmation:  evidence from the Classification Society that the Vessel is classed with the class notation (referred to in the
              Mortgage), with the Classification Society or to a similar standard with another classification society of like standing to be specifically approved by the Lender and remains free from any overdue requirements or recommendations affecting her
              class;

          

  

  
    	
            (m)

          	
            Trim and stability booklet:  a copy of the trim and stability booklet certifying the lightweight of the Vessel certified as true and complete by the legal counsel of the Borrower;

          

  

  
    	
            (n)

          	
            DOC and SMC: copies of (i) the DOC referred to in paragraph (a) in the definition of the ISM Code Documentation and (ii) of the SMC for the Vessel;

          

  

  
    	
            (o)

          	
            ISPS Code: a copy of the ISSC for the Vessel;

          

  

  
    	
            (p)

          	
            Valuation:  charter free valuation of the Vessel, at the Borrower's expense, as of June 11, 2020, prepared on the basis specified in Clause 8.5(b) (Valuation of Vessel) by an Approved Shipbroker in form and substance satisfactory to the Lender, for the purposes of determining the amount of the Loan as
              per Clause 1.1 (Amount and purpose);

          

  

  
    	
            (q)

          	
            Insurance Letter: the Insurance Letter duly executed;

          

  

  
    	
            (r)

          	
            Pledged Deposit: evidence that the Borrower has deposited or, as the case may be, will deposit concurrently with the drawdown of the Loan, the Pledged Deposit of Five hundred
              thousand Dollars ($500,000) as provided in Clause 8.1(j) (Pledged Deposit);

          

  

  
    	
            (s)

          	
            Existing Indebtedness: evidence satisfactory to the Lender that the Existing Indebtedness will be fully repaid upon the drawdown of the Loan;

          

  

  
    	
            (t)

          	
            Deed of Release: an original of the Deed of Release and Notices of Reassignment executed by the Existing Lender and of each document to be delivered under or pursuant to it, together
              with evidence satisfactory to the Lender of its due execution by the Existing Lender;

          

  

  
    	
            (u)

          	
            Acknowledgement of Receipt: a receipt in writing in form and substance satisfactory to the Lender including an acknowledgement and admission of the Borrower and/or any other Security
              Party to the effect that the Loan was drawn by the Borrower and a declaration by the Borrower that all conditions precedent have been fulfilled, that there is no Event of Default and that all the representations and warranties are true and
              correct;

          

  

  
    	
            (v)

          	
            Legal opinions: draft opinion from lawyers appointed by the Lender as to all the matters referred to in Clauses 6.1(a) (Due Incorporation/Valid Existence) and (b) (Due Corporate Authority) and all such aspects of law as the Lender shall deem relevant to this Agreement and the other Finance Documents and any other documents executed pursuant hereto or thereto;

          

  

  
    	
            (w)

          	
            Security Parties' process agent: a letter from each Security Party's agent for receipt of service of proceedings referred to in each Security Document to which the relevant Security
              Party is a party, accepting its appointment under each of the relevant Security Documents; and

          

  

  
    	
            (x)

          	
            Flag State opinion:  draft opinion of legal advisers to the Lender on matters of the laws of the Flag State;

          

  

  
    42

    
      

  

  

  

  
    	
            7.3

          	
            No change of circumstances

          

  

  The obligation of the Lender to advance the Commitment or any part thereof is subject to the further condition that at the time of the giving of the Drawdown Notice and on the
    Drawdown Date:

  
    	
            (a)

          	
            Representations and warranties: the representations and warranties set out in Clause 6 (Representations
                  and warranties) and in each of the other Finance Documents are true and correct on and as of each such time as if each was made with respect to the facts and circumstances existing at
              such time;

          

  

  
    	
            (b)

          	
            No Event of Default:  no Event of Default shall have occurred and be continuing or would result from the drawdown of the Loan;

          

  

  
    	
            (c)

          	
            No change:  the Lender shall be satisfied that (i) there has been no change in control directly or indirectly in the ownership, beneficial ownership, or management of the Borrower or
              any share therein or of the Vessel and (ii) 100% of the shares and voting rights in the Borrower and at least 40% in the Corporate Guarantor remain in the ultimate legal and beneficial ownership of the Beneficial Shareholders disclosed to the
              Lender prior to the date of this Agreement and (iii) there has been no Material Adverse Change in the financial condition of any Security Party which (change) might, in the opinion of the Lender, be detrimental to the interests of the Lender;
              and

          

  

  
    	
            (d)

          	
            No Market Disruption Event:  none of the circumstances contemplated by Clause 3.6 (Market disruption –
                  Non Availability) has occurred and is continuing.

          

  

  
    	
            7.4

          	
            Know your customer and money laundering compliance

          

  

  The obligation of the Lender to advance the Commitment or any part thereof is subject to the further condition that the Lender, prior to or simultaneously with the drawdown, shall
    have received, to the extent required by any change in applicable law and regulation or any changes in the Lender's own internal guidelines since the date on which the applicable documents and evidence were delivered to the Lender pursuant to Clause
    8.9 (Know your customer and money laundering compliance), such further documents and evidence as the Lender shall require
    to identify the Borrower and the other Security Parties and any other persons involved or affected by the transaction(s) contemplated by this Agreement.

  
    	
            7.5

          	
            Further documents

          

  

  Without prejudice to the provisions of this Clause 7, and provided reasonable notice is given to the Borrower by the Lender, the Borrower hereby undertakes with the Lender to make
    or procure to be made such amendments and/or additions to any of the documents delivered to the Lender in accordance with this Clause 7 and to execute and/or deliver to the Lender or procure to be executed and/or delivered to the Lender such further
    documents as the Lender and its legal advisors may reasonably require to satisfy themselves that all the terms and requirements of this Agreement have been complied with.

  
    	
            7.6

          	
            Waiver of conditions precedent

          

  

  The conditions specified in this Clause 7 are inserted solely for the benefit of the Lender and may be waived by the Lender in whole or in part and with or without conditions. 
    Without prejudice to any of the other provisions of this Agreement, in the event that the Lender, in its sole and absolute discretion, makes the Commitment available to the Borrower prior to the satisfaction of all or any of the conditions referred to
    in Clause 7.1 Conditions precedent to the execution of this Agreement, Clause 7.2 (Conditions precedent to the making of the Commitment) and Clause 7.3 (No change of circumstances), the Borrower hereby covenants and undertakes to satisfy or procure the satisfaction of such condition or conditions by no later than fourteen (14) days after the Drawdown Date or within such longer period as the
    Lender may, in its sole and absolute discretion, agree to or specify.

  
    43

    
      

  

  

  

  
    	
            8.

          	
            COVENANTS

          

  

  
    	
            8.1

          	
            General

          

  

  The Borrower hereby undertakes with the Lender that, from the date of this Agreement and so long as any moneys are owing under any of the Finance Documents and until the full and
    complete payment and discharge of the Outstanding Indebtedness, it will:

  
    	
            (a)

          	
            Notice on adverse change or Default:  promptly inform the Lender upon becoming aware of any occurrence which might adversely affect the ability of any Security Party to perform its
              obligations under any of the Finance Documents and, without limiting the generality of the foregoing, will inform the Lender of any Event of Default forthwith upon becoming aware thereof and will from time to time, if so requested by the
              Lender, confirm to the Lender in writing that, save as otherwise stated in such confirmation, no Event of Default has occurred and is continuing;

          

  

  
    	
            (b)

          	
            Consents and licenses:  without prejudice to Clause 6 (Representations and warranties) and Clause 7 (Conditions precedent), obtain or cause to be obtained,
              maintain in full force and effect and comply in all material respects with the conditions and restrictions (if any) imposed in, or in connection with, every consent, authorisation, license or approval of governmental or public bodies or
              authorities or courts and do or cause to be done, all other acts and things which may from time to time be necessary or desirable under applicable law for the continued due performance of all the obligations of the Security Parties under each
              of the Finance Documents;

          

  

  
    	
            (c)

          	
            Use of Loan proceeds: use the Loan exclusively for the purposes specified in Clause 1.1  (Amount and
                  Purpose);

          

  

  
    	
            (d)

          	
            Pari passu: ensure that its obligations under this Agreement shall, without prejudice to the provisions of this Clause 8.1, at all times rank at least pari passu with all its other
              present and future unsecured and unsubordinated Financial Indebtedness with the exception of any obligations which are mandatorily preferred by law and not by contract;

          

  

  
    	
            (e)

          	
            Financial statements:  furnish the Lender with (i) annual financial statements of the Borrower and the Corporate Guarantor audited by an Approved Auditor, and (ii) un-audited
              semi-annual financial statements of the Corporate Guarantor, in each case prepared in accordance with Applicable Accounting Principles consistently applied, in respect of each Financial Year or each semester (as the case may be) as soon as
              practicable but not later than 180 days (in the case of the annual financial statements) and 90 days (in the case of the un-audited semi-annual financial statements of the Corporate Guarantor) after the end of the financial period to which
              they relate, in each case commencing with the Financial Year ending on 31st December, 2019, provided that the first financial statements of the Borrower for the Financial Year ending on 31st December, 2019, will
              be unaudited;

          

  

  
    	
            (f)

          	
            Provision of further information:  promptly, when requested, provide the Lender with such customary financial and other information and accounts relating to the business,
              undertaking, assets, liabilities, revenues, financial condition or affairs of any Security Party and, on a consolidated basis, the Group and such other further general information relating to any Security Party and, on a consolidated basis, 
              the Group as the Lender from time to time may reasonably require, save where any such information is publicly available;

          

  

  
    44

    
      

  

  

  

  
    	
            (g)

          	
            Financial Information: provide the Lender from time to time as the Lender may reasonably request with information on the financial conditions, actual and projected for the following
              12 month period, cash flow position, commitments and operations of the Borrower and on consolidated basis of the Group including cash flow analysis and voyage accounts of the Vessel with a breakdown of income and running expenses showing net
              trading profit, trade payables and trade receivables, such financial details to be certified by an authorized signatory of the Borrower as to their correctness;

          

  

  
    	
            (h)

          	
            Information on the employment of the Vessel:  provide the Lender from time to time as the Lender may request with information on the employment of the Vessel, as well as on the terms
              and conditions of any charterparty, contract of affreightment, agreement or related document in respect of the employment of the Vessel, such information to be certified by an authorised signatory of the Borrower as to their correctness;

          

  

  
    	
            (i)

          	
            Banking operations:  subject to the provisions of Clause 13.7 (Relocation of Operating Account), ensure that all banking operations in connection with the Vessel are carried out through the Operating Account;

          

  

  
    	
            (j)

          	
            Pledged Deposit: ensure that throughout the Security Period the Borrower shall maintain in an the Operating Account with the Lender, cash minimum liquidity in the amount of Five
              hundred thousand Dollars ($500,000) pledged in favour of the Lender (herein, the “Pledged Deposit”);

          

  

  
    	
            (k)

          	
            Subordination: ensure that all Financial Indebtedness of the Borrower to its shareholders is fully subordinated to the rights of the Lender
              under the Finance Documents, all in a form acceptable to the Lender, and to subordinate to the rights of the Lender under the Finance Documents any Financial Indebtedness issued to it by its shareholders, all in a form acceptable to the
              Lender;

          

  

  
    	
            (l)

          	
            Obligations under Finance Documents:  duly and punctually perform each of the obligations expressed to be assumed by it under the Finance Documents to which is or it is to be a
              party;

          

  

  
    	
            (m)

          	
            Payment on demand:  pay to the Lender within seven (7) days from the Lender's first demand any sum of money which is due and payable by the Borrower to the Lender under this
              Agreement but in respect of which it is not specified in any other Clause when it is due and payable; and

          

  

  
    	
            (n)

          	
            Compliance with Laws and Regulations: to comply, or procure compliance with all laws or regulations relating to the Borrower and/or the Vessel, its ownership, operation and
              management or to the business of the Borrower and cause this Agreement and the other Finance Documents to comply with and satisfy all the requirements and formalities established by the applicable laws to perfect this Agreement and the other
              Finance Documents as valid and enforceable Finance Documents;

          

  

  
    	
            (o)

          	
            Compliance with ISM Code:  procure that the Approved Commercial Manager and any Operator:

          

  

  
    	
            (i)

          	
            will comply with and ensure that the Vessel and any Operator by no later than the Drawdown Date complies with the requirements of the ISM Code, including (but not limited to) the
              maintenance and renewal of valid certificates pursuant thereto throughout the Security Period;

          

  

  
    45

    
      

  

  

  

  
    	
            (ii)

          	
            immediately inform the Lender if there is any threatened or actual withdrawal of the Borrower's, the Approved Commercial Manager's or an Operator's DOC or the SMC in respect of the Vessel;
              and

          

  

  
    	
            (iii)

          	
            promptly inform the Lender upon the issue to the Borrower, the Approved Commercial Manager or any Operator of a DOC and to the Vessel of an SMC or the receipt by the Borrower, the Approved
              Commercial Manager or any Operator of notification that its application for the same has been realised;

          

  

  
    	
            (p)

          	
            Compliance with ISPS Code: procure that the Approved Commercial Manager or any Operator will:

          

  

  
    	
            (i)

          	
            maintain at all times a valid and current ISSC respect of the Vessel;

          

  

  
    	
            (ii)

          	
            immediately notify the Lender in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC in respect of the Vessel; and

          

  

  
    	
            (iii)

          	
            procure that the Vessel will comply at all times with the ISPS Code;

          

  

  
    	
            (q)

          	
            Maintenance of Security Interests:

          

  

  
    	
            (i)

          	
            at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to create; and

          

  

  
    	
            (ii)

          	
            without limiting the generality of paragraph (q) above, at its own cost, promptly register, file, record or enrol any Finance Document with any court or authority in all Relevant
              Jurisdictions, pay any stamp, registration or similar tax in all Relevant Jurisdictions in respect of any Finance Document, give any notice or take any other step which may be or has become necessary or desirable for any Finance Document to
              be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates;

          

  

  
    	
            (r)

          	
            Inspections/Surveys: once per year or in case an Event of Default has occurred and is continuing at any time that the Lender might consider to be necessary or useful, have the Vessel
              inspected and/or surveyed at the expense of the Borrower by surveyors and/or inspectors appointed by the Lender and the Borrower hereby duly authorise the Lender to review the insurance and operating records of the Borrower provided that any
              inspections/surveys/reviews are conducted at reasonable times and without interfering with the daily operations and the ordinary trading of the Vessel;

          

  

  
    	
            (s)

          	
            Notification of litigation: provide the Lender with details of any legal or administrative action relating to an amount exceeding Seven hundred fifty thousand Dollars ($750,000)
              involving the Borrower, the Approved Commercial Manager, the Vessel, the Earnings or the Insurances and of any legal or administrative action relating to an amount exceeding One million two hundred thousand Dollars ($1,200,000) involving the
              Corporate Guarantor, as soon as such action is instituted or it becomes apparent to the Borrower that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be considered material in the context of
              any Finance Document and the Borrower shall procure that all reasonable measures are taken to defend any such legal or administrative action;

          

  

  
    	
            (t)

          	
            Notification of default:  the Borrower will notify the Lender as soon as the Borrower becomes aware of the occurrence of an Event of Default
              and will keep the Lender fully up-to-date with all developments;

          

  

  
    46

    
      

  

  

  

  
    	
            (u)

          	
            Registered office:  maintain its registered office at the address referred to in the Recital; and will not establish, or do anything as a result of which it would be deemed to have,
              a place of business in the United Kingdom or the United States of America; and

          

  

  
    	
            (v)

          	
            Compliance with Covenants:  duly and punctually perform all obligations under this Agreement and the other Finance Documents.

          

  

  
    	
            8.2

          	
            Negative undertakings

          

  

  The Borrower undertakes with the Lender that, from the date of this Agreement and so long as any moneys are owing under the Finance Documents and until the full and complete
    payment and discharge of the Outstanding Indebtedness, it will not, without the prior written consent of the Lender:

  
    	
            (a)

          	
            Negative pledge:

          

  

  
    	
            (i)

          	
            cease to hold the legal title to, and own the entire beneficial interest in the Vessel, its Insurances and Earnings, free from all Security Interests and other interests and rights of every
              kind, except for those created by the Finance Documents and other Permitted Security Interests and the effect of the assignments contained in the General Assignment and any other Finance Documents; and

          

  

  
    	
            (ii)

          	
            permit any Security Interest (other than a Permitted Security Interest) to subsist, arise or be created or extended over all or any part of its present or future undertakings, assets,
              rights or revenues to secure or prefer any present or future Financial Indebtedness or other liability or obligation of the Borrower or any other person;

          

  

  
    	
            (b)

          	
            No further Financial Indebtedness: incur no further Financial Indebtedness other than Permitted Financial Indebtedness;

          

  

  
    	
            (c)

          	
            No merger:  merge or consolidate with any other person;

          

  

  
    	
            (d)

          	
            No disposals:

          

  

  
    	
            (i)

          	
            sell, transfer, abandon, lend, lease or otherwise dispose of or cease to exercise direct control over any part (being either alone or when aggregated with all other disposals falling to be
              taken into account pursuant to this Clause 8.2(d), material in the opinion of the Lender, in relation to the undertakings, assets, rights and revenues of the Borrower) of its present or future undertaking, assets, rights or revenues
              (otherwise than by transfers, sales or disposals for full consideration in the ordinary course of trading) whether by one or a series of transactions related or not;

          

  

  
    	
            (ii)

          	
            transfer, lease or otherwise dispose of any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation;

          

  

  
    	
            (e)

          	
            No other business:  undertake any type of business other than the ownership and operation of the Vessel and the chartering of the Vessel to third parties;

          

  

  
    	
            (f)

          	
            No acquisitions:  acquire any further assets other than the Vessel and rights arising under contracts entered into by or on behalf of the Borrower in the ordinary course of its
              business of owning, operating and chartering the Vessel;

          

  

  
    47

    
      

  

  

  

  
    	
            (g)

          	
            No other obligations:  incur any liability or obligations except liabilities and obligations arising under the Finance Documents or contracts entered into in the ordinary course of
              its business of owning, operating and chartering the Vessel or any other Permitted Financial Indebtedness, (and for the purposes of this Clause 8.2(g) (No other
                  obligations) fees to be paid pursuant to the Management Agreements in respect of the Vessel shall be considered as permitted obligations under the Finance Documents);

          

  

  
    	
            (h)

          	
            No repayment of borrowings:  following the occurrence of an Event of Default that is continuing, repay the principal of, or pay interest on or any other sum in connection with, any
              of its Financial Indebtedness except for Financial Indebtedness pursuant to the Finance Documents;

          

  

  
    	
            (i)

          	
            No Payments: except pursuant to this Agreement and the other Finance Documents (and then only to the extent expressly permitted by the same) not pay out any funds (whether out of the
              Earnings or out of moneys collected under the General Assignment and/or the other Finance Documents or not) to any company or person except in connection with the administration of the Borrower, the operation, upgrade, maintenance and/or
              repair of the Vessel;

          

  

  
    	
            (j)

          	
            No guarantees: issue any guarantees or indemnities or otherwise become directly or contingently liable for the obligations of any person, firm, or corporation except pursuant to the
              Finance Documents and except for guarantees or indemnities from time to time required in the ordinary course by any protection and indemnity or war risks association with which the Vessel is entered, guarantees required to procure the release
              of the Vessel from any arrest, detention, attachment or levy or guarantees or undertakings required for the salvage of the Vessel;

          

  

  
    	
            (k)

          	
            No loans:  make any loans or advances to, or any investments in any person, firm, corporation, joint venture or other entity including (without limitation) any loan or advance or
              grant any credit (save for normal trade credit in the ordinary course of business) to any officer, director, stockholder or employee or any other company managed by the Approved Commercial Manager directly or through the managers of the
              Vessel or agree to do so;

          

  

  
    	
            (l)

          	
            No securities:  permit any Financial Indebtedness of the Borrower to any person (other than the Lender) to be guaranteed by any person (save, in the case of the Borrower, for
              guarantees or indemnities from time to time required in the ordinary course by any protection and indemnity or war risks association with which the Vessel is entered, guarantees required to procure the release of the Vessel from any arrest,
              detention, attachment or levy or guarantees or undertakings required for the salvage of the Vessel);

          

  

  
    	
            (m)

          	
            No dividends or distribution: on the condition that:

          

  

  
    	
            (i)

          	
            no Event of Default has occurred and is continuing,

          

  

  
    	
            (ii)

          	
            no Event of Default will result from the payment of such dividends or the making of any other form of distribution or any redemption, purchase or return of share capital,

          

  

  
    	
            (iii)

          	
            prior written notice in respect thereto will be given to the Lender, and

          

  

  
    48

    
      

  

  

  

  
    	
            (iv)

          	
            the Total Liabilities/Total Assets ratio of the Corporate Guarantor does not exceed 75%, the Borrower may declare or pay any dividends or make any other distribution under any name or
              description upon any of the issued shares or effect any form of redemption, purchase or return of share capital or otherwise dispose of any of its present or future assets, undertakings, rights or revenues (which are all assigned to the
              Lender) to any of its shareholders;

          

  

  AND for the purposes of this sub-Clause 8.2(n):

  “Fleet Market Value” means, as of the date of calculation, the aggregate market value of all the vessels (including, but
    not limited to, the Vessel) from time to time owned by a member of the Group, as determined in accordance with the provisions (mutatis-mutandis) of Clause 8.5(b) (Valuation of Vessel);

  “Total Assets” means, in respect of each Financial Year and by reference to the last day thereof, the aggregate on a
    consolidated basis of the assets of the Corporate Guarantor (including, for the avoidance of doubt, the assets of the other members of the Group and the aggregate of all monies standing to the credit of the Operating Account and any other account
    whether held in the name of the Corporate Guarantor or any other member of the Group and whether encumbered or otherwise) adjusted to reflect the aggregate Fleet Market Value, as reported in the financial statements to be provided to the Lender
    according to Clause 8.1(e) (Financial statements); and

  “Total Liabilities” means, in respect of each Financial Year and by reference to the last day thereof, the consolidated
    liabilities of the Group which, in accordance with GAAP or (as the case may be) IFRS, are classified as liabilities less the aggregate of any shareholders' loans, which are unsecured and fully subordinated to all Financial Indebtedness incurred under
    the Finance Documents pursuant to a subordination agreement or otherwise, made to any one or more members of the Group, all as shown in the financial statements to be provided to the Lender according to Clause 8.1(e) (Financial statements);

  
    	
            (n)

          	
            No subsidiaries:  form or acquire any Subsidiaries;

          

  

  
    	
            (o)

          	
            No change of Business Structure: change the nature, organisation and conduct of the business of the Borrower or the Approved Commercial Manager as owner of the Vessel or as manager
              of Vessel, as the case may be, or carry on any business other than the business carried on at the date of this Agreement;

          

  

  
    	
            (p)

          	
            No change of Legal Structure:  (such consent not be unreasonably withheld) ensure that none of the documents defining the constitution of the Borrower shall be materially (in the
              Lender's opinion) altered in any manner whatsoever;

          

  

  
    	
            (q)

          	
            No Security Interest of Assets:  allow any part of its undertaking, property, assets or rights, whether present or future, to be mortgaged, charged, pledged, used as a lien or
              otherwise encumbered without the prior written consent of the Lender save for any Permitted Security Interests;

          

  

  
    	
            (r)

          	
            Master Agreement Derivatives:   not enter into any transaction in a derivative other than any under a master agreement entered into with the Lender; and

          

  

  
    49

    
      

  

  

  

  
    	
            (s)

          	
            No change of control: throughout the Security Period:

          

  

  ensure that no change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the Borrower and the Corporate Guarantor or any
    share therein or the Vessel, as a result of which less than 100% of the shares and voting rights in the Borrower or less than 40% of the shares and voting rights in the Corporate Guarantor remain in the ultimate legal and beneficial ownership of the
    Beneficial Shareholder(s) disclosed to the Lender at the negotiation of this Agreement and confirmed in writing on or before the date hereof.

  
    	
            8.3

          	
            Undertakings concerning the Vessel

          

  

  The Borrower hereby undertakes with the Lender that, from the date of this Agreement and until the full and complete payment and discharge of the Outstanding Indebtedness, that it
    will:

  
    	
            (a)

          	
            Chartering:  not without the prior written consent of the Lender which shall not be unreasonably withheld (and then only subject to such conditions as the Lender may impose) let or
              agree to let the Vessel:

          

  

  
    	
            (i)

          	
            on demise charter for any period; or

          

  

  
    	
            (ii)

          	
            by any Assignable Charterparty; or

          

  

  
    	
            (iii)

          	
            other than on an arm's length basis;

          

  

  
    	
            (b)

          	
            No amendment to Assignable Charterparty: not without the prior written consent of the Lender which shall not be unreasonably withheld waive or
              fail to enforce, any Assignable Charterparty to which it is a party or any of its provisions, and will promptly notify the Lender of any amendment or supplement to any Assignable Charterparty;

          

  

  
    	
            (c)

          	
            Approved Managers:  not without the prior written consent of the Lender which shall not be unreasonably withheld appoint a manager of the Vessel other than the Approved Managers;

          

  

  
    	
            (d)

          	
            Ownership/Management/Control:  ensure that the Vessel remains registered in the ownership of the Borrower under the laws of the Flag State and thereafter ensure that the Vessel will
              maintain her ownership, management and control;

          

  

  
    	
            (e)

          	
            Class:  ensure that the Vessel remains in class free of overdue recommendations by the Classification Society and provide the Lender on demand with copies of all class and trading
              certificates of the Vessel;

          

  

  
    	
            (f)

          	
            Insurances: ensure that all Insurances (as defined in the relevant Mortgage/General Assignment) of the Vessel are maintained and comply with all insurance requirements specified in
              this Agreement and in the Mortgage and in case of failure to maintain the Vessel so insured, authorise the Lender (and such authorisation is hereby expressly given to the Lender) to have the right but not the obligation to effect such
              Insurances on behalf of the Owner thereof (and in case that the Vessel remains in port for an extended period) to effect port risks insurances at the cost of the Borrower which, if paid by the Lender, shall be Expenses; if (i) an Event of
              Default has occurred and is continuing or (ii) there has been any change in the insurance placement within such year or (iii) there has been a Material Adverse Change of the financial condition of any of the insurers of the Vessel at the
              Lender's  sole opinion, the Lender shall be entitled to obtain once per year at Borrower's expense an opinion from insurance consultants (appointed by the  Lender at the Borrower's expense) as to the adequacy of the insurances effected or to
              be effected in respect of the Vessel;

          

  

  
    50

    
      

  

  

  

  
    	
            (g)

          	
            Transfer/Security Interests:  except as provided in Clause 4.3 (b) (Sale of the Vessel - Refinancing), not without the prior written consent of the Lender sell or otherwise dispose of the Vessel or any share therein or create or agree to create or permit to subsist any Security Interest over the Vessel
              (or any share or interest therein other than Permitted Security Interests;

          

  

  
    	
            (h)

          	
            Not imperil Flag, Ownership, Insurances:  ensure that the Vessel following her delivery, is maintained and trades in conformity with the laws of the Flag State, of its owning company
              or of the nationality of the officers, the requirements of the Insurances and nothing is done or permitted to be done which could endanger the flag of the Vessel or its unencumbered (other than Security Interests in favour of the Lender and
              Security Interests permitted by this Agreement) ownership or its Insurances;

          

  

  
    	
            (i)

          	
            Mortgage Covenants:  always comply with all the covenants provided for in the Mortgages;

          

  

  
    	
            (j)

          	
            Assignment of Earnings:  not assign or agree to assign otherwise than to the Lender the Earnings or any part thereof.

          

  

  
    	
            (k)

          	
            Sharing of Earnings: not, without the prior written consent of the Lender which shall not be unreasonably withheld 

          

  

  
    	
            (i)

          	
            enter into any agreement or arrangement for the sharing or pooling of any Earnings;

          

  

  
    	
            (ii)

          	
            enter into any agreement or arrangement for the postponement of any date on which any Earnings are due; the reduction of the amount of any Earnings or otherwise for the release or adverse
              alteration of any right of the Borrower to any Earnings; and

          

  

  
    	
            (iii)

          	
            enter into any agreement or arrangement for the release of, or adverse alteration to, any guarantee or Security Interest relating to any Earnings.

          

  

  
    	
            (l)

          	
            Assignable Charterparty:  ensure and procure that in the event of the Vessel being employed under an Assignable Charterparty:

          

  

  
    	
            (i)

          	
            the Borrower shall execute and deliver to the Lender within fifteen (15) days from the Lender's relevant request a specific assignment of all its rights, title and interest in and to such
              charter and any charter guarantee (if available) in the form of a Charterparty Assignment and a notice of such assignment addressed to the relevant charterer;

          

  

  
    	
            (ii)

          	
            the Borrower will ensure (on a reasonable endeavours basis) that the relevant charterer and any charter guarantor agree to acknowledge to the Lender the specific assignment of such charter
              and charter guarantee by executing an acknowledgement substantially in the form included in the relevant Charterparty Assignment;

          

  

  
    	
            (iii)

          	
            in the case where such charter is a demise charter, the relevant charterer to undertake to the Lender (1) to comply with all of the Borrower's undertakings with regard to the employment,
              insurances, operation, repairs and maintenance of the Vessel contained in this Agreement, the Mortgage and the General Assignment and (2) to provide (inter alia) an assignment of its interest in the
              insurances of the Vessel in the form of a tripartite agreement in form and substance acceptable to the Lender, to be made between the Lender, the relevant Owner and such charterer;

          

  

  
    51

    
      

  

  

  

  
    	
            (m)

          	
            No freight derivatives: not enter into or agree to enter into any freight derivatives or any other instruments which have the effect of hedging forward exposures to freight
              derivatives without the Lender's consent;

          

  

  
    	
            (n)

          	
            Vessel's inspection: permit the Lender (i) by surveyors or other persons appointed by it in its behalf to board its Vessel at all reasonable times (but in any event without
              interfering with the daily operations and the ordinary trading of its Vessel and not more than once per annum or if an Event of Default has occurred and is continuing, at any time the Lender considers it appropriate or necessary) for the
              purpose of inspecting her condition or for the purpose of satisfying itself with regard to proposed or executed repairs and to afford all proper facilities for such inspections and (ii) at any time by financial or insurance advisors or other
              persons appointed by the Lender to review the operating and insurance records of its Vessel and the Owner and the costs (as supported by vouchers) of any and all such inspections shall be borne by the Borrower;

          

  

  
    	
            (o)

          	
            Compliance with Environmental Laws: comply with, and procure that all its Environmental Affiliates comply with, all Environmental Laws including without limitation, requirements
              relating to manning and establishment of financial responsibility and to obtain and comply with, and procure that all its Environmental Affiliates comply with, all Environmental Approvals and to notify the Lender forthwith:

          

  

  
    	
            (i)

          	
            of any Environmental Claim for an amount or amounts in aggregate exceeding Six hundred thousand Dollars ($600,000) made against the Vessel, any Relevant Ship and/or her respective owner;
              and

          

  

  
    	
            (ii)

          	
            upon becoming aware of any incident which may give rise to an Environmental Claim and to keep the Lender advised in writing of the Borrower's response to such Environmental Claim on such
              regular basis and in such detail as the Lender shall require; and

          

  

  
    	
            (p)

          	
            War Risk Insurance cover: in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit the
              Vessel to enter or trade to any zone which is declared a war zone by any government or by the Vessel's war risks insurers unless first obtaining the consent to such employment or trade of the insurers and complying with such requirements as
              to extra premium or otherwise as the insurers may prescribe require.

          

  

  
    	
            8.4

          	
            Validity of Securities - Earnings - Taxes etc.

          

  

  The Borrower hereby undertakes with the Lender that, from the date of this Agreement and throughout the Security Period, it will:

  
    	
            (a)

          	
            Validity:  ensure and procure that all governmental or other consents required by law and/or any other steps required for the validity, enforceability and legality of this Agreement
              and the other Finance Documents are maintained in full force and effect and/or appropriately taken;

          

  

  
    	
            (b)

          	
            Earnings:  ensure and procure that, unless and until directed by the Lender otherwise (i) all the Earnings of the Vessel shall be paid to the Operating Account and (ii) the persons
              from whom the Earnings are from time to time due are irrevocably instructed to pay them to the Operating Account or to such account in the name of the Borrower as shall be from time to time determined by the Lender in accordance with the
              provisions of this Agreement and/or the relevant Security Documents;

          

  

  
    52

    
      

  

  

  

  
    	
            (c)

          	
            Taxes:  pay all Taxes, assessments and other governmental charges when the same fall due, except to the extent that the same are being contested in good faith by appropriate
              proceedings and adequate reserves have been set aside for their payment if such proceedings fail; and

          

  

  
    	
            (d)

          	
            Additional Documents:  from time to time at the request of the Lender execute and deliver to the Lender or procure the execution and delivery to the Lender of all such documents as
              shall be deemed necessary at the reasonable discretion of the Lender for giving full effect to this Agreement, and for perfecting, protecting the value of or enforcing any rights or securities granted to the Lender under any one or more of
              this Agreement, the other Finance Documents and any other documents executed pursuant hereto or thereto and in case that any conditions precedent (with the Lender's consent) have not been fulfilled prior to the relevant Drawdown Date, such
              conditions shall be complied with within ten (10) Banking Days after the Lender's written request (unless the Lender agrees otherwise in writing) and failure to comply with this covenant shall be an Event of Default.

          

  

  
    	
            8.5

          	
            Security cover - Valuation of the Vessel

          

  

  
    	
            (a)

          	
            Security shortfall - Additional Security:  If at any time during the Security Period, the Security Value shall be less than the Security Requirement, the Lender may give notice to
              the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the sole cause of such deficiency is the Total Loss of the Vessel and the Borrower is in full compliance with his obligations in relation to such
              Total Loss) either;

          

  

  
    	
            (i)

          	
            prepay (in accordance with Clause 4.2 (Voluntary prepayment) (but

              without regard to the requirement for five (5) days' notice) within a period of forty five (45) days of the date of receipt by the Borrower of the Lender's said notice (the “Prepayment Date”)

              such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made or to be made between the date of the notice and the date of such prepayment) being at least equal
              to the Security Value; or

          

  

  
    	
            (ii)

          	
            on or before the Prepayment Date constitute to the satisfaction of the Lender such additional security for the Loan as shall be acceptable to the Lender having a net realisable value for
              security purposes (as determined by the Lender in its absolute discretion) at the date upon which such additional security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at
              such date. Such additional security shall be constituted by:

          

  

  
    	
            a)

          	
            additional pledged cash deposits in favor of the Lender in an amount equal to such shortfall with the Lender and in an account and manner to be determined by the Lender; and/or

          

  

  
    	
            b)

          	
            any other security acceptable to the Lender at its absolute discretion to be provided in a manner determined by the Lender.

          

  

  Any such additional security provided to the Lender shall be promptly released by the Lender once the Security Requirement Ratio has been restored. The provisions of Clauses 4.3 (Compulsory Prepayment in case of Total Loss or sale of the Vessel) and 4.4 (Amounts payable on prepayment) shall apply to prepayments under Clause 8.5(a)(i).

  
    53

    
      

  

  

  

  
    	
            (b)

          	
            Valuation of Vessel:  The Vessel shall, for the purposes of this Clause 8.5, be valued in Dollars once a year or, if an Event of Default has occurred and is continuing at any other
              time that the Lender shall reasonably require by two Approved Shipbrokers, one appointed by the Lender and one appointed by the Borrower (such valuations to be addressed to the Lender and to be made without, unless required by the Lender,
              physical inspection, and 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 a willing seller, without taking into account the benefit of any charterparty or other
              engagement concerning the Vessel. The Lender and the Borrower agree to accept the average of such valuations made by the Approved Shipbrokers appointed as aforesaid as conclusive evidence of the Market Value of the Vessel at the date of such
              valuations and that the average of such valuations shall constitute the Market Value of the Vessel for the purposes of this Clause 8.5.

          

  

  The value of the Vessel determined in accordance with the provisions of this Clause 8.5 shall be binding upon the Borrower and the Lender until such time as any further such
    valuations shall be obtained.

  
    	
            (c)

          	
            Information: The Borrower undertakes to the Lender to supply to the Lender and to any such Approved Shipbrokers such information concerning the Vessel and its condition as such
              Approved Shipbrokers may reasonably require for the purpose of making any such valuation.

          

  

  
    	
            (d)

          	
            Costs:  All costs in connection with:

          

  

  
    	
            (i)

          	
            the Lender obtaining any valuation of the Vessel referred to in Clause 8.5(b) (Valuation of Vessel); and

          

  

  
    	
            (ii)

          	
            any valuation of any additional security for the purposes of ascertaining the Security Value at any time or necessitated by the Borrower electing to constitute additional security pursuant
              to Clause 8.5(a)(ii): and

          

  

  
    	
            (iii)

          	
            all legal and other expenses incurred by the Lender in connection with any matter arising out of this Clause 8.5

          

  

  shall be borne by the Borrower.

  
    	
            (e)

          	
            Valuation of additional security:  For the purpose of this Clause 8.5, the market value of any additional security provided or to be provided to the Lender shall be determined by the
              Lender in its absolute discretion without any necessity for the Lender assigning any reason thereto and if such security consists of a vessel shall be that shown by a valuation complying with the requirements of Clause 8.5(b) (Valuation of Vessel) (whereas the costs shall be borne by the Borrower in accordance with Clause 8.5(d) (Costs)) or if the additional security is in the form of a cash deposit full credit shall be given for such cash
              deposit on a Dollar for Dollar basis.

          

  

  
    	
            (f)

          	
            Documents and evidence: In connection with any additional security provided in accordance with this Clause 8.5, the Lender shall be entitled to receive such evidence and documents of
              the kind referred to in Schedule 2 as may in the Lender's opinion be appropriate and such favourable legal opinions as the Lender shall in its   discretion require.

          

  

  
    54

    
      

  

  

  

  
    	
            8.6

          	
            Sanctions

          

  

  
    	
            (a)

          	
            Without Limiting Clause 8.7 (Compliance with laws etc.),
              the Borrower hereby undertakes with the Lender that, from the date of this Agreement and until the date that the Outstanding Indebtedness is paid in full, shall ensure that:

          

  

  	

        	(i)	
          the Vessel will not be used by or for the benefit of a Sanctions Restricted Person contrary to Sanctions;

        

  	

        	(ii)	
          the Vessel will not be used in trading in any Sanctions Restricted Jurisdiction or in any manner contrary to Sanctions; and

        

  	

        	(iii)	
          the Vessel will not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances.

        

  
    	
            (b)

          	
            The Borrower shall:

          

  

  
    	
            (i)

          	
            not directly or to its knowledge (after reasonable enquiry) indirectly use or permit to be used all or any part of the proceeds of the Loan, or lend, contribute or otherwise make available
              such proceeds directly or to its knowledge (after reasonable enquiry) indirectly, to any person or entity (i) to finance or facilitate any activity or transaction of or with any Sanctions Restricted Person contrary to Sanctions or in any
              Sanctions Restricted Country, or (ii) in any other manner that would result in a violation of any Sanctions by any Party;

          

  

  
    	
            (ii)

          	
            shall not fund all or part of any payment under the Loan out of proceeds derived directly or to its knowledge (after reasonable enquiry) indirectly from any activity or transaction with a
              Sanctions Restricted Person contrary to Sanctions or in a Sanctions Restricted Jurisdiction or which would otherwise cause any party to be in breach of any Sanctions; and

          

  

  
    	
            (iii)

          	
            procure that no proceeds to its knowledge (after reasonable enquiry) from activities or business with a Sanctions Restricted Person contrary to Sanctions or in a Sanctions Restricted
              Jurisdiction are credited to the Operating Account.

          

  

  
    	
            8.7

          	
            Compliance with laws etc.

          

  

  The Borrower shall:

  
    	
            (a)

          	
            comply, or procure compliance with all laws or regulations by the relevant Security Party:

          

  

  
    	
            (i)

          	
            relating to its respective business generally; and

          

  

  
    	
            (ii)

          	
            relating to the Vessel, its ownership, employment, operation, management and registration including, but not limited to, the ISM Code, the ISPS Code, all Environmental Laws and the laws of
              the Flag State; and

          

  

  
    	
            (iii)

          	
            all Sanctions;

          

  

  
    	
            (b)

          	
            obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental Approvals; and

          

  

  
    55

    
      

  

  

  

  
    	
            (c)

          	
            without limiting paragraph (a) above, not employ the Vessel nor allow its employment, operation or management in any manner contrary to any law or regulation including, but not limited to,
              the ISM Code, the ISPS Code and all Environmental Laws which has or is likely to have a Material Adverse Effect on the business, position, profitability, assets or the financial condition of any of the Security Parties and Sanctions.

          

  

  
    	
            8.8

          	
            Know your customer and money laundering compliance

          

  

  The Borrower hereby undertakes with the Lender that, from the date of this Agreement and so long as any moneys are owing under the Finance Documents and while all or any part of
    the Commitment remains outstanding, it will provide the Lender, or procure the provision of, such documentation and other evidence as the Lender shall from time to time require, based on applicable law and regulations from time to time and the Lender's
    own internal guidelines from time to time to identify the Borrower and the other Security Parties, including the disclosure in writing of the ultimate legal and beneficial owner or owners of such entities, and any other persons involved or affected by
    the transaction(s) contemplated by this Agreement in order for the 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.

  
    56

    
      

  

  

  

  
    	
            9.

          	
            EVENTS OF DEFAULT

          

  

  
    	
            9.1

          	
            Events

          

  

  There shall be an Event of Default if:

  
    	
            (a)

          	
            Non‐payment: any Security Party fails to pay any sum payable by it under any of the Finance Documents at the time, in the currency and in the manner stipulated in the Finance
              Documents (and so that, for this purpose, sums payable on demand shall be treated as having been paid at the stipulated time if paid within five (5) Banking Days of demand and other sums due shall be treated as having been paid at the
              stipulated time if paid within three (3) Banking Days of its falling due); or

          

  

  
    	
            (b)

          	
            Breach of Insurance and certain other obligations: the Borrower fails to obtain and/or maintain the Insurances (as defined in, and in accordance with the requirements of, the Finance
              Documents) or if any insurer in respect of such Insurances cancels the Insurances or disclaims liability by reason, in either case, of mis‐statement in any proposal for the Insurances or for any other failure or default on the part of the
              Borrower or the Borrower commits any breach of or omits to observe any of the obligations or undertakings expressed to be assumed by it under Clause 8  (Covenants); or

          

  

  
    	
            (c)

          	
            Breach of other obligations: any Security Party commits any breach of or omits to observe any of its obligations or undertakings expressed to be assumed by it under any of the
              Finance Documents (other than those referred to in Clauses 9.1(a) (Non‐payment) and 9.1(b) (Breach of Insurance and certain other obligations)) and, in respect of any such breach or omission which in the
              opinion of the Lender is capable of remedy, such action as the Lender may require shall not have been taken within fifteen (15) Banking Days of the Lender notifying in writing the relevant Security Party of such default and of such required
              action; or

          

  

  
    	
            (d)

          	
            Misrepresentation: any representation or warranty made or deemed to be made or repeated by or in respect of any Security Party in or pursuant to any of the Finance Documents or in
              any notice, certificate or statement referred to in or delivered under any of the Finance Documents is or proves to have been incorrect or misleading in any material respect; or

          

  

  
    	
            (e)

          	
            Cross‐default:

          

  

  
    	
            (i)

          	
            any Financial Indebtedness of the Borrower relating to an amount exceeding Six hundred thousand Dollars ($600,000) or any Financial Indebtedness of the Corporate Guarantor relating to an
              amount exceeding One million two hundred thousand Dollars ($1,200,000) is not paid when due (unless contested in good faith), or

          

  

  
    	
            (ii)

          	
            any Financial Indebtedness of the Borrower relating to an amount exceeding Six hundred thousand Dollars ($600,000) or any Financial Indebtedness of the Corporate Guarantor relating to an
              amount exceeding One million two hundred thousand Dollars ($1,200,000) (whether by declaration or automatically in accordance with the relevant agreement or instrument constituting the same) becomes due and payable prior to the date when it
              would otherwise have become due (unless as a result of the exercise by the Borrower or the Corporate Guarantor (as the case may be) of a voluntary right of prepayment), or

          

  

  
    57

    
      

  

  

  

  
    	
            (iii)

          	
            any facility or commitment available to the Borrower relating to Financial Indebtedness relating to an amount exceeding Six hundred thousand Dollars ($600,000) or any facility or commitment
              available to the Corporate Guarantor relating to Financial Indebtedness relating to an amount exceeding One million two hundred thousand Dollars ($1,200,000) is withdrawn, suspended or cancelled by reason of any default (however described) of
              the person concerned unless the Borrower or the Corporate Guarantor (as the case may be) shall have satisfied the Lender that such withdrawal, suspension or cancellation will not affect or prejudice in any way the Borrower's or the Corporate
              Guarantor's (as the case may be) ability to pay its debts as they fall due, or

          

  

  
    	
            (iv)

          	
            any guarantee given by the Borrower or the Corporate Guarantor in respect of Financial Indebtedness relating, with respect to the Borrower to an amount exceeding Six hundred thousand
              Dollars ($600,000) and in respect of the Corporate Guarantor, to an amount exceeding One million two hundred thousand Dollars ($1,200,000) is not honoured when due and called upon; or

          

  

  
    	
            (f)

          	
            Legal process: any judgment or order made or commenced in good faith by a person against any of the Borrower and the Corporate Guarantor relating with respect to the Borrower to an
              amount exceeding Six hundred thousand Dollars ($600,000) and in respect of the Corporate Guarantor, to an amount exceeding One million two hundred thousand Dollars ($1,200,000), is not stayed or complied with within thirty (30) Banking Days
              or a good faith creditor attaches or takes possession of, or a distress, execution, sequestration or other bonafide process relating with respect to the Borrower to an amount exceeding Six hundred
              thousand Dollars ($600,000) and in respect of the Corporate Guarantor, to an amount exceeding One million two hundred thousand Dollars ($1,200,000), is levied or enforced upon or sued out against, any of the undertakings, assets, rights or
              revenues of any of the Borrower and the Corporate Guarantor and is not discharged within thirty (30) Banking Days; or

          

  

  
    	
            (g)

          	
            Insolvency:  any Security Party becomes insolvent or stops or suspends making payments (whether of principal or interest) with respect to all or any class of its debts or announces
              an intention to do so; or

          

  

  
    	
            (h)

          	
            Reduction or loss of capital: a meeting is convened by the Borrower for the purpose of passing any resolution to purchase, reduce or redeem any of its share capital; or

          

  

  
    	
            (i)

          	
            Winding up: any petition is presented or other step is taken for the purpose of winding up any Security Party or an order is made or resolution passed for the winding up of any
              Security Party or a notice is issued convening a meeting for the purpose of passing any such resolution; or

          

  

  
    	
            (j)

          	
            Administration: any bonafide petition is presented or other step is taken for the purpose of the appointment of an administrator of any
              Security Party or an administration order is made in relation to any Security Party; or

          

  

  
    	
            (k)

          	
            Appointment of receivers and managers: any administrative or other receiver is appointed of any Security Party or any material (in the Lender's opinion) part of its assets and/or
              undertaking or any other steps are taken to enforce any Security Interest over all or any material (in the Lender's opinion) part of the assets of any Security Party; or

          

  

  
    58

    
      

  

  

  

  
    	
            (l)

          	
            Compositions: any steps are taken, or negotiations commenced, by any Security Party or by any of its creditors with a view to the general readjustment or rescheduling of all or a
              material (in the Lender's opinion) part of its indebtedness or to proposing any kind of composition, compromise or arrangement involving such company and any of its creditors provided, however, that if the Borrower is able to provide
              such evidence as is satisfactory in all respects to the Lender that such rescheduling will not relate to any payment default or anticipated default the same shall not constitute an Event of Default; or

          

  

  
    	
            (m)

          	
            Analogous proceedings: there occurs, in relation to any Security Party, in any country or territory in which any of them carries on business or to the jurisdiction of whose courts
              any part of their assets is subject, any event which in that country or territory corresponds with, or have an effect equivalent or similar to, any of those mentioned in Clauses 9.1(f) (Legal process) to (l) (Compositions) (inclusive) or any Security Party otherwise becomes subject, in any such country or territory, to the operation of any law relating to insolvency, bankruptcy or liquidation; or

          

  

  
    	
            (n)

          	
            Cessation of business: any Security Party suspends or ceases to carry on its business; or

          

  

  
    	
            (o)

          	
            Seizure: all or a material part of the undertaking, assets, rights or revenues of, or shares or other ownership interests in, any Security Party are seized, nationalised,
              expropriated or compulsorily acquired by or under the authority of any government; or

          

  

  
    	
            (p)

          	
            Invalidity: any of the Finance Documents shall at any time and for any reason become invalid or unenforceable or otherwise cease to remain in full force and effect, or if the
              validity or enforceability of any of the Finance Documents shall at any time and for any reason be contested by any Security Party which is a party thereto, or if any such Security Party shall deny that it has any, or any further, liability
              thereunder; or

          

  

  
    	
            (q)

          	
            Unlawfulness: it becomes impossible or unlawful at any time for any Security Party, to fulfil any of the covenants and obligations expressed to be assumed by it in any of the Finance
              Documents or for the Lender to exercise the rights or any of them vested in it under any of the Finance Documents or otherwise; or

          

  

  
    	
            (r)

          	
            Repudiation: any Security Party repudiates any of the Finance Documents or does or causes or permits to be done any act or thing evidencing an intention to repudiate any of the
              Finance Documents; or

          

  

  
    	
            (s)

          	
            Security Interests enforceable: any Security Interest (other than Permitted Security Interests) in respect of any of the property (or a material (in the Lender's opinion) part
              thereof) which is the subject of any of the Finance Documents becomes enforceable; or

          

  

  
    	
            (t)

          	
            Material Adverse Change: there occurs, in the reasonable opinion of the Lender, a Material Adverse Change in the financial condition of any of the Borrower and the Corporate
              Guarantor as described by the Borrower or any other Security Party to the Lender in the negotiation of this Agreement, which materially impairs the ability of the above Security Parties (or either of them) to perform their respective
              obligations under this Agreement and the Finance Documents to which is or is to be a party; or

          

  

  
    	
            (u)

          	
            Arrest: the Vessel is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained in exercise or purported exercise of any possessory lien or other claim or
              otherwise taken from the possession of the Owner thereof (otherwise that due to an event falling within the definition of Total Loss) and the Owner shall fail to procure the release of the Vessel within a period of forty thirty (30) Banking
              Days thereafter; or

          

  

  
    59

    
      

  

  

  

  
    	
            (v)

          	
            Registration:  the registration of the Vessel under the laws and flag of the Flag State is cancelled or terminated without the prior written consent of the Lender or, if the Vessel
              is only provisionally registered on the relevant Drawdown Date and is not permanently registered under the laws and flag of the Flag State at least thirty (30) days prior to the deadline for completing such permanent registration; or

          

  

  
    	
            (w)

          	
            Unrest: the Flag State of the Vessel becomes involved in hostilities or civil war or there is a seizure of power in such Flag State by unconstitutional means if, in any such case,
              (a) such event could in the opinion of the Lender reasonably be expected to have a Material Adverse Effect on the security constituted by any of the Finance Documents and (b) the Borrower has failed within thirty (30) days from receiving
              notice from the Lender to this effect to (i) delete the Vessel from its Flag State and (ii) re-register the Vessel under another Flag State approved by the Lender in its sole discretion through a relevant Registry, in each case, at the
              Borrowers' cost and expense; or

          

  

  
    	
            (x)

          	
            Approved Manager: there occurs, in relation to an Approved Manager any of the events mentioned in Clauses 9.1(e) (Legal process) to (m) (Cessation of business) (inclusive)

              and the Borrower fails to appoint a new Approved Manager of the Vessel acceptable to the Lender such acceptance not to be unreasonably withheld within ten (10) days of becoming aware of the occurrence of such event.

          

  

  
    	
            (y)

          	
            Environment:  the Approved Commercial Manager fails to comply with any Environmental Law or any Environmental Approval or the Vessel is involved in any incident which gives rise or
              which may give rise to any Environmental Claim, if in any such case, such non-compliance or incident or the consequences thereof could (in the reasonable opinion of the Lender) be expected to have a Material Adverse Effect on the business
              assets, operations, property or financial condition of the Borrower or any other Security Party or on the security created by any of the Finance Documents; or

          

  

  
    	
            (z)

          	
            P&I: the Borrower fails or omits to comply with any requirements of the protection and indemnity association or other insurer with which the Vessel is entered for insurance or
              insured against protection and indemnity risks (including oil pollution risks) to the effect that any cover in relation to the Vessel (including without limitation, liability for Environmental Claims arising in jurisdictions where the Vessel
              operates or trades) is or may be liable to cancellation, qualification or exclusion at any time; or

          

  

  
    	
            (aa)

          	
            Beneficial Ownership:  there has been any change of control directly or indirectly in the ownership, beneficial ownership, or management of the Borrower or of the Corporate Guarantor
              or any share therein or of the Vessel, as a result of which any of the Borrower and the Corporate Guarantor ceases to remain, in the case of the Borrower, at least 100% and in the case of the Corporate Guarantor at least 40% in the ultimate
              legal and beneficial ownership of the Beneficial Shareholders or the Vessel ceases to remain 100% owned by the Borrower; or

          

  

  
    	
            (bb)

          	
            Total Loss:  the Vessel becomes a Total Loss and the Borrower does not within one hundred and eighty (180) days from the respective Total Loss Date prepay the Loan and all other
              amounts outstanding hereunder or provides the Lender with a written statement from the insurers of the Vessel (via the respective broker) confirming that the event is covered in full under the relevant insurance policies and that the insurers
              will pay an amount equivalent to the insured value of the Vessel to the Lender; or

          

  

  
    60

    
      

  

  

  

  
    	
            (cc)

          	
            Change of Management: the Vessel ceases to be managed by the Approved Commercial Manager or, as the case may be, the Approved Technical Manager (for any reason other
              than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender, which shall not be unreasonably withheld, and the Borrower fails to appoint another Approved Commercial Manager or, as the case may be, the Approved
              Technical Manager prior to the termination of the mandate with the previous relevant Approved Manager; or

          

  

  
    	
            (dd)

          	
            Deviation of Earnings: any Earnings of the Vessel are not paid to the Operating Account for any reason whatsoever (other than with the Lender's prior written consent); or

          

  

  
    	
            (ee)

          	
            ISM Code and ISPS Code: (without prejudice to the generality of sub-Clause 9.1(c) (Breach

                  of other obligations)) for any reason whatsoever the provisions of Clause 8.1(o) (Compliance with ISM Code) and (p) (Compliance with ISPS Code) are not complied with and the
              Vessel ceases to comply with the ISM Code or, as the case may be, the ISPS Code; or

          

  

  
    	
            (ff)

          	
            Sanctions: (without prejudice to the generality of sub-Clause 9.1(c) (Breach of other obligations))

              for any reason whatsoever the provisions of Clause 8.6 (Sanctions) and Clause 8.7 (Compliance with laws etc.) are not complied with.

          

  

  
    	
            9.2

          	
            Consequences of Default – Acceleration

          

  

  The Lender may without prejudice to any other rights of the Lender (which will continue to be in force concurrently with the following), at any time after the happening of an Event
    of Default, which is continuing:

  
    	
            (a)

          	
            by notice to the Borrower declare that the obligation of the Lender to make the Commitment (or any part thereof) available shall be terminated, whereupon the Commitment shall be reduced to
              zero forthwith; and/or

          

  

  
    	
            (b)

          	
            by notice to the Borrower declare that the Loan and all interest accrued and all other sums payable under the Finance Documents have become due and payable, whereupon the same shall,
              immediately or in accordance with the terms of such notice, become due and payable without any further diligence, presentment, demand of payment, protest or notice or any other procedure from the Lender which are expressly waived by the
              Borrower; and/or

          

  

  
    	
            (c)

          	
            put into force and exercise all or any of the rights, powers and remedies possessed by the Lender under this Agreement and/or under any other Finance Document and/or as mortgagee of the
              Vessel, mortgagee, chargee or assignee or as the beneficiary of any other property right or any other security (as the case may be) of the assets charged or assigned to it under the Finance Documents or otherwise (whether at law, by virtue of
              any of the Finance Documents or otherwise).

          

  

  
    	
            9.3

          	
            Multiple notices; action without notice

          

  

  The Lender may serve notices under paragraphs (a) and (b) of Clause 9.2 (Consequences of Default –
        Acceleration) simultaneously or on different dates and it may take any action referred to in that Clause if no such notice is served or simultaneously with or at any time after service of both or
    either of such notices, it being understood and agreed that the non-service of a notice in respect of an Event of Default hereunder, or under any of the Finance Documents (whether known to the Lender or not), shall not be construed to mean that the
    Event of Default shall cease to exist and bring about its lawful consequences.

  
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            9.4

          	
            Demand basis

          

  

  If, pursuant to Clause 9.2(b), the Lender declares the Loan to be due and payable on demand, the Lender may by written notice to the Borrower (a) call for repayment of the Loan on
    such date as may be specified whereupon the Loan shall become due and payable on the date so specified together with all interest accrued and all other sums payable under this Agreement or (b) withdraw such declaration with effect from the date
    specified in such notice.

  
    	
            9.5

          	
            Proof of Default

          

  

  It is agreed that (i) the non-payment of any sum of money in time will be proved conclusively by mere passage of time and (ii) the occurrence of this (non-payment) shall be proved
    conclusively by a mere written statement of the Lender (save for manifest error).

  
    	
            9.6

          	
            Exclusion of Bank's liability

          

  

  Neither the Lender nor any receiver or manager appointed by the Lender, shall have any liability to the Borrower or a Security Party:

  
    	
            (a)

          	
            for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance Document or by any failure or delay to exercise such a right or to enforce
              such a Security Interest; or

          

  

  
    	
            (b)

          	
            as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by or realised from any asset comprised in such a Security Interest or for any
              reduction (however caused) in the value of such an asset,

          

  

  except that this does not exempt the Lender or a receiver or manager from liability for losses shown to have been caused by the wilful misconduct of the Lender's own officers and
    employees or (as the case may be) such receiver's or manager's own partners or employees.

  
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            10.

          	
            INDEMNITIES - EXPENSES – FEES

          

  

  
    	
            10.1

          	
            Indemnity

          

  

  The Borrower shall on demand (and it is hereby expressly undertaken by the Borrower to) indemnify the Lender, without prejudice to any of the other rights of the Lender under any
    of the Finance Documents, against any loss (including, in the cases referred to in sub clauses (a) and (b) of this Clause, loss of the Margin and in every case, any Break Costs) or expense which the Lender sustains or incurs as a consequence of:

  
    	
            (a)

          	
            any default in payment by any of the Security Parties of any sum under any of the Finance Documents when due;

          

  

  
    	
            (b)

          	
            the occurrence of any Event of Default which is continuing;

          

  

  
    	
            (c)

          	
            any prepayment of the Loan or part thereof being made under Clauses 3.6(g) (Prepayment; termination of
                  Commitment), 4.2 (Voluntary Prepayment) and 4.3 (Compulsory Prepayment in case of Total Loss or sale of the Vessel), 8.5(a) (Security

                  shortfall) or 12 or any other repayment of the Loan or part thereof being made otherwise than on an Interest Payment Date relating to the part of the Loan prepaid or repaid; or

          

  

  
    	
            (d)

          	
            the Commitment not being advanced for any reason (excluding any default by the Lender and any reason mentioned in Clause 12.1 (Unlawfulness)) after the Drawdown Notice has been given, including, in any such case, but not limited to, any loss or expense sustained or incurred in
              maintaining or funding the Loan or any part thereof or in liquidating or re-employing deposits from third parties acquired to effect or maintain the Loan or any part thereof.

          

  

  
    	
            10.2

          	
            Expenses

          

  

  The Borrower shall (and it is hereby expressly undertaken by the Borrower to) pay to the Lender on demand:

  
    	
            (a)

          	
            Initial and Amendment expenses:  all expenses (including reasonable legal, printing and out-of-pocket expenses) reasonably incurred by the Lender in connection with the negotiation,
              preparation and execution of this Agreement and the other Finance Documents and of any amendment or extension of or the granting of any waiver or consent under this Agreement and/or any of the Finance Documents and/or in connection with any
              proposal by the Borrower to constitute additional security pursuant to sub-Clause 8.5(a) (Security shortfall),
              whether any such security shall in fact be constituted or not;

          

  

  
    	
            (b)

          	
            Enforcement expenses:  all expenses (including reasonable legal and out-of-pocket expenses) incurred by the Lender in contemplation of, or otherwise in connection with, the
              enforcement of, or preservation of any rights under, this Agreement and/or any of the other Finance Documents, or otherwise in respect of the moneys owing under this Agreement and/or any of the other Finance Documents or the contemplation or
              preparation of the above, whether they have been effected or not;

          

  

  
    	
            (c)

          	
            Legal costs:  the legal costs of the Lender's appointed lawyers, in respect of the preparation of this Agreement and the other Finance Documents as well as the legal costs of the
              foreign lawyers (if these are available) in respect of the registration of the Finance Documents or any search or opinion given to the Lender in respect of the Security Parties or the Vessel or the Finance Documents. The said legal costs
              shall be due and payable on the Drawdown Date; and

          

  

  
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            (d)

          	
            Other expenses:  any and all other Expenses.

          

  

  All expenses payable pursuant to this Clause 10.2 (Expenses) shall be pa`id together with value added tax (if any) thereon (if applicable).

  
    	
            10.3

          	
            Stamp duty

          

  

  The Borrower shall pay (if applicable) any and all stamp, registration and similar taxes or charges (including those payable by the Lender) imposed by governmental authorities in
    relation to this Agreement and any of the other Finance Documents, and shall indemnify the Lender against any and all liabilities with respect to, or resulting from delay or omission on the part of the Borrower to pay such stamp taxes or charges.

  
    	
            10.4

          	
            Environmental Indemnity

          

  

  The Borrower shall indemnify the Lender on demand and hold the Lender harmless from and against all costs, expenses, payments, charges, losses, demands, liabilities, actions,
    proceedings (whether civil or criminal) penalties, fines, damages, judgements, orders, sanctions or other outgoings of whatever nature which may be suffered, incurred or paid by, or made or asserted against the Lender at any time, whether before or
    after the repayment in full of principal and interest under this Agreement, relating to, or arising directly or indirectly in any manner or for any cause or reason out of an Environmental Claim made or asserted against the Lender if such Environmental
    Claim would not have been, or been capable of being, made or asserted against the Lender if it had not entered into any of the Finance Documents and/or exercised any of its rights, powers and discretions thereby conferred and/or performed any of its
    obligations thereunder and/or been involved in any of the transactions contemplated by the Finance Documents.

  
    	
            10.5

          	
            Currency indemnity

          

  

  If any sum due from the Borrower under any of the Finance Documents or any order or judgement given or made in relation hereto has to be converted from the currency (the “first currency”) in which the same is payable under the relevant Finance Document or under such order or judgement into another currency (the “second currency”) for the
    purpose of (i) making or filing a claim or proof against the Borrower or any other Security Party, as the case may be or (ii) obtaining an order or judgement in any court or other tribunal or (iii) enforcing any order or judgement given or made in
    relation to any of the Finance Documents, the Borrower shall (and it is hereby expressly undertaken by the Borrower to) indemnify and hold harmless the Lender from and against any loss suffered as a result of any difference between (a) the rate of
    exchange used for such purpose to convert the sum in question from the first currency into the second currency and (b) the rate or rates of exchange at which the Lender may in the ordinary course of business purchase the first currency with the second
    currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgement, claim or proof. The term “rate of exchange” includes any premium and costs of exchange payable in
    connection with the purchase of the first currency with the second currency.

  
    	
            10.6

          	
            Maintenance of the Indemnities

          

  

  The indemnities contained in this Clause 10 shall apply irrespective of any indulgence granted to the Borrower or any other party from time to time and shall continue to be in full
    force and effect notwithstanding any payment in favour of the Lender and any sum due from the Borrower under this Clause 10 will be due as a separate debt and shall not be affected by judgement being obtained for any other sums due under any one or
    more of this Agreement, the other Finance Documents and any other documents executed pursuant hereto or thereto.

  
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            10.7

          	
            MII and MAPI costs

          

  

  The Borrower shall reimburse the Lender on demand for any and all costs incurred by the Lender (as conclusively certified by the Lender) in effecting and keeping effected (a) a
    Mortgagee's Interest Insurance (herein, “MII”) and (b) a Mortgagee's Interest Additional Perils (Pollution) Insurance (herein, “MAPI”),

    each of which the Lender may at any time effect on such terms, for an amount of 120% of the Loan and with such insurers as shall from time to time be determined by the Lender, provided, however, that the
    Lender shall in its absolute discretion appoint and instruct in respect of any such MII and/or MAPI policy the insurance brokers in respect of such Insurance and provided, further, that in the event that the Lender effects any such Insurance on
    the basis of any mortgagee's open cover, the Borrower shall pay on demand to the Lender its proportion of premium due in respect of the Vessel(s) for which such insurance cover has been effected by the Lender, provided always that the Lender has
    provided the Borrower with copies of the corresponding invoice from the MII and MAPI insurers/their brokers and any certificate of the Lender in respect of any such premium due by the Borrower shall (save for manifest error) be conclusive and binding
    upon the Borrower.

  
    	
            10.8

          	
            Central Bank or European Central Bank reserve requirements indemnity

          

  

  The Borrower shall on demand promptly indemnify the Lender against any documented cost incurred or loss suffered by the Lender as a result of its complying with the minimum reserve
    requirements of the European Central Bank and/or with respect to maintaining required reserves with the relevant national Central Bank to the extent that such compliance relates to the Commitment or deposits obtained by it to fund the whole or part of
    the Loan and to the extent such cost or loss is not recoverable by the Lender under Clause 12.2 (Increased cost).

  
    	
            10.9

          	
            Communications Indemnity

          

  

  It is hereby agreed in connection with communications that:

  
    	
            (a)

          	
            Express authority is hereby given by the Borrower to the Lender to accept all tested or untested communications given by facsimile, electronic mail or otherwise, regarding any or all of the
              notices (as defined in Clause 16.4 (Meaning of “notice”)
              under this Agreement, subject to any restrictions imposed by the Lender relating to such notices including, without limitation (if so required by the Lender), the obligation to confirm such notices by letter.

          

  

  
    	
            (b)

          	
            The Borrower shall recognise any and all of the said notices as legal, valid and binding, when these notices come from the fax number or electronic mail address mentioned in Clause 16.1 (Notices) or any other fax or electronic mail address
              usually used by it or the Approved Commercial Manager and are duly signed or in case of emails are duly sent by the person appearing to be sending such notice.

          

  

  
    	
            (c)

          	
            The Borrower hereby assumes full responsibility for the execution of the said notices, and promises and recognises that the Lender shall not be held responsible for any loss, liability or
              expense that may result from such notices.  It is hereby undertaken by the Borrower to indemnify in full the Lender from and against all actions, proceedings, damages, costs, claims, demands, expenses and any and all direct and/or indirect
              losses which the Lender may suffer, incur or sustain by reason of the Lender following such notices.

          

  

  
    	
            (d)

          	
            With regard to notices (as defined in Clause 16.4 (Meaning of “notice”) issued by electronic and/or mechanical processes (e.g. by facsimile or electronic mail) the following are applicable:

          

  

  
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            (i)

          	
            The Borrower hereby acknowledges and accepts the risks associated with the use of unsecured electronic mail communication including, without limitation, risk of delay, loss of data,
              confidentiality breach, forgery, falsification and malicious software.  The Lender shall not be liable in any way for any loss or damage or any other disadvantage suffered by the Borrower resulting from such unsecured electronic mail
              communication.

          

  

  
    	
            (ii)

          	
            If the Borrower or any other Security Party wishes to cease all electronic communication, it shall give written notice to the Lender accordingly after receipt of which notice the Parties
              shall cease all electronic communication.

          

  

  
    	
            (iii)

          	
            For as long as electronic communication is an accepted form of communication, the Parties shall:

          

  

  
    	
            a)

          	
            notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

          

  

  
    	
            b)

          	
            notify each other of any change to their respective addresses or any other such information supplied to them; and

          

  

  
    	
            (e)

          	
            in case electronic communication is sent to recipients with the domain < pyxistankers.com>, the parties shall without undue delay inform each
              other if there are changes to the said domain or if electronic communication shall thereafter be sent to individual electronic mail addresses.

          

  

  
    	
            (f)

          	
            The risks of misunderstandings and errors resulting from notices (as defined in Clause 16.4 (Meaning of “notice”) being given as mentioned above, are for the Borrower and the Lender will be indemnified in full pursuant to this Clause save in case of
              Lender's wilful misconduct.

          

  

  
    	
            (g)

          	
            The Lender shall have the right to ask the Borrower to furnish any information the Lender may require to establish the authority of any person purporting to act on behalf of the Borrower
              for these notices, but it is expressly agreed that there is no obligation for the Lender to do so.  The Lender shall be fully protected in, and the Lender shall incur no liability to the Borrower for acting upon the said notices, which were
              believed by the Lender in good faith to have been given by the Borrower or by any of its authorised representative(s).

          

  

  
    	
            (h)

          	
            It is undertaken by the Borrower to use its best endeavours to safeguard the function and the security of the electronic and mechanical appliance(s) such as fax(es), electronic mail(s) etc.
              The Borrower shall hold the Lender harmless and indemnified from all claims, losses, damages and expenses which the Lender may incur by reason of the failure of the Borrower to comply with the obligations under this Clause.

          

  

  
    	
            10.10

          	
            Fees

          

  

  
    	
            (a)

          	
            Arrangement fee: The Borrower shall pay to the Lender an arrangement fee (the “Arrangement

                Fee”) in the amount equal to zero point eight zero per cent (0.80%) of the amount of the Commitment payable on the Drawdown Date.

          

  

  
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            (b)

          	
            Commitment commission: The Borrower shall pay to the Lender commitment commission (the “Commitment Commission”) at the
              rate of one per cent (1%) per annum on the daily undrawn and uncancelled amount of the Commitment, computed from the date of acceptance of the Commitment Letter (25 June, 2020) until the earlier of (a) the last day of the Availability Period
              (b) the Drawdown Date and (c) the date of cancellation of the Commitment by the Borrower (the “Commitment Commission Period”) payable on the last day of the Commitment Commission
              Period.

          

  

  
    	
            (c)

          	
            Non-refundable: The Arrangement Fee and the Commitment Commission shall be non-refundable.

          

  

  
    	
            10.11

          	
            FATCA Deduction

          

  

  
    	
            (a)

          	
            Each party to a Finance Document may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and shall not 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 to a Finance Document 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 a Finance Document to whom it is making the payment.

          

  

  
    	
            10.12

          	
            FATCA status

          

  

  
    	
            (a)

          	
            Subject to Clause 10.12(c) below, each party shall, within ten Banking Days of a reasonable request by another party:

          

  

  
    	
            (i)

          	
            confirm to that other party whether it is:

          

  

  
    	
            a)

          	
            a FATCA Exempt Party; or

          

  

  
    	
            b)

          	
            not a FATCA Exempt Party; and

          

  

  
    	
            (ii)

          	
            supply to that other party such forms, documentation and other information relating to its status under FATCA (including its applicable passthru percentage or other information required
              under the Treasury Regulations or other official guidance including intergovernmental agreements) as that other party reasonably requests for the purposes of that other party's compliance with FATCA.

          

  

  
    	
            (b)

          	
            If a party confirms to another party pursuant to Clause 10.12(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)

          	
            Clause 10.12(a)(i) above shall not oblige the Lender to do anything which would or might in its reasonable opinion constitute a breach of:

          

  

  
    	
            (i)

          	
            any law or regulation;

          

  

  
    	
            (ii)

          	
            any fiduciary duty; or

          

  

  
    	
            (iii)

          	
            any duty of confidentiality.

          

  

  
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            (d)

          	
            If a party fails to confirm its status or to supply forms, documentation or other information requested in accordance with Clause 10.12(a) above (including, for the avoidance of doubt,
              where Clause 10.12(c) above applies), then:

          

  

  
    	
            (i)

          	
            if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt
              Party; and

          

  

  
    	
            (ii)

          	
            if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of the Finance Documents (and payments made thereunder) as if its
              applicable passthru percentage is 100%,

          

  

  until (in each case) such time as the party in question provides the requested confirmation, forms, documentation or other information.

  
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            11.

          	
            SECURITY, APPLICATION, AND SET-OFF

          

  

  
    	
            11.1

          	
            Securities

          

  

  As security for the due and punctual repayment of the Loan and payment of interest thereon as provided in this Agreement and of all other Outstanding Indebtedness, the Borrower
    shall ensure and procure that the following Finance Documents are duly executed and, where required, registered in favour of the Lender in form and substance satisfactory to the Lender at the time specified herein or otherwise as required by the Lender
    and ensure that such security consists, on the Drawdown Date in respect of the Loan, of the Finance Documents.

  
    	
            11.2

          	
            Maintenance of Securities

          

  

  It is hereby undertaken by the Borrower that the Finance Documents shall both at the date of execution and delivery thereof and so long as any moneys are owing and/or due under
    this Agreement or under the other Finance Documents be valid and binding obligations of the respective Security Parties thereto and rights of the Lender enforceable in accordance with their respective terms and that they will, at the expense of the
    Borrower, execute, sign, perfect and do any and every such further assurance, document, act, omission or thing as in the opinion of the Lender may be necessary for perfecting the security contemplated or constituted by the Finance Documents.

  
    	
            11.3

          	
            Application of funds

          

  

  
    	
            (a)

          	
            Order of application:  Except as any Finance Document may otherwise provide, any sums which are received or recovered by the Lender under or pursuant to or by virtue of any of the
              Finance Documents and expressed to be applicable in accordance with this Clause 11.3 shall be applied by the Lender in the following manner:

          

  

  
    	
            (i)

          	
            FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in the following order and proportions:

          

  

  
    	
            a)

          	
            Firstly, in or towards satisfaction of all amounts then due and payable to the Lender under the Finance Documents other than those amounts referred to at paragraphs b) and c) below
              (including, but without limitation, all amounts payable by the Borrower under Clauses 11 (Indemnities- Expenses-Fees),
              5.1 (Payments – No set-off or counterclaims) or 5.3 (Gross Up) of this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance Document);

          

  

  
    	
            b)

          	
            Secondly, in or towards payment of any default interest;

          

  

  
    	
            c)

          	
            Thirdly, in or towards payment of any arrears of interest (other than default interest) due in respect of the Loan or any part thereof; and

          

  

  
    	
            d)

          	
            Fourthly, in or towards repayment of the Loan (whether the same is due and payable or not);

          

  

  
    	
            (ii)

          	
            SECOND: the surplus (if any) after the full and complete payment of the Outstanding Indebtedness shall be paid to the Borrower or to any other person entitled to it.

          

  

  
    	
            (b)

          	
            Notice of variation of order of application:  The Lender may, by notice to the Borrower and the Security Parties, provide, at its sole discretion, for a different order of application from that
              set out in Clause 11.3(a) (Order of application) either as regards a specified sum or sums or as regards sums
              in a specified category or categories, without affecting the obligations of the Borrower to the Lender.

          

  

  
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            (c)

          	
            Effect of variation notice:  The Lender may give notices under Clause 11.3(b) (Notice of variation of
                  order of application) from time to time; and such a notice may be stated to apply not only to sums which may be received or recovered in the future, but also to any sum which has been received or recovered on or after the third
              Banking Day before the date on which the notice is served.

          

  

  
    	
            (d)

          	
            Insufficient balance: For the avoidance of doubt, in the event that such balance is insufficient to pay in full the whole of the Outstanding Indebtedness, the Lender shall be
              entitled to collect the shortfall from the Borrower or any other person liable therefor.

          

  

  
    	
            (e)

          	
            Appropriation rights overridden:  This Clause 11.3 and any notice which the Lender gives under Clause 11.3(b) (Notice of variation of order of application) shall override any right of appropriation possessed, and any appropriation made, by the Borrower or any other Security Party.

          

  

  
    	
            11.4

          	
            Set off

          

  

  
    	
            (a)

          	
            Application of credit balances: Express authority is hereby given by the Borrower to the Lender without prejudice to any of the rights of the Lender at law, contractually or
              otherwise, at any time after an Event of Default has occurred and is continuing, and without prior notice to the Borrower:

          

  

  
    	
            (i)

          	
            to apply any credit balance standing upon any account of the Borrower with any branch of the Lender (including, without limitation, the Operating Account and in whatever currency in or
              towards satisfaction of any sum due to the Lender from the Borrower under this Agreement, the General Assignment and/or any of the other Finance Documents;

          

  

  
    	
            (ii)

          	
            in the name of the Borrower and/or the Lender to do all such acts and execute all such documents as may be necessary or expedient to effect such application; and

          

  

  
    	
            (iii)

          	
            to combine and/or consolidate all or any accounts in the name of the Borrower with the Lender; and

          

  

  for that purpose:

  
    	
            a)

          	
            to break, or alter the maturity of, all or any part of a deposit of the Borrower;

          

  

  
    	
            b)

          	
            to convert or translate all or any part of a deposit or other credit balance into Dollars; and

          

  

  
    	
            c)

          	
            to enter into any other transaction or make any entry with regard to the credit balance which the Lender considers appropriate.

          

  

  
    	
            (b)

          	
            Existing rights unaffected: The Lender shall not be obliged to exercise any right given by this Clause; and those rights shall be without prejudice and in addition to any right of
              set-off, combination of accounts, charge, lien or other right or remedy to which the Lender is entitled (whether under the general law or any document). For all or any of the above purposes
              authority is hereby given to the Lender to purchase with the moneys standing to the credit of any such account or accounts such other currencies as may be necessary to effect such application. The Lender shall notify the Borrower forthwith
              upon the exercise of any right of set‐off giving full details in relation thereto.

          

  

  
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            12.

          	
            UNLAWFULNESS, INCREASED COSTS AND BAIL-IN

          

  

  
    	
            12.1

          	
            Unlawfulness

          

  

  If any change in, or introduction of, any law, regulation or regulatory requirement or any request of any central bank, monetary, regulatory or other authority or any order of any
    court renders it unlawful or contrary to any such regulation, requirement, request or order for the Lender to advance the Commitment or the relevant part thereof (as the case may be) or to maintain or fund the Loan, notice shall be given promptly by
    the Lender to the Borrower whereupon the Commitment shall be reduced to zero and the Borrower shall be obliged to prepay the Loan either (i) forthwith or (ii) on a future specified date not being earlier than the latest date permitted by the relevant
    law or regulation, together with accrued interest thereon to the date of prepayment and all other sums payable by the Borrower under this Agreement.

  
    	
            12.2

          	
            Increased Cost

          

  

  If the result of any change in, or in the interpretation, implementation or application of, or the introduction of, any law or any regulation (whether or not having the force of
    law, but, if not having the force of law, with which the Lender or, as the case may be, its holding company habitually complies), including (without limitation) those relating to Taxation, capital adequacy, liquidity, reserve assets, cash ratio
    deposits and special deposits or other banking or monetary controls or requirements which affect the manner in which the Lender allocates capital resources to its obligations hereunder (including, without limitation, those resulting from the
    implementation or application of or compliance with the Basel II Accord or the Basel III Accord or any Basel II Regulation or the Basel III Accord or any Basel III Regulation or any subsequent accord, approach or regulation thereto) (collectively, “Capital Adequacy Law”) or compliance by the Lender with any such Capital Adequacy Law, is to:

  
    	
            (a)

          	
            increase the cost to, or impose an additional cost on, the Lender or its holding company in making or keeping the Commitment available or maintaining or funding all or part of the Loan;
              and/or

          

  

  
    	
            (b)

          	
            subject the Lender to Taxes or change the basis of Taxation of the Lender with respect to any payment under any of the Finance Documents (other than Taxes or Taxation on the overall net
              income, profits or gains of the Lender imposed in the jurisdiction in which its principal or  lending office under this Agreement is located); and/or

          

  

  
    	
            (c)

          	
            reduce the amount payable or the effective return to the Lender under any of the Finance Documents; and/or

          

  

  
    	
            (d)

          	
            reduce the Lender's or its holding company rate of return on its overall capital by reason of a change in the manner in which it is required to allocate capital resources to the Lender's
              obligations under any of the Finance Document; and/or

          

  

  
    	
            (e)

          	
            require the Lender or its holding company to make a payment or forgo a return on or calculated by references to any amount received or receivable by it under any of the Finance Documents is
              required; and/or

          

  

  
    	
            (f)

          	
            require the Lender or its holding company to incur or sustain a loss (including a loss of future potential profits) by reason of being obliged to deduct all or part of the Commitment or the
              Loan from its capital for regulatory purposes, then and in each case (subject to Clause 12.5 (Exception)):

          

  

  
    	
            (i)

          	
            the Lender shall notify the Borrower in writing of such event promptly upon its becoming aware of the same; and

          

  

  
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            (ii)

          	
            the Borrower shall on demand pay to the Lender the amount which the Lender specifies (in a certificate and supporting documents setting forth and evidencing the basis of the computation of
              such amount but not including any matters which the Lender or its holding company regards as confidential) is required to compensate the Lender and/or (as the case may be) its holding company for such liability to Taxes, cost, reduction,
              payment, foregone return or loss whatsoever.

          

  

  For the purposes of this Clause 12 “holding company” means the company or entity (if any) within the consolidated supervision of which the
    Lender is included.

  
    	
            12.3

          	
            Claim for increased cost

          

  

  The Lender will promptly notify the Borrower of any intention to claim indemnification pursuant to Clause 12.2 (Increased Cost) and such notification will be a conclusive and full evidence binding on the Borrower as to the amount of any increased cost or reduction and the method of calculating
    the same and the Borrower shall be allowed to rebut such evidence by any means of evidence save for witness.  A claim under Clause 12.2 (Increased Cost) may be made at any time and must be discharged by the Borrower within (10) days of demand.  It shall not be a defence to a claim by the Lender under this Clause 12.3 that any increased cost or reduction could
    have been avoided by the Lender.  Any amount due from the Borrower under Clause 12.2 (Increased Cost) shall be due as a
    separate debt and shall not be affected by judgement being obtained for any other sums due under or in respect of this Agreement.

  
    	
            12.4

          	
            Option to prepay

          

  

  If any additional amounts are required to be paid by the Borrower to the Lender by virtue of Clause 12.2 (Increased Cost), the Borrower shall be entitled, on giving the Lender not less than five (5) days prior notice in writing, to prepay (without premium or penalty) the Loan and accrued
    interest thereon, together with all other Outstanding Indebtedness, on the next Repayment Date. Any such notice, once given, shall be irrevocable.

  
    	
            12.5

          	
            Exception

          

  

  Nothing in Clause 12.2 (Increased Cost) shall
    entitle the Lender to receive any amount in respect of compensation for any such liability to Taxes, increased or additional cost, reduction, payment, foregone return or loss to the extent that the same is subject of an additional payment under Clause
    5.3 (Gross-up).

  
    	
            12.6

          	
            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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            13.

          	
            OPERATING ACCOUNT

          

  

  
    	
            13.1

          	
            General

          

  

  The Borrower undertakes with the Lender that it will:

  
    	
            (a)

          	
            on or before the Drawdown Date open the Operating Account; and

          

  

  
    	
            (b)

          	
            procure that all moneys payable to the Borrower in respect of the Earnings of the Vessel shall, unless and until the Lender directs to the contrary pursuant to the General Assignment, be
              paid to the Operating Account, free from Security Interests and rights of set off other than those created by or under the Finance Documents and, shall be held there on trust for the Lender and shall be applied as provided in Clause 13.2 (Application of Earnings), provided, always, that any moneys received in a currency other than Dollars, may be
              converted in Dollars by the Lender at the Lender's spot rate of exchange on the day of conversion.

          

  

  
    	
            13.2

          	
            Application of Earnings

          

  

  Subject to the terms and conditions of the Accounts Pledge Agreement no monies shall be withdrawn from the Operating Account save as hereinafter provided. Subject to no Event of
    Default having occurred and being continuing, all monies paid to the Operating Account (whether being Earnings or not) after discharging the costs (if any) incurred by the Lender, in collecting such monies, shall be applied as follows:

  
    	
            (a)

          	
            firstly: in payment of any arrears of interest and principal of the Loan due and payable hereunder and any and all other sums whatsoever which at each relevant time are due and
              payable to the Lender hereunder (such sums to be paid in such order as the Lender may in its sole discretion elect);

          

  

  
    	
            (b)

          	
            secondly: in payment of the Operating Expenses of the Vessel; and

          

  

  
    	
            (c)

          	
            thirdly: any credit balance shall be available to the Borrower to be used for any purpose not inconsistent with the Borrower's other obligations under this Agreement.

          

  

  
    	
            13.3

          	
            Interest

          

  

  Any amounts for the time being standing to the credit of the Operating Account shall bear interest at the rate from time to time offered by the Lender to its customers for Dollar
    deposits of similar amounts and for periods similar to those for which such amounts are likely to remain standing to the credit of the Operating Account. Such interest shall, provided that (a) the foregoing provisions of this Clause 13.3 shall have
    been complied with and (b) no Event of Default shall have occurred and is continuing, be released to the Borrower.

  
    	
            13.4

          	
            Drawings from Operating Account

          

  

  After the occurrence of an Event of Default which is continuing the Lender shall not permit the Borrower to make any drawings from the Operating Account.

  
    	
            13.5

          	
            Sufficient monies

          

  

  The Borrower hereby warrants that sufficient monies to meet the next Repayment Instalment plus interest thereon will be accumulated each and every month in the Operating Account.

  
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            13.6

          	
            Obligations unaffected

          

  

  The provisions of this Clause 13 do not affect:

  
    	
            (a)

          	
            the liability and absolute obligation of the Borrower to repay the Loan and pay interest thereon on the due dates as provided in Clause 3 (Interest) and Clause 4 (Repayment-Prepayment) nor shall they constitute or be construed as constituting a manner of postponement thereof; or

          

  

  
    	
            (b)

          	
            any other liability or obligation of the Borrower or any other Security Party under any Finance Document.

          

  

  
    	
            13.7

          	
            Relocation of Operating Account

          

  

  The Borrower, at its own costs and expenses, undertakes with the Lender to comply with or cause to be complied with any written requirement of the Lender from time to time as to
    the location or re-location of the Operating Account and will from time to time enter into such documentation as the Lender may require in order to create or maintain a Security Interest in the Operating Account.

  
    	
            13.8

          	
            Authorisation

          

  

  The Lender shall be entitled (but not obliged) at any time, and to this respect the Lender is hereby authorised by the Borrower from time to time to debit the Operating Account,
    with notice to the Borrower, in order to discharge any amount due and payable to the Lender under the terms of this Agreement and the Security Documents or otherwise howsoever in connection with the Loan, including, without limitation, any payment of
    which the Lender has become entitled to demand under Clause 10 (Indemnities - Expenses – Fees). The Lender shall notify
    the Borrower following any such discharge of any amount due and payable to the Lender giving the necessary details in relation thereto.

  
    	
            13.9

          	
            Set-off

          

  

  Upon the occurrence of an Event of Default that is continuing or at any time thereafter  (whether or not notice of default has been given to the Borrower) when an Event of Default
    continues the Lender shall be entitled, but not bound, to set off and apply all sums standing to the credit of the Operating Account and accrued interest (if any) without notice to the Borrower in the manner specified in Clause 11.3 (Application of funds) (and express and irrevocable authority is hereby given by the Borrower to the Lender so to debit the
    Operating Account accordingly by the same and the Borrower shall be released to the extent of such set off and application).

  
    	
            13.10

          	
            No Security Interests

          

  

  The Borrower hereby covenants with the Lender that the Operating Account and any moneys therein shall not be charged, assigned, transferred or pledged nor shall there be granted by
    the Borrower or suffered to arise any third party rights over or against the whole or any part of the Operating Account other than in favour of the Lender as promised herein and in the General Assignment.

  
    	
            13.11

          	
            Operation of Operating Account

          

  

  The Operating Account shall be operated by the Borrower to the degree permitted by this Agreement and the General Assignment in accordance with the Lender's usual terms and
    conditions (full knowledge of which the Borrower hereby acknowledges) and subject to the Lender's usual charges levied on such accounts and/or transactions conducted on such accounts (as from time to time notified by the Lender to the Borrower).

  
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            13.12

          	
            Application after occurrence of Event of Default

          

  

  After the occurrence of an Event of Default the Lender shall be entitled, but not bound, to apply the balance (if any) including any accrued interest standing to the credit of the
    Operating Account in accordance with the provisions of Clause 11.3 (Application of funds).

  
    	
            13.13

          	
            Release

          

  

  Upon payment in full of all principal, interest and all other amounts due to the Lender under the terms of this Agreement and the other Finance Documents, any balance then standing
    to the credit of the Operating Account shall be released and paid to the Borrower or to whomsoever else may be entitled to receive such balance.

  
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            14.

          	
            ASSIGNMENT, TRANSFER, PARTICIPATION, LENDING OFFICE

          

  

  
    	
            14.1

          	
            Binding Effect

          

  

  This Agreement shall be binding upon and inure to the benefit of the Lender and the Borrower and their respective successors and permitted assigns.

  
    	
            14.2

          	
            No Assignment by the Borrower and other Security Parties

          

  

  Neither the Borrower nor any other Security Parties may assign or transfer any of its rights and/or obligations under this Agreement or any of the other Finance Documents or any
    documents executed pursuant to this Agreement and/or the other Finance Documents.

  
    	
            14.3

          	
            Assignment by the Lender

          

  

  The Lender may at any time, (without the consent of, or consultation with, the Borrower and the other Security Parties but with 30-days prior notice to the Borrower)  cause all or
    any part of its rights, benefits and/or obligations under this Agreement and the other Finance Documents to be assigned or transferred to:

  
    	
            (a)

          	
            another branch, Subsidiary or Affiliate of, or company controlled by, the Lender;

          

  

  
    	
            (b)

          	
            another first class international bank or financial institution, insurer, social security fund, pension fund, capital investment company, financial intermediary or special purpose vehicle
              associated to any of them or any other person; and

          

  

  
    	
            (c)

          	
            a trust corporation, fund or other person which regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets of
              which are managed or serviced by the Lender (in each case an “Assignee” or a “Transferee”);

          

  

  
    	
            (d)

          	
            provided that the Assignee or Transferee, shall deliver to the Lender such undertaking as the Lender may approve, whereby it becomes bound by the terms of this Agreement and agrees
              to perform all or, as the case may be, part of the Lender's obligations under this Agreement; and

          

  

  
    	
            (e)

          	
            provided further that the liabilities of the Borrower under this Agreement and any other Finance Document shall not be increased as a result of any such assignment or transfer and
              that in the event that the Borrower' liabilities (actual or contingent) are increased, the Borrower shall not be liable for any such excess.

          

  

  
    	
            14.4

          	
            Participation

          

  

  The Lender may at any time sub-participate all or any part of its rights, benefits and/or obligations under this Agreement and the other Finance Documents without the consent of,
    or consultation with or notice to the Borrower and the other Security Parties.

  
    	
            14.5

          	
            Cost

          

  

  Any cost of such assignment or transfer or granting sub-participation shall be for the account of the Lender and/or the Assignee, Transferee or sub-participant unless any such
    assignment, transfer or sub-participation is undertaken at the request of the Borrower in which case any cost arising therefrom shall be for the account of the Borrower.

  
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            14.6

          	
            Documenting assignments and transfers

          

  

  If the Lender assigns, transfers or in any other manner grants participation in respect of all or any part of its rights or benefits or transfers all or any of its obligations as
    provided in this Clause 14.6 the Borrower undertakes, immediately on being requested to do so by the Lender, to enter at the expense of the Lender into and procure that each Security Party enters into such documents as may be necessary to transfer to
    the Assignee, Transferee or participant all or the relevant part of the interest of the Lender in the Finance Documents and all relevant references in this Agreement to the Lender shall thereafter be construed as a reference to the Lender and/or
    Assignee, Transferee or participant of the Lender to the extent of their respective interests and, in the case of a transfer of all or part of the obligations of the Lender, the Borrower shall thereafter look only to the Assignee, Transferee or
    participant in respect of that proportion of the obligations of the Lender under this Agreement assumed by such Assignee, Transferee or participant. Subject to the provisions of Clause 14.3 (Assignment by the Lender), the Borrower hereby expressly consents to any subsequent transfer of the rights and obligations of the Lender and undertakes that it shall
    join in and execute such supplemental or substitute agreements as may be necessary to enable the Lender to assign and/or transfer and/or grant participation in respect of its rights and obligations to another branch or to one or more banks or financial
    institutions in a syndicate or otherwise. The cost of any such assignment shall be borne by the Lender and/or the relevant Assignee or Transferee.

  
    	
            14.7

          	
            Disclosure of information

          

  

  The Lender may without the consent of, or consultation with or notice to the Borrower and the other Security Parties, disclose to a prospective assignee, substitute or transferee
    in relation to this Agreement such information about the Borrower as the Lender shall consider appropriate if the Lender first procures that the relevant prospective assignee, substitute or transferee (such person together with any prospective
    assignee, substitute or transferee being hereinafter described as the “Prospective Assignee”) shall undertake in to the Lender  to keep secret and confidential and, without the consent of the
    Borrower,  not disclose to any third party any of the information, reports or documents supplied by the Lender provided, however, that the Prospective Assignee shall be entitled to disclose such information, reports or documents in the
    following situations:

  
    	
            (a)

          	
            in relation to any proceedings arising out of this Agreement or the other Finance Documents to the extent considered necessary by the Prospective Assignee to protect its interest; or

          

  

  
    	
            (b)

          	
            pursuant to a court order relating to discovery or otherwise; or

          

  

  
    	
            (c)

          	
            pursuant to any law or regulation or to any fiscal, monetary, tax, governmental or other competent authority; or

          

  

  
    	
            (d)

          	
            to its auditors, legal or other professional advisers.

          

  

  In addition the Prospective Assignee shall be entitled to disclose or use any such information, reports or documents if the information contained therein shall have emanated in
    conditions free from confidentiality, bona fide from some person other than the Lender or the Borrower.

  
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            14.8

          	
            Changes in constitution or reorganisation of the Lender

          

  

  For the avoidance of doubt and without prejudice to the provisions of Clause 14.1 (Binding Effect), this Agreement shall remain binding on the Borrower and the other Security Parties notwithstanding any change in the constitution of the Lender or its absorption in, or amalgamation with, or the acquisition of
    all or part of its undertaking or assets by, any other person, or any reconstruction or reorganisation of any kind, to the intent that this Agreement shall remain valid and effective in all respects in favour of any Assignee, Transferee or other
    successor in title of the Lender in the same manner as if such Assignee, Transferee or other successor in title had been named in this Agreement as a party instead of, or in addition to, the Lender.

  
    	
            14.9

          	
            Securitisation

          

  

  The Lender may include all or any part of the Loan in a securitisation (or similar transaction) without the consent of, or consultation with, but with notice to the Borrower. The
    Borrower will assist the Lender as necessary to achieve a successful securitisation (or similar transaction) provided that the Borrower shall not be required to bear any third party costs related to any such securitisation (or similar
    transaction) and that such securitisation (or similar transaction) shall not result in an increase of the obligations of the Borrower and/or any other Security Parties under this Agreement and the other Security Documents and need only provide any such
    information which any third parties may reasonably require.

  
    	
            14.10

          	
            Lending Office

          

  

  The Lender shall lend through its office at the address specified in the preamble of this Agreement or through any other office of the Lender selected from time to time by it
    through which the Lender wishes to lend for the purposes of this Agreement.  If the office through which the Lender is lending is changed pursuant to this Clause 14.10, the Lender shall notify the Borrower promptly of such change and upon notification
    of any such transfer, the word “Lender” in this Agreement and in the other Finance Documents shall mean the Lender, acting through such branch or branches and the terms and provisions of this Agreement and of
    the other Finance Documents shall be construed accordingly.

  
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            15.

          	
            MISCELLANEOUS

          

  

  
    	
            15.1

          	
            Time of essence

          

  

  Time shall be of the essence of this Agreement.

  
    	
            15.2

          	
            Cumulative Remedies

          

  

  The rights and remedies of the Lender contained in this Agreement and the other Finance Documents are cumulative and not neither exclusive of each other nor of any other rights or
    remedies conferred by law.

  
    	
            15.3

          	
            No implied waivers

          

  

  No failure, delay or omission by the Lender to exercise any right, remedy or power vested in the Lender under this Agreement and/or the other Finance Documents or by law shall
    impair such right or power, or be construed as a waiver of, or as an acquiescence in any default by the Borrower, nor shall any single or partial exercise by the Lender of any power, right or remedy preclude any other or further exercise thereof or the
    exercise of any other power, right or remedy.  In the event of the Lender on any occasion agreeing to waive any such right, remedy or power, or consenting to any departure from the strict application of the provisions of this Agreement or of any other
    Finance Document, such waiver shall not in any way prejudice or affect the powers conferred upon the Lender under this Agreement and the other Finance Documents or the right of the Lender thereafter to act strictly in accordance with the terms of this
    Agreement and the other Finance Documents.  No modification or waiver by the Lender of any provision of this Agreement or of any of the other Finance Documents nor any consent by the Lender to any departure therefrom by any Security Party shall be
    effective unless the same shall be in writing and then shall only be effective in the specific case and for the specific purpose for which given.  No notice to or demand on any such party in any such case shall entitle such party to any other or
    further notice or demand in similar or other circumstances.

  
    	
            15.4

          	
            Integration of Terms

          

  

  This Agreement contains the entire agreement of the parties and its provisions supersede the provisions of the Commitment Letter (save for the provisions thereof which relate to
    fees) any and all other prior correspondence and oral negotiation by the parties in respect of the matters regulated by this Agreement.

  
    	
            15.5

          	
            No modification, waiver etc. unless in writing

          

  

  No modification or waiver by the Lender of any provision of this Agreement or of any of the other Finance Documents nor any consent by the Lender to any departure therefrom by any
    Security Party shall be effective unless the same shall be in writing and then shall only be effective in the specific case and for the specific purpose for which given.  No notice to or demand on any such party in any such case shall entitle such
    party to any other or further notice or demand in similar or other circumstances.

  
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            15.6

          	
            Invalidity of Terms

          

  

  In the event of any provision contained in one or more of this Agreement, the other Finance Documents and any other documents executed pursuant hereto or thereto being invalid,
    illegal or unenforceable in any respect under any applicable law in any jurisdiction whatsoever, such provision shall be ineffective as to that jurisdiction only without affecting the remaining provisions hereof or thereof.  If, however, this event
    becomes known to the Lender prior to the drawdown of the Commitment or of any part thereof the Lender shall be entitled to refuse drawdown until this discrepancy is remedied.  In case that the invalidity of a part results in the invalidity of the whole
    Agreement, it is hereby agreed that there will exist a separate obligation of the Borrower for the prompt payment to the Lender of all the Outstanding Indebtedness.  Where, however, the provisions of any such applicable law may be waived, they are
    hereby waived by the parties hereto to the full extent permitted by the law to the intent that this Agreement, the other Finance Documents and any other documents executed pursuant hereto or thereto shall be deemed to be valid binding and enforceable
    in accordance with their respective terms.

  
    	
            15.7

          	
            Language and genuineness of documents

          

  

  
    	
            (a)

          	
            Language:  All certificates, instruments and other documents to be delivered under or supplied in connection with this Agreement or any of the other Finance Documents shall be in the
              Greek or the English language (or such other language as the Lender shall agree) or shall be accompanied by a certified Greek translation upon which the Lender shall be entitled to rely.

          

  

  
    	
            (b)

          	
            Certification of documents:  Any copies of documents delivered to the Lender shall be duly certified as true, complete and accurate copies by appropriate authorities or legal counsel
              practising in Greece or otherwise as will be acceptable to the Lender at the sole discretion of the Lender.

          

  

  
    	
            (c)

          	
            Certification of signature:  Signatures on Board or shareholder resolutions, Secretary's certificates and any other documents are, at the discretion of the Lender, to be verified for
              their genuineness by appropriate Consul or other competent authority.

          

  

  
    	
            15.8

          	
            Recourse to other security

          

  

  The Lender shall not be obliged to make any claim or demand or to resort to any Finance Document or other means of payment now or hereafter held by or available to it for enforcing
    this Agreement or any of the Finance Documents against the Security Parties (or any of them) or any other person liable and no action taken or omitted by the Lender in connection with any such Finance Document or other means of payment will discharge,
    reduce, prejudice or affect the liability of any Security Party under this Agreement and the other Finance Documents to which it is, or is to be, a party.

  
    	
            15.9

          	
            Further assurances

          

  

  The Borrower undertakes that the Finance Documents shall both at the date of execution and delivery thereof and so long as any moneys are owing under any of the Finance Documents
    be valid and binding obligations of the respective parties thereto and enforceable in accordance with their respective terms and that it will, at its expense, execute, sign, perfect and do and (if required) register, and will procure the execution,
    signing, perfecting, doing and (if required) registering by each of the other Security Parties of, any and every such further assurance, document, act or thing as in the reasonable opinion of the Lender may be necessary or desirable for perfecting the
    security contemplated or constituted by the Finance Documents.

  
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            15.10

          	
            Confidentiality

          

  

  
    	
            (a)

          	
            Each of the parties hereto agrees and undertakes to keep confidential any documentation and any confidential information concerning the business, affairs, directors or employees of the
              other which comes into its possession in connection with this Agreement and not to use any such documentation, information for any purpose other than for which it was provided.

          

  

  
    	
            (b)

          	
            The Borrower acknowledges and accepts that the Lender may be required by law, regulation or regulatory requirement or any request of any central bank or any court order, to disclose
              information and deliver documentation relating to the Borrower and the transactions and matters in relation to this Agreement and/or the other Finance Documents to governmental or regulatory agencies and authorities.

          

  

  
    	
            (c)

          	
            The Borrower acknowledges and accepts that in case of occurrence of any of the Events of Default the Lender may disclose information and deliver documentation relating to the Borrower and
              the transactions and matters in relation to this Agreement and/or the other Finance Documents to third parties to the extent that this is necessary for the enforcement or the contemplation of enforcement of the Lender's rights or for any
              other purpose for which in the opinion of the Lender, such disclosure would be useful or appropriate for the interests of the Lender or otherwise and the Borrower expressly authorises any such disclosure and delivery.

          

  

  
    	
            (d)

          	
            The Borrower acknowledges and accepts that the Lender may be prohibited from disclosing information to the Borrower by reason of law or duties of confidentiality owed or to be owed to other
              persons.

          

  

  
    	
            15.11

          	
            Process of personal data

          

  

  
    	
            (a)

          	
            Process of personal data: The Borrower hereby confirms that it has been informed that its personal data and/or the personal data of its director(s), officer(s) and legal
              representative(s) (together the “personal data”) contained in this Agreement or the personal data that have been or will be lawfully received by the Lender in relation to this Agreement and the
              Security Documents will be included at the personal data database maintained by the Lender as processing agent (Υπεύθυνη Επεξεργασίας) and will be processed by the Lender for the purpose of properly serving, supporting and monitoring their current business relationship.

          

  

  
    	
            (b)

          	
            Process of personal data to Teiresias: The Borrower hereby expressly gives its consent to the communication for process in the meaning of law 2472/97 by the Lender of its personal
              data contained in this Agreement, the Security Documents, in the Operating Account for onwards communication thereof to an inter-banking database record called “Teiresias” kept and solely used by banks
              and financial institutions. The Borrower is entitled at any relevant time throughout the Security Period to revoke its consent given hereunder by written notice addressed to the Lender and the Registrar of “Teiresias

                A.E.” at 2, Alamanas street, 15125 Maroussi, Athens, Greece.

          

  

  
    	
            (c)

          	
            Duration of the process: The personal data process shall survive the termination of this Agreement for such period as it is required by the applicable law.

          

  

  
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            15.12

          	
            Process Agent for Greek Proceedings

          

  

  Mrs. Alexandra Tatagia, an Attorney-at-Law, presently of 61-65 Filonos Street, Piraeus, Greece (hereinafter called the “Process Agent for Greek Proceedings”) is hereby appointed by the Borrower as agent to accept service, upon whom any judicial process in
    respect of proceedings in Greece may be served and any process notice, judicial or extra-judicial request, demand for payment, payment order, foreclosure proceedings, notarial announcement of claim, notice, request, demand or other communication under
    this Agreement or any of the Finance Documents. In the event that the Process Agent for Greek Proceedings (or any substitute process agent notified to the Lender in accordance with the foregoing) cannot be found at the address specified above (or, as
    the case may be, notified to the Lender), which will be conclusively proved by a deed of a process server to the effect that the Process Agent  for Greek Proceedings was not found at such address, any process notice, judicial or extra-judicial request,
    demand for payment, payment order, foreclosure proceedings, notarial announcement of claim or other communication to be sent to any Security Party may be validly served/notified in accordance with the relevant provisions of the Hellenic Code on Civil
    Procedure.

  
    82

    
      

  

  

  

  
    	
            16.

          	
            NOTICES AND COMMUNICATIONS

          

  

  
    	
            16.1

          	
            Notices

          

  

  Every notice under or in connection with this Agreement or any other Finance Document shall be given by letter, electronic mail or fax; and references in the Finance Documents to
    written notices, notices in writing and notices signed by particular persons shall be construed accordingly.

  
    	
            (a)

          	
            every such notice in the case of a letter shall be in writing delivered personally or be first-class prepaid letter, or shall be served through a process server or subject to Clause 10.9 (Communications Indemnity) by fax or electronic mail;

          

  

  
    	
            (b)

          	
            be deemed to have been received, subject as otherwise provided in this Agreement or the relevant Finance Document, in the case of a letter, when delivered personally or five (5) days after
              it has been put in to the post and, in the case of a facsimile transmission or electronic mail or other means of telecommunication in permanent written form, at the time of despatch (provided that if the date of despatch is not a
              business day in the country of the addressee or if the time of despatch is after the close of business in the country of the addressee it shall be deemed to have been received at the opening of business on the next such business day); and

          

  

  
    	
            (c)

          	
            be sent by letter, electronic mail or fax:

          

  

  
    	
            (i)

          	
            if to be sent to any Security Party, to:

          

  

  c/o Pyxis Maritime Corp.,

      59 K. Karamanli Street,

      Maroussi 15125, Greece

      Fax: +30 210 6510530

      Attention:  Mr. Kostantinos Lytras

      E-mail: fin@pyxis.gr and hwilliams@pyxistankers.com

  and

  
    	
            (ii)

          	
            in the case of the Lender at:

          

  

  ALPHA BANK S.A.,

    93 Akti Miaouli, Piraeus, Greece,

    Fax No. +30 210 42 90 268

    Attention: The Manager

    E-mail: shipdivision@alpha.gr

  or to such other person, address or fax number or electronic mail address as is notified by the relevant Security Party or the Lender (as the case may be) to the other parties to
    this Agreement and, in the case of any such change of address or fax number or electronic mail address notified to the Lender, the same shall not become effective until notice of such change is actually received by the Lender and a copy of the notice
    of such change is signed by the Lender.

  
    83

    
      

  

  

  

  
    	
            16.2

          	
            Illegible notices

          

  

  Clause 16.1 (Notices) does not apply if the
    recipient of a notice notifies the sender within one hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect.

  
    	
            16.3

          	
            Valid notices

          

  

  A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements of this
    Agreement or, where appropriate, any other Finance Document under which it is served if:

  
    	
            (a)

          	
            the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the case may be, has not caused any party to suffer any significant loss or
              prejudice; or

          

  

  
    	
            (b)

          	
            in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the correct or missing particulars should have
              been.

          

  

  
    	
            16.4

          	
            Meaning of “notice”

          

  

  In this Clause 16, “notice” includes any demand, consent, authorisation, approval, instruction, waiver or other
    communication.

  
    84

    
      

  

  

  

  
    	
            17.

          	
            LAW AND JURISDICTION

          

  

  
    	
            17.1

          	
            Governing Law

          

  

  This Agreement and any non-contractual obligations connected with it shall be governed by and construed in accordance with English Law.

  
    	
            17.2

          	
            Jurisdiction

          

  

  
    	
            (a)

          	
            The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement or any non-contractual obligations connected with it (including a
              dispute regarding the existence, validity or termination of this Agreement and including claims arising out of tort or delict) (a “Dispute”). The Borrower irrevocably and unconditionally submits to the jurisdiction of such courts.

          

  

  
    	
            (b)

          	
            The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary and waives any objections
              to the inconvenience of England as a forum.

          

  

  	

        	(c)	
          This Clause 17.2 is for the benefit of the Lender only.  As a result, the Lender shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Lender may take
            concurrent proceedings in any number of jurisdictions.

        

  
    	
            17.3

          	
            Process Agent for English Proceedings

          

  

  Without prejudice to any other mode of service allowed under any relevant law the Borrower irrevocably designates, appoints Messrs. Atlas
      Maritime Services Limited, at its registered office for the time being at Enterprise House, 113-115 George Lane, E18 1AB, London, England (hereinafter called the “Process Agent for English
      Proceedings”), to receive for it and on its behalf, service of process issued out of the English courts in relation to any proceedings before the English courts in connection with any Finance Document, provided, however, that:

  
    	
            (a)

          	
            the Borrower hereby agrees and undertakes to maintain a Process Agent for English Proceedings throughout the Security Period and hereby agrees that in the event that if any Process Agent
              for English Proceedings is unable for any reason to act as agent for service of process, the Borrower must immediately (and in any event within fifteen (15) days of such event taking place) appoint another agent on terms acceptable to the
              Lender.  Failing this, the Lender may appoint for this purpose a substitute Process Agent for English Proceedings and the Lender is hereby irrevocably authorised to effect such appointment on Borrower's behalf. The appointment of such Process
              Agent for English Proceedings shall be valid and binding from the date notice of such appointment is given by the Lender to the Borrower in accordance with Clause 16.1 (Notices); and

          

  

  
    	
            (b)

          	
            the Borrower hereby agrees that failure by a Process Agent for English Proceedings to notify the Borrower of the process will not invalidate the proceedings concerned.

          

  

  
    85

    
      

  

  

  

  
    	
            17.4

          	
            Proceedings in any other country

          

  

  If it is decided by the Lender that any such proceedings should be commenced in any other country, then any objections as to the jurisdiction or any claim as to the inconvenience
    of the forum is hereby waived by the Borrower and it is agreed and undertaken by the Borrower to instruct lawyers in that country to accept service of legal process and not to contest the validity of such proceedings as far as the jurisdiction of the
    court or courts involved is concerned and the Borrower agrees that any judgment or order obtained in an English court shall be conclusive and binding on the Borrower and shall be enforceable without review in the courts of any other jurisdiction.

  
    	
            17.5

          	
            Third Party Rights

          

  

  A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.

  
    	
            17.6

          	
            Meaning of “proceedings”

          

  

  In this Clause 17 “proceedings” means proceedings of any kind, including an application for a provisional or protective measure.

  

  

  

  

  
    86

    
      

  

  EXECUTION PAGE

  

  

  IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed on the date stated at the beginning of this Agreement.

    

    

    

    

    	
            SIGNED by

          	
            )

          	 	 	 
	
            Mr. Vasileios Poulis

          	
            )

          	 	 	 
	
            for and on behalf of

          	
            )

          	 	 	 
	
            SEVENTHONE CORP.

          	
            )

          	 	 	 
	
            of the Marshall Islands,

          	
            )

          	 	 	 
	
            its duly appointed attorney-in-fact

          	
            )

          	 	
            /s/ Vasileios Poulis

          	 
	
            in the presence of:

          	
            )

          	 	
            Attorney-in-fact

          	 

    

    

    

    

    	
            Witness:

          	
            /s/ Dimitrios P. Sioufas

          	 	 	 	 
	
            Name:

          	
            Dimitrios P. Sioufas

          	 	 	 	 
	
            Address:

          	
            13 Defteras Merarchias

          	 	 	 	 
	 	
            Piraeus, Greece

          	 	 	 	 
	
            Occupation:

          	
            Attorney-at-Law

          	 	 	 	 

    

    

    

    

    

    

    

    	
            SIGNED by

            

          	
            )

          	 	 	 
	
            Mr. Konstantinos Flokos and

            

          	
            )

          	 	
            /s/ Konstantinos Flokos

          	 
	
            Mrs. Chrysanthi Papathanasopoulou 

            

          	
            )

          	 	
            Attorney-in-fact

          	 
	
            for and on behalf of

          	
            )

          	 	 	 
	ALPHA BANK S.A., 

          	) 

          	 	 	 
	
            of Greece,

          	
            )

          	 	
            /s/ Chrysanthi Papathanasopoulou

          	 
	
            in the presence of:

          	
            )

          	 	
            Attorney-in-fact

          	 

    

    

    

    

    	
            Witness:

          	
            /s/ Dimitrios P. Sioufas

          	 	 	 	 
	
            Name:

          	
            Dimitrios P. Sioufas

          	 	 	 	 
	
            Title:

          	
            Attorney-at-Law

          	 	 	 	 
	
            Address:

          	
            13 Defteras Merarchias

            

          	 	 	 	 
	 	
            Piraeus, Greece

          	 	 	 	 
	Occupation: 

          	Attorney-at-Law 

          	 	 	 	 

    

    

  

  

  

  
    87

    
      

  

  
  

  

  SCHEDULE 1

  FORM OF DRAWDOWN NOTICE

  (referred to in Clause 2.2)

  

  

  	To:	
          ALPHA BANK S.A.

          
            93 Akti Miaouli,

             
            Piraeus, Greece

             
            (the “Lender”)

          

        

  

   [●] July, 2020

  	
          Re:  US$15,250,000 Loan Agreement dated [●] July, 2020 made between (A) Seventhone Corp. (the “Borrower”) and (B) the Lender (the “Loan Agreement”).

        

  

  

  	1.	
          We refer to the Loan Agreement and hereby give you notice that we wish to draw the Commitment as follows:

        

  
    	
            (a)

          	
            Loan: the full amount of the Commitment in the amount of Fifteen million two hundred fifty thousand Dollars ($15,250,000);

          

  

  
    	
            (b)

          	
            Drawdown Date: [●]July, 2020;

          

  

  
    	
            (c)

          	
            Duration of first Interest Period: duration of the first Interest Period in respect of the Loan shall be [●] months; and

          

  

  
    	
            (d)

          	
            Payment instructions: [The funds to be credited into the Operating Account for application for the purpose set out in Clause 1.1 (Amount and purpose) of the Loan Agreement].

          

  

     

    
    	2.	
            We confirm, represent and warrant that:

          

  

  	

        	(a)	
          no event or circumstance has occurred and is continuing which constitutes a Default;

        

  	

        	(b)	
          the representations and warranties contained in Clause 6 (Representations and warranties) of the Loan
            Agreement and the representations and warranties contained in each of the other Finance Documents would remain true and not misleading if repeated on the date of this Drawdown Notice with reference to the circumstances now existing;

        

  	

        	(c)	
          the borrowing to be effected by the drawing down of the Commitment will be within our corporate powers, has been validly authorised by appropriate corporate action and will not cause any limit on our borrowings (whether imposed by statute,
            regulation, agreement or otherwise) to be exceeded; and

        

  	

        	(d)	
          to the best of our knowledge and belief there has been no Material Adverse Change in our financial position or in the consolidated financial position of ourselves and the other Security Parties from that described by us to the Lender in the
            negotiation of the Loan Agreement.

        

   
  
    88

    
      

  

   

  

  
    
      	3.	
              This Drawdown Notice cannot be revoked without the prior consent of the Lender.

            

      Words and expressions defined in the Loan Agreement shall have the same meanings when used herein.

    

    

    

    

    

    	
            SIGNED by

          	
            )

          	 	 	 
	
            Mr. Vasileios Poulis

          	
            )

          	 	 	 
	
            for and on behalf of

          	
            )

          	 	 	 
	the Borrower 

          	) 

          	 	 	 
	
            SEVENTHONE CORP.

          	
            )

          	 	 	 
	
            of the Marshall Islands, 

            

          	
            )

          	 	
            

            

          	 
	
            in the presence of:

          	
            )

          	 	
            Attorney-in-fact

          	 

    

    

    

    

    	
            Witness:

          	
            

            

          	 	 	 	 
	
            Name:

          	
            Dimitrios P. Sioufas

          	 	 	 	 
	
            Address:

          	
            13 Defteras Merarchias

          	 	 	 	 
	 	
            Piraeus, Greece

          	 	 	 	 
	
            Occupation:

          	
            Attorney-at-Law

          	 	 	 	 

  

  

  
    89

    
      

  

  Schedule 2

  

  

              Form of Insurance Letter

  

  

  	To:	
          [P&I Club]

        

  	

        	
          [●]

        

  	

        	
          [●]

        

  

  

  	From:	
          SEVENTHONE CORP.

        

  	

        	
          Trust Company Complex,

          
            Ajeltake Road, Ajeltake Island,

            Majuro, Marshall Islands MH 96960 

          

        

  

  [●] 20[●]

  Dear Sirs

  m.v. “PYXIS THETA” (the “Vessel”)

  We are obtaining loan finance from ALPHA BANK S.A. (the “Lender”)
    secured (inter alia) by a first ship mortgage over the Vessel.  The Vessel's insurances will also be assigned to the Lender.

  You are hereby authorised to send a copy of the Certificate of Entry for the Vessel to the Lender, c/o their lawyers, namely, Theo V. Sioufas & Co. Law
      Offices, of 13 Defteras Merarchias Street, 185 35 Piraeus, Greece. Further, you are also irrevocably authorised to provide the Lender from time to time with any other information whatsoever which they may require relating to the entry of the
    Vessel in the association.

  This letter is governed by, and shall be construed in accordance with, English law.

  

  

  
    	

          	 	 	 	 
	For and on behalf of 

          	 	 	 	 
	
            SEVENTHONE CORP.

          	
            

            

          	 	 	 

  

  

  

  

  

  90

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