Document:

Exhibit 10.1

  

FIRST AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP

 

OF

 

POSTAL REALTY LP

(a Delaware limited partnership)

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I	DEFINED TERMS	1
	ARTICLE II	FORMATION OF THE PARTNERSHIP	11
	2.01	Formation of the Partnership	11
	2.02	Name	11
	2.03	Registered Office and Agent; Principal Office	11
	2.04	Term and Dissolution.	11
	2.05	Filing of Certificate and Perfection of Limited Partnership	12
	2.06	Certificates Describing Partnership Units	12
	ARTICLE III	BUSINESS OF THE PARTNERSHIP	13
	ARTICLE IV	CAPITAL CONTRIBUTIONS AND ACCOUNTS	13
	4.01	Capital Contributions	13
	4.02	Additional Capital Contributions and Issuances of Additional Partnership Units	13
	4.03	Additional Funding	16
	4.04	LTIP Units.	16
	4.05	Conversion of LTIP Units.	19
	4.06	Capital Accounts	22
	4.07	Percentage Interests	23
	4.08	No Interest on Contributions	23
	4.09	Return of Capital Contributions	23
	4.10	No Third-Party Beneficiary	23
	ARTICLE V	PROFITS AND LOSSES; DISTRIBUTIONS	24
	5.01	Allocation of Profit and Loss.	24
	5.02	Distribution of Cash.	26
	5.03	REIT Distribution Requirements	27
	5.04	No Right to Distributions in Kind	27
	5.05	Limitations on Return of Capital Contributions	27
	5.06	Distributions Upon Liquidation.	27
	5.07	Substantial Economic Effect	28
	ARTICLE VI	RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	28
	6.01	Management of the Partnership.	28
	6.02	Delegation of Authority	31
	6.03	Indemnification and Exculpation of Indemnitees.	31
	6.04	Liability of the General Partner.	32
	6.05	Partnership Obligations.	33
	6.06	Outside Activities	34
	6.07	Employment or Retention of Affiliates.	34
	6.08	General Partner Activities	34
	6.09	Title to Partnership Assets	35
	ARTICLE VII	CHANGES IN GENERAL PARTNER	35
	7.01	Transfer of the General Partner’s Partnership Interest.	35
	7.02	Admission of a Substitute or Additional General Partner	37
	7.03	Effect of Bankruptcy, Withdrawal, Death or Dissolution of General Partner.	37
	7.04	Removal of General Partner.	38

 

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	ARTICLE VIII	RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	39
	8.01	Management of the Partnership	39
	8.02	Power of Attorney	39
	8.03	Limitation on Liability of Limited Partners	39
	8.04	Common Unit Redemption Right.	40
	8.05	Registration	42
	ARTICLE IX	TRANSFERS OF PARTNERSHIP INTERESTS	46
	9.01	Purchase for Investment.	46
	9.02	Restrictions on Transfer of Partnership Units.	47
	9.03	Admission of Substitute Limited Partner.	48
	9.04	Rights of Assignees of Partnership Units.	49
	9.05	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	49
	9.06	Joint Ownership of Partnership Units	49
	ARTICLE X	BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	50
	10.01	Books and Records	50
	10.02	Custody of Partnership Funds; Bank Accounts.	50
	10.03	Fiscal and Taxable Year	50
	10.04	Annual Tax Information and Report	50
	10.05	Partnership Representative; Tax Elections; Special Basis Adjustments.	51
	ARTICLE XI	AMENDMENT OF AGREEMENT; MERGER	52
	11.01	Amendment of Agreement.	52
	11.02	Merger of Partnership.	53
	ARTICLE XII	GENERAL PROVISIONS	53
	12.01	Notices	53
	12.02	Survival of Rights	53
	12.03	Additional Documents	53
	12.04	Severability	53
	12.05	Entire Agreement	53
	12.06	Pronouns and Plurals	54
	12.07	Headings	54
	12.08	Counterparts	54
	12.09	Governing Law	54

 

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EXHIBITS

 

EXHIBIT A—Partners, Capital Contributions and Percentage
Interests

 

EXHIBIT B—Notice of Exercise of Common Unit Redemption
Right

 

EXHIBIT C-1—Certification of Non-Foreign Status (For Redeeming
Limited Partners That Are Entities)

 

EXHIBIT C-2—Certification of Non-Foreign Status (For Redeeming
Limited Partners That Are Individuals)

 

EXHIBIT D—Notice of Election by Partner to Convert LTIP
Units into Common Units

 

EXHIBIT E—Notice of Election by Partnership to Force Conversion
of LTIP Units into Common Units

 

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FIRST AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP

OF

POSTAL REALTY LP

RECITALS

 

Postal Realty LP (the “Partnership”)
was formed as a limited partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed
with the Secretary of State of the State of Delaware on November 16, 2018 and an Agreement of Limited Partnership entered into
as of December 26, 2018 (the “Original Agreement”), by and between Postal Realty Trust, Inc., a Maryland corporation
(the “General Partner”), and Postal Realty Limited Partner LLC, a Delaware limited liability company (the “Original
Limited Partner”). This First Amended and Restated Agreement of Limited Partnership is entered into this __ day of [·],
2019 among the General Partner and the Limited Partners set forth on Exhibit A hereto, for the purpose of amending and restating
the Agreement of Limited Partnership.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree to amend the Agreement of Limited Partnership to read in its entirety
as follows:

 

ARTICLE I

 

DEFINED TERMS

 

The following defined terms used in this
Agreement shall have the meanings specified below:

 

“Act” means the Delaware
Revised Uniform Limited Partnership Act, as it may be amended from time to time.

 

“Additional Funds” has
the meaning set forth in Section 4.03 hereof.

 

“Additional Securities”
means any: (1) shares of capital stock of the General Partner now or hereafter authorized or reclassified that have dividend rights,
or rights upon liquidation, winding up and dissolution, that are superior or prior to the REIT Shares (“Preferred Shares”),
(2) REIT Shares, (3) shares of capital stock of the General Partner now or hereafter authorized or reclassified that have dividend
rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the REIT Shares (“Junior Shares”)
and (4) (i) rights, options, warrants or convertible or exchangeable securities having the right to subscribe for or purchase REIT
Shares, Preferred Shares or Junior Shares, or (ii) indebtedness issued by the General Partner that provides any of the rights described
in clause (4)(i) of this definition (any such securities referred to in clause (4)(i) or (ii) of this definition, “New
Securities”).

 

“Adjustment Events” has
the meaning set forth in Section 4.04(a)(i) hereof.

 

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“Administrative Expenses”
means (i) all administrative and operating costs and expenses incurred by the Partnership, (ii) administrative costs and expenses
of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and
any accounting and legal expenses of the General Partner, which expenses, the Partners hereby agree are expenses of the Partnership
and not the General Partner, and (iii) to the extent not included in clauses (i) or (ii) above, REIT Expenses; provided,
however, that Administrative Expenses shall not include any administrative costs and expenses incurred by the General Partner
that are attributable to Properties or interests in a Subsidiary that are owned by the General Partner other than through its ownership
interest in the Partnership.

 

“Affiliate” means, (i)
any Person that, directly or indirectly, controls or is controlled by or is under common control with such Person, (ii) any other
Person that owns, beneficially, directly or indirectly, 10% or more of the outstanding capital stock, shares or equity interests
of such Person, or (iii) any officer, director, employee, partner, member, manager or trustee of such Person or any Person controlling,
controlled by or under common control with such Person. For the purposes of this definition, “control” (including the
correlative meanings of the terms “controlled by” and “under common control with”), as used with respect
to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, through the ownership of voting securities or partnership interests, contract or otherwise.

 

“Agreed Value” means
the fair market value of a Partner’s non-cash Capital Contribution as of the date of contribution as agreed to by such Partner
and the General Partner. The names and addresses of the Partners, number of Partnership Units issued to each Partner, and the Agreed
Value of non-cash Capital Contributions as of the date of contribution is set forth on Exhibit A, as it may be amended or
restated from time to time.

 

“Agreement” means this
First Amended and Restated Agreement of Limited Partnership, as it may be amended, supplemented or restated from time to time.

 

“Articles” means the
Articles of Amendment and Restatement of the General Partner filed with the State Department and Assessments and Taxation of the
State of Maryland, as amended, supplemented or restated from time to time.

 

“Board of Directors”
means the Board of Directors of the General Partner.

 

“Capital Account” has
the meaning set forth in Section 4.06 hereof.

 

“Capital Account Limitation”
has the meaning set forth in Section 4.05(b) hereof.

 

“Capital Contribution”
means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset contributed or agreed to
be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of the Agreement. Any reference
to the Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor holder of the Partnership
Interest of such Partner.

 

“Cash Amount” means an
amount of cash per Common Unit equal to the Value of the REIT Shares Amount on the Specified Redemption Date.

 

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“Certificate” means any
instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the Partnership
conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney
granted to the General Partner in Section 8.02 hereof) and filed for recording in the appropriate public offices within the State
of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission,
withdrawal or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited
partners under the laws of the State of Delaware or such other jurisdiction.

 

“Change of Control” means,
as to the General Partner, the occurrence of any of the following: (i) the sale, lease or transfer, in one or a series of related
transactions, of 80% or more of the assets of the General Partner, taken as a whole, to any Person or group (within the meaning
of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), other than an Affiliate of the General
Partner; or (ii) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange
Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within
the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than an Affiliate of the General Partner in a single transaction
or in a related series of transactions, by way of merger, share exchange, consolidation or other business combination or purchase
of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50%
of the total voting power of the voting capital stock of the General Partner.

 

“Code” means the Internal
Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any particular provision of the Code
shall mean that provision in the Code at the date hereof and any successor provision of the Code.

 

“Commission” means the
U.S. Securities and Exchange Commission.

 

“Common Partnership Unit Distribution”
has the meaning set forth in Section 4.04(a)(ii) hereof.

 

“Common Redemption Amount”
means either the Cash Amount or the REIT Shares Amount, as selected by the General Partner pursuant to Section 8.04(b) hereof.

 

“Class A Common Unit”
means a Partnership Unit which is designated as a Class A Common Unit of the Partnership.

 

“Class B Common Unit”
means a Partnership Unit which is designated as a Class B Common Unit of the Partnership.

 

“Class A Common Unit Economic Balance”
has the meaning set forth in Section 5.01(g) hereof.

 

“Common Unit Redemption Right”
has the meaning set forth in Section 8.04(a) hereof.

 

“Common Unit” means either
a Class A Common Unit or a Class B Common Unit.

 

“Class A Common Unit Transaction”
has the meaning set forth in Section 4.05(f) hereof.

 

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“Constituent Person”
has the meaning set forth in Section 4.05(f) hereof.

 

“Conversion Date” has
the meaning set forth in Section 4.05(b) hereof.

 

“Conversion Factor” means
a factor of 1.0, as such factor may be adjusted as provided in this definition and in Section 6.08. The Conversion Factor will
be adjusted in the event that the General Partner (i) declares or pays a dividend on its outstanding REIT Shares in REIT Shares
or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares
or (iii) combines its outstanding REIT Shares into a smaller number of REIT Shares. In each of such events, the Conversion Factor
shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Shares
issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such purposes
that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall
be the actual number of REIT Shares (determined without the above assumption) issued and outstanding on such record date and, provided
further, that in the event that an entity other than an Affiliate of the General Partner shall become General Partner pursuant
to any merger, consolidation or combination of the General Partner with or into another entity (the “Successor Entity”),
the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into
which one REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger,
consolidation or combination. Any adjustment to the Conversion Factor shall become effective immediately after the effective date
of such event retroactive to the record date, if any, for such event. If, however, the General Partner receives a Notice of Redemption
after the record date, if any, but prior to the effective date of such event, the Conversion Factor shall be determined as if the
General Partner had received the Notice of Redemption immediately prior to the record date for the event.

 

“Conversion Notice” has
the meaning set forth in Section 4.05(b) hereof.

 

“Conversion Right” has
the meaning set forth in Section 4.05(a) hereof.

 

“Defaulting Limited Partner”
means a Limited Partner that has failed to pay any amount owed to the Partnership under a Partnership Loan within 15 days after
demand for payment thereof is made by the Partnership.

 

“Distributable Amount”
has the meaning set forth in Section 5.02(d) hereof.

 

“Economic Capital Account Balances”
has the meaning set forth in Section 5.01(g) hereof.

 

“Equity Incentive Plan”
means any equity incentive or compensation plan hereafter adopted by the Partnership or the General Partner, including, without
limitation, the General Partner’s 2019 Equity Incentive Plan.

 

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“Event of Bankruptcy”
as to any Person means (i) the filing of a petition for relief as to such Person as debtor or bankrupt under the Bankruptcy Code
of 1978, as amended, or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has
been dismissed within 90 days); (ii) the insolvency or bankruptcy of such Person as finally determined by a court proceeding; (iii)
the filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee
for such Person or a substantial part of his assets; or (iv) the commencement of any proceedings relating to such Person as a debtor
under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now
in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced
by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is
contested by such Person and has not been finally dismissed within 90 days.

 

“Excepted Holder Limit”
has the meaning set forth in the Articles.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

“Forced Conversion” has
the meaning set forth in Section 4.05(c) hereof.

 

“Forced Conversion Notice”
has the meaning set forth in Section 4.05(c) hereof.

 

“General Partner” has
the meaning set forth in the first paragraph of this Agreement.

 

“General Partner Loan”
means a loan extended by the General Partner to a Defaulting Limited Partner in the form of a payment on a Partnership Loan by
the General Partner to the Partnership on behalf of the Defaulting Limited Partner.

 

“General Partnership Interest”
means the Partnership Interest held by the General Partner in its capacity as the general partner of the Partnership, which Partnership
Interest is an interest as a general partner under the Act. The General Partnership Interest will be a number of Common Units held
by the General Partner equal to one-tenth of one percent (0.1%) of all outstanding Partnership Units. All other Partnership Units
owned by the General Partner and any Partnership Units owned by any Affiliate or Subsidiary of the General Partner shall be considered
to constitute a Limited Partnership Interest.

 

“Indemnified Party” has
the meaning set forth in Section 8.05(f) hereof.

 

“Indemnifying Party”
has the meaning set forth in Section 8.05(f) hereof.

 

“Indemnitee” means (i)
any Person made a party to a proceeding by reason of its status as (A) the General Partner or (B) a director of the General Partner
or an officer or employee of the Partnership, the General Partner or any Subsidiary thereof, and (ii) such other Persons (including
Affiliates of the General Partner or the Partnership) as the General Partner may designate from time to time (whether before or
after the event giving rise to potential liability), in its sole and absolute discretion.

 

“Independent Director”
means a director of the General Partner who meets the NYSE requirements for an independent director as set forth from time to time.

 

“Junior Shares” has the
meaning set forth in the definition of “Additional Securities.”

 

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“Limited Partner” means
any Person named as a Limited Partner on Exhibit A attached hereto, as it may be amended or restated from time to time,
and any Person who becomes a Substitute Limited Partner or any additional Limited Partner, in such Person’s capacity as a
Limited Partner in the Partnership.

 

“Limited Partnership Interest”
means a Partnership Interest held by a Limited Partner at any particular time representing a fractional part of the Partnership
Interest of all Limited Partners, and includes any and all benefits to which the holder of such a Limited Partnership Interest
may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with
all the provisions of this Agreement and of the Act. Limited Partnership Interests may be expressed as a number of Common Units,
LTIP Units or other Partnership Units.

 

“Liquidating Gains” has
the meaning set forth in Section 5.01(g) hereof.

 

“LTIP Unit” means a Partnership
Unit which is designated as an LTIP Unit and which has the rights, preferences and other privileges designated in Section 4.04
hereof and elsewhere in this Agreement in respect of holders of LTIP Units, including both vested LTIP Units and Unvested LTIP
Units. The allocation of LTIP Units among the Partners shall be set forth on Exhibit A as it may be amended or restated
from time to time.

 

“LTIP Unitholder” means
a Partner that holds LTIP Units.

 

“Loss” has the meaning
set forth in Section 5.01(h) hereof.

 

“Majority in Interest”
means Limited Partners holding more than fifty percent (50%) of the Common Percentage Interests of the Limited Partners.

 

“New Securities” has
the meaning set forth in the definition of “Additional Securities”.

 

“Notice of Redemption”
means the Notice of Exercise of Common Unit Redemption Right substantially in the form attached as Exhibit B hereto.

 

“NYSE” means the New
York Stock Exchange.

 

“Offer” has the meaning
set forth in Section 7.01(c)(ii) hereof.

 

“Offering” means the
underwritten initial public offering of REIT Shares.

 

“Original Date” means
[·] __, 2019.

 

“Original Limited Partner”
has the meaning set forth in the first paragraph of this Agreement.

 

“Partner” means any General
Partner or Limited Partner, and “Partners” means the General Partner and the Limited Partners.

 

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“Partner Nonrecourse Debt Minimum
Gain” has the meaning set forth in Regulations Section 1.704-2(i). A Partner’s share of Partner Nonrecourse Debt
Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5).

 

“Partnership” means Postal
Realty LP, a limited partnership formed under the Act and pursuant to this Agreement, and any successor thereto.

 

“Partnership Interest”
means an ownership interest in the Partnership held by a Partner, and includes any and all benefits to which the holder of such
a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with
the terms and provisions of this Agreement. A Partnership Interest may be expressed as a number of Class A Common Units, Class
B Common Units, LTIP Units or other Partnership Units.

 

“Partnership Loan” means
a loan from the Partnership to the Partner on the day the Partnership pays over the excess of the Withheld Amount over the Distributable
Amount to a taxing authority.

 

“Partnership Minimum Gain”
has the meaning set forth in Regulations Section 1.704-2(d). In accordance with Regulations Section 1.704-2(d), the amount of Partnership
Minimum Gain is determined by first computing, for each Partnership nonrecourse liability, any gain the Partnership would realize
if it disposed of the property subject to that liability for no consideration other than full satisfaction of the liability, and
then aggregating the separately computed gains. A Partner’s share of Partnership Minimum Gain shall be determined in accordance
with Regulations Section 1.704-2(g)(1).

 

“Partnership Record Date”
means the record date established by the General Partner for the distribution of cash pursuant to Section 5.02 hereof, which record
date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or
all of its portion of such distribution.

 

“Partnership Representative”
has the meaning set forth within Section 6223 of the Code.

 

“Partnership Unit” means
a fractional, undivided share of the Partnership Interests of all Partners issued hereunder, and includes Class A Common Units,
Class B Common Units, LTIP Units and any other class or series of Partnership Units that may be established after the date hereof
in accordance with the terms hereof. The number of Partnership Units outstanding and the Percentage Interests represented by such
Partnership Units are set forth on Exhibit A hereto, as it may be amended or restated from time to time.

 

“Partnership Unit Designation”
has the meaning set forth in Section 4.02(a)(i) hereof.

 

“Percentage Interest”
means (i) as to the Class A Common Units, the percentage determined by dividing the number of Class A Common Units of a Partner
by the aggregate number of Class A Common Units of all Partners, treating LTIP Units, in accordance with Section 4.04(a), as Class
A Common Units for this purpose (the “Class A Percentage Interest”), (ii) as to the Class B Common Units, the
percentage determined by dividing the number of Class B Common Units of a Partner by the aggregate number of Class B Common Units
of all Partners (the “Class B Percentage Interest”), and (iii) as to the Partnership, the percentage determined
by dividing the number of Class A and Class B Common Units of a Partner by the aggregate number of Class A and Class B Common Units
of all Partners, treating LTIP Units, in accordance with Section 4.04(a), as Class A Common Units for this purpose (the “Common
Percentage Interest”).

 

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“Person” means any individual,
partnership, corporation, limited liability company, joint venture, trust or other entity.

 

“Preferred Shares” has
the meaning set forth in the definition of “Additional Securities”.

 

“Profit” has the meaning
set forth in Section 5.01(h) hereof.

 

“Property” means any
property or other investment in which the Partnership, directly or indirectly, holds an ownership interest.

 

“Redeeming Limited Partner”
has the meaning set forth in Section 8.04(a) hereof.

 

“Redemption Shares” has
the meaning set forth in Section 8.05(a) hereof.

 

“Regulations” means the
Federal Income Tax Regulations issued under the Code, as amended and as subsequently amended from time to time. Reference to any
particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision
of the Regulations.

 

“REIT” means a real estate
investment trust under Sections 856 through 860 of the Code.

 

“REIT Expenses” means
(i) costs and expenses relating to the formation and continuity of existence and operation of the General Partner and any Subsidiaries
thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of the General Partner), including taxes,
fees and assessments associated therewith, any and all costs, expenses or fees payable to any director, officer or employee of
the General Partner, (ii) costs and expenses relating to any public offering and registration, or private offering, of securities
by the General Partner, and all statements, reports, fees and expenses incidental thereto, including, without limitation, underwriting
discounts and selling commissions applicable to any such offering of securities, and any costs and expenses associated with any
claims made by any holders of such securities or any underwriters or placement agents thereof, (iii) costs and expenses associated
with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing
of any periodic or other reports and communications by the General Partner under federal, state or local laws or regulations, including
filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations
promulgated by any regulatory body, including the Commission and any securities exchange, (vi) costs and expenses associated with
any health, dental, vision, disability, life insurance, 401(k) plan, incentive plan, bonus plan or other plan providing for compensation
or benefits for the employees of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any
issuing or redemption of Partnership Interests and (viii) all other operating or administrative costs of the General Partner incurred
in the ordinary course of its business on behalf of or related to the Partnership.

 

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“REIT Shares” means shares
of common stock, par value $0.01 per share, of the General Partner (or common stock or common shares of beneficial interest of
a Successor Entity, as the case may be).

 

“REIT Shares Amount”
means the number of REIT Shares equal to the product of (X) the number of Common Units offered for redemption by a Redeeming Limited
Partner, multiplied by (Y) the Conversion Factor as adjusted to and including the Specified Redemption Date; provided that
in the event that prior to the Specified Redemption Date, the General Partner issues to all holders of REIT Shares rights, options,
warrants or convertible or exchangeable securities entitling the holders of REIT Shares to subscribe for or purchase additional
REIT Shares, or any other securities or property (collectively, the “Rights”), and such Rights have not expired
at the Specified Redemption Date, then the REIT Shares Amount shall also include such Rights issuable to a holder of the REIT Shares
Amount on the record date fixed for purposes of determining the holders of REIT Shares entitled to Rights.

 

“Restriction Notice”
has the meaning set forth in Section 8.04(f) hereof.

 

“Rights” has the meaning
set forth in the definition of “REIT Shares Amount” herein.

 

“Rule 144” has the meaning
set forth in Section 8.05(a)(2) hereof.

 

“S-3 Eligible Date” has
the meaning set forth in Section 8.05(a) hereof.

 

“Safe Harbor” has the
meaning set forth in Section 10.05(d) hereof.

 

“Safe Harbor Election”
has the meaning set forth in Section 11.01 hereof.

 

“Safe Harbor Interests”
has the meaning set forth in Section 11.01 hereof.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Service” means the Internal
Revenue Service.

 

“Stock Ownership Limit”
has the meaning set forth in the Articles.

 

“Specified Redemption Date”
means the first business day of the calendar quarter that is at least 60 calendar days after the receipt by the General Partner
of a Notice of Redemption.

 

“Subsidiary” means, with
respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities
or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.

 

“Subsidiary Partnership”
means any partnership or limited liability company in which the General Partner, the Partnership, or a wholly owned subsidiary
of the General Partner or the Partnership owns a partnership or limited liability company interest.

 

“Substitute Limited Partner”
means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.03 hereof.

 

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“Successor Entity” has
the meaning set forth in the definition of “Conversion Factor” herein.

 

“Survivor” has the meaning
set forth in Section 7.01(d) hereof.

 

“Trading Day” means a
day on which the principal national securities exchange on which a security is listed or admitted to trading is open for the transaction
of business or, if a security is not listed or admitted to trading on any national securities exchange, shall mean any day other
than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or
executive order to close.

 

“Transaction” has the
meaning set forth in Section 7.01(c) hereof.

 

“Transfer” has the meaning
set forth in Section 9.02(a) hereof.

 

“TRS” means a taxable
REIT subsidiary (as defined in Section 856(l) of the Code) of the General Partner.

 

“Unvested LTIP Units”
has the meaning set forth in Section 4.04(c)(i) hereof.

 

“Value” means, with respect
to any security, the average of the daily market prices of such security for the ten consecutive Trading Days immediately preceding
the date of such valuation. The market price for each such Trading Day shall be: (i) if the security is listed or admitted to trading
on the NYSE or any other national securities exchange, the last reported sale price, regular way, on such day, or if no such sale
takes place on such day, the average of the closing bid and asked prices, regular way, on such day, (ii) if the security is not
listed or admitted to trading on the NYSE or any other national securities exchange, the last reported sale price on such day or,
if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation
source designated by the General Partner, or (iii) if the security is not listed or admitted to trading on the NYSE or any national
securities exchange and no such last reported sale price or closing bid and asked prices are available, the average of the reported
high bid and low asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or if
there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most
recent day (not more than ten days prior to the date in question) for which prices have been so reported; provided that
if there are no bid and asked prices reported during the ten days prior to the date in question, the value of the security shall
be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers,
in its reasonable judgment, appropriate. In the event the security includes any additional rights (including any Rights), then
the value of such rights shall be determined by the General Partner acting in good faith on the basis of such quotations and other
information as it considers, in its reasonable judgment, appropriate.

 

“Vested LTIP Units” has
the meaning set forth in Section 4.04(c)(i) hereof.

 

“Vesting Agreement” means
each or any, as the context implies, agreement or instrument entered into by an LTIP Unitholder upon acceptance of an award of
LTIP Units under an Equity Incentive Plan.

 

    	10

     

    

 

“Withheld Amount” means
any amount required to be withheld by the Partnership to pay over to any taxing authority as a result of any allocation or distribution
of income to a Partner.

 

ARTICLE II

 

FORMATION OF THE
PARTNERSHIP

 

2.01        Formation
of the Partnership. The Partnership was formed as a limited partnership pursuant to the provisions of the Act and upon
the terms and conditions set forth in the Original Agreement. Concurrently with the execution of this Agreement, the Original Limited
Partner is withdrawing from the Partnership and relinquishing any and all rights or interest he may have in the Partnership other
than as set forth on Exhibit A, and the Partnership is continued without dissolution. Except as expressly provided herein
to the contrary, the rights and obligations of the Partners and administration and termination of the Partnership shall be governed
by the Act. The Partnership Interest of each Partner shall be personal property for all purposes.

 

2.02        Name.
The Name of the Partnership shall be “Postal Realty LP” and the Partnership’s business may be conducted under
any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof.
The words “Limited Partnership,” “LP,” “L.P.” or “Ltd.” or similar words or letters
shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction
that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership at any time and
from time to time and shall notify the Partners of such change in the next regular communication to the Partners; provided, however,
failure to so notify the Partners shall not invalidate such change or the authority granted hereunder.

 

2.03        Registered
Office and Agent; Principal Office. The registered office of the Partnership in the State of Delaware is located at 1675
South State Street, Suite B, Dover DE 19901 and the registered agent for service of process on the Partnership in the State of
Delaware at such registered office is Capitol Services, Inc. The principal office of the Partnership is located at 75Columbia Avenue,
Cedarhurst, NY 11516, or such other place as the General Partner may from time to time designate. Upon such a change of the principal
office of the Partnership, the General Partner shall notify the Partners of such change in the next regular communication to the
Partners; provided, however, failure to so notify the Partners shall not invalidate such change or the authority
granted hereunder. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as
the General Partner deems necessary or desirable.

 

2.04        Term
and Dissolution.

 

(a)          The
term of the Partnership shall continue in full force and effect until dissolved upon the first to occur of any of the following
events:

 

(i)          the
occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General Partner
unless the business of the Partnership is continued pursuant to Section 7.03(b) hereof; provided that if a General Partner
is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of the dissolution, death,
withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership
if the business of such General Partner is continued by the remaining partner or partners, either alone or with additional partners,
and such General Partner and such partners comply with any other applicable requirements of this Agreement;

 

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(ii)         the
passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided
that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership
shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such installment obligations
are paid in full);

 

(iii)        the
redemption of all Limited Partnership Interests (other than any Limited Partnership Interests held by the General Partner), unless
the General Partner determines to continue the term of the Partnership by the admission of one or more additional Limited Partners;
or

 

(iv)         the
dissolution of the Partnership upon election by the General Partner.

 

(b)          Upon
dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.03(b) hereof), the General
Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership’s
assets and apply and distribute the proceeds thereof in accordance with Section 5.06 hereof. Notwithstanding the foregoing, the
liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets
of the Partnership (including those necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute the
assets to the Partners in kind.

 

2.05        Filing
of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file at
the expense of the Partnership the Certificate and any and all amendments thereto and all requisite fictitious name statements
and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership
under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business.

 

2.06        Certificates
Describing Partnership Units. At the request of a Limited Partner, the General Partner, at its option, may issue a certificate
summarizing the terms of such Limited Partner’s interest in the Partnership, including the class or series and number of
Partnership Units owned and the Percentage Interest represented by such Partnership Units as of the date of such certificate. Any
such certificate (i) shall be in form and substance as determined by the General Partner, (ii) shall not be negotiable and (iii)
shall bear a legend to the following effect:

 

THIS CERTIFICATE IS NOT NEGOTIABLE. THE PARTNERSHIP UNITS REPRESENTED
BY THIS CERTIFICATE ARE GOVERNED BY AND TRANSFERABLE ONLY IN ACCORDANCE WITH (A) THE PROVISIONS OF THE AGREEMENT OF LIMITED PARTNERSHIP
OF POSTAL REALTY LP, AS AMENDED, SUPPLEMENTED OR RESTATED FROM TIME TO TIME, AND (B) ANY APPLICABLE FEDERAL OR STATE SECURITIES
OR BLUE SKY LAWS.

 

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ARTICLE III

 

BUSINESS OF THE
PARTNERSHIP

 

The purpose and nature of the business of
the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the
Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General
Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to, or the Board of Directors determines,
pursuant to Section 5.7 of the Articles, that the General Partner shall no longer qualify as a REIT, (ii) to enter into any partnership,
joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged
in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and
without limiting the General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners
acknowledge that the General Partner intends to elect REIT status and the avoidance of income and excise taxes on the General Partner
inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners
agree that the General Partner may terminate or revoke its status as a REIT under the Code at any time. The General Partner shall
also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified
as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code.

 

ARTICLE IV

 

CAPITAL CONTRIBUTIONS
AND ACCOUNTS

 

4.01        Capital
Contributions. The General Partner and each Limited Partner has made a capital contribution to the Partnership in exchange
for the Partnership Units set forth opposite such Partner’s name on Exhibit A hereto, as it may be amended or restated
from time to time by the General Partner to the extent necessary to reflect accurately sales, exchanges or other Transfers, redemptions,
Capital Contributions, the issuance of additional Partnership Units or similar events having an effect on a Partner’s ownership
of Partnership Units.

 

4.02        Additional
Capital Contributions and Issuances of Additional Partnership Units. Except as provided in this Section 4.02 or in Section
4.03 hereof, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership.
The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership
Interests, in the form of Partnership Units, in respect thereof, in the manner contemplated in this Section 4.02.

 

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(a)           Issuances
of Additional Partnership Units.

 

(i)          General.
As of the effective date of this Agreement, the Partnership shall have authorized three classes of Partnership Units, entitled
“Class A Common Units,” “Class B Common Units,” and “LTIP Units.” The General Partner is hereby
authorized to cause the Partnership to issue additional Partnership Interests, in the form of Partnership Units, for any Partnership
purpose at any time or from time to time to the Partners (including the General Partner) or to other Persons for such consideration
and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without
the approval of any Limited Partners. The General Partner’s determination that consideration is adequate shall be conclusive
insofar as the adequacy of consideration relates to whether the Partnership Units are validly issued and fully paid. Any additional
Partnership Units issued thereby may be issued in one or more classes, or one or more series of any of such classes, with such
designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers
and duties senior to the then-outstanding Partnership Units held by the Limited Partners, all as shall be determined by the General
Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law that cannot
be preempted by the terms hereof and as set forth in a written document hereafter attached to and made an exhibit to this Agreement
(each, a “Partnership Unit Designation”), which document shall include, without limitation, (i) the allocations
of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Units; (ii) the right
of each such class or series of Partnership Units to share in Partnership distributions; and (iii) the rights of each such class
or series of Partnership Units upon dissolution and liquidation of the Partnership; provided, however, that no additional
Partnership Units shall be issued to the General Partner (or any direct or indirect wholly-owned Subsidiary of the General Partner)
unless:

 

(1)         (A)
the additional Partnership Units are issued in connection with an issuance of REIT Shares or other capital stock of, or other interests
in, the General Partner, which REIT Shares, capital stock or other interests have designations, preferences and other rights, all
such that the economic interests are substantially similar to the designations, preferences and other rights of the additional
Partnership Units issued to the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) by the
Partnership in accordance with this Section 4.02 and (B) the General Partner (or any direct or indirect wholly owned Subsidiary
of the General Partner) shall make a Capital Contribution to the Partnership in an amount equal to the cash consideration received
by the General Partner, if any, from such grant, award or issuance of such REIT Shares, capital stock or other interests in the
General Partner;

 

(2)         (A)
the additional Partnership Units are issued in connection with a grant award or issuance of REIT Shares or other capital stock
of, or other interests in, the General Partner pursuant to a taxable share dividend declared by the General Partner, which REIT
Shares, capital stock or interests have designations, preferences and other rights, all such that the economic interests are substantially
similar to the designations, preferences and other rights of the additional Partnership Units issued to the General Partner (or
any direct or indirect wholly owned Subsidiary of the General Partner) by the Partnership in accordance with this Section 4.02,
(B) if the General Partner allows the holders of its REIT Shares to elect whether to receive such dividend in REIT Shares or other
capital stock of, or other interests in, the General Partner, or cash, the Partnership will give the Limited Partners (excluding
the General Partner or any direct or indirect Subsidiary of the General Partner) the same ability to elect to receive (I) Partnership
Units or cash or, (II) at the election of the General Partner, REIT Shares, capital stock or other interests in the General Partner
or cash, and (C) if the Partnership issues additional Partnership Units pursuant to this Section 4.02(a)(i)(2), then an amount
of income equal to the value of the Partnership Units received will be allocated to those holders of Common Units that elect to
receive additional Partnership Units;

 

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(3)         the
additional Partnership Units are issued in exchange for property owned by the General Partner (or any direct or indirect wholly
owned Subsidiary of the General Partner) with a fair market value, as determined by the General Partner, in good faith, equal to
the value of the Partnership Units; or

 

(4)         Common
Units are issued to all Partners owning Common Units or LTIP Units in proportion to their respective Percentage Interests.

 

Without limiting the foregoing, the General Partner is expressly
authorized to cause the Partnership to issue Partnership Units for less than fair market value, so long as the General Partner
concludes in good faith that such issuance is in the interests of the Partnership. Upon the issuance of any additional Partnership
Units, the General Partner shall amend Exhibit A as appropriate to reflect such issuance.

 

(ii)         Upon
Issuance of Additional Securities. The General Partner shall not issue any Additional Securities (other than REIT Shares issued
in connection with an exchange pursuant to Section 8.04 hereof or REIT Shares or other capital stock of or other interests in the
General Partner issued in connection with a taxable stock dividend as described in Section 4.02(a)(i)(2) hereof) or Rights other
than to all holders of REIT Shares, Preferred Shares, Junior Shares, or New Securities, as the case may be, unless (A) the General
Partner shall cause the Partnership to issue to the General Partner (or any direct or indirect wholly owned Subsidiary of the General
Partner) Partnership Units or Rights having designations, preferences and other rights, all such that the economic interests are
substantially similar to those of the Additional Securities, and (B) the General Partner (or any direct or indirect wholly owned
Subsidiary of the General Partner) contributes the proceeds from the issuance of such Additional Securities and from any exercise
of Rights contained in such Additional Securities to the Partnership; provided, however, that the General Partner
is allowed to issue Additional Securities in connection with an acquisition of Property to be held directly by the General Partner,
but if and only if, such direct acquisition and issuance of Additional Securities have been approved by a majority of the Independent
Directors. Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less
than fair market value, and the General Partner is authorized to cause the Partnership to issue to the General Partner (or any
direct or indirect wholly owned Subsidiary of the General Partner) corresponding Partnership Units, so long as (x) the General
Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership and (y)
the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) contributes all proceeds from such
issuance to the Partnership, including without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant
to a stock purchase plan providing for purchases of REIT Shares at a discount from fair market value or pursuant to stock awards,
including stock options that have an exercise price that is less than the fair market value of the REIT Shares, either at the time
of issuance or at the time of exercise, and restricted or other stock awards approved by the Board of Directors. For example, in
the event the General Partner issues REIT Shares for a cash purchase price and the General Partner (or any direct or indirect wholly
owned Subsidiary of the General Partner) contributes all of the proceeds of such issuance to the Partnership as required hereunder,
the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall be issued a number of additional
Partnership Units equal to the product of (A) the number of such REIT Shares issued by the General Partner, the proceeds of which
were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the denominator of which is the Conversion
Factor in effect on the date of such contribution.

 

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(b)           Certain
Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares, the General
Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall make Capital Contributions to the Partnership
of the proceeds therefrom (if any), provided that if the proceeds actually received and contributed by the General Partner
(or any direct or indirect wholly owned Subsidiary of the General Partner) are less than the gross proceeds of such issuance as
a result of any underwriter’s discount, commissions, placement fees or other expenses paid or incurred in connection with
such issuance, then the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall be deemed
to have made a Capital Contribution to the Partnership in the amount equal to the sum of the net proceeds of such issuance plus
the amount of such underwriter’s discount, commissions, placement fees or other expenses paid by the General Partner, and
the Partnership shall be deemed simultaneously to have reimbursed such discount, commissions, placement fees and expenses as an
Administrative Expense for the benefit of the Partnership for purposes of Section 6.05(b).

 

(c)           Repurchases
of General Partner Securities. If the General Partner shall repurchase shares of any class or series of its capital stock,
the purchase price thereof and all costs incurred in connection with such repurchase shall be reimbursed to the General Partner
by the Partnership pursuant to Section 6.05 hereof and the General Partner shall cause the Partnership to redeem an equivalent
number of Partnership Units of the appropriate class or series held by the General Partner, or by the General Partner in its capacity
as a Limited Partner (which, in the case of REIT Shares, shall be a number equal to the quotient of the number of such REIT Shares
divided by the Conversion Factor).

 

4.03        Additional
Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for additional
Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership
to obtain such funds from outside borrowings, or (ii) elect to have the General Partner or any of its Affiliates provide such Additional
Funds to the Partnership through loans or otherwise.

 

4.04        LTIP
Units.

 

(a)          Issuance
of LTIP Units. Notwithstanding anything contained herein to the contrary, the General Partner may from time to time issue LTIP
Units to Persons who provide services to the Partnership or the General Partner, for such consideration as the General Partner
may determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section
4.04 and the special provisions of Sections 4.05 and 5.01(g) hereof, LTIP Units shall be treated as Class A Common Units, with
all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests,
holders of LTIP Units shall be treated as Class A Common Unit holders and LTIP Units shall be treated as Class A Common Units.
In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Class A Common Units
for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

 

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(i)          If
an Adjustment Event (as defined below) occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units
to maintain a one-for-one conversion and economic equivalence ratio between Class A Common Units and LTIP Units. The following
shall be “Adjustment Events”: (A) the Partnership makes a distribution on all outstanding Class A Common Units
in the form of Partnership Units, (B) the Partnership subdivides the outstanding Class A Common Units into a greater number of
units or combines the outstanding Class A Common Units into a smaller number of units, or (C) the Partnership issues any Partnership
Units in exchange for its outstanding Class A Common Units by way of a reclassification or recapitalization of its Common Units.
If more than one Adjustment Event occurs, the adjustment to the LTIP Units need be made only once using a single formula that takes
into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the
following shall not be Adjustment Events: (x) the issuance of Partnership Units in a financing, reorganization, acquisition or
other similar business Class A Common Unit Transaction, (y) the issuance of Partnership Units pursuant to any employee benefit
or compensation plan or distribution reinvestment plan or (z) the issuance of any Partnership Units to the General Partner in respect
of a capital contribution to the Partnership of proceeds from the sale of Additional Securities by the General Partner. If the
Partnership takes an action affecting the Class A Common Units other than actions specifically described above as “Adjustment
Events” and in the opinion of the General Partner such action would require an adjustment to the LTIP Units to maintain the
one-to-one correspondence described above, the General Partner shall have the right to make such adjustment to the LTIP Units,
to the extent permitted by law and by any Equity Incentive Plan and Vesting Agreement, in such manner and at such time as the General
Partner, in its sole discretion, may determine to be appropriate under the circumstances. If an adjustment is made to the LTIP
Units, as herein provided, the Partnership shall promptly file in the books and records of the Partnership an officer’s certificate
setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive
evidence of the correctness of such adjustment absent manifest error. Promptly after filing of such certificate, the Partnership
shall deliver a notice to each LTIP Unitholder setting forth the adjustment to his or her LTIP Units and the effective date of
such adjustment; provided, however, the failure to deliver such notice shall not invalidate the adjustment or the
authority granted hereunder, and

 

(ii)         The
LTIP Unitholders shall, when, as and if authorized and declared by the General Partner out of assets legally available for that
purpose, be entitled to receive distributions in an amount per LTIP Unit equal to the distributions per Common Unit paid to holders
of Common Units on such Partnership Record Date established by the General Partner with respect to such distribution (the “Common
Partnership Unit Distribution”). So long as any LTIP Units are outstanding, no distributions (whether in cash or in kind)
shall be authorized, declared or paid on Common Units, unless equal distributions have been or contemporaneously are authorized,
declared and paid on the LTIP Units.

 

(b)          Priority.
Subject to the provisions of this Section 4.04, the special provisions of Sections 4.05 and 5.01(g) hereof and any Vesting Agreement,
the LTIP Units shall rank pari passu with the Class A Common Units as to the payment of regular and special periodic or
other distributions and distribution of assets upon liquidation, dissolution or winding up. As to the payment of distributions
and as to distribution of assets upon liquidation, dissolution or winding up, any class or series of Partnership Units which by
its terms specifies that it shall rank junior to, on a parity with, or senior to the Common Units shall also rank junior to, or
pari passu with, or senior to, as the case may be, the LTIP Units. Subject to the terms of any Vesting Agreement, an LTIP
Unitholder shall be entitled to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders
of Common Units are entitled to transfer their Common Units pursuant to Article IX.

 

    	17

     

    

 

(c)          Special
Provisions. LTIP Units shall be subject to the following special provisions:

 

(i)          Vesting
Agreements. LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and additional
restrictions on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the
General Partner from time to time in its sole discretion, subject to any restrictions on amendment imposed by the relevant Vesting
Agreement or by the Equity Incentive Plan, if applicable. LTIP Units that have vested under the terms of a Vesting Agreement are
referred to as “Vested LTIP Units”; all other LTIP Units shall be treated as “Unvested LTIP Units.”

 

(ii)         Forfeiture.
Unless otherwise specified in the Vesting Agreement, upon the occurrence of any event specified in a Vesting Agreement resulting
in either the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price or some other
forfeiture of any LTIP Units, then if the Partnership or the General Partner exercises such right to repurchase or forfeiture occurs
in accordance with the applicable Vesting Agreement, the relevant LTIP Units shall immediately, and without any further action,
be treated as cancelled and no longer outstanding for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration
or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with
respect to a Partnership Record Date prior to the effective date of the forfeiture. In connection with any repurchase or forfeiture
of LTIP Units, the balance of the portion of the Capital Account of the LTIP Unitholder that is attributable to all of such LTIP
Unitholder’s LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section
5.01(g) hereof, calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any.

 

(iii)        Allocations.
LTIP Unitholders shall be entitled to certain special allocations of gain under Section 5.01(g) hereof.

 

(iv)         Redemption.
The Common Unit Redemption Right provided to Limited Partners under Section 8.04 hereof shall not apply with respect to LTIP Units
unless and until they are converted to Common Units as provided in clause (v) below and Section 4.05 hereof.

 

(v)          Conversion
to Class A Common Units. Vested LTIP Units are eligible to be converted into Class A Common Units in accordance with Section
4.05 hereof.

 

(d)          Voting.
LTIP Unitholders shall (a) have the same voting rights as the holders of Common Units, with all Vested LTIP Units and Unvested
LTIP Units voting as a single class with the Common Units and having one vote per LTIP Unit; and (b) have the additional voting
rights that are expressly set forth below. So long as any LTIP Units remain outstanding, the Partnership shall not, without the
affirmative vote of the holders of a majority of the LTIP Units (Vested LTIP Units and Unvested LTIP Units) outstanding at the
time, given in person or by proxy, either in writing or at a meeting (voting separately as a class), amend, alter or repeal, whether
by merger, consolidation or otherwise, the provisions of this Agreement applicable to LTIP Units so as to materially and adversely
affect (as determined in good faith by the General Partner) any right, privilege or voting power of the LTIP Units or the LTIP
Unitholders as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately the rights, privileges
and voting powers of the holders of Class A Common Units; but subject, in any event, to the following provisions:

 

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(i)          With
respect to any Common Unit Transaction (as defined in Section 4.05(f) hereof), so long as the LTIP Units are treated in accordance
with Section 4.05(f) hereof, the consummation of such Common Unit Transaction shall not be deemed to materially and adversely affect
such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such; and

 

(ii)         Any
creation or issuance of any Partnership Units or of any class or series of Partnership Interest including without limitation additional
Common Units or LTIP Units, whether ranking senior to, junior to, or on a parity with the LTIP Units with respect to distributions
and the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect
such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such.

 

The foregoing voting provisions will not
apply if, at or prior to the time when the act with respect to which such vote would otherwise be required will be effected, all
outstanding LTIP Units shall have been converted into Common Units.

 

4.05        Conversion
of LTIP Units.

 

(a)          Subject
to the provisions of this Section 4.05, an LTIP Unitholder shall have the right (the “Conversion Right”), at
such holder’s option, at any time to convert all or a portion of such holder’s Vested LTIP Units into Class A Common
Units; provided, however, that a holder may not exercise the Conversion Right for less than 1,000 Vested LTIP Units
or, if such holder holds less than 1,000 Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders
shall not have the right to convert Unvested LTIP Units into Class A Common Units until they become Vested LTIP Units; provided,
however, that when an LTIP Unitholder is notified of the expected occurrence of an event that will cause such LTIP Unitholder’s
Unvested LTIP Units to become Vested LTIP Units, such LTIP Unitholder may give the Partnership a Conversion Notice conditioned
upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall
be accepted by the Partnership subject to such condition. The General Partner shall have the right at any time to cause a conversion
of Vested LTIP Units into Class A Common Units. In all cases, the conversion of any LTIP Units into Class A Common Units shall
be subject to the conditions and procedures set forth in this Section 4.05.

 

(b)          A
holder of Vested LTIP Units may convert such LTIP Units into an equal number of fully paid and non-assessable Class A Common Units,
giving effect to all adjustments (if any) made pursuant to Section 4.04 hereof. Notwithstanding the foregoing, in no event may
a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance of such
Limited Partner, to the extent attributable to its ownership of LTIP Units, divided by (y) the Class A Common Unit Economic Balance,
in each case as determined as of the effective date of conversion (the “Capital Account Limitation”).

 

    	19

     

    

 

In order to exercise the Conversion Right,
an LTIP Unitholder shall deliver a notice (a “Conversion Notice”) in the form attached as Exhibit D hereto
to the Partnership (with a copy to the General Partner) not less than ten nor more than 60 days prior to a date (the “Conversion
Date”) specified in such Conversion Notice; provided, however, that if the General Partner has not given
to the LTIP Unitholders notice of a proposed or upcoming Class A Common Unit Transaction (as defined in Section 4.05(f) hereof)
at least 30 days prior to the effective date of such Common Unit Transaction, then LTIP Unitholders shall have the right to deliver
a Conversion Notice until the earlier of (x) the tenth day after such notice from the General Partner of a Class A Common Unit
Transaction or (y) the third Trading Day immediately preceding the effective date of such Class A Common Unit Transaction. A Conversion
Notice shall be provided in the manner provided in Section 12.01 hereof. Each LTIP Unitholder covenants and agrees with the Partnership
that all Vested LTIP Units to be converted pursuant to this Section 4.05(b) shall be free and clear of all liens, claims and encumbrances.
Notwithstanding anything herein to the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant to Section
8.04(a) hereof relating to those Class A Common Units that will be issued to such holder upon conversion of such LTIP Units into
Class A Common Units in advance of the Conversion Date; provided, however, that the redemption of such Class A Common
Units by the Partnership shall in no event take place until on or after the Conversion Date. For clarity, it is noted that the
objective of this paragraph is to put an LTIP Unitholder in a position where, if such holder so wishes, the Class A Common Units
into which such holder’s Vested LTIP Units will be converted can be tendered to the Partnership for redemption simultaneously
with such conversion, with the further consequence that, if the General Partner elects to assume the Partnership’s redemption
obligation with respect to such Class A Common Units under Section 8.04(b) hereof by delivering to such holder the REIT Shares
Amount, then such holder can have the REIT Shares Amount issued to such holder simultaneously with the conversion of such holder’s
Vested LTIP Units into Class A Common Units. The General Partner and LTIP Unitholder shall reasonably cooperate with each other
to coordinate the timing of the events described in the foregoing sentence.

 

(c)          The
Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP Units held by an LTIP Unitholder
to be converted (a “Forced Conversion”) into an equal number of Class A Common Units, giving effect to all adjustments
(if any) made pursuant to Section 4.04 hereof; provided, however, that the Partnership may not cause Forced Conversion
of any LTIP Units that would not at the time be eligible for conversion at the option of such LTIP Unitholder pursuant to Section
4.05(b) hereof. In order to exercise its right of Forced Conversion, the Partnership shall deliver a notice (a “Forced
Conversion Notice”) in the form attached as Exhibit E hereto to the applicable LTIP Unitholder not less than ten
nor more than 60 days prior to the Conversion Date specified in such Forced Conversion Notice. A Forced Conversion Notice shall
be provided in the manner provided in Section 12.01 hereof and shall be revocable by the General Partner at any time prior to the
Forced Conversion.

 

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(d)          A
conversion of Vested LTIP Units for which the holder thereof has given a Conversion Notice or the Partnership has given a Forced
Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on
the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited on the books and records of the Partnership
with the issuance as of the opening of business on the next day of the number of Class A Common Units issuable upon such conversion.
After the conversion of LTIP Units as aforesaid, the Partnership shall deliver to such LTIP Unitholder, upon his or her written
request, a certificate of the General Partner certifying the number of Class A Common Units and remaining LTIP Units, if any, held
by such person immediately after such conversion. The Assignee of any Limited Partner pursuant to Article IX hereof may exercise
the rights of such Limited Partner pursuant to this Section 4.05 and such Limited Partner shall be bound by the exercise of such
rights by the Assignee.

 

(e)          For
purposes of making future allocations under Section 5.01(g) hereof and applying the Capital Account Limitation, the portion of
the Economic Capital Account Balance of the applicable LTIP Unitholder that is treated as attributable to his or her LTIP Units
shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the Class A Common Unit
Economic Balance.

 

(f)          If
the Partnership or the General Partner shall be a party to any Class A Common Unit Transaction (including without limitation a
merger, consolidation, unit exchange, self tender offer for all or substantially all Common Units or other business combination
or reorganization, or sale of all or substantially all of the Partnership’s assets, but excluding any Class A Common Unit
Transaction which constitutes an Adjustment Event) in each case as a result of which Class A Common Units shall be exchanged for
or converted into the right, or the holders of Class A Common Units shall otherwise be entitled, to receive cash, securities or
other property or any combination thereof (each of the foregoing being referred to herein as a “Class A Common Unit Transaction”),
then the General Partner shall, subject to the terms of any applicable Equity Incentive Plan or Vesting Agreement, exercise immediately
prior to the Class A Common Unit Transaction its right to cause a Forced Conversion with respect to the maximum number of LTIP
Units then eligible for conversion, taking into account any allocations that occur in connection with the Class A Common Unit Transaction
or that would occur in connection with the Class A Common Unit Transaction if the assets of the Partnership were sold at the Common
Unit Transaction price or, if applicable, at a value determined by the General Partner in good faith using the value attributed
to the Partnership Units in the context of the Class A Common Unit Transaction (in which case the Conversion Date shall be the
effective date of the Class A Common Unit Transaction).

 

In anticipation of such Forced Conversion
and the consummation of the Class A Common Unit Transaction, the Partnership shall use commercially reasonable efforts to cause
each LTIP Unitholder to be afforded the right to receive in connection with such Class A Common Unit Transaction in consideration
for the Class A Common Units into which such LTIP Unitholder’s LTIP Units will be converted the same kind and amount of cash,
securities and other property (or any combination thereof) receivable upon the consummation of such Class A Common Unit Transaction
by a holder of the same number of Class A Common Units, assuming such holder of Class A Common Units is not a Person with which
the Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which such sale or
transfer was made, as the case may be (a “Constituent Person”), or an affiliate of a Constituent Person. In
the event that holders of Class A Common Units have the opportunity to elect the form or type of consideration to be received upon
consummation of the Class A Common Unit Transaction, prior to such Class A Common Unit Transaction, the General Partner shall give
prompt written notice to each LTIP Unitholder of such election, and shall use commercially reasonable efforts to afford the LTIP
Unitholders the right to elect, by written notice to the General Partner, the form or type of consideration to be received upon
conversion of each LTIP Unit held by such holder into Class A Common Units in connection with such Class A Common Unit Transaction.
If an LTIP Unitholder fails to make such an election, such holder (and any of its transferees) shall receive upon conversion of
each LTIP Unit held by such LTIP Unitholder (or by any of such LTIP Unitholder’s transferees) the same kind and amount of
consideration that a holder of a Class A Common Unit would receive if such Class A Common Unit holder failed to make such an election.

 

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Subject to the rights of the Partnership
and the General Partner under any Vesting Agreement and any Equity Incentive Plan, the Partnership shall use commercially reasonable
efforts to cause the terms of any Class A Common Unit Transaction to be consistent with the provisions of this Section 4.05(f)
and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit of any LTIP Unitholders
whose LTIP Units will not be converted into Class A Common Units in connection with the Class A Common Unit Transaction that will
(i) contain provisions enabling the holders of LTIP Units that remain outstanding after such Class A Common Unit Transaction to
convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to the Class A Common Units
and (ii) preserve as far as reasonably possible under the circumstances the distribution, special allocation, conversion, and other
rights set forth in this Agreement for the benefit of the LTIP Unitholders.

 

4.06         Capital
Accounts. A separate capital account (a “Capital Account”) shall be established and maintained for each
Partner in accordance with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an additional Partnership
Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership distributes to a Partner more
than a de minimis amount of Partnership property as consideration for a Partnership Interest, (iii) the Partnership is liquidated
within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g) or (iv) the Partnership grants a Partnership Interest (other than
a de minimis Partnership Interest) as consideration for the provision of services to or for the benefit of the Partnership
to an existing Partner acting in a Partner capacity, or to a new Partner acting in a Partner capacity or in anticipation of being
a Partner, the General Partner shall revalue the property of the Partnership to its fair market value (as determined by the General
Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations
Section 1.704-1(b)(2)(iv)(f); provided that (i) the issuance of any LTIP Unit shall be deemed to require a revaluation pursuant
to this Section 4.06 and (ii) the General Partner may elect not to revalue the property of the Partnership in connection with the
issuance of additional Partnership Units pursuant to Section 4.02 to the extent in determines, in its sole and absolute discretion,
that revaluing the property of the Partnership in not necessary or appropriate to reflect the relative economic interests of the
Partners. When the Partnership’s property is revalued by the General Partner, the Capital Accounts of the Partners shall
be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts
to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected
in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.01 hereof if there were a taxable
disposition of such property for its fair market value (as determined by the General Partner, in its sole and absolute discretion,
and taking into account Section 7701(g) of the Code) on the date of the revaluation.

 

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4.07         Percentage
Interests. If the number of outstanding Common Units or LTIP Units increases or decreases during a taxable year, each Partner’s
Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease
to a percentage equal to the number of Common Units or LTIP Units held by such Partner divided by the aggregate number of Common
Units and LTIP Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests
are adjusted pursuant to this Section 4.07, the Profits and Losses for the taxable year in which the adjustment occurs shall be
allocated between the part of the year ending on the day when the Partnership’s property is revalued by the General Partner
and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment
or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which
method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits
and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of
Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

 

4.08         No
Interest on Contributions. No Partner shall be entitled to interest on its Capital Contribution.

 

4.09         Return
of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital
Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise
provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital
Contribution for so long as the Partnership continues in existence.

 

4.10         No
Third-Party Beneficiary. No creditor or other third party having dealings with the Partnership shall have the right to
enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder
or at law or in equity, it being understood and agreed that the provisions of this Agreement, except as provided in Section 6.03(h),
shall be solely for the benefit of, and may be enforced solely by, the parties to this Agreement and their respective successors
and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership
shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations
be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation
of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited
Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction
holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property,
such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality
of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or
property of the Partnership.

 

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ARTICLE V

 

PROFITS AND LOSSES;
DISTRIBUTIONS

 

5.01        Allocation
of Profit and Loss.

 

(a)          Profit.
Profit of the Partnership for each fiscal year of the Partnership shall be allocated to the Partners in accordance with their respective
Common Percentage Interests.

 

(b)          Loss.
Loss of the Partnership for each fiscal year of the Partnership shall be allocated to the Partners in accordance with their respective
Common Percentage Interests.

 

(c)          Minimum
Gain Chargeback. Notwithstanding any provision to the contrary, (i) any expense of the Partnership that is a “nonrecourse
deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’
respective Percentage Interests, (ii) any expense of the Partnership that is a “partner nonrecourse deduction” within
the meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the “economic risk of loss”
of such deduction in accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a net decrease in Partnership Minimum
Gain within the meaning of Regulations Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions
set forth in Regulations Section 1.704-2(f)(2),(3), (4) and (5), items of gain and income shall be allocated among the Partners
in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations Section 1.704-2(j), and (iv)
if there is a net decrease in Partner Nonrecourse Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for
any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704(2)(g), items of gain and income
shall be allocated among the Partners in accordance with Regulations Section 1.704-2(i)(4) and the ordering rules contained in
Regulations Section 1.704-2(j). The manner in which it is reasonably expected that the deductions attributable to nonrecourse liabilities
will be allocated for purposes of determining a Partner’s share of the nonrecourse liabilities of the Partnership within
the meaning of Regulations Section 1.752-3(a)(3) shall be in accordance with a Partner’s Percentage Interest.

 

(d)          Qualified
Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs
(4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s
Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum
Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially
for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate
such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the
occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(d), to the extent permitted by
Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the
income or gain previously allocated to such Partner under this Section 5.01(d).

 

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(e)          Capital
Account Deficits. Loss shall not be allocated to a Limited Partner to the extent that such allocation would cause a deficit
in such Partner’s Capital Account (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4),
(5) and (6)) to exceed the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum
Gain. Any Loss in excess of that limitation shall be allocated to the General Partner. After the occurrence of an allocation of
Loss to the General Partner in accordance with this Section 5.01(e), to the extent permitted by Regulations Section 1.704-1(b),
Profit first shall be allocated to the General Partner in an amount necessary to offset the Loss previously allocated to the General
Partner under this Section 5.01(e).

 

(f)          Allocations
Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership Interest, the distributive shares
of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated
between the transferor and the transferee Partner either (i) as if the Partnership’s fiscal year had ended on the date of
the transfer or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership
activities in the respective portions of such fiscal year in which the transferor and the transferee were Partners. The General
Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of
the various items of Profit and Loss between the transferor and the transferee Partner.

 

(g)          Special
Allocations Regarding LTIP Units. Notwithstanding the provisions of Sections 5.01(a) and (b) hereof, Liquidating Gains shall
first be allocated to the LTIP Unitholders until their Economic Capital Account Balances, to the extent attributable to their ownership
of LTIP Units, are equal to (i) the Class A Common Unit Economic Balance, multiplied by (ii) the number of their LTIP Units. For
this purpose, “Liquidating Gains” means net capital gains realized in connection with the actual or hypothetical
sale of all or substantially all of the assets of the Partnership, including but not limited to net capital gain realized in connection
with an adjustment to the value of Partnership assets under Section 704(b) of the Code. The “Economic Capital Account
Balances” of the LTIP Unit holders will be equal to their Capital Account balances to the extent attributable to their
ownership of LTIP Units. Similarly, the “Class A Common Unit Economic Balance” shall mean (i) the Capital Account
balance of the General Partner, plus the amount of the General Partner’s share of any Partner Nonrecourse Debt Minimum Gain
or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’s ownership of Class A Common
Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is
made under this Section 5.01(g), divided by (ii) the number of the General Partner’s Class A Common Units. Any such allocations
shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 5.01(g).
The parties agree that the intent of this Section 5.01(g) is to make the Capital Account balance associated with each LTIP Unit
to be economically equivalent to the Capital Account balance associated with the General Partner’s Class A Common Units (on
a per-Unit basis).

 

(h)          Definition
of Profit and Loss. “Profit” and “Loss” and any items of income, gain, expense or loss
referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations
Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income, gain and expense that are specially allocated
pursuant to Sections 5.01(c), (d) or (e) hereof. All allocations of income, Profit, gain, Loss and expense (and all items contained
therein) for federal income tax purposes shall be identical to all allocations of such items set forth in this Section 5.01, except
as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). With respect to properties acquired
by the Partnership, the General Partner shall have the authority to elect the method to be used by the Partnership for allocating
items of income, gain and expense as required by Section 704(c) of the Code with respect to such properties, and such election
shall be binding on all Partners.

 

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(i)          Preferred
Units. The General Partner shall amend this agreement from time to time to reflect the allocation of profit and loss in connection
with priority distributions on any preferred units of limited partnership interest issued by the Partnership.

 

5.02       Distribution
of Cash.

 

(a)          Subject
to Sections 5.02(c), (d) and (e) hereof and to the terms of any Partnership Unit Designation, the Partnership shall distribute
cash at such times and in such amounts as are determined by the General Partner in its sole and absolute discretion, to the Partners
who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in proportion with
their respective Common Units on the Partnership Record Date.

 

(b)          In
accordance with the terms of Section 4.04(a)(ii), the LTIP Unitholders shall be entitled to receive distributions in an amount
per LTIP Unit equal to the Common Partnership Unit Distribution.

 

(c)          If
a new or existing Partner acquires additional Partnership Units in exchange for a Capital Contribution on any date other than a
Partnership Record Date (other than Partnership Units acquired by the General Partner in connection with the issuance of additional
REIT Shares or Additional Securities), the cash distribution attributable to such additional Partnership Units relating to the
Partnership Record Date next following the issuance of such additional Partnership Units shall be reduced in the proportion to
(i) the number of days that such additional Partnership Units are held by such Partner bears to (ii) the number of days between
such Partnership Record Date and the immediately preceding Partnership Record Date.

 

(d)          Notwithstanding
any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary
or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal,
state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445, 1446, and 1471-1474 of the Code. To the
extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation
or distribution of income to a Partner or assignee (including by reason of Section 1446 of the Code), either (i) if the actual
amount to be distributed to the Partner (the “Distributable Amount”) equals or exceeds the Withheld Amount,
the entire Distributable Amount shall be treated as a distribution of cash to such Partner, or (ii) if the Distributable Amount
is less than the Withheld Amount, the excess of the Withheld Amount over the Distributable Amount shall be treated as a Partnership
Loan from the Partnership to the Partner on the day the Partnership pays over such amount to a taxing authority. A Partnership
Loan shall be repaid upon the demand of the Partnership or, alternatively, through withholding by the Partnership with respect
to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner fails to pay any amount
owed to the Partnership with respect to the Partnership Loan within 15 days after demand for payment thereof is made by the Partnership
on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership
on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have
extended a General Partner Loan to the Defaulting Limited Partner in the amount of the payment made by the General Partner and
shall succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to that amount. Without limitation,
the General Partner shall have the right to receive any distributions that otherwise would be made by the Partnership to the Defaulting
Limited Partner until such time as the General Partner Loan has been paid in full, and any such distributions so received by the
General Partner shall be treated as having been received by the Defaulting Limited Partner and immediately paid to the General
Partner.

 

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Any amounts treated as a Partnership Loan
or a General Partner Loan pursuant to this Section 5.02(d) shall bear interest at the lesser of (i) 300 basis points above the
base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall
Street Journal or, if not so published, in any similar publication, or (ii) the maximum lawful rate of interest on such obligation,
such interest to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until
such loan is repaid in full.

 

(e)          In
no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive
a cash dividend or other distribution of cash as the holder of record of a REIT Share for which all or part of such Partnership
Unit has been or will be redeemed.

 

5.03       REIT
Distribution Requirements. The General Partner shall use commercially reasonable efforts to cause the Partnership to distribute
amounts sufficient to enable the General Partner to pay distributions to its stockholders that will allow the General Partner to
(i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal
income or excise tax liability imposed by the Code, other than to the extent the General Partner elects to retain and pay income
tax on its net capital gain.

 

5.04       No
Right to Distributions in Kind. No Partner shall be entitled to demand property other than cash in connection with any
distributions by the Partnership.

 

5.05       Limitations
on Return of Capital Contributions. Notwithstanding any of the provisions of this Article V, no Partner shall have the
right to receive, and the General Partner shall not have the right to make, a distribution that includes a return of all or part
of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all
Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the
fair market value of the Partnership’s assets.

 

5.06       Distributions
Upon Liquidation.

 

(a)          Upon
liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including
any Partner loans, any remaining assets of the Partnership shall be distributed to all Partners with positive Capital Accounts
in accordance with their respective positive Capital Account balances.

 

    	27

     

    

 

(b)          For
purposes of Section 5.06(a) hereof, the Capital Account of each Partner shall be determined after all adjustments made in accordance
with Sections 5.01 and 5.02 hereof resulting from Partnership operations and from all sales and dispositions of all or any part
of the Partnership’s assets.

 

(c)          Any
distributions pursuant to this Section 5.06 shall be made by the end of the Partnership’s taxable year in which the liquidation
occurs (or, if later, within 90 days after the date of the liquidation). To the extent deemed advisable by the General Partner,
appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds are available to
pay any contingent debts or obligations.

 

5.07       Substantial
Economic Effect. It is the intent of the Partners that the allocations of Profit and Loss under this Agreement have substantial
economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation of losses
attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated
pursuant thereto. Article V and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such
intent.

 

ARTICLE VI

 

RIGHTS, OBLIGATIONS
AND POWERS OF THE GENERAL PARTNER

 

6.01       Management
of the Partnership.

 

(a)          Except
as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage
and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business
and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the General
Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership:

 

(i)          acquire,
purchase, own, operate, lease and dispose of any real property and any other property or assets including, but not limited to,
notes and mortgages that the General Partner determines are necessary or appropriate in the business of the Partnership;

 

(ii)         construct
buildings and make other improvements on the properties owned or leased by the Partnership;

 

(iii)        authorize,
issue, sell, redeem or otherwise purchase any Partnership Units or any securities of the Partnership (including secured and unsecured
debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Units,
or Rights relating to any class or series of Partnership Units);

 

(iv)         borrow
or lend money for the Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase the
amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure indebtedness
by mortgage, deed of trust, pledge or other lien on the Partnership’s assets;

 

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(v)         pay,
either directly or by reimbursement, all operating costs and general administrative expenses of the Partnership to third parties
or to the General Partner or its Affiliates as set forth in this Agreement;

 

(vi)        guarantee
or become a co-maker of indebtedness of any Subsidiary of the General Partner or the Partnership, refinance, increase the amount
of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure
such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets;

 

(vii)       use
assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with this Agreement, including,
without limitation, payment, either directly or by reimbursement, of all operating costs and general and administrative expenses
of the General Partner, the Partnership or any Subsidiary of either, to third parties or to the General Partner as set forth in
this Agreement;

 

(viii)      lease
all or any portion of any of the Partnership’s assets, whether or not the terms of such leases extend beyond the termination
date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee,
or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine
and to further lease property from third parties, including ground leases;

 

(ix)        prosecute,
defend, arbitrate or compromise any and all claims or liabilities in favor of or against the Partnership, on such terms and in
such manner as the General Partner may determine, and similarly prosecute, settle or defend litigation with respect to the Partners,
the Partnership or the Partnership’s assets;

 

(x)         file
applications, communicate and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting,
the Partnership’s assets or any other aspect of the Partnership’s business;

 

(xi)        make
or revoke any election permitted or required of the Partnership by any taxing authority;

 

(xii)       maintain
such insurance coverage for public liability, fire and casualty, and any and all other insurance for the protection of the Partnership,
for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts
and such types, as it shall determine from time to time;

 

(xiii)      determine
whether or not to apply any insurance proceeds for any property to the restoration of such property or to distribute the same;

 

(xiv)      establish
one or more divisions of the Partnership, hire and dismiss employees of the Partnership or any division of the Partnership, and
retain legal counsel, accountants, consultants, real estate brokers and such other persons as the General Partner may deem necessary
or appropriate in connection with the Partnership business and pay therefor such reasonable remuneration as the General Partner
may deem reasonable and proper;

 

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(xv)       retain
other services of any kind or nature in connection with the Partnership’s business, and pay therefor such remuneration as
the General Partner may deem reasonable and proper;

 

(xvi)      negotiate
and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the
General Partner;

 

(xvii)     maintain
accurate accounting records and file all federal, state and local income tax returns on behalf of the Partnership;

 

(xviii)    distribute
Partnership cash or other Partnership assets in accordance with this Agreement;

 

(xix)      form
or acquire an interest in, and contribute property to, any further limited or general partnerships, joint ventures or other relationships
that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to,
its Subsidiaries and any other Person in which it has an equity interest from time to time);

 

(xx)       establish
Partnership reserves for working capital, capital expenditures, contingent liabilities or any other valid Partnership purpose;

 

(xxi)      merge,
consolidate or combine the Partnership with or into another Person;

 

(xxii)     enter
into and perform obligations under underwriting or other agreements in connection with issuances of securities by the Partnership
or the General Partner or any affiliate thereof;

 

(xxiii)    do
any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded
partnership” taxable as a corporation under Section 7704 of the Code or an “investment company” or a subsidiary
of an investment company under the Investment Company Act of 1940; and

 

(xxiv)    take
such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all other
acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs
of the Partnership (including, without limitation, all actions consistent with allowing the General Partner at all times to qualify
as a REIT unless the General Partner voluntarily terminates or revokes its REIT status) and to possess and enjoy all of the rights
and powers of a general partner as provided by the Act.

 

(b)          Except
as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third
parties, the General Partner shall not have any obligations hereunder except to the extent that Partnership funds are reasonably
available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require the General
Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability
or obligation on behalf of the Partnership.

 

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6.02       Delegation
of Authority. The General Partner may delegate any or all of its powers, rights and obligations hereunder, and may appoint,
employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person may, under
supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may approve.

 

6.03       Indemnification
and Exculpation of Indemnitees.

 

(a)          The
Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several,
expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and
all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations
of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as
a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was material to the matter giving
rise to the proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) the Indemnitee
actually received an improper personal benefit in money, property or services; or (iii) in the case of any criminal proceeding,
the Indemnitee had reasonable cause to believe that the act or omission was unlawful. The termination of any proceeding by judgment,
order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth
in this Section 6.03(a). The termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent, or
an entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee acted in a manner contrary
to that specified in this Section 6.03(a). Any indemnification pursuant to this Section 6.03 shall be made only out of the assets
of the Partnership.

 

(b)          The
Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance
of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the
Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized
in this Section 6.03 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall
ultimately be determined that the standard of conduct has not been met.

 

(c)          The
indemnification provided by this Section 6.03 shall be in addition to any other rights to which an Indemnitee or any other Person
may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue
as to an Indemnitee who has ceased to serve in such capacity.

 

(d)          The
Partnership may purchase and maintain insurance, as an expense of the Partnership, on behalf of the Indemnitees and such other
Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred
by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power
to indemnify such Person against such liability under the provisions of this Agreement.

 

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(e)          For
purposes of this Section 6.03, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee
benefit plan whenever the performance by the Indemnitee of its duties to the Partnership also imposes duties on, or otherwise involves
services by, the Indemnitee to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with
respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.03;
and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a
purpose reasonably believed by the Indemnitee to be in the interest of the participants and beneficiaries of the plan shall be
deemed to be for a purpose that is not opposed to the best interests of the Partnership.

 

(f)           In
no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth
in this Agreement.

 

(g)          An
Indemnitee shall not be denied indemnification in whole or in part under this Section 6.03 because the Indemnitee had an interest
in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of
this Agreement.

 

(h)          The
provisions of this Section 6.03 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and
shall not be deemed to create any rights for the benefit of any other Persons.

 

(i)           Any
amendment, modification or repeal of this Section 6.03 or any provision hereof shall be prospective only and shall not in any way
affect the indemnification of an Indemnitee by the Partnership under this Section 6.03 as in effect immediately prior to such amendment,
modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal,
regardless of when claims relating to such matters may arise or be asserted.

 

6.04       Liability
of the General Partner.

 

(a)          Notwithstanding
anything to the contrary set forth in this Agreement, neither the General Partner, nor any of its directors, officers, agents or
employees shall be liable for monetary damages to the Partnership or any Partners for losses sustained or liabilities incurred
as a result of errors in judgment or mistakes of fact or law or of any act or omission if any such party acted in good faith. The
General Partner shall not be in breach of any duty that the General Partner may owe to the Limited Partners or the Partnership
or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting
in good faith, abides by the terms of this Agreement.

 

(b)          The
Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, the Limited Partners and
the General Partner’s stockholders collectively, that the General Partner is under no obligation to consider the separate
interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences
of some, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions.
In the event of a conflict between the interests of the stockholders of the General Partner on the one hand and the Limited Partners
on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either the stockholders
of the General Partner or the Limited Partners; provided, however, that for so long as the General Partner owns a
controlling interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines
cannot be resolved in a manner not adverse to either the stockholders of the General Partner or the Limited Partners shall be resolved
in favor of the stockholders of the General Partner. The General Partner shall not be liable for monetary damages for losses sustained,
liabilities incurred or benefits not derived by the Limited Partners in connection with such decisions.

 

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(c)          Subject
to its obligations and duties as General Partner set forth in Section 6.01 hereof, the General Partner may exercise any of the
powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through
its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed
by it in good faith.

 

(d)          Notwithstanding
any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision
of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action
or omission is necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT
or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981 or any other provision of the Code,
is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners.

 

(e)          Any
amendment, modification or repeal of this Section 6.04 or any provision hereof shall be prospective only and shall not in any way
affect the limitations on the General Partner’s or any of its officers’, directors’, agents’ or employees’
liability to the Partnership and the Limited Partners under this Section 6.04 as in effect immediately prior to such amendment,
modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal,
regardless of when claims relating to such matters may arise or be asserted.

 

6.05       Partnership
Obligations.

 

(a)          Except
as provided in this Section 6.05 and elsewhere in this Agreement (including the provisions of Articles V and VI hereof regarding
distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services
as general partner of the Partnership.

 

(b)          All
Administrative Expenses shall be obligations of the Partnership, and the General Partner shall be entitled to reimbursement by
the Partnership for any expenditure (including Administrative Expenses) incurred by it on behalf of the Partnership that shall
be made other than out of the funds of the Partnership. All reimbursements hereunder shall be characterized for federal income
tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner.

 

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6.06       Outside
Activities. Subject to Section 6.08 hereof, the Articles and any agreements entered into by the General Partner or its
Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of the
General Partner, the General Partner shall be entitled to and may have business interests and engage in business activities in
addition to those relating to the Partnership, including business interests and activities substantially similar or identical to
those of the Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement
in any such business ventures, interest or activities. None of the Limited Partners nor any other Person shall have any rights
by virtue of this Agreement or the partnership relationship established hereby in any such business ventures, interests or activities,
and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures,
interests and activities to the Partnership or any Limited Partner, even if such opportunity is of a character that, if presented
to the Partnership or any Limited Partner, could be taken by such Person.

 

6.07       Employment
or Retention of Affiliates.

 

(a)          Any
Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether
as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the
Partnership any compensation, price or other payment therefor that the General Partner determines to be fair and reasonable.

 

(b)          The
Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and such Persons
may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner.
The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person.

 

(c)          The
Partnership may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it is or
thereby becomes a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this
Agreement and applicable law.

 

6.08       General
Partner Activities. The General Partner agrees that, generally, all business activities of the General Partner, including
activities pertaining to the acquisition, development, ownership of or investment in real property or other property, shall be
conducted through the Partnership or one or more Subsidiaries of the Partnership; provided, however, that the General
Partner may make direct acquisitions or undertake business activities if such acquisitions or activities are made in connection
with the issuance of Additional Securities by the General Partner or the business activity has been approved by a majority of the
Independent Directors. If, at any time, the General Partner acquires material assets (other than Partnership Units or other assets
on behalf of the Partnership) without transferring such assets to the Partnership, the definition of “REIT Shares Amount”
may be adjusted, as reasonably determined by the General Partner, to reflect only the fair market value of a REIT Share attributable
to the General Partner’s Partnership Units and other assets held on behalf of the Partnership.

 

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6.09       Title
to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible,
shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership
interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name
of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of
the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held
in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for
the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that
the General Partner shall use its commercially reasonable efforts to cause beneficial and record title to such assets to be vested
in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership
in its books and records, irrespective of the name in which legal title to such Partnership assets is held.

 

ARTICLE
VII

CHANGES IN GENERAL PARTNER

 

7.01       Transfer
of the General Partner’s Partnership Interest.

 

(a)          The
General Partner shall not transfer all or any portion of its General Partnership Interests, and the General Partner shall not withdraw
as General Partner, except as provided in or in connection with a transaction contemplated by Sections 7.01(c), (d) or (e) hereof.

 

(b)          The
General Partner agrees that its General Partnership Interest will at all times be in the aggregate at least 0.1%.

 

(c)          Except
as otherwise provided in Section 7.01(d) or (e) hereof, the General Partner shall not engage in any merger, consolidation or other
combination with or into another Person or sale of all or substantially all of its assets (other than in connection with a change
in the General Partner’s state of incorporation or organizational form), in each case which results in a Change of Control
of the General Partner (a “Transaction”), unless at least one of the following conditions is met:

 

(i)          the
consent of a Majority in Interest (excluding, for purposes of determining a Majority in Interest, Partnership Interests held by
the General Partner or any Subsidiary of the General Partner) is obtained;

 

(ii)         as
a result of such Transaction, all Limited Partners (other than the General Partner and any Subsidiary of the General Partner, and,
in the case of LTIP Unitholders, subject to the terms of any applicable Equity Incentive Plan or Vesting Agreement) will receive,
or have the right to receive, for each Partnership Unit an amount of cash, securities or other property equal or substantially
equivalent in value, as determined by the General Partner in good faith, to the product of the Conversion Factor and the greatest
amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share in consideration of one REIT
Share, provided that if, in connection with such Transaction, a purchase, tender or exchange offer (“Offer”)
shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each holder of Partnership
Units (other than the General Partner and any Subsidiary of the General Partner) shall be given the option to exchange its Partnership
Units for an amount of cash, securities or other property equal or substantially equivalent in value, as determined by the General
Partner in good faith, to the greatest amount of cash, securities or other property that such Limited Partner would have received
had it (A) exercised its Common Unit Redemption Right pursuant to Section 8.04 hereof and (B) sold, tendered or exchanged pursuant
to the Offer the REIT Shares Amount that would be receivable upon exercise of the Common Unit Redemption Right immediately prior
to the expiration of the Offer; or

 

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(iii)        the
General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do not receive cash, securities
or other property in the Transaction or (B) all Limited Partners (other than the General Partner or any Subsidiary of the General
Partner, and, in the case of LTIP Unitholders, subject to the terms of any applicable Equity Incentive Plan or Vesting Agreement)
receive for each Partnership Unit an amount of cash, securities or other property equal or substantially equivalent in value, as
determined by the General Partner in good faith, to the product of the Conversion Factor and the greatest amount of cash, securities
or other property (expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares in respect of
such holder’s REIT Shares.

 

(d)          Notwithstanding
Section 7.01(c) hereof, the General Partner may merge with or into or consolidate with another entity if immediately after such
merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Survivor”),
other than Partnership Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital
Contribution in exchange for Partnership Units, or for economically equivalent partnership interests issued by a Subsidiary Partnership
established at the direction of the Board of Directors, with a fair market value equal to the value of the assets so contributed
as determined by the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General Partner
hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth
in this Section 7.01(d). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT
Shares Amount and Conversion Factor for a Partnership Unit after any such merger or consolidation so as to approximate the existing
method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the
kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT
Shares or options, warrants or other rights relating thereto, and which a holder of Partnership Units could have acquired had such
Partnership Units been redeemed in exchange for the REIT Shares Amount immediately prior to such merger or consolidation. Such
amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as
may be practicable to the adjustments provided for with respect to the Conversion Factor. The Survivor also shall in good faith
modify the definition of REIT Shares and make such amendments to Section 8.04 hereof so as to approximate the existing rights and
obligations set forth in Section 8.04 hereof as closely as reasonably possible. The above provisions of this Section 7.01(d) shall
similarly apply to successive mergers or consolidations permitted hereunder.

 

In respect of any transaction described
in the preceding paragraph, the General Partner shall use its commercially reasonable efforts to seek to structure such transaction
to avoid causing the Limited Partners (other than the General Partner or any Subsidiary) to recognize a gain for federal income
tax purposes by virtue of the occurrence of or their participation in such transaction, provided such efforts are consistent
with and subject in all respects to the exercise of the Board of Directors’ fiduciary duties to the stockholders of the General
Partner under applicable law.

 

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(e)          Notwithstanding
anything in this Article VII,

 

(i)          The
General Partner may transfer all or any portion of its General Partnership Interest to (A) any wholly owned Subsidiary of the General
Partner or (B) the owner of all of the ownership interests of the General Partner, and following a transfer of all of its General
Partnership Interest, may withdraw as General Partner; and

 

(ii)         the
General Partner may engage in a transaction required by law or by the rules of any national securities exchange or over-the-counter
interdealer quotation system on which the REIT Shares are listed or traded.

 

7.02       Admission
of a Substitute or Additional General Partner. A Person shall be admitted as a substitute or additional General Partner
of the Partnership only if the following terms and conditions are satisfied:

 

(a)          the
Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms
and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required
or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission
of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.05 hereof
in connection with such admission shall have been performed;

 

(b)          if
the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership, it shall have provided
the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General
Partner and to be bound by the terms and provisions of this Agreement; and

 

(c)          counsel
for the Partnership shall have rendered an opinion (relying on such opinions from other counsel as may be necessary) that the admission
of the Person to be admitted as a substitute or additional General Partner is in conformity with the Act, that none of the actions
taken in connection with the admission of such Person as a substitute or additional General Partner will cause (i) the Partnership
to be classified other than as a partnership for federal income tax purposes, or (ii) the loss of any Limited Partner’s limited
liability.

 

7.03       Effect
of Bankruptcy, Withdrawal, Death or Dissolution of General Partner.

 

(a)          Upon
the occurrence of an Event of Bankruptcy as to the General Partner (and its removal pursuant to Section 7.04(a) hereof) or the
death, withdrawal, removal or dissolution of the General Partner (except that, if the General Partner is on the date of such occurrence
a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall
be deemed not to be a dissolution of the General Partner if the business of the General Partner is continued by the remaining partner
or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.03(b)
hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner
pursuant to Section 7.02 hereof shall not be deemed to be the withdrawal, dissolution or removal of the General Partner.

 

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(b)          Following
the occurrence of an Event of Bankruptcy as to the General Partner (and its removal pursuant to Section 7.04(a) hereof) or the
death, withdrawal, removal or dissolution of the General Partner (except that, if the General Partner is on the date of such occurrence
a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall
be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining
partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership
for the balance of the term specified in Section 2.04 hereof by selecting, subject to Section 7.02 hereof and any other provisions
of this Agreement, a substitute General Partner by consent of a Majority in Interest. If the Limited Partners elect to continue
the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who
has acquired an interest of a Partner in the Partnership shall be governed by this Agreement.

 

7.04       Removal
of General Partner.

 

(a)          Upon
the occurrence of an Event of Bankruptcy as to, or the dissolution of, the General Partner, the General Partner shall be deemed
to be removed automatically; provided, however, that if the General Partner is on the date of such occurrence a partnership,
the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of, a partner in such partnership shall be deemed not
to be a dissolution of the General Partner if the business of the General Partner is continued by the remaining partner or partners.
The Limited Partners may not remove the General Partner, with or without cause.

 

(b)          If
the General Partner has been removed pursuant to this Section 7.04 and the Partnership is continued pursuant to Section 7.03 hereof,
the General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General
Partner approved by a Majority in Interest in accordance with Section 7.03(b) hereof and otherwise be admitted to the Partnership
in accordance with Section 7.02 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from
the substitute General Partner the fair market value of the General Partnership Interest of such removed General Partner. Such
fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and a Majority in Interest (excluding
the General Partner and any Subsidiary of the General Partner) within ten days following the removal of the General Partner. In
the event that the parties are unable to agree upon an appraiser, the removed General Partner and a Majority in Interest (excluding,
for purposes of determining a Majority in Interest, Partnership Interests held by the General Partner and any Subsidiary of the
General Partner) each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the
removed General Partner’s General Partnership Interest within 30 days of the General Partner’s removal, and the fair
market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided,
however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal,
the two appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete
an appraisal of the fair market value of the removed General Partner’s General Partnership Interest no later than 60 days
after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership
Interest shall be the average of the two appraisals closest in dollar value.

 

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(c)          The
General Partnership Interest of a removed General Partner, during the time after default until transfer under Section 7.04(b) hereof,
shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not
have any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the
income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited
Partners. Instead, such removed General Partner shall receive and be entitled only to retain distributions or allocations of such
items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant
to Section 7.04(b) hereof.

 

(d)          All
Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be
legally necessary and sufficient to effect all the foregoing provisions of this Section 7.04.

 

ARTICLE
VIII

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS

 

8.01       Management
of the Partnership. The Limited Partners shall not participate in the management or control of Partnership business nor
shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers
being vested solely and exclusively in the General Partner. The Limited Partners covenant and agree not to hold themselves out
in a manner that could reasonably be considered in contravention of the terms hereof by any third party.

 

8.02       Power
of Attorney. Each Limited Partner by entry into this Agreement through execution, execution by power of attorney or other
consent, hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited Partner
and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the
appropriate public offices, any and all documents, certificates and instruments (including, without limitation, this Agreement
and all amendments or restatements thereof) as may be deemed necessary or desirable by the General Partner to carry out fully the
provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and
shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any
part or all of its Partnership Interest.

 

8.03       Limitation
on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or obligations
of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if
any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required
by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership.

 

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8.04       Common
Unit Redemption Right.

 

(a)          Subject
to Sections 8.04(b), (c), (d), (e) and (f) hereof and the provisions of any agreements between the Partnership and one or more
Limited Partners with respect to Common Units (including any LTIP Units that are converted into Class A Common Units) held by them,
each Limited Partner (other than the General Partner or any Subsidiary of the General Partner) shall have the right (the “Common
Unit Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date all or a portion of the Common
Units held by such Limited Partner at a redemption price equal to and in the form of the Common Redemption Amount to be paid by
the Partnership, provided that (i) Common Units outstanding as of the Original Date shall have been outstanding for at least
one year (or such lesser time as determined by the General Partner in its sole and absolute discretion) and (ii) Common Units issued
after the Original Date shall be subject to any restriction agreed to in writing between the Redeeming Limited Partner and the
General Partner. The Common Unit Redemption Right shall be exercised pursuant to a Notice of Exercise of Redemption Right in the
form attached hereto as Exhibit B delivered to the Partnership (with a copy to the General Partner) by the Limited Partner
who is exercising the Common Unit Redemption Right (the “Redeeming Limited Partner”) and such notice shall be
irrevocable unless otherwise agreed upon by the General Partner. In such event, the Partnership shall deliver the Cash Amount to
the Redeeming Limited Partner. Notwithstanding the foregoing, the Partnership shall not be obligated to satisfy such Common Unit
Redemption Right if the General Partner elects to purchase the Common Units subject to the Notice of Redemption pursuant to Section
8.04(b) hereof. No Limited Partner may deliver more than two Notices of Redemption during each calendar year unless otherwise agreed
by the General Partner. A Limited Partner may not exercise the Common Unit Redemption Right for less than one thousand (1,000)
Common Units or, if such Limited Partner holds less than one thousand (1,000) Common Units, all of the Common Units held by such
Limited Partner. The Redeeming Limited Partner shall have no right, with respect to any Common Units so redeemed, to receive any
distribution paid with respect to Common Units if the record date for such distribution is on or after the Specified Redemption
Date.

 

(b)          Notwithstanding
the provisions of Section 8.04(a) hereof, if a Limited Partner exercises the Common Unit Redemption Right by delivering to the
Partnership a Notice of Redemption, then the Partnership may, in its sole and absolute discretion, elect to cause the General Partner
to purchase directly and acquire some or all of, and in such event the General Partner agrees to purchase and acquire, such Common
Units by paying to the Redeeming Limited Partner either the Cash Amount or the REIT Shares Amount, as elected by the General Partner
(in its sole and absolute discretion) on the Specified Redemption Date, whereupon the General Partner shall acquire the Common
Units offered for redemption by the Redeeming Limited Partner and shall be treated for all purposes of this Agreement as the owner
of such Common Units.

 

In the event the General Partner purchases
Common Units with respect to the exercise of a Common Unit Redemption Right, the Partnership shall have no obligation to pay any
amount to the Redeeming Limited Partner with respect to such Redeeming Limited Partner’s exercise of such Common Unit Redemption
Right, and each of the Redeeming Limited Partner, the Partnership and the General Partner shall treat the transaction between the
General Partner and the Redeeming Limited Partner for federal income tax purposes as a sale of the Redeeming Limited Partner’s
Common Units to the General Partner. Each Redeeming Limited Partner agrees to execute such documents as the General Partner may
reasonably require in connection with the issuance of REIT Shares upon exercise of the Common Unit Redemption Right.

 

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Each Redeeming Limited Partner covenants
and agrees that all Common Units subject to a Notice of Redemption will be delivered to the Partnership or the General Partner
free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims or encumbrances exist or arise
with respect to such Common Units, neither the Partnership nor the General Partner shall be under any obligation to redeem or acquire
such Common Units.

 

(c)          Notwithstanding
the provisions of Sections 8.04(a) and 8.04(b) hereof, a Limited Partner shall not be entitled to exercise the Common Unit Redemption
Right if the delivery of REIT Shares to such Limited Partner on the Specified Redemption Date by the General Partner pursuant to
Section 8.04(b) hereof (regardless of whether or not the General Partner would in fact purchase the Common Units pursuant to Section
8.04(b) hereof) would (i) result in such Limited Partner or any other Person (as defined in the Articles) owning, directly or indirectly,
REIT Shares in excess of the Stock Ownership Limit or any Excepted Holder Limit (each as defined in the Articles) and calculated
in accordance therewith, except as provided in the Articles, (ii) result in REIT Shares being owned by fewer than 100 persons (determined
without reference to any rules of attribution), (iii) result in the General Partner being “closely held” within the
meaning of Section 856(h) of the Code, (iv) cause the General Partner to own, actually or constructively, 10% or more of the ownership
interests in a tenant (other than a TRS) of the General Partner’s, the Partnership’s or a Subsidiary Partnership’s
real property, within the meaning of Section 856(d)(2)(B) of the Code, (v) otherwise cause the General Partner to fail to qualify
as a REIT under the Code, or (vi) cause the acquisition of REIT Shares by such Limited Partner to be “integrated” with
any other distribution of REIT Shares or Common Units for purposes of complying with the registration provisions of the Securities
Act. The General Partner, in its sole and absolute discretion, may waive the restriction on redemption set forth in this Section
8.04(c).

 

(d)          Any
Cash Amount to be paid to a Redeeming Limited Partner pursuant to this Section 8.04 shall be paid on the Specified Redemption Date;
provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up
to an additional 90 days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide
financing to be used to make such payment of the Cash Amount and may also delay such Specified Redemption Date to the extent necessary
to effect compliance with applicable requirements of the law. Any REIT Shares Amount to be paid to a Redeeming Limited Partner
pursuant to this Section 8.04 shall be paid on the Specified Redemption Date; provided, however, that the General
Partner may elect to cause the Specified Redemption Date to be delayed to the extent necessary to effect compliance with applicable
requirements of the law. Notwithstanding the foregoing, the General Partner agrees to use its commercially reasonable efforts to
cause the closing of the acquisition of redeemed Common Units hereunder to occur as quickly as reasonably possible.

 

(e)          Notwithstanding
any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary
or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal,
state, local or foreign law that apply upon a Redeeming Limited Partner’s exercise of the Common Unit Redemption Right. If
a Redeeming Limited Partner believes that it is exempt from such withholding upon the exercise of the Common Unit Redemption Right,
such Partner must furnish the General Partner with a FIRPTA Certificate in the form attached hereto as Exhibit C and any
similar forms or certificates required to avoid or reduce the withholding under federal, state, local or foreign law or such other
form as the General Partner may reasonably request. If the Partnership or the General Partner is required to withhold and pay over
to any taxing authority any amount upon a Redeeming Limited Partner’s exercise of the Common Unit Redemption Right and if
the Common Redemption Amount equals or exceeds the Withheld Amount, the Withheld Amount shall be treated as an amount received
by such Partner in redemption of its Common Units. If, however, the Common Redemption Amount is less than the Withheld Amount,
the Redeeming Limited Partner shall not receive any portion of the Common Redemption Amount, the Common Redemption Amount shall
be treated as an amount received by such Partner in redemption of its Common Units, and the Partner shall contribute the excess
of the Withheld Amount over the Common Redemption Amount to the Partnership before the Partnership is required to pay over such
excess to a taxing authority.

 

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(f)          Notwithstanding
any other provision of this Agreement, the General Partner may place appropriate restrictions on the ability of the Limited Partners
to exercise their Common Unit Redemption Rights as and if deemed necessary or reasonable to ensure that the Partnership does not
constitute a “publicly traded partnership” under Section 7704 of the Code. If and when the General Partner determines
that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a “Restriction
Notice”) to each of the Limited Partners, which notice shall be accompanied by a copy of an opinion of counsel to the
Partnership that states that, in the opinion of such counsel, restrictions are necessary or reasonable in order to avoid the Partnership
being treated as a “publicly traded partnership” under Section 7704 of the Code.

 

8.05       Registration.
Subject to the terms of any agreement between the General Partner and a Limited Partner with respect to Common Units held by such
Limited Partner:

 

(a)          Shelf
Registration of the REIT Shares. Following the date on which the General Partner becomes eligible to use a registration statement
on Form S-3 for the registration of securities under the Securities Act (the “S-3 Eligible Date”), the General
Partner shall use commercially reasonable efforts to file with the Commission a shelf registration statement under Rule 415 of
the Securities Act (the “Registration Statement”), or any similar rule that may be adopted by the Commission,
covering (i) the issuance of REIT Shares issuable upon redemption of the Common Units held by the Limited Partners as of the date
of this Agreement (“Redemption Shares”) and/or (ii) the resale by the holder of the Redemption Shares. In connection
therewith, the General Partner will:

 

(1)         use
commercially reasonable efforts to have such Registration Statement declared effective;

 

(2)        to
use our commercially reasonable efforts to keep the Registration Statement continuously effective (including the preparation and
filing of any amendments and supplements necessary for that purpose) until the earlier of (i) the date that is two (2) years after
the date of the effectiveness of the Registration Statement, (ii) the date on which all the Redemption Shares registered in the
Registration Statement are eligible for sale without registration pursuant to Rule 144 under the Securities Act, or any successor
rule thereto (“Rule 144”) (or any successor provision)   without volume limitations
or other restrictions on transfer thereunder, or (iii) the date on which all the Redemption Shares registered by the Registration
Statement are sold,

 

(3)         use
commercially reasonable efforts to register or qualify the Redemption Shares covered by the Registration Statement under the securities
or blue sky laws of such jurisdictions within the United States as required by law, and do such other reasonable acts and things
as may be required of it to enable such holders to consummate the sale or other disposition in such jurisdictions of the Redemption
Shares; provided, however, that the General Partner shall not be required to (i) qualify as a foreign corporation
or consent to a general or unlimited service or process in any jurisdictions in which it would not otherwise be required to be
qualified or so consent or (ii) qualify as a dealer in securities; and

 

(4)         otherwise
use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission in connection with the
Registration Statement.

 

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The General Partner further agrees to use
commercially reasonable efforts to supplement or make amendments to the Registration Statement, if required by the rules, regulations
or instructions applicable to the registration form utilized by the General Partner or by the Securities Act or rules and regulations
thereunder for the Registration Statement. Each Limited Partner agrees to furnish to the General Partner, upon request, such information
with respect to the Limited Partner as may be required to complete and file the Registration Statement and to have the Registration
Statement declared effective by the SEC.

 

In connection with and as a condition to
the General Partner’s obligations with respect to the filing of the Registration Statement pursuant to this Section 8.05,
each Limited Partner agrees with the General Partner that:

 

(w)          it
will provide in a timely manner to the General Partner such information with respect to the Limited Partner as reasonably required
to complete the Registration Statement or as otherwise required to comply with applicable securities laws and regulations;

 

(x)          it
will not offer or sell its Redemption Shares until (A) such Redemption Shares have been included in the Registration Statement
and (B) it has received notice that the Registration Statement covering such Redemption Shares, or any post-effective amendment
thereto, has been declared effective by the Commission, such notice to have been satisfied by the posting by the Commission on
www.sec.gov of a notice of effectiveness;

 

(y)          if
the General Partner determines in its good faith judgment, after consultation with counsel, that the use of the Registration Statement,
including any pre- or post-effective amendment thereto, or the use of any prospectus contained in such Registration Statement would
require the disclosure of important information that the General Partner has a bona fide business purpose for preserving
as confidential or the disclosure of which, in the judgment of the General Partner, would impede the General Partner’s ability
to consummate a significant transaction, upon written notice of such determination by the General Partner (which notice shall be
deemed sufficient if given through the issuance of a press release or filing with the Commission and, if such notice is not publicly
distributed, the Limited Partner agrees to keep the subject information confidential and acknowledges that such information may
constitute material non-public information subject to the applicable restrictions under securities laws), the rights of each Limited
Partner to offer, sell or distribute its Redemption Shares pursuant to such Registration Statement or prospectus or to require
the General Partner to take action with respect to the registration or sale of any Redemption Shares pursuant to a Registration
Statement (including any action contemplated by this Section 8.05) will be suspended until the date upon which the General Partner
notifies such Limited Partner in writing (which notice shall be deemed sufficient if given through the issuance of a press release
or filing with the Commission and, if such notice is not publicly distributed, the Limited Partner agrees to keep the subject information
confidential and acknowledges that such information may constitute material non-public information subject to the applicable restrictions
under securities laws) that suspension of such rights for the grounds set forth in this paragraph is no longer necessary; provided,
however, that the General Partner may not suspend such rights for an aggregate period of more than 180 days in any 12-month
period; and

 

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(z)          in
the case of the registration of any underwritten equity offering proposed by the General Partner (other than any registration
by the General Partner on Form S-8, or a successor or substantially similar form, of an employee stock option, stock purchase
or compensation plan or of securities issued or issuable pursuant to any such plan), each Limited Partner will agree, if requested
in writing by the managing underwriter or underwriters administering such offering, not to effect any offer, sale or distribution
of any REIT Shares or Redemption Shares (or any option or right to acquire REIT Shares or Redemption Shares) during the period
commencing on the tenth day prior to the expected effective date (which date shall be stated in such notice) of the registration
statement covering such underwritten primary equity offering or, if such offering shall be a “take-down” from an effective
shelf registration statement, the tenth day prior to the expected commencement date (which date shall be stated in such notice)
of such offering, and ending on the date specified by such managing underwriter in such written request to the Limited Partners;
provided, however, that no Limited Partner shall be required to agree not to effect any offer, sale or distribution
of its Redemption Shares for a period of time that is longer than the greater of 90 days or the period of time for which any senior
executive of the General Partner is required so to agree in connection with such offering. Nothing in this paragraph shall be
read to limit the ability of any Limited Partner to redeem its Common Units in accordance with the terms of this Agreement.

 

(b)          Listing
on Securities Exchange. If the General Partner lists or maintains the listing of REIT Shares on any securities exchange or
national market system, it shall, at its expense and as necessary to permit the registration and sale of the Redemption Shares
hereunder, list thereon, maintain and, when necessary, increase such listing to include such Redemption Shares.

 

(c)          Registration
Not Required. Notwithstanding the foregoing, the General Partner shall not be required to file or maintain the effectiveness
of a registration statement relating to Redemption Shares after the first date upon which, in the opinion of counsel to the General
Partner, all of the Redemption Shares covered thereby could be sold by the holders thereof either (i) pursuant to Rule 144 without
limitation as to amount or manner of sale or (ii) pursuant to Rule 144 in one transaction in accordance with the volume limitations
contained in Rule 144(e) under the Securities Act.

 

(d)          Allocation
of Expenses. The Partnership shall pay all expenses in connection with the Registration Statement, including without limitation
(i) all expenses incident to filing with the Financial Industry Regulatory Authority, Inc., (ii) registration fees, (iii) printing
expenses, (iv) accounting and legal fees and expenses, except to the extent holders of Redemption Shares elect to engage accountants
or attorneys in addition to the accountants and attorneys engaged by the General Partner or the Partnership, which fees and expenses
for such accountants or attorneys shall be for the account of the holders of the Redemption Shares, (v) accounting expenses incident
to or required by any such registration or qualification and (vi) expenses of complying with the securities or blue sky laws of
any jurisdictions in connection with such registration or qualification; provided, however, neither the Partnership
nor the General Partner shall be liable for, or pay (A) any discounts or commissions to any underwriter or broker attributable
to the sale of Redemption Shares, or (B) any fees or expenses incurred by holders of Redemption Shares in connection with such
registration that, according to the written instructions of any regulatory authority, the Partnership or the General Partner is
not permitted to pay.

 

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(e)          Indemnification.

 

(i)          In
connection with the Registration Statement, the General Partner and the Partnership agree to indemnify each holder of Redemption
Shares and each Person who controls any such holder of Redemption Shares within the meaning of Section 15 of the Securities Act,
against all losses, claims, damages, liabilities and expenses (including reasonable costs of investigation) caused by any untrue,
or alleged untrue, statement of a material fact contained in the Registration Statement, preliminary prospectus or prospectus (as
amended or supplemented if the General Partner shall have furnished any amendments or supplements thereto) or caused by any omission
or alleged omission, to state therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by any untrue statement, alleged
untrue statement, omission, or alleged omission based upon information furnished to the General Partner by the Limited Partner
or the holder for use therein. The General Partner and each officer, director and controlling person of the General Partner and
the Partnership shall be indemnified by each Limited Partner or holder of Redemption Shares covered by the Registration Statement
for all such losses, claims, damages, liabilities and expenses (including reasonable costs of investigation) caused by any untrue,
or alleged untrue, statement or any omission, or alleged omission, based upon information furnished to the General Partner by the
Limited Partner or the holder for use therein.

 

(ii)         Promptly
upon receipt by a party indemnified under this Section 8.05(e) of notice of the commencement of any action against such indemnified
party in respect of which indemnity or reimbursement may be sought against any indemnifying party under this Section 8.05(e), such
indemnified party shall notify the indemnifying party in writing of the commencement of such action, but the failure to so notify
the indemnifying party shall not relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 8.05(e) unless such failure shall materially adversely affect the defense of such action. In case notice of commencement
of any such action shall be given to the indemnifying party as above provided, the indemnifying party shall be entitled to participate
in and, to the extent it may wish, jointly with any other indemnifying party similarly notified, to assume the defense of such
action at its own expense, with counsel chosen by it and reasonably satisfactory to such indemnified party. The indemnified party
shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses
of such counsel shall be paid by the indemnified party unless (i) the indemnifying party agrees to pay the same, (ii) the indemnifying
party fails to assume the defense of such action with counsel reasonably satisfactory to the indemnified party or (iii) the named
parties to any such action (including any impleaded parties) have been advised by such counsel that representation of such indemnified
party and the indemnifying party by the same counsel would be inappropriate under applicable standards of professional conduct
(in which case the indemnified party shall have the right to separate counsel and the indemnifying party shall pay the reasonable
fees and expenses of such separate counsel, provided that, the indemnifying party shall not be liable for more than one separate
counsel). No indemnifying party shall be liable for any settlement of any proceeding entered into without its consent.

 

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(f)          Contribution.

 

(i)          If
for any reason the indemnification provisions contemplated by Section 8.05(e) hereof are either unavailable or insufficient to
hold harmless an indemnified party in respect of any losses, claims, damages or liabilities referred to therein, then the party
that would otherwise be required to provide indemnification or the indemnifying party (in either case, for purposes of this Section
8.05(f), the “Indemnifying Party”) in respect of such losses, claims, damages or liabilities, shall contribute
to the amount paid or payable by the party that would otherwise be entitled to indemnification or the indemnified party (in either
case, for purposes of this Section 8.05(f), the “Indemnified Party”) as a result of such losses, claims, damages,
liabilities or expense, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and the Indemnified
Party, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and Indemnified Party
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact related to information supplied by the Indemnifying Party or Indemnified Party, and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall
be deemed to include any legal or other fees or expenses reasonably incurred by such party.

 

(ii)         The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8.05(f) were determined by
pro rata allocation (even if the holders were treated as one entity for such purpose) or by any other method of allocation that
does not take account of the equitable considerations referred to in the immediately preceding paragraph. No person or entity determined
to have committed a fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person or entity who was not guilty of such fraudulent misrepresentation.

 

(iii)        The
contribution provided for in this Section 8.05(f) shall survive the termination of this Agreement and shall remain in full force
and effect regardless of any investigation made by or on behalf of any Indemnified Party.

 

ARTICLE
IX

TRANSFERS OF PARTNERSHIP INTERESTS

 

9.01       Purchase
for Investment.

 

(a)          Each
Limited Partner, by its signature below or by its subsequent admission to the Partnership, hereby represents and warrants to the
General Partner and to the Partnership that the acquisition of such Limited Partner’s Partnership Units is made for investment
purposes only and not with a view to the resale or distribution of such Partnership Units.

 

(b)          Subject
to the provisions of Section 9.02 hereof, each Limited Partner agrees that such Limited Partner will not sell, assign or otherwise
transfer such Limited Partner’s Partnership Units or any fraction thereof, whether voluntarily or by operation of law or
at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth
in Section 9.01(a) hereof.

 

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9.02       Restrictions
on Transfer of Partnership Units.

 

(a)          Subject
to the provisions of Sections 9.02(b) and (c) hereof, no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise
transfer all or any portion of such Limited Partner’s Partnership Units, or any of such Limited Partner’s economic
rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a “Transfer”)
without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion; provided,
however, that the term Transfer does not include (a) any redemption of Common Units by the Partnership or the General Partner,
or acquisition of Common Units by the General Partner, pursuant to Section 8.04 or (b) any redemption of Partnership Units pursuant
to any Partnership Unit Designation. The General Partner may require, as a condition of any Transfer to which it consents, that
the transferor assume all costs incurred by the Partnership in connection therewith (including, but not limited to, cost of legal
counsel).

 

(b)          No
Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented
to as contemplated by clause (a) above or a Transfer pursuant to Section 9.05 hereof) of all of such Limited Partner’s Partnership
Units pursuant to this Article IX or pursuant to a redemption of all of such Limited Partner’s Common Units pursuant to Section
8.04 hereof. Upon the permitted Transfer or redemption of all of a Limited Partner’s Common Units, such Limited Partner shall
cease to be a Limited Partner.

 

(c)          No
Limited Partner may effect a Transfer of its Partnership Units, in whole or in part, if, in the opinion of legal counsel for the
Partnership, such proposed Transfer would require the registration of the Partnership Units under the Securities Act or would otherwise
violate any applicable federal or state securities or blue sky law (including investment suitability standards).

 

(d)          No
Transfer by a Limited Partner of its Partnership Units, in whole or in part, may be made to any Person if (i) in the opinion of
legal counsel for the Partnership, such Transfer would result in the Partnership being treated as an association taxable as a corporation
(other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code), (ii) in the opinion of legal counsel
for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the
General Partner to any additional taxes under Section 857 or Section 4981 of the Code, (iii) the General Partner determines, in
its sole and absolute discretion, that such Transfer, along or in connection with other Transfers, could cause the Partnership
Units to be treated as readily tradable on an “established securities market” or a “secondary market (or the
substantial equivalent thereof)” within the meaning of Section 7704 of the Code, or (iv) in the opinion of legal counsel
for the Partnership, such Transfer is reasonably likely to cause the Partnership to fail to satisfy the 90% qualifying income test
described in Section 7704(c) of the Code.

 

(e)          Any
purported Transfer in contravention of any of the provisions of this Article IX shall be void ab initio and ineffectual and shall
not be binding upon, or recognized by, the General Partner or the Partnership.

 

(f)          Prior
to the consummation of any Transfer under this Article IX, the transferor and/or the transferee shall deliver to the General Partner
such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer.

 

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9.03       Admission
of Substitute Limited Partner.

 

(a)          Subject
to the other provisions of this Article IX, an assignee of the Partnership Units of a Limited Partner (which shall be understood
to include any purchaser, transferee, donee or other recipient of any disposition of such Partnership Units) shall be deemed admitted
as a Limited Partner of the Partnership only with the consent of the General Partner, which consent may be given or withheld by
the General Partner in its sole and absolute discretion, and upon the completion of the following in a manner satisfactory to the
General Partner:

 

(i)          The
assignee shall have accepted and agreed to be bound by the terms and provisions of this Agreement by executing a counterpart or
an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the General Partner may
require in order to effect the admission of such Person as a Limited Partner.

 

(ii)         To
the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall have been signed,
acknowledged and filed in accordance with the Act.

 

(iii)        The
assignee shall have delivered a letter containing the representation set forth in Section 9.01(a) hereof and the agreement set
forth in Section 9.01(b) hereof.

 

(iv)        If
the assignee is a corporation, partnership, limited liability company or trust, the assignee shall have provided the General Partner
with evidence satisfactory to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the
terms and provisions of this Agreement.

 

(v)         The
assignee shall have executed a power of attorney containing the terms and provisions set forth in Section 8.02 hereof.

 

(vi)        The
assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner and filing and publication
costs in connection with its substitution as a Limited Partner.

 

(vii)       The
assignee shall have obtained the prior written consent of the General Partner to its admission as a Substitute Limited Partner,
which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion.

 

(b)          For
the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall
be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described
in Section 9.03(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer documents or the
date on which the General Partner has received all necessary instruments of transfer and substitution.

 

(c)          The
General Partner and the Substitute Limited Partner shall cooperate with each other by preparing the documentation required by this
Section 9.03 and making all required filings and publications. The Partnership shall take all such action as promptly as practicable
after the satisfaction of the conditions in this Article IX to the admission of such Person as a Limited Partner of the Partnership.

 

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9.04       Rights
of Assignees of Partnership Units.

 

(a)          Subject
to the provisions of Sections 9.01, 9.02 and 9.03 hereof, except as required by operation of law, the Partnership shall not be
obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Units until the Partnership
has received notice thereof.

 

(b)          Any
Person who is the assignee of all or any portion of a Limited Partner’s Partnership Units, but does not become a Substitute
Limited Partner and desires to make a further assignment of such Partnership Units, shall be subject to all the provisions of this
Article IX to the same extent and in the same manner as any Limited Partner desiring to make an assignment of its Partnership Units.

 

9.05       Effect
of Bankruptcy, Death, Incompetence or Termination of a Limited Partner. The occurrence of an Event of Bankruptcy as to
a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall
include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of
the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee
or receiver of his estate or, if such Limited Partner dies, such Limited Partner’s executor, administrator or trustee, or,
if such Limited Partner is finally adjudicated incompetent, such Limited Partner’s committee, guardian or conservator, shall
have the rights of such Limited Partner for the purpose of settling or managing such Limited Partner’s estate property and
such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of such Limited Partner’s
Partnership Units and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute
Limited Partner.

 

9.06       Joint
Ownership of Partnership Units. A Partnership Unit may be acquired by two individuals as joint tenants with right of survivorship,
provided that such individuals either are married or are related and share the same home as tenants in common. The written
consent or vote of both owners of any such jointly held Partnership Unit shall be required to constitute the action of the owners
of such Partnership Unit; provided, however, that the written consent of only one joint owner will be required if
the Partnership has been provided with evidence satisfactory to the counsel for the Partnership that the actions of a single joint
owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner
of a Partnership Unit held in a joint tenancy with a right of survivorship, the Partnership Unit shall become owned solely by the
survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held
Partnership Unit until it shall have received certificated notice of such death. Upon notice to the General Partner from either
owner, the General Partner shall cause the Partnership Unit to be divided into two equal Partnership Units, which shall thereafter
be owned separately by each of the former owners.

 

    	49

     

    

 

ARTICLE
X

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS

 

10.01     Books
and Records. At all times during the continuance of the Partnership, the General Partner shall keep or cause to be kept
at the Partnership’s specified office true and complete books of account in accordance with generally accepted accounting
principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy of the Certificate
of Limited Partnership and all certificates of amendment thereto, (c) copies of the Partnership’s federal, state and local
income tax returns and reports, (d) copies of this Agreement and any financial statements of the Partnership for the three most
recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon
paying the costs of collection, duplication and mailing, shall be entitled to a copy of such records if reasonably requested.

 

10.02     Custody
of Partnership Funds; Bank Accounts.

 

(a)          All
funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage
institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the
General Partner may, from time to time, determine.

 

(b)          All
deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner.
The funds of the Partnership shall not be commingled with the funds of any Person other than the General Partner except for such
commingling as may necessarily result from an investment in those investment companies permitted by this Section 10.02(b).

 

10.03     Fiscal
and Taxable Year. The fiscal and taxable year of the Partnership shall be the calendar year unless otherwise required by
the Code.

 

10.04     Annual
Tax Information and Report. Within 75 days after the end of each fiscal year of the Partnership, the General Partner shall
furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such Limited
Partner’s individual tax returns as shall be reasonably required by law.

 

    	50

     

    

 

10.05     Partnership
Representative; Tax Elections; Special Basis Adjustments.

 

(a)          The
General Partner shall designate each year a Partnership Representative of the Partnership, which may be the General Partner and
shall be the General Partner if no other person is designated. As Partnership Representative, the General Partner shall have the
right and obligation to take all actions authorized and required of such position by Sections 6222 through 6241 of the Code and
any Treasury Regulations thereunder and comparable provisions of state and local law (the “Partnership Audit Rules”).
The General Partner shall have the right to retain professional assistance in respect of any audit of the Partnership by the Service
or to retain the services of a Partnership Representative, and all out-of-pocket expenses and fees incurred by the Partnership
Representative shall constitute Partnership expenses. Any person who serves as Partnership Representative shall not be liable to
the Partnership or any Partner for any action it takes or fails to take in such capacity, unless such action or failure to act
constitutes bad faith, willful misconduct, gross negligence, fraud or a material breach of this Agreement. Upon the Partnership’s
request, each Partner shall provide to the Partnership within the required time frame any information that the Partnership Representative
believes may be necessary or appropriate to resolve any tax issue relating to the Partnership or comply with or be eligible to
invoke any aspect of the Partnership Audit Rules. Notwithstanding any provision of this Agreement to the contrary, any taxes, penalties,
and interest payable by the Partnership under the Partnership Audit Rules shall be treated as attributable to the Partners, and,
to the extent possible, the Partnership Representative shall allocate the burden of any such amounts to those Partners to whom
such amounts are reasonably attributable. Any such amounts allocated to a Partner, at the option of the Partnership Representative,
shall (a) be promptly paid to the Partnership by such Partner or (b) be paid by reducing the amount of the current or next succeeding
distribution or distributions which would otherwise have been made to such Partner.  The obligations of each Partner (or former
Partner) under this Section 10.05(a) shall survive the Transfer by such Partner of its interest in the Partnership or the dissolution
of the Partnership.  In the event of a transfer of a Partner’s Interest, the transferee and transferor shall be jointly
and severally liable for any liability with respect to the obligations of the transferor Partner under the Partnership Audit Rules.
The Partnership shall indemnify Partnership Representative as provided in Section 6.03.

 

(b)          All
elections required or permitted to be made by the Partnership under the Code or any applicable state or local tax law shall be
made by the General Partner in its sole and absolute discretion.

 

(c)          In
the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option of the General
Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Properties. Notwithstanding anything contained
in Article V of this Agreement, any adjustments made pursuant to Section 754 shall affect only the successor in interest to the
transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for
the other Partners for any purpose under this Agreement. Each Partner will furnish the Partnership with all information necessary
to give effect to such election.

 

(d)          The
Partners, intending to be legally bound, hereby authorize the Partnership to make an election (the “Safe Harbor Election”)
to have the “liquidation value” safe harbor provided in Proposed Treasury Regulation § 1.83-3(1) and the Proposed
Revenue Procedure set forth in Internal Revenue Service Notice 2005-43, as such safe harbor may be modified when such proposed
guidance is issued in final form or as amended by subsequently issued guidance (the “Safe Harbor”), apply to
any interest in the Partnership transferred to a service provider while the Safe Harbor Election remains effective, to the extent
such interest meets the Safe Harbor requirements (collectively, such interests are referred to as “Safe Harbor Interests”).
The Tax Matters Partner is authorized and directed to execute and file the Safe Harbor Election on behalf of the Partnership and
the Partners. The Partnership and the Partners (including any person to whom an interest in the Partnership is transferred in connection
with the performance of services) hereby agree to comply with all requirements of the Safe Harbor (including forfeiture allocations)
with respect to all Safe Harbor Interests and to prepare and file all U.S. federal income tax returns reporting the tax consequences
of the issuance and vesting of Safe Harbor Interests consistent with such final Safe Harbor guidance. The Partnership is also authorized
to take such actions as are necessary to achieve, under the Safe Harbor, the effect that the election and compliance with all requirements
of the Safe Harbor referred to above would be intended to achieve under Proposed Treasury Regulation § 1.83-3, including amending
this Agreement.

 

    	51

     

    

 

(e)          Each
Limited Partner shall be required to provide such information as reasonably requested by the Partnership in order to determine
whether such Limited Partner (i) owns, directly or constructively (within the meaning of Section 318(a) of the Code, as modified
by Section 856(d)(5) of the Code and Section 7704(d)(3) of the Code), five percent (5%) or more of the value of the Partnership
or (ii) owns, directly or constructively (within the meaning of Section 318(a) of the Code, as modified by Section 856(d)(5) of
the Code and Section 7704(d)(3) of the Code), ten percent (10%) or more of (a) the stock, by voting power or value, of a tenant
(other than a “taxable REIT subsidiary” within the meaning of Section 856(d) of the Code) of the Partnership that is
a corporation or (b) the assets or net profits of a tenant of the Partnership that is a noncorporate entity.

 

ARTICLE
XI

AMENDMENT OF AGREEMENT; MERGER

 

11.01     Amendment
of Agreement.

 

The General Partner’s consent shall
be required for any amendment to this Agreement. The General Partner, without the consent of the Limited Partners, may amend this
Agreement in any respect; provided, however, that the following amendments shall require the consent of a Majority
in Interest (excluding, for purposes of determining a Majority in Interest, Partnership Interests held by the General Partner or
any Subsidiary of the General Partner):

 

(a)          any
amendment affecting the operation of the Conversion Factor or the Common Unit Redemption Right (except as otherwise provided herein)
in a manner that adversely affects the Limited Partners in any material respect;

 

(b)          any
amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder,
other than with respect to the issuance of additional Partnership Units pursuant to Section 4.02 hereof;

 

(c)          any
amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited Partners, other than with respect
to the issuance of additional Partnership Units pursuant to Section 4.02 hereof;

 

(d)          any
amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership;
or

 

(e)          any
amendment to this Article XI.

 

    	52

     

    

 

11.02     Merger
of Partnership.

 

The General Partner, without the consent
of the Limited Partners, may (i) merge or consolidate the Partnership with or into any other domestic or foreign partnership, limited
partnership, limited liability company or corporation or (ii) sell all or substantially all of the assets of the Partnership, in
each case in a transaction pursuant to which the Limited Partners (other than the General Partner or any Subsidiary of the General
Partner) receive consideration as set forth in Section 7.01(c)(ii) hereof or in a transaction that complies with the provisions
of Sections 7.01(c)(iii) or 7.01(d) hereof and may amend this Agreement in connection with any such transaction consistent with
the provisions of this Article XI; provided, however, that the consent of a Majority in Interest shall be required
in the case of any other (a) merger or consolidation of the Partnership with or into any other domestic or foreign partnership,
limited partnership, limited liability company or corporation or (b) sale of all or substantially all of the assets of the Partnership.

 

ARTICLE
XII

GENERAL PROVISIONS

 

12.01     Notices.
All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered
personally, by email, by press release, by posting on the Web site of the General Partner, or upon deposit in the United States
mail, registered, first-class postage prepaid return receipt requested, or via courier to the Partners at the addresses set forth
in Exhibit A attached hereto, as it may be amended or restated from time to time; provided, however, that
any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the
General Partner and the Partnership shall be delivered at or mailed to its principal office address set forth in Section 2.03 hereof.
The General Partner and the Partnership may specify a different address by notifying the Limited Partners in writing of such different
address.

 

12.02     Survival
of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit
of the Partners and the Partnership and their permitted respective legal representatives, successors, transferees and assigns.

 

12.03     Additional
Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents
that may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or as required by the
Act.

 

12.04     Severability.
If any provision of this Agreement shall be declared illegal, invalid or unenforceable in any jurisdiction, then such provision
shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity
or unenforceability shall not affect the remainder hereof. To the extent permitted under applicable law, the severed provision
shall be interpreted or modified so as to be enforceable to the maximum extent permitted by law.

 

12.05     Entire
Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede all
prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject
matter hereof.

 

    	53

     

    

 

12.06     Pronouns
and Plurals. When the context in which words are used in the Agreement indicates that such is the intent, words in the
singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may
require.

 

12.07     Headings.
The Article headings or sections in this Agreement are for convenience only and shall not be used in construing the scope of this
Agreement or any particular Article.

 

12.08     Counterparts.
This Agreement may be executed by hand or by power of attorney in several counterparts, each of which shall be deemed to be an
original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding
that all parties shall not have signed the same counterpart.

 

12.09     Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

[Signature page follows.]

 

    	54

     

    

 

IN WITNESS WHEREOF, the parties hereto have
hereunder affixed their signatures to this First Amended and Restated Agreement of Limited Partnership, all as of the             day of [·],
2019.

 

	 	GENERAL PARTNER:
	 	 
	 	POSTAL REALTY TRUST, INC.
	 	 
	 	By:	 
	 	 	Andrew Spodek, Chief Executive Officer
	 	 	 
	 	LIMITED PARTNERS:
	 	 
	 	By:  POSTAL REALTY LIMITED PARTNER LLC
	 	 	 
	 	By:	 
	 	 
	 	By:  Andrew Spodek
	 	 	 

 

    	55

     

    

 

EXHIBIT A

 

(As of __________, 2019)

 

	Partner	 	Agreed Value of
 Capital
 Contribution	 	 	Class A
 Common
 Units	 	 	Class B
 Common Units	 	 	Percentage
 Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	General Partner:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Postal Realty Trust, Inc.	 	$		 	 	 	 	 	 	 	 	 	 	 	 	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Limited Partners:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTALS	 	$	 	 	 	 	 	 	 	 	 	 	 	 	 	%

 

    	A-1

     

    

 

EXHIBIT B

 

NOTICE
OF EXERCISE OF REDEMPTION RIGHT

 

In accordance with Section 8.04 of the Agreement
of Limited Partnership, as amended (the “Agreement”) of Postal Realty LP, the undersigned hereby irrevocably
(i) presents for redemption Common Units of Postal Realty LP in accordance with the terms of the Agreement, as amended, and the
Common Unit Redemption Right referred to in Section 8.04 thereof, (ii) surrenders such Common Units and all right, title and interest
therein and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General
Partner deliverable upon exercise of the Common Unit Redemption Right be delivered to the address specified below, and if REIT
Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es)
specified below. The undersigned hereby represents, warrants and certifies that the undersigned (a) has title to such Common Units,
free and clear of the rights and interests of any person or entity other than the Partnership or the General Partner; (b) has the
full right, power and authority to cause the redemption of the Common Units as provided herein; and (c) has obtained the approval
of all persons or entities, if any, having the right to consent to or approve the Common Units for redemption.

 

Dated: ____________, ______

 

Name of Limited Partner:

 

(Signature of Limited Partner or Authorized
Representative)

 

(Mailing Address)

 

	(City)	(State)	(Zip Code)

 

Signature Guaranteed by:

 

If REIT Shares are to be issued, issue to:

 

Name:

 

Please insert Social Security or Identifying Number:

 

    	B-1

     

    

 

EXHIBIT C-1

 

CERTIFICATION
OF NON-FOREIGN STATUS

(FOR REDEEMING LIMITED PARTNERS THAT ARE ENTITIES)

 

Under Section 1445(e) of the Internal Revenue
Code of 1986, as amended (the “Code”), in the event of a disposition by a non-U.S. person of a partnership interest
in a partnership in which (i) 50% or more of the value of the gross assets consists of United States real property interests (“USRPIs”),
as defined in Section 897(c) of the Code, and (ii) 90% or more of the value of the gross assets consists of USRPIs, cash, and cash
equivalents, the transferee will be required to withhold 10% of the amount realized by the non-U.S. person upon the disposition.
To inform Postal Realty Trust, Inc. (the “General Partner”) and Postal Realty LP (the “Partnership”) that
no withholding is required with respect to the redemption by ______________ (“Partner”) of its Common Units in the
Partnership, the undersigned hereby certifies the following on behalf of Partner:

 

1.      Partner
is not a foreign corporation, foreign partnership, foreign trust, or foreign estate, as those terms are defined in the Code and
the Treasury regulations thereunder.

 

2.      Partner
is not a disregarded entity as defined in Treasury Regulation Section 1.1445-2(b)(2)(iii).

 

3.      The
U.S. employer identification number of Partner is        .

 

4.      The
principal business address of Partner is: _________, _________ and Partner’s place of incorporation is __________________.

 

5.      Partner
agrees to inform the General Partner if it becomes a foreign person at any time during the three-year period immediately following
the date of this notice.

 

6.      Partner
understands that this certification may be disclosed to the Internal Revenue Service by the General Partner and that any false
statement contained herein could be punished by fine, imprisonment, or both.

 

PARTNER:

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Under penalties of perjury, I declare that I have examined this
certification and, to the best of my knowledge and belief, it is true, correct, and complete, and I further declare that I have
authority to sign this document on behalf of Partner.

 

Date:

 

	 	Name:	 
	 	Title:	 

 

    	C-1-1

     

    

 

EXHIBIT C-2

 

CERTIFICATION
OF NON-FOREIGN STATUS

(FOR REDEEMING LIMITED PARTNERS THAT ARE INDIVIDUALS)

 

Under Section 1445(e) of the Internal Revenue
Code of 1986, as amended (the “Code”), in the event of a disposition by a non-U.S. person of a partnership interest
in a partnership in which (i) 50% or more of the value of the gross assets consists of United States real property interests (“USRPIs”),
as defined in Section 897(c) of the Code, and (ii) 90% or more of the value of the gross assets consists of USRPIs, cash, and cash
equivalents, the transferee will be required to withhold 10% of the amount realized by the non-U.S. person upon the disposition.
To inform Postal Realty Trust, Inc. (the “General Partner”) and Postal Realty LP (the “Partnership”) that
no withholding is required with respect to my redemption of my Common Units in the Partnership, I, _____________________, hereby
certify the following:

 

1.      I
am not a nonresident alien for purposes of U.S. income taxation.

 

2.      My
U.S. taxpayer identification number (social security number) is _____________.

 

3.      My
home address is:______________________________________.

 

4.      I
agree to inform the General Partner promptly if I become a nonresident alien at any time during the three-year period immediately
following the date of this notice.

 

5.      I
understand that this certification may be disclosed to the Internal Revenue Service by the General Partner and that any false statement
contained herein could be punished by fine, imprisonment, or both.

 

	Name:	 	 

 

Under penalties of perjury, I declare that I have examined this
certification and, to the best of my knowledge and belief, it is true, correct, and complete.

 

Date: ________________, 20____.

 

	 	Name:	 
	 	Title:	 

 

    	C-2-1

     

    

 

EXHIBIT D

 

NOTICE
OF ELECTION BY PARTNER TO CONVERT

LTIP UNITS INTO COMMON UNITS

 

The undersigned holder of LTIP Units hereby
irrevocably (i) elects to convert the number of LTIP Units of Postal Realty LP (the “Partnership”) set forth below
into Common Units in accordance with the terms of the Agreement, as amended; and (ii) directs that any cash in lieu of Common Units
that may be deliverable upon such conversion be delivered to the address specified below. The undersigned hereby represents, warrants
and certifies that the undersigned (a) has title to such LTIP Units, free and clear of the rights or interests of any other person
or entity other than the Partnership or the General Partner; (b) has the full right, power, and authority to cause the conversion
of such LTIP Units as provided herein; and (c) has obtained the consent to or approval of all persons or entities, if any, having
the right to consent to or approve such conversion.

 

Name of Holder:

 

(Please Print: Exact Name as Registered
with Partnership)

 

Number of LTIP Units to be Converted:

 

Date of this Notice:

 

(Signature of Holder: Sign Exact Name as
Registered with Partnership)

 

(Street Address)

 

	(City)	(State)	(Zip Code)

 

Signature Guaranteed by:

 

    	D-1

     

    

 

EXHIBIT E

 

NOTICE
OF ELECTION BY PARTNERSHIP TO FORCE CONVERSION

OF LTIP UNITS INTO COMMON UNITS

 

Postal Realty LP (the “Partnership”)
hereby elects to cause the number of LTIP Units held by the holder of LTIP Units set forth below to be converted into Common Units
in accordance with the terms of the Agreement, as amended, effective as of __________________ (the “Conversion Date”).

 

Name of Holder:

 

(Please Print: Exact Name as Registered
with Partnership)

 

Number of LTIP Units to be Converted:

 

Date of this Notice:

 

    	E-1Exhibit 4.27

    

    

    

    DATED: lst OCTOBER 2018

    ULTRA ONE SHIPPING LTD

    (THE “BORROWER”)

    -AND-

    THE BANKS AND FINANCIAL INSTITUTIONS

    LISTED IN SCHEDULE 1

        (As LENDERS)

    -AND-

    EUROBANK ERGASIAS S.A.

    (AS ARRANGER, ACCOUNT
          BANK, AGENT AND SECURITY TRUSTEE)

    	 
	 
	
            LOAN AGREEMENT (NO. 161)

            IN RESPECT OF A TERM LOAN

            OF UP TO US$15,000,000

          
	 
	 

    

    

    
      
        

    

    INDEX

    	
            CLAUSE

          	 	
            PAGE

          
	
            1.

          	
            PURPOSE, DEFINITIONS AND INTERPRETATION

          	
            1

          
	
            2.

          	
            FACILITY

          	
            18

          
	
            3.

          	
            POSITION OF THE LENDERS

          	
            18

          
	
            4.

          	
            DRAWDOWN

          	
            19

          
	
            5.

          	
            INTEREST

          	
            20

          
	
            6.

          	
            INTEREST PERIODS

          	
            22

          
	
            7.

          	
            DEFAULT INTEREST

          	
            22

          
	
            8.

          	
            REPAYMENT AND PREPAYMENT

          	
            23

          
	
            9.

          	
            CONDITIONS PRECEDENT

          	
            25

          
	
            10.

          	
            REPRESENTATIONS AND WARRANTIES

          	
            26

          
	
            11.

          	
            GENERAL UNDERTAKINGS

          	
            28

          
	
            12.

          	
            CORPORATE UNDERTAKINGS

          	
            32

          
	
            13.

          	
            INSURANCE

          	
            33

          
	
            14.

          	
            SHIP' COVENANTS

          	
            38

          
	
            15.

          	
            SECURITY COVER

          	
            42

          
	
            16.

          	
            PAYMENTS AND CALCULATIONS

          	
            44

          
	
            17.

          	
            APPLICATION OF RECEIPTS

          	
            46

          
	
            18.

          	
            APPLICATION OF EARNINGS

          	
            47

          
	
            19.

          	
            EVENTS OF DEFAULT

          	
            48

          
	
            20.

          	
            FEES AND EXPENSES

          	
            53

          
	
            21.

          	
            INDEMNITIES

          	
            54

          
	
            22.

          	
            NO SET-OFF OR TAX REDUCTION

          	
            57

          
	
            23.

          	
            ILLEGALITY, ETC

          	
            58

          
	
            24.

          	
            INCREASED COSTS

          	
            59

          
	
            25.

          	
            SET-OFF

          	
            61

          
	
            26.

          	
            TRANSFERS AND CHANGES IN LENDING OFFICES

          	
            61

          
	
            27.

          	
            VARIATIONS AND WAIVERS

          	
            66

          
	
            28.

          	
            NOTICES

          	
            67

          
	
            29.

          	
            SUPPLEMENTAL

          	
            69

          
	
            30.

          	
            LAW AND JURISDICTION

          	
            70

          

    

    

    	
            SCHEDULE I

          	
            71

          
	
            SCHEDULE II

          	
             72

          
	
            SCHEDULE III

          	
             73

          
	
            SCHEDULE IV

          	
             76

          
	
            SCHEDULE V

          	
            80

          

    
      
        

    

    
    THIS AGREEMENT is dated the 1st  day of October 2018 and made BETWEEN:

    
      
        	(1)	
                ULTRA ONE SHIPPING LTD, being a company incorporated in
                    accordance with  the laws of the Republic of Liberia whose registered office is situated at 80, Broad Street, Monrovia, Liberia (the "Borrower");

              

      

    

    
      
        	(2)	
                THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule
                    1, as lenders (the "Lenders");

              

      

    

    
      
        	(3)	
                EUROBANK ERGASIAS S.A., a banking societé anonyme duly
                    incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece, acting for the purposes of this Agreement through its office at 83, Akti Miaouli, 185 38 Piraeus, Greece, as arranger (the "Arranger");

              

      

    

    
      
        	(4)	
                EUROBANK ERGASIAS S.A., a banking societé anonyme duly
                    incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece, acting for the purposes of this Agreement through its office at 83, Akti Miaouli, 185 38 Piraeus, Greece, as account bank (the "Account Bank");

              

      

    

    
      
        	(5)	
                EUROBANK ERGASIAS S.A., a banking societé anonyme duly
                    incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece, acting for the purposes of this Agreement through its office at 83, Akti Miaouli, 185 38 Piraeus, Greece, as agent (the "Agent"); and

              

      

    

    
      
        	(6)	
                EUROBANK ERGASIAS S.A., a banking societé anonyme duly
                    incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece, acting for the purposes of this Agreement through its office at 83, Akti Miaouli, 185 38 Piraeus, Greece, as security trustee (the
                    "Security Trustee").

              

      

    

    AND IT IS HEREBY AGREED
        as follows:

    
      
        	1.	
                PURPOSE, DEFINITIONS AND INTERPRETATION

              

      

    

    
      
        	1.1	
                Purpose

              

      

    

    This Agreement sets out the terms and conditions upon and subject to which it is agreed that the
        Lenders will make available to the Borrower a secured term loan of up to the lesser of (a) US$15,000,000 and (b) 60% of the market value of the Ship, for the purpose of refinancing the outstanding indebtedness of the Borrower with another lender
        and providing working capital to the Borrower.

    
      
        	1.2	
                Definitions.  Subject to Clause 1.5, in this Agreement:

              

      

    

    "Account

          Bank” means, in relation to any of the Earnings Account or the Retention Account, EUROBANK ERGASIAS S.A., acting through its Shipping Division at 83, Akti Miaouli, 185 38 Piraeus, Greece, or any other branch or financial institution
        designated by the Agent from time to time at its sole discretion;

    
      1

      
        

    

    

    

    "Accounting

          Information" means the annual audited accounts for the Guarantor to be provided to the Agent in accordance with Clause 11.6 (a) of this Agreement (as the context may require);

    "Accounts

          Pledges" means, together, the deed or deeds of pledge creating security over the Earnings Account and the Retention Account, to be executed by Borrower in favour of the Security Trustee and/or the Account Bank, in such form as the Lenders
        may approve or require;

    "Affected

          Lender" has the meaning given in Clause 5.5;

    "Affiliate"
        means a subsidiary of that person or a parent company of that person or any other subsidiary of that parent company;

    "Agency

          and Trust Deed" means the agency and trust deed executed or to be executed between the Borrower, the Lenders, the Arranger, the Account Bank, the Agent and the Security Trustee, in such form as the Lenders may approve or require;

    "Agent"
        means EUROBANK ERGASIAS S.A., having its registered office at 8, Othonos Street, Athens, Greece and acting through its office at 83, Akti Miaouli, 185 38 Piraeus, Greece or any successor of it appointed under clause 5 of the Agency and Trust Deed;

    "Approved

          Manager" means EUROBULK (FAR EAST) LTD. INC., a company incorporated in the Philippines with its principal office at 12th
        Floor Ma. Natividad Bldg., 470 TM Kalaw cor., Sts., Ermita, Manila, Philippines or any other company appointed by the Borrower with the prior written consent of the Agent (such consent not to be unreasonably withheld)  from time to time as the
        commercial, technical and operational manager of the Ship;

    "Approved Manager's Undertaking-Assignment" means, in relation to the Ship, a letter of undertaking executed or (as the context may require) to be executed by the Approved Manager in favour of the Security Trustee for the Ship in the terms reasonably required by the Security Trustee, agreeing certain
        matters in relation to the Approved Manager and subordinating the rights of the Approved Manager against the Ship and the Borrower to the rights of the Creditor Parties under the Finance Documents and incorporating also a first priority assignment
        of all the rights which the Approved Manager may have in the Insurances relating to the Ship (other than the right to be reimbursed for P&I claims under the "pay and be paid" rule), in such form as the Agent, acting on the instructions of the
        Majority Lenders, may approve or require;

    "Approved

          Flag" means the Republic of Liberia or such other flag as the Agent may, in its sole and absolute discretion, approve as the flag on which the Ship shall be registered;

    "Approved

          Flag State" means the Republic of Liberia or any other country in which the Agent may, in its sole and absolute discretion, approve that the Ship be registered;

    "Arranger"
        means EUROBANK ERGASIAS S.A., having its registered office at 8, Othonos Street, Athens, Greece and acting through its office at 83, Akti Miaouli, 185 38 Piraeus, Greece;

    

    

    
      2

      
        

    

    

    

    "Assignment"
        means a first priority deed of assignment of all Insurances, Earnings, Requisition Compensation as well as of any Charter Rights in respect of
        any Charter in relation to the Ship, to be executed by the Borrower in favour of the Security Trustee, in form and substance satisfactory to the
        Agent (acting on the instructions of the Majority Lenders) and respective notices of assignment and acknowledgements thereof and an "Assignment"
        means any of them;

    "Availability

          Period" means the period commencing on the date of this Agreement and ending on:

    
      
        	

              	(a)	
                the Latest Permissible Drawdown Date or such later date as the Lenders may agree with the Borrower; or

              

      

    

    
      
        	

              	(b)	
                if earlier, the date on which the Total Commitments are fully borrowed, cancelled or terminated;

              

      

    

    "Bail-In

          Action” means the exercise of any Write-down and Conversion Powers;

    "Bail-In

          Legislation” means, 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;

    “Basel

          III Framework” means the global regulatory standards on bank capital adequacy and liquidity referred to by the BCBS as "Basel III" or "the Basel III Framework" published in December 2010, together with any further guidance or standards in
        relation to "Basel III" or "the Basel III Framework" published or to be published by the Basel Committee on Banking Supervision;

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

    "Business

          Day"  means a day other that a Saturday or Sunday on which banks are open in New York, London, Athens, Piraeus, Nicosia and, in respect of a day on which a payment is required to be made under a Finance Document, also in New York City;

    "Capital

          Control Approval" means the approval of the competent authorities of Greece in accordance with the applicable regulations of the Bank of Greece and the legislation relating to capital controls and other economic measures imposed by the
        Government of Greece;

    “Charter” means any charter or other contract of employment of more than twelve months' duration in respect of the Ship acceptable to the Agent;

    "Charterer"
        in respect of any Charter, means a first class charterer in the opinion of the Agent and acceptable to the Agent in its discretion, the Agent's approval not to be unreasonably withheld;

    "Charter

          Rights" in respect of the Ship, means all rights and benefits accruing to the Borrower under or arising out of the relevant Charter and not forming part of the Earnings;

    
      3

      
        

    

    

    

    "Code"
        means the United States Internal Revenue Code of 1986 (as amended);

    "Commitment"
        means, in relation to a Lender, the amount set opposite its name in Schedule 1, or, as the case may require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this
        Agreement (and "Total Commitments" means the aggregate of the Commitments of all the Lenders);

    “Commitment

          Fee” means the fee to be paid by the Borrowers to the Agent pursuant to Clause 20.1;

    “Commitment

          Letter” means the Commitment Letter dated 20 August 2018 duly accepted by the Borrower and the Guarantor on 28 August 2018;

    "Compliance

          Certificate" means a certificate referring to a compliance date in the form set out in Schedule 5 (or in any other form which the Agent approves) to be provided together with the financial accounts provided in accordance with Clauses 11.6
        and 12.8;

    "Compliance

          Date" means 31 December of each calendar year (or such other dates as the Agent may agree pursuant to Clause 12.8);

    "Contractual

          Currency" has the meaning given in Clause 21.5;

    "Contribution"
        means, in relation to a Lender, the part of the Loan which is owing to that Lender;

    "Creditor

          Party" means the Agent, the Security Trustee, the Arranger, the Account Bank and any Lender, whether as at the date of this Agreement or at any later time;

    "Dollars"
        and "US$" means the lawful currency for the time being of the United States of America;

    "Drawdown

          Date" means the date, being a Business Day falling not later than the Latest Permissible Drawdown Date on which the Loan is or, as the context may require, shall be advanced to the Borrower;

    "Drawdown

          Notice" means a notice in the form set out in Schedule 2 (or in any other form which the Agent approves or reasonably requires);

    "Earnings"
        means all moneys whatsoever which are now, or later become, payable (actually or contingently) to the owner of the Ship or (as the case may be) to the Security Trustee pursuant to the Assignment in connection with the Ship and which arise out of
        the use or operation of the Ship, including (but not limited to):

    
      
        	

              	(a)	
                all freight, hire and passage moneys, compensation payable to the owner of the Ship or (as the case may be) to the Security Trustee pursuant to the Assignment
                    in connection with the Ship in the event of requisition of the Ship for hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any
                    charterparty or other contract for the employment of the Ship;

              

      

    

    
      4

      
        

    

    

    

    
      
        	

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

              

      

    

    
      
        	

              	(c)	
                contributions of any nature whatsoever in respect of general average; and

              

      

    

    
      
        	

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

              

      

    

    "Earnings

          Account" means an account in the name of the Borrower with the Account Bank and/or the Security Trustee and/or any other Creditor Party, or any other account (with that or another branch of the Account Bank and/or the Security Trustee
        and/or any other Creditor Party) which is designated by the Agent from time to time at its sole discretion, as the Earnings Account for the purposes of this Agreement;

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

    "Environmental

          Claim" means:

    
      
        	

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

              

      

    

    
      
        	

              	(e)	
                any claim by any other person which relates to an Environmental Incident or to an alleged Environmental Incident,

              

      

    

    and "claim"
        means a claim for damages, compensation, fines, penalties or any other payment of any kind whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any
        form of enforcement or regulatory action, including the arrest or attachment of any asset;

    "Environmental

          Incident" means:

    
      
        	

              	(a)	
                any release of Environmentally Sensitive Material from the Ship; or

              

      

    

    
      
        	

              	(b)	
                any incident in which Environmentally Sensitive Material is released from a vessel other than the Ship and which involves a collision between the Ship and
                    such other vessel or some other incident of navigation or operation, in either case, in connection with which the Ship is actually or potentially liable to be arrested, attached, detained or injuncted and/or the Ship or the owner of the
                    Ship and/or any operator or manager is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or

              

      

    

    
      
        	

              	(c)	
                any other incident in which Environmentally Sensitive Material is released otherwise than from the Ship and in connection with which the Ship is actually or
                    potentially liable to be arrested and/or where the owner of the Ship and/or any operator or manager of the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action;

              

      

    

    
      5

      
        

    

    

    

    "Environmental

          Law" means any law relating to pollution or protection of the environment, to the carriage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material;

    "Environmentally

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

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

    "Event

          of Default" means any of the events or circumstances described in Clause 19.1;

    "FATCA"
        means:

    
      
        	

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

          Application Date" means:

    
      
        	

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

              

      

    

    
      
        	

              	(b)	
                in relation to a "withholdable payment" described in section 1473(1)(A)(ii) of the Code (which relates to "gross proceeds" from the disposition of property of
                    a type that can produce interest from sources within the US), 1 January 2019; or

              

      

    

    
      
        	

              	(c)	
                in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2019,

              

      

    

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

    "FATCA

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

    "FATCA

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

    "FATCA

          FFI" means a foreign financial institution as defined in section

    
      6

      
        

    

    

    

    1471(d)(4) of the Code which, if any Creditor Party is not a FATCA Exempt Party, could be required to
        make a FATCA Deduction;

    "FATCA

          Non-Exempt Lender" means any Lender who is not a FATCA Exempt Party;

    "FATCA

          Protected Lender" means any Lender irrevocably designated as a "FATCA Protected Lender" by the Borrower by notice to that Lender and the Agent at least six months prior to the earliest FATCA Application Date for a payment by a Party to
        that Lender (or to the Agent for the account of that Lender);

    “Final

          Maturity Date” means in respect of the Loan the date falling seven years after the Drawdown Date of the Commitment but no later than 25 October, 2025;

    "Finance

          Documents" means:

    
      
        	

              	(a)	
                this Agreement;

              

      

    

    
      
        	

              	(b)	
                the Drawdown Notice;

              

      

    

    
      
        	

              	(c)	
                the Agency and Trust Deed;

              

      

    

    
      
        	

              	(d)	
                the Guarantee;

              

      

    

    
      
        	

              	(e)	
                the Mortgage;

              

      

    

    
      
        	

              	(f)	
                the Assignment;

              

      

    

    
      
        	

              	(g)	
                the Accounts Pledges;

              

      

    

    
      
        	

              	(h)	
                the Approved Manager's Undertaking;

              

      

    

    
      
        	

              	(i)	
                the Guarantor's Undertaking-Assignment; and

              

      

    

    
      
        	

              	(j)	
                any other document (whether creating a Security Interest or not) which is executed at any time by the Borrower or any other person as security for, or to
                    establish any form of subordination or priorities arrangement in relation to, any amount payable to the Lenders under this Agreement or any of the documents referred to in this definition;

              

      

    

    "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;

              

      

    

    
      7

      
        

    

    

    

    

    

    
      
        	

              	(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 1 January in respect of which its accounts are or ought to be prepared;

    "Front

          end Fee" means the fee to be paid by the Borrower to the Agent pursuant to Clause 20.1 hereof;

    "GAAP"
        means generally accepted accounting principles as from time to time in effect in the United States of America;

    "Group"
        means the Guarantor and its subsidiaries (including the Borrower);

    “Guarantee” means the guarantee and indemnity given or, as the context may require, to be given by the Guarantor in favour of the Security Trustee in form and
        substance satisfactory to the Agent, as security for the Secured Liabilities and any and all obligations of the Borrower under this Agreement;

    “Guarantor” means EURODRY LTD. being a company incorporated in accordance with the laws of the Republic of the Marshall Islands, whose registered office is at
        Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 or any other legal entity nominated by the Borrower and accepted by the Agent which have, or as the context may require, shall or may at any time guarantee the
        obligations of the Borrower under this Agreement and/or those of the other Security Parties to the Lenders and/or any other Creditor Party;

    "Guarantor's

          Undertaking-Assignment" means, in relation to the Ship, an undertaking to the Security Trustee in respect of the Ship executed or (as the context may require) to be executed by the Guarantor, being nominated as co-assured in the insurance
        policies for the Ship whereby the Guarantor would undertake throughout the Security Period, to subordinate any and all claims it may have against the Borrower and/or the Ship to the claims of the Lenders under the Loan Agreement and the Security
        Documents and would incorporate also a first priority assignment of all the rights which the Guarantor may have in the Insurances relating to the Ship (other than the right to be reimbursed for P&I claims under the "pay and be paid" rule);

    "IACS"
        means the International Association of Classification Societies;

    "Insurances"
        means:

    
      
        	

              	(a)	
                all policies and contracts of insurance, including entries of the Ship in any protection and indemnity or war risks association, which are effected in respect
                    of the Ship; and

              

      

    

    
      
        	

              	(b)	
                all rights and other assets relating to, or derived from, any of the

              

      

    

    
      8

      
        

    

    

    

    foregoing, including any rights to a return of a premium;

    "Interest

          Period" means a period determined in accordance with Clause 6;

    "ISM
          Code" means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime Organisation Assembly as Resolutions A.741 (18) (as amended by MSC 104 (73)) and A.913(22)
        (superseding Resolution A.788(19)), as the same may be amended, supplemented or superseded from time to time (and the terms "safety management system",

        "Safety Management Certificate" and "Document of
          Compliance" have the same meanings as are given to them in the ISM Code);

    "ISPS
          Code" means the International Ship and Port Facility Security Code adopted by the International Maritime Organisation (as the same may be amended, supplemented or superseded from time to time);

    "ISSC"
        means a valid and current International Ship Security Certificate issued under the ISPS Code;

    “Latest

          Permissible Drawdown Date” means the 25th October 2018 being the latest date for drawdown of Loan pursuant to Clause 2 hereof or such later date as the Lenders may agree in writing;

    "Lender"
        means, subject to Clause 26.6:

    
      
        	

              	(a)	
                a bank or financial institution listed in Schedule 1 and acting through its branch indicated in Schedule 1 (or through another branch notified to the Borrower
                    under Clause 26.14), its successor or assign, unless it has delivered a Transfer Certificate or Certificates covering the entire amounts of its Commitment and its Contribution; and

              

      

    

    
      
        	

              	(b)	
                the holder for the time being of a valid Transfer Certificate;

              

      

    

    "LIBOR"
        means, in relation to any amount and for any period, the offered rate (if any) for deposits of United States Dollars for such amount and for the period which is:

    
      
        	

              	(a)	
                the London interbank offered rate administrated by ICE Benchmark Administration Limited (or if ICE Benchmark Administration Limited ceases to act in the role
                    of administrating and publishing LIBOR rates, the equivalent rate published by a subsequently appointed administrator of LIBOR) for United States Dollars for the relevant period displayed on the appropriate page of the Reuters screen at
                    or about 11:00 a.m. (London time) on the Quotation Date for such period (and if the agreed page is replaced or service ceases to be available, the Agent may specify another page or service displaying the appropriate rate after
                    consultation with the Borrower); or

              

      

    

    
      
        	

              	(b)	
                if on such date no such rate is displayed, the arithmetic mean of the rates (rounded upwards to the nearest 1/16th of one per cent) quoted to the Agent as the
                    rate for deposits of United States Dollars in an amount comparable to the amount in relation to which LIBOR is to be determined and for a period equivalent to the relevant period offered by

              

      

    

    
      9

      
        

    

    

    

    the Agent to prime banks in the London Interbank Market at or about 11:00 a.m. (London time) on the
        Quotation Date for such period,

    provided

          however that if the rate determined pursuant to paragraph (a) or paragraph (b) above is lower than zero (0), then LIBOR shall be zero (0);"Loan"
        means the principal amount for the time being outstanding under this Agreement;

    "Major

          Casualty" means any casualty to the Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds US$500,000 or the equivalent in any other
        currency;

    "Majority

          Lenders" means:

    
      
        	

              	(a)	
                before the Loan has been made, Lenders whose Commitments are equal to or greater than 66 2⁄3 per cent. of the Total Commitments; and

              

      

    

    
      
        	

              	(b)	
                after the Loan has been made, Lenders whose Contributions are equal to or greater than 66 2⁄3 per cent. of the Loan;

              

      

    

    "Mandatory

          Costs" shall have the meaning given to it in Clause 21.8;

    "Margin"
        means three point twenty five per cent (3.25%) per annum;

    “Market

          Value" means the market value of the Ship determined prior to the Drawdown Date of the Loan and at least once a year thereafter by one separate, independent and reputable first class sale and purchase broker, appointed by and reporting to
        the Agent certifying the market value of the Ship on the basis of the value of the Ship charter free at the expense of the Borrower in accordance with Clause 15.4 and 15.9 hereof; 

    "Material

          Adverse Effect" means, in the reasonable opinion of the Majority Lenders, a material adverse effect on the Borrower's ability to meet its obligations under any of the Finance Documents;

    "Material

          Adverse Change" means any event or series of events which, in the reasonable opinion of the Majority Lenders, has or will have a Material Adverse Effect;

    “Minimum

          Liquidity” means, at any time, free and unencumbered minimum liquidity balances of at least Five Hundred Thousand Dollars (US$500,000) which is to be held during the Security Period in an account opened or to be opened with the Lenders or
        the Agent or the Account Bank in the name of the Borrower or the Guarantor to be assessed on an annual average basis;

    "Mortgage"
        means the first priority ship mortgage on the Ship to be executed by the Borrower in favour of the Security Trustee under the Approved Flag (and deed of covenant collateral thereto if applicable), in such form as the Security Trustee may approve or
        require, as the same may from time to time be amended and/or supplemented;

    "Negotiation

          Period" has the meaning given in Clause 5.8;

    
      10

      
        

    

    

    

    “Net
          Worth” means the value of the total assets of the Guarantor minus total liabilities, as expressed in its financial statements;

    "Notifying

          Lender" has the meaning given in Clause 23.1 or Clause 24.1 as the context requires;

    "Participating

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

    "Party"
        means a party to this Agreement or a Finance Document;

    "PATRIOT

          Act" means the United States Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Improvement and Reauthorization Act of 2005 (H.R. 3199);

    "Payment

          Currency" has the meaning given in Clause 21.5;

    "Permitted

          Security Interests" means:

    
      
        	

              	(a)	
                Security Interests created by the Finance Documents;

              

      

    

    
      
        	

              	(b)	
                liens for unpaid crew's wages in accordance with usual maritime practice;

              

      

    

    
      
        	

              	(c)	
                liens for salvage;

              

      

    

    
      
        	

              	(d)	
                liens arising by operation of law for not more than 2 months' prepaid hire under any charter in relation to the Ship not prohibited by this Agreement;

              

      

    

    
      
        	

              	(e)	
                liens for master's disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course
                    of the operation, repair or maintenance of the Ship, provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the owner of the Ship in good faith by appropriate steps) and
                    subject, in the case of liens for repair or maintenance, to Clause 14.12(h);

              

      

    

    
      
        	

              	(f)	
                any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom such action is brought as security for
                    costs and expenses where the Borrower is prosecuting or defending such action in good faith by appropriate steps; and

              

      

    

    
      
        	

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

              

      

    

    "Pertinent

          Jurisdiction", in relation to a company, means:

    
      
        	

              	(a)	
                England and Wales;

              

      

    

    
      
        	

              	(b)	
                the country under the laws of which the company is incorporated or formed;

              

      

    

    
      11

      
        

    

    

    

    
      
        	

              	(c)	
                a country in which the company's central management and control is or has recently been exercised;

              

      

    

    
      
        	

              	(d)	
                a country in which the overall net income of the company is subject to corporation tax, income tax or any similar tax;

              

      

    

    
      
        	

              	(e)	
                a country in which assets of the company (other than securities issued by, or loans to, related companies) having a substantial value are situated, in which
                    the company maintains a permanent place of business, or in which a Security Interest created by the company must or should be registered in order to ensure its validity or priority; and

              

      

    

    
      
        	

              	(f)	
                a country the courts of which have jurisdiction to make a winding up, administration or similar order in relation to the company or which would have such
                    jurisdiction if their assistance were requested by the courts of a country referred to in paragraphs (b) or (c) above;

              

      

    

    "Potential

          Event of Default" means an event or circumstance which, with the giving of any notice, the lapse of time and/or the satisfaction of any other condition, would constitute an Event of Default;

    "Prohibited

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

    "Quotation

          Date" means, in relation to any Interest Period (or any other period for which an interest rate is to be determined under any provision of a Finance Document), the day on which quotations would ordinarily be given by leading banks in the
        London Interbank Market for deposits in the currency in relation to which such rate is to be determined for delivery on the first day of that Interest Period or other period;

    "Repayment

          Date" means a date on which a repayment is required to be made under Clause 8;

    "Requisition

          Compensation" includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of "Total Loss";

    "Resolution

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

    "Retention

          Account" means an interest bearing account in the name of the Borrower with the Account Bank and/or the Security Trustee and/or any other Creditor Party, or any other account (with that or another office of the Account Bank and/or the
        Security Trustee and/or any other Creditor Party) which is designated by the Agent as the Retention Account following consultation with the Borrower and the Guarantor for the purposes of this Agreement;

    "Restricted

          Party" means a person:

    
      
        	

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

              

      

    

    
      
        	

              	(b)	
                is located, organised or resident in a Sanctioned Country; or

              

      

    

    
      12

      
        

    

    

    

    
      
        	

              	(c)	
                otherwise a target of Sanctions (being a person with whom a US person or other national of a Sanctions Authority would be prohibited or restricted by law from
                    engaging in trade, business or other activities or against whom Sanctions are otherwise directed);

              

      

    

    “Sanctioned

          Country” means a country or territory that is, or whose government is, the subject of Sanctions broadly prohibiting dealings with such government, country or territory (including, without limitation, currently, Cuba, Iran, Burma, North
        Korea and Syria).

    "Sanctions"
        means any economic sanctions laws, regulations, embargoes or restrictive measures applicable to any Security Party that are administered, enacted or enforced by:

    
      
        	

              	(a)	
                the United States government;

              

      

    

    
      
        	

              	(b)	
                the United Nations;

              

      

    

    
      
        	

              	(c)	
                the European Union or any of its Member States, including without limitation, the United Kingdom;

              

      

    

    
      
        	

              	(d)	
                any country to which the Borrower, or any other member of the Group is bound; or

              

      

    

    
      
        	

              	(e)	
                the respective governmental institutions and agencies of any of the foregoing, including without limitation, the Office of Foreign Assets Control of the US
                    Department of Treasury (OFAC), the United States Department of State and Her Majesty's Treasury (HMT) (together Sanctions Authorities);

              

      

    

    "Sanctions

          List" means the "Specially Designated Nationals and Blocked Persons" list issued by OFAC, the "Consolidated List of Financial Sanctions Targets and Investment Ban List" issued by HMT, or any similar list issued or maintained or made public
        by any of the Sanctions Authorities as applicable to any Security Party;

    "Secured

          Liabilities" means all liabilities which the Borrower, the Security Parties or any of them have, at the date of this Agreement or at any later time or times, under or by virtue of the Finance Documents and in the case of the Approved
        Manager under or by virtue of the Approved Manager's Undertaking-Assignment or any judgment relating to such Finance Documents; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of
        their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country;

    "Security

          Interest" means:

    
      
        	

              	(a)	
                a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other security interest of any kind;

              

      

    

    
      
        	

              	(b)	
                the rights of the plaintiff under an action in rem in
                    which the vessel concerned has been arrested or a writ has been issued or similar step taken; and

              

      

    

    
      
        	

              	(c)	
                any arrangement entered into by a person (A) the effect of which is to place another person (B) in a position which is similar, in economic terms, to the
                    position in which B would have been had he held a

              

      

    

    
      13

      
        

    

    

    

    security interest over an asset of A; but (c) does not apply to a right of set off or combination of
        accounts conferred by the standard terms of business of a bank or financial institution;

    "Security

          Party" means the Borrower, the Guarantor, the Approved Manager, and any other person (except a Creditor Party) 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 paragraph (j) of the definition of "Finance Documents";

    "Security

          Period" means the period commencing on the date of this Agreement and ending on such date as all obligations whatsoever of all of the Security Parties under or pursuant to the Finance Documents whensoever arising have been irrevocably
        paid, performed and/or complied with;

    "Security

          Trustee" means EUROBANK ERGASIAS S.A., having its registered office at 8, Othonos Street, Athens, Greece and acting through its office at 83, Akti Miaouli, 185 38 Piraeus, Greece or any successor of it appointed under clause 5 of the
        Agency and Trust Deed;

    "Ship"
        means  the m.v. "ALEXANDROS", built in 2017, being of 35.812 tons gross and 21.224 net tons, currently registered under the flag of the Republic of Liberia with IMO No 9723045 and Official Number 17150 in the name of the Borrower;

    "Total

          Loss" means:

    
      
        	

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

              

      

    

    
      
        	

              	(b)	
                any expropriation, confiscation, requisition or acquisition of the Ship, whether for full consideration, a consideration less than her proper value, a nominal
                    consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority, excluding a requisition for hire unless
                    she is within 40 days redelivered to the full control of the Ship's owner;

              

      

    

    
      
        	

              	(c)	
                any arrest, capture, seizure or detention of the Ship (including any hijacking or theft) unless she is within 40 days redelivered to the full control of the
                    Ship's owner;

              

      

    

    "Total

          Loss Date" means:

    
      
        	

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

              

      

    

    
      
        	

              	(b)	
                in the case of a constructive, compromised, agreed or arranged total loss of the Ship, 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 Ship, with the Ship's insurers in

              

      

    

    
      14

      
        

    

    

    

    which the insurers agree to treat the Ship as a total loss; and

    
      
        	

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

              

      

    

    "Transfer

          Certificate" has the meaning given in Clause 26.2;

    "Trust

          Property" has the meaning given in clause 3.1 of the Agency and Trust Deed; and

    "US
          Tax Obligor" means:

    
      
        	

              	(a)	
                a Party which is resident for tax purposes in the United States of America; or

              

      

    

    
      
        	

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

              

      

    

    “Write-down

          and Conversion Powers” means, 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.

    
      
        	1.3	
                Construction of certain terms.  In this Agreement:

              

      

    

    "approved" 

        means, for the purposes of Clause 13, approved in writing by the Agent;

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

    "company"
        includes any partnership, joint venture and unincorporated association;

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

    "contingent

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

    "document"
        includes a deed; also a letter, fax or telex;

    "excess

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

    "expense"
        means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any value added or other tax applicable thereon;

    "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;

    
      15

      
        

    

    

    

    "legal

          or administrative action" means any legal proceeding or arbitration and any administrative or regulatory action or investigation;

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

    "months" 

        shall be construed in accordance with Clause 1.4;

    "obligatory

          insurances"  means all insurances effected, or which the Borrower is obliged to effect, under Clause 13 below or any other provision of this Agreement or another Finance Document;

    "parent

          company"  has the meaning given in Clause 1.5;

    "person" 

        includes any company; any state, political sub-division of a state and local or municipal authority; and any international organisation;

    "policy",

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

    "protection

          and indemnity risks"  means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision
        which are not recoverable under the hull and machinery policies by reason of the incorporation therein of clause 1 of the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended
        Running Down Clause (1/10/71) or any equivalent provision in the Norwegian Marine Insurance Plan;

    "regulation"
        includes any regulation, rule, official directive, request or guideline (either having the force of law or compliance with which is reasonable in the ordinary course of business of the party concerned) of any governmental, intergovernmental or
        supranational body, agency, department or regulatory, self‐regulatory or other authority or organisation;

    "subsidiary" 

        has the meaning given in Clause 1.5;

    "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

    "war
          risks"  includes the risk of mines and all risks excluded by clause 23 of the Institute Time Clauses (Hulls) (1/10/83) or clause 24 of the Institute Time Clauses (Hulls) (1/11/1995).

    
      16

      
        

    

    

    

    
      
        	1.4	
                Meaning of “month”.  A period of one or more "months" ends on the day in the
                    relevant calendar month numerically corresponding to the day of the calendar month on which the period started ("the numerically
                      corresponding day"), but:

              

      

    

    
      
        	(a)	
                on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business
                    Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or

              

      

    

    
      
        	(b)	
                on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of
                    the period has no numerically corresponding day;

              

      

    

    and "month"
        and "monthly" shall be construed accordingly.

    
      
        	1.5	
                Meaning of “subsidiary”. A company (S) is a subsidiary of another company (P) if:

              

      

    

    
      
        	(a)	
                a majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly
                    owned by P or are indirectly attributable to P; or

              

      

    

    
      
        	(b)	
                P has direct or indirect control over a majority of the voting rights attached to the issued shares of S; or

              

      

    

    
      
        	(c)	
                P has the direct or indirect power to appoint or remove a majority of the directors of S; or

              

      

    

    
      
        	(d)	
                P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance with the wishes of P;

              

      

    

    and any company of which S is a subsidiary is a parent company of S.

    
      
        	1.6	
                General Interpretation.

              

      

    

    
      
        	(a)	
                In this Agreement:

              

      

    

    
      
        	

              	(i)	
                references to, or to a provision of, a Finance Document or any other document are references to it as amended or supplemented, whether before the date of this
                    Agreement or otherwise;

              

      

    

    
      
        	

              	(ii)	
                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; and

              

      

    

    
      
        	

              	(iii)	
                words denoting the singular number shall include the plural and vice versa.

              

      

    

    
      
        	(b)	
                Clauses 1.1 to 1.4 and paragraph (a) of this Clause 1.5 apply unless the contrary intention appears.

              

      

    

    
      
        	(c)	
                References in Clause 1.1 to a document being in the form of a particular Appendix include references to that form with any modifications to that form

              

      

    

    
      17

      
        

    

    

    

    which the Agent (with the authorisation of the Majority Lenders in the case of substantial
        modifications) approves or reasonably requires.

    
      
        	(d)	
                The clause headings shall not affect the interpretation of this Agreement.

              

      

    

    
      
        	1.7	
                Event of Default.  A Potential Event of Default and/or
                    an Event of Default) are "continuing" if either of them has not been remedied or waived.

              

      

    

    
      
        	2.	
                FACILITY

              

      

    

    
      
        	2.1	
                Amount of facility.  Subject to the satisfaction of all
                    conditions precedent and in reliance on the representations and warranties made in or in accordance with them and furthermore subject to Capital Control Approval and the other provisions of this Agreement, the Lenders shall make
                    available to the Borrower in one advance the principal amount of up to US$ 15,000,000.

              

      

    

    
      
        	2.2	
                Lenders' participations in Loan.  Subject to the other
                    provisions of this Agreement, each Lender shall participate in the Loan in the proportion which, as at the Drawdown Date, its Commitment bears to the Total Commitments.

              

      

    

    
      
        	2.3	
                Purpose of Loan.  The Borrower undertakes with each
                    Creditor Party to use the Loan only for the purpose stated in the preamble to this Agreement.

              

      

    

    
      
        	3.	
                POSITION OF THE LENDERS

              

      

    

    
      
        	3.1	
                Interests of Lenders several.  The rights of the
                    Lenders under this Agreement (but without prejudice to the provisions of this Agreement relating to or requiring action by the Majority Lenders) are several; accordingly each Lender shall have the right to protect and enforce its rights
                    arising out of this Agreement and it shall not be necessary for any other Lender and/or any other Creditor Party to be joined as an additional party in any proceedings for this purpose.

              

      

    

    
      
        	3.2	
                Independent action by a Lender.  None of the Lenders
                    shall enforce, exercise any rights, remedies or powers or grant any consents or releases under or pursuant to, or otherwise have a direct recourse to the security and/or guarantees constituted by any of the Finance Documents without the
                    prior written consent of the Majority Lenders but, provided such consent has been obtained, it shall not be necessary for any other Lender to be joined as an additional party in any proceedings for this purpose.

              

      

    

    
      
        	3.3	
                Obligations of Lenders several.  The obligations of the
                    Lenders under this Agreement are several; and a failure of a Lender to perform its obligations under this Agreement to which it is a party shall not result in:

              

      

    

    
      
        	(a)	
                the obligations of the other Lenders being increased; nor

              

      

    

    
      
        	(b)	
                the Borrower, any Security Party, any other Lender being discharged (in whole or in part) from its obligations under any Finance Document,

              

      

    

    and in no circumstances shall a Lender have any responsibility for a failure of another Lender to
        perform its obligations under this Agreement.

    
      18

      
        

    

    

    

    

    

    
      
        	3.4	
                Parties bound by certain actions of Majority Lenders. 
                    Every Lender and any other Creditor Party, the Borrower and each Security Party shall be bound by:

              

      

    

    
      
        	(a)	
                any determination made, or action taken, by the Majority Lenders under any provision of a Finance Document;

              

      

    

    
      
        	(b)	
                any instruction or authorisation given by the Majority Lenders to the Agent or the Security Trustee under or in connection with any Finance Document;

              

      

    

    any action taken (or in good faith purportedly taken) by the Agent or the Security Trustee in
        accordance with such an instruction or authorisation.

    
      
        	3.5	
                Reliance on action of Agent.  The Borrower and each
                    Security Party shall be entitled to assume that the Majority Lenders have duly given any instruction or authorisation which, under any provision of a Finance Document, is required in relation to any action which the Agent has taken or
                    is about to take.

              

      

    

    
      
        	3.6	
                Construction.  In Clauses 3.4 and 3.5 references to
                    action taken include (without limitation) the granting of any waiver or consent, an approval of any document and an agreement to any matter.

              

      

    

    
      
        	4.	
                DRAWDOWN

              

      

    

    
      
        	4.1	
                Request for Loan.  Subject to the following conditions,
                    the Borrower may request the Loan to be advanced by ensuring that the Agent receives the Drawdown Notice not later than 10.00 a.m. (London time) 3 Business Days prior to the intended Drawdown Date.

              

      

    

    
      
        	4.2	
                Availability.  The conditions referred to in Clause 4.1
                    are that:

              

      

    

    
      
        	(a)	
                the Drawdown Date has to be a Business Day up to and including the Latest Permissible Drawdown Date;

              

      

    

    
      
        	(b)	
                the amount of the Loan shall not exceed the lesser of (i) US$15,000,000 and (ii) 60% of the market value of the Ship as at the Drawdown Date;  and

              

      

    

    
      
        	(c)	
                the Borrower has complied with the provisions of Clause 9.1 with respect to the Loan.

              

      

    

    
      
        	4.3	
                Notification to Lenders of receipt of the Drawdown Notice. 
                    The Agent shall promptly notify the Lenders that it has received the Drawdown Notice and shall inform each Lender of:

              

      

    

    
      
        	(a)	
                the amount of the Loan and the Drawdown Date;

              

      

    

    
      
        	(b)	
                the amount of that Lender's participation in the Loan; and

              

      

    

    
      
        	(c)	
                the duration of the first Interest Period.

              

      

    

    
      
        	4.4	
                Drawdown Notice irrevocable.  The Drawdown Notice must
                    be signed by a director or other authorised person of the Borrower; and once served, the Drawdown Notice cannot be revoked without the prior consent of the Agent, acting on the authority of the Majority Lenders.

              

      

    

    
      19

      
        

    

    

    

    

    

    
      
        	4.5	
                Lenders to make available Contributions.  Subject to
                    the provisions of this Agreement, each Lender shall, on and with value on the Drawdown Date, make available to the Agent for the account of the Borrower the amount due from that Lender on the Drawdown Date under Clause 2.2.

              

      

    

    
      
        	4.6	
                Disbursement of Loan.  Subject to the provisions of
                    this Agreement, the Agent shall on the Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrower shall be made:

              

      

    

    
      
        	(a)	
                to the account which the Borrower specify in the Drawdown Notice; and

              

      

    

    
      
        	(b)	
                in the same funds as the Agent received the payments from the Lenders.

              

      

    

    
      
        	4.7	
                Disbursement of Loan to third party.   The relevant
                    payment by the Agent under Clause 4.6 shall constitute the advancement of the Loan and the Borrower shall thereupon become indebted, as principal and direct obligors, to each Lender in an amount equal to that Lender's Contribution.

              

      

    

    
      
        	5.	
                INTEREST

              

      

    

    
      
        	5.1	
                Payment of normal interest.  Subject to the provisions
                    of this Agreement, interest on the Loan in respect of each Interest Period shall be paid by the Borrower on the last day of that Interest Period.

              

      

    

    
      
        	5.2	
                Normal rate of interest.  Subject to the provisions of
                    this Agreement, the rate of interest on the Loan in respect of an Interest Period shall be the aggregate of the Margin and LIBOR for that Interest Period.

              

      

    

    
      
        	5.3	
                Payment of accrued interest.  In the case of an
                    Interest Period longer than 3 months, accrued interest shall be paid every 3 months during that Interest Period and on the last day of that Interest Period.

              

      

    

    
      
        	5.4	
                Notification of Interest Periods and rates of normal interest.  The Agent shall notify the Borrower and each Lender of:

              

      

    

    
      
        	(a)	
                each rate of interest; and

              

      

    

    
      
        	(b)	
                the duration of each Interest Period;

              

      

    

    as soon as reasonably practicable after each is determined.

    
      
        	5.5	
                Market disruption.  The following provisions of this
                    Clause 5 apply if:

              

      

    

    
      
        	(a)	
                at least one Business Day before the start of an Interest Period, Lenders having Contributions together amounting to more than 40 per cent. of the Loan (or,
                    if the Loan has not been advanced, Commitments amounting to more than 40 per cent. of the Total Commitments) notify the Agent that LIBOR fixed by the Agent would not accurately reflect the cost to those Lenders of funding their
                    respective Contributions (or any part of them) during the Interest Period in the London Interbank Dollar Market at or about 11.00 a.m. (London time) on the second Business Day before the commencement of the Interest Period (provided
                    always that any such notifications by any such Lenders shall be duly substantiated); or

              

      

    

    
      20

      
        

    

    

    

    

    

    
      
        	(b)	
                at least one Business Day before the start of an Interest Period, the Agent is notified by a Lender (the "Affected Lender") that for any reason it is unable to obtain Dollars in the London Interbank Market in order to fund its Contribution (or any part of it) during the Interest Period.

              

      

    

    
      
        	5.6	
                Notification of market disruption. The Agent shall
                    promptly notify the Borrower and each of the Lenders stating the circumstances falling within Clause 5.5 which have caused its notice to be given.

              

      

    

    
      
        	5.7	
                Suspension of drawdown.  If the Agent's notice under
                    Clause 5.6 is served before the Loan is advanced:

              

      

    

    
      
        	(a)	
                in a case falling within paragraph (a) of Clause 5.5, the Lenders' obligations to advance the Loan;

              

      

    

    
      
        	(b)	
                in a case falling within paragraph (b) of Clause 5.5, the Affected Lender's obligation to participate in the Loan;

              

      

    

    shall be suspended while the circumstances referred to in the Agent's notice continue.

    
      
        	5.8	
                Negotiation of alternative rate of interest.  If the
                    Agent's notice under Clause 5.6 is served after the Loan is advanced, the Borrower, the Agent and the Lenders or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within the 30 Business Days after the
                    date on which the Agent serves its notice under Clause 5.6 (the "Negotiation Period"), an alternative interest rate or (as the case
                    may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution during the Interest Period concerned.

              

      

    

    
      
        	5.9	
                Application of agreed alternative rate of interest. 
                    Any alternative interest rate or an alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the terms agreed.

              

      

    

    
      
        	5.10	
                Alternative rate of interest in absence of agreement. 
                    If an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant  circumstances are continuing at the end of the Negotiation Period, then the Agent shall, with the agreement of each
                    Lender or (as the case may be) the Affected Lender, set an interest period and interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender in Dollars or in any available currency of their or
                    its Contribution plus the Margin; and the procedure provided for by this Clause 5.10 shall be repeated if the relevant circumstances are continuing at the end of the interest period so set by the Agent.

              

      

    

    
      
        	5.11	
                Notice of prepayment.  If the Borrower does not agree
                    with an interest rate set by the Agent under Clause 5.10, the Borrower may give the Agent not less than 15 Business Days' notice of its intention to prepay the Loan at the end of the interest period set by the Agent.

              

      

    

    
      
        	5.12	
                Prepayment; termination of Commitments.  A notice under Clause 5.11 shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Affected Lender of
                    the Borrower's notice of intended prepayment; and:

              

      

    

    
      21

      
        

    

    

    

    

    

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

              

      

    

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

              

      

    

    
      
        	5.13	
                Application of prepayment.  The provisions of Clause 8
                    shall apply in relation to the prepayment.

              

      

    

    
      
        	6.	
                INTEREST PERIODS

              

      

    

    
      
        	6.1	
                Commencement of Interest Periods. The initial Interest
                    Period shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding Interest Period;

              

      

    

    
      
        	6.2	
                Duration of normal Interest Periods.  Subject to
                    Clauses 6.3 and 6.4, each Interest Period shall be:

              

      

    

    
      
        	(a)	
                3 or 6 months as notified by the Borrower to the Agent not later than 11.00 am (London time) 3 Business Days before the commencement of the initial Interest
                    Period; or

              

      

    

    
      
        	(b)	
                3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or

              

      

    

    
      
        	(c)	
                such other period as the Agent may, with the Majority Lenders' authority, agree with the Borrower.

              

      

    

    
      
        	6.3	
                Duration of Interest Periods for repayment instalments. In

                    respect of an amount due to be repaid under Clause 8 on a particular Repayment Date, an Interest Period shall end on that Repayment Date. No Interest Period shall extend beyond the final Repayment Date.

              

      

    

    
      
        	6.4	
                Non-availability of matching deposits for Interest Period
                      selected.  If, after the Borrower has selected and the Lenders have agreed to an Interest Period, any Lender notifies the Agent by 10:00 a.m. (London time) on the second Business Day before the commencement of the Interest
                    Period that it is not satisfied that deposits in Dollars for a period equal to the Interest Period will be available to it in the London Interbank Market when the Interest Period commences, then that Interest Period shall have such
                    duration as the Agent after having consulted with the Borrower may determine.

              

      

    

    
      
        	7.	
                DEFAULT INTEREST

              

      

    

    
      
        	7.1	
                Payment of default interest on overdue amounts.  The
                    Borrower shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by the Borrower under any Finance Document which the Agent, the Security Trustee or any other Creditor Party does not receive
                    on or before the relevant due date for payment thereunder, that is:

              

      

    

    
      
        	(a)	
                the date on which such Finance Documents provide that such amount is due for payment; or

              

      

    

    
      22

      
        

    

    

    

    

    

    
      
        	(b)	
                if a Finance Document provides that such amount is payable on demand, three (3) days following the date on which the demand is served; or

              

      

    

    
      
        	(c)	
                if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable.

              

      

    

    
      
        	7.2	
                Default rate of interest and its calculation.  Interest
                    shall accrue on an overdue amount from (and including) the relevant date until the date of actual payment (as well after as before judgment) at the rate per annum determined by the Agent to be two point fifty per cent (2.50%) per annum
                    above the Margin plus, in respect of successive periods of any duration (including at call) up to 3 months which the Agent may select from time to time:

              

      

    

    
      
        	

              	(i)	
                LIBOR; or

              

      

    

    
      
        	

              	(ii)	
                if the Agent determines that Dollar deposits for any such period are not being made available to a Lender or (as the case may be) Lenders by leading banks in
                    the London Interbank Market in the ordinary course of business, a rate from time to time determined by the Agent by reference to the cost of funds to the Agent from such other sources as the Agent may from time to time determine.

              

      

    

    
      
        	7.3	
                Notification of interest periods and default rates. 
                    The Agent shall promptly notify the Lenders and the Borrower of each interest rate determined by the Agent under Clause 7.2 and of each period selected by the Agent for the purposes of that Clause; 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 Agent's notification.

              

      

    

    
      
        	7.4	
                Payment of accrued default interest.  Subject to the
                    other provisions of this Agreement, any interest due under this Clause shall be paid on the last day of the period by reference to which it was determined; and the payment shall be made to the Agent for the account of the Creditor Party
                    to which the overdue amount is due.

              

      

    

    
      
        	7.5	
                Compounding of default interest.  Any such interest
                    which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded.

              

      

    

    
      
        	8.	
                REPAYMENT AND PREPAYMENT

              

      

    

    
      
        	8.1	
                Amount of repayment instalments.  The Borrower shall
                    repay the Loan by twenty eight (28) consecutive equal quarterly instalments, each of which shall be in the amount of two hundred and thirty five thousand Dollars (US$235,000) followed by a balloon payment of eight million four hundred
                    twenty thousand Dollars (US$8,420,000).

              

      

    

    
      
        	8.2	
                Repayment Dates.  The first instalment shall be repaid
                    on the date falling three (3) months after the Drawdown Date and in any case not later than 25 January 2019, each subsequent instalment shall be repaid at three monthly intervals thereafter and the balloon payment shall be repaid
                    concurrently with the twenty eighth and final repayment instalment, which shall be repaid on the final Repayment Date being the date falling on the earlier of (i) the seventh annual anniversary of the Drawdown Date and (ii) the Final
                    Maturity Date.

              

      

    

    
      23

      
        

    

    

    

    Provided always that if the amount of the Loan drawn down hereunder is less than US$15,000,000 then
        the amount of the repayment instalments and of the balloon payment shall be reduced in inverse order of maturity starting from the balloon payment.

    
      
        	8.3	
                Final Repayment Date.  On the final Repayment Date, the
                    Borrower shall additionally pay to the Lenders all other sums then accrued or owing under any Finance Document.

              

      

    

    
      
        	8.4	
                Voluntary prepayment.  Subject to the following
                    conditions, the Borrower may prepay the whole or part of the Loan on the last day of an Interest Period.

              

      

    

    
      
        	8.5	
                Conditions for voluntary prepayment.  The conditions
                    referred to in Clause 8.4 are that:

              

      

    

    
      
        	(a)	
                a partial prepayment shall be in the minimum amount of United States Dollars One Hundred Thousand (US$100,000) or a multiple thereof;

              

      

    

    
      
        	(b)	
                the Agent has received from the Borrower at least ten (10) Business Days prior written confirmative and irrevocable notice specifying the amount to be prepaid
                    and the date on which the prepayment is to be made (such date shall be the last day of an Interest Period); and

              

      

    

    
      
        	(c)	
                the Borrower has provided evidence satisfactory to the Agent 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 requirement relevant to this Agreement which affects the Borrower or any Security Party has been complied with.

              

      

    

    
      
        	8.6	
                Effect of notice of prepayment.  A prepayment notice
                    may not be withdrawn or amended without the consent of the Agent, given with the authority of the Majority Lenders, and the amount specified in the prepayment notice shall become due and payable by the Borrower on the date for
                    prepayment specified in the prepayment notice.

              

      

    

    
      
        	8.7	
                Notification of notice of prepayment.  The Agent shall
                    notify the Lenders promptly upon receiving a prepayment notice, and shall provide any Lender which so requests with a copy of any document delivered by the Borrower under Clause 8.5(c).

              

      

    

    
      
        	8.8	
                Mandatory prepayment.  The Borrower shall, within one
                    hundred eighty (180) days of the Ship becoming a Total Loss or such other later day as may be agreed in writing by the Lender, or upon the Ship being sold, with the prior written consent of the Lender, fully prepay the Loan together
                    with accrued interest to the date of prepayment and all other sums payable by the Borrower to the Lender pursuant to this Agreement and the other Finance Documents (and if the Commitment or any portion thereof has not been drawn yet, it
                    shall be reduced to zero).

              

      

    

    
      
        	8.9	
                Amounts payable on prepayment.  A prepayment shall be
                    made together with accrued interest (and any other amount payable under Clause 21 below or otherwise) in respect of the Loan and, if the prepayment is not made on the last day of an Interest Period, together with any sums payable under
                    Clause 21.2 but without premium or penalty).

              

      

    

    
      24

      
        

    

    

    

    

    

    
      
        	8.10	
                Application of partial prepayment.  Each partial
                    prepayment shall be applied against the repayment instalments specified in Clause 8.1 (including the balloon payment) in inverse order of maturity starting from the balloon payment.

              

      

    

    
      
        	8.11	
                No reborrowing.  No amount prepaid or repaid may be
                    re-borrowed.

              

      

    

    
      
        	9.	
                CONDITIONS PRECEDENT

              

      

    

    
      
        	9.1	
                Documents, fees and no default.  Each Lender's
                    obligation to contribute to the Loan is subject to the following conditions precedent:

              

      

    

    
      
        	(a)	
                that, on or before the date of signing of this Agreement, the Agent receives the documents described in Part A of Schedule 3 in form and substance
                    satisfactory to the Agent and its lawyers;

              

      

    

    
      
        	(b)	
                that, on or before the date of drawdown of the Loan, the Lender receives the documents described in Part B in Schedule 3 in form and substance satisfactory to
                    the Agent and its lawyers;

              

      

    

    
      
        	(c)	
                that, on or before the service of the Drawdown Notice, the Agent receives the relevant fees payable pursuant to Clause 20.1 and has received payment of the
                    expenses referred to in Clause 20.2;

              

      

    

    
      
        	(d)	
                that at the date of the Drawdown Notice, at the Drawdown Date on the first day of each Interest Period and on the date of each Compliance Certificate:

              

      

    

    
      
        	

              	(i)	
                no Event of Default or Potential Event of Default has occurred and is continuing or would result from the borrowing of the Loan;

              

      

    

    
      
        	

              	(ii)	
                the representations and warranties in Clause 10 and those of the Borrower or any Security Party which are set out in the other Finance Documents would be true
                    and not misleading in any material respect if repeated on each of those dates with reference to the circumstances then existing;

              

      

    

    
      
        	

              	(iii)	
                none of the circumstances contemplated by Clause 5.5 has occurred and is continuing;

              

      

    

    
      
        	

              	(iv)	
                there has not been a Material Adverse Change in the financial positon or state of affairs of the Borrower and/or the Group from that disclosed to the Agent
                    prior to the date of this Agreement;

              

      

    

    
      
        	(e)	
                that, if the ratio set out in Clause 15.1 were applied immediately following the advancement of the Loan, the Borrower would not be obliged to provide
                    additional security or prepay part of the Loan under that Clause; and

              

      

    

    
      
        	(f)	
                that the Agent has received, and found to be acceptable to it, any further opinions, consents, agreements and documents in connection with the Finance
                    Documents which the Agent (acting reasonably) may, with the authorisation of the Majority Lenders, request by notice to the Borrower prior to the Drawdown Date.

              

      

    

    
      
        	9.2	
                Waiver of conditions precedent.  If the Majority
                    Lenders, at their discretion, permit the Loan to be advanced before certain of the conditions referred to in

              

      

    

    
      25

      
        

    

    

    

    Clause 9.1 are satisfied, the Borrower shall ensure that those conditions are satisfied within 5
        Business Days after the Drawdown Date (or such longer period as the Agent may, with the authority of the Majority Lenders, specify).

    
      
        	10.	
                REPRESENTATIONS AND WARRANTIES

              

      

    

    
      
        	10.1	
                General.  The Borrower represents and warrants to each
                    Creditor Party as follows:

              

      

    

    
      
        	10.2	
                Status.  The Borrower is duly incorporated and validly
                    existing and in good standing under the laws of its country of incorporation; neither the Borrower nor any Security Party is a FATCA FFI or a US Tax Obligor.

              

      

    

    
      
        	10.3	
                Share capital and ownership.  The Borrower is
                    incorporated in Liberia and has an authorised share capital divided into 500 registered shares; the legal title and ownership of all those shares is held, free of any Security Interest or other claim, by the Guarantor.

              

      

    

    
      
        	10.4	
                Corporate power.  The Borrower has the corporate
                    capacity, and has taken all corporate action and obtained all consents necessary for it:

              

      

    

    
      
        	(a)	
                to execute the Finance Documents to which it is a party; and

              

      

    

    
      
        	(b)	
                to borrow under this Agreement and to make all the payments contemplated by, and to comply with, the Finance Documents to which the Borrower is a Party.

              

      

    

    
      
        	10.5	
                Consents in force.  All the consents referred to in
                    Clause 10.4 remain in force and nothing has occurred which makes any of them liable to revocation.

              

      

    

    
      
        	10.6	
                Legal validity; effective Security Interests.  The Finance Documents to which the Borrower is a party, do now or, as the case may be, will, upon execution and delivery (and,
                    where applicable, registration as provided for in the Finance Documents):

              

      

    

    
      
        	(a)	
                constitute that Borrower's legal, valid and binding obligations enforceable against the Borrower in accordance with their respective terms; and

              

      

    

    
      
        	(b)	
                create legal, valid and binding Security Interests enforceable in accordance with their respective terms over all the assets to which they, by their terms,
                    relate, subject to any relevant insolvency laws affecting creditors' rights generally.

              

      

    

    
      
        	10.7	
                No third party Security Interests.  Without limiting
                    the generality of Clause 10.6, at the time of the execution and delivery of each Finance Document:

              

      

    

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

              

      

    

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

              

      

    

    
      
        	10.8	
                No conflicts.  The execution by the Borrower of each
                    Finance Document to which it is a party, and the borrowing by the Borrower of the Loan, and its

              

      

    

    
      26

      
        

    

    

    

    compliance with each Finance Document to which it is a party will not involve or lead to a
        contravention of:

    
      
        	(a)	
                any law or regulation in any Pertinent Jurisdiction; or

              

      

    

    
      
        	(b)	
                the constitutional documents of the Borrower; or

              

      

    

    
      
        	(c)	
                any contractual or other obligation or restriction which is binding on the Borrower or any of its assets, and will not have a Material Adverse Effect.

              

      

    

    
      
        	10.9	
                No withholding taxes.  All payments which the Borrower
                    is liable to make under the Finance Documents to which it is a party may be made without deduction or withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction.

              

      

    

    
      
        	10.10	
                No default.  No Event of Default or Potential Event of
                    Default has occurred and is continuing.

              

      

    

    
      
        	10.11	
                Information.  All information which has been provided
                    in writing by or on behalf of the Borrower or any Security Party to any Creditor Party in connection with any Finance Document satisfied the requirements of Clause 11.6; all audited and consolidated accounts which have been so provided
                    satisfied the requirements of Clause 11.7; and there has been no Material Adverse Change in the financial position or state of affairs of the Borrower from that disclosed in the latest of those accounts which constitutes a Material
                    Adverse Effect.

              

      

    

    
      
        	10.12	
                No litigation.  No legal or administrative action
                    involving the Borrower or any Security Party (including action relating to any alleged or actual breach of the ISM Code or the ISPS Code) has been commenced or taken or, to the Borrower's knowledge, is likely to be commenced or taken
                    which, in either case and if determined adversely, would be likely to have a Material Adverse Effect.

              

      

    

    
      
        	10.13	
                Compliance with certain undertakings.  At the date of
                    this Agreement, the Borrower is in compliance with Clauses 11.2, 11.5, 11.9, 11.11 and 11.17.

              

      

    

    
      
        	10.14	
                Taxes paid.  The Borrower has paid all taxes applicable
                    to, or imposed on or in relation to it and its business.

              

      

    

    
      
        	10.15	
                ISM Code and ISPS Code compliance.  All requirements of
                    the ISM Code and the ISPS Code as they relate to the Borrower, the Approved Manager and the Ship have been complied with.

              

      

    

    
      
        	10.16	
                No Money Laundering.  Without prejudice to the
                    generality of Clause 2.3, in relation to the borrowing by the Borrower of the Loan, the performance and discharge of its obligations and liabilities under the Finance Documents, and the transactions and other arrangements effected or
                    contemplated by the Finance Documents to which the Borrower is a party, the Borrower confirms that (i) it is acting for its own account, (ii) that it will use the proceeds of the Loan for its own benefit, under its full responsibility
                    and exclusively for the purposes specified in this Agreement and (iii) that the foregoing will not involve or lead to contravention of any law, official requirements or other regulatory measure or procedure implemented to combat "money
                    laundering"

              

      

    

    
      27

      
        

    

    

    

    (as defined in Article 1 of the Directive (91/308/EEC) of the Council of the European Communities).

    
      
        	10.17	
                Patriot Act.  To the extent applicable to the
                    Borrower, the Borrower is in compliance with (i) the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V) and any other enabling
                    legislation or executive order relating thereto and (ii) the PATRIOT Act. No part of the proceeds of the Loan will be used, directly or indirectly, for any payments to any government official or employee, political party, official of a
                    political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices
                    Act of 1977, as amended.

              

      

    

    
      
        	11.	
                GENERAL UNDERTAKINGS

              

      

    

    
      
        	11.1	
                General.  The Borrower undertakes with each Creditor
                    Party to comply with the following provisions of this Clause 11 at all times during the Security Period except as the Agent may, with the authority of the Majority Lenders, otherwise permit.

              

      

    

    
      
        	11.2	
                Title; negative pledge; pari passu.  The Borrower will:

              

      

    

    
      
        	(a)	
                ensure that the Ship will maintain her present ownership, management, control and ultimate beneficial ownership and the Borrower will hold the legal title to,
                    and own the entire beneficial interest in the Ship's 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 except for Permitted
                    Security Interests. For the avoidance of doubt the Lenders consent and agree to any changes relating to the shareholders of the Guarantor's trading shares in the normal course of business and confirm that such changes do not violate the
                    terms of this Agreement;

              

      

    

    
      
        	(b)	
                not create or permit to arise any Security Interest (except for Permitted Security Interests) over any of its asset, present or future; and

              

      

    

    
      
        	(c)	
                procure that its liabilities under the Finance Documents to which it is a party to will rank at least pari passu with all its other present and future
                    unsecured liabilities, except for liabilities which are mandatorily preferred by law.

              

      

    

    
      
        	11.3	
                No disposal of assets.  The Borrower will not (without
                    the prior written consent of the Agent, acting with authority from the Majority Lenders) transfer, lease or otherwise dispose of:

              

      

    

    
      
        	(a)	
                all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not; or

              

      

    

    
      
        	(b)	
                any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation.

              

      

    

    
      
        	11.4	
                No other liabilities or obligations to be incurred. 
                    The Borrower will not incur any liability or obligation except (i) liabilities and obligations under the Finance Documents to which it is a party and (ii) liabilities or obligations incurred in the ordinary course of its business of
                    operating and chartering the Ship.

              

      

    

    
      28

      
        

    

    

    

    

    

    
      
        	11.5	
                Information provided to be accurate.  All financial and
                    other information which is provided in writing by or on behalf of the Borrower under or in connection with any Finance Document will be true and not misleading in any material respect and will not omit any material fact or
                    consideration.

              

      

    

    
      
        	11.6	
                Provision of financial statements.  The Borrower will:

              

      

    

    
      
        	(a)	
                procure that the Guarantor furnishes the Agent, with annual, audited and consolidated financial statements of the Guarantor within 180 days after the end of
                    the financial year concerned, and prepared in accordance with GAAP consistently applied, such obligation commencing from 1st January 2018 or latest from 31st May 2018 (being the date of the Guarantor's spin out);

              

      

    

    
      
        	(b)	
                send to the Agent, together with the Accounting Information referred to in paragraph (a) above, a Compliance Certificate; and

              

      

    

    
      
        	(c)	
                provide the Agent from time to time as the Agent may reasonably request and in form and substance satisfactory to the Agent with any information on the
                    financial condition, commitments, business and operations of the Borrower and any other Security Party.

              

      

    

    
      
        	11.7	
                Form of financial statements.  All financial statements
                    delivered under Clause 11.6 will:

              

      

    

    
      
        	(a)	
                give a true and fair view of the state of affairs of the Guarantor, or as the case may be, of the Borrower at the date of those accounts and of the profit for
                    the period to which those accounts relate; and

              

      

    

    
      
        	(b)	
                fully disclose or provide for all significant liabilities of the Guarantor, or as the case may be, of the Borrower for the period to which those accounts
                    relate,

              

      

    

    to the Agent's satisfaction.

    
      
        	11.8	
                Consents.  The Borrower will maintain in force and
                    promptly obtain or renew, and will promptly send certified copies to the Agent of, all consents required:

              

      

    

    
      
        	(a)	
                for the Borrower and any Security Party to perform their respective obligations under each of the Finance Documents to which each of them is a party;

              

      

    

    
      
        	(b)	
                for the validity or enforceability of any Finance Document to which the Borrower and any Security Party are party,

              

      

    

    and the Borrower will comply (and will ensure that each Security Party will comply) with the terms of
        all such consents.

    
      
        	11.9	
                Maintenance of Security Interests.  The Borrower will:

              

      

    

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

              

      

    

    
      
        	(b)	
                without limiting the generality of paragraph (a) above, at their own cost, promptly register, file, record or enrol any Finance Document with any court or
                    authority in all Pertinent Jurisdictions, pay any stamp, registration or similar tax in all Pertinent Jurisdictions in respect of any Finance Document, give

              

      

    

    
      29

      
        

    

    

    

    any notice or take any other step which, in the reasonable opinion of the Majority Lenders, is or has
        become necessary or desirable for any Finance Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates.

    
      
        	11.10	
                Notification of litigation.  The Borrower will provide
                    the Agent with details of any legal or administrative action involving the Borrower, the Approved Manager and any other Security Party or the Ship, her Earnings or her Insurances 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 as having a material adverse effect on the business, assets or financial condition of the
                    Borrower or as affecting the validity or enforceability of any Finance Document.

              

      

    

    
      
        	11.11	
                Principal place of business.  The Borrower 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.

              

      

    

    
      
        	11.12	
                Confirmation of no default.  The Borrower will, not
                    more than once per quarter and within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by at least one (1) director of the Borrower and which:

              

      

    

    
      
        	(a)	
                states that no Event of Default or Potential Event of Default has occurred; or

              

      

    

    
      
        	(b)	
                states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given.

              

      

    

    
      
        	11.13	
                Notification of default.  The Borrower will notify the
                    Agent as soon as the Borrower becomes aware of:

              

      

    

    
      
        	(a)	
                the occurrence of an Event of Default or a Potential Event of Default which is continuing; or

              

      

    

    
      
        	(b)	
                any matter which indicates that an Event of Default or a Potential Event of Default may have occurred,

              

      

    

    and will thereafter keep the Agent fully up‐to‐date with all developments.

    
      
        	11.14	
                Provision of further information.  The Borrower will
                    inform the Agent of all major financial developments in the Borrower and the Guarantor such as new loans, refinancing/restructuring of existing loans, new acquisitions and sales, contracts for term employment of the Ship and furthermore
                    will, as soon as practicable after receiving the request, provide the Agent with any additional financial or other information relating to:

              

      

    

    
      
        	(a)	
                the Borrower, the Ship, her Insurances or her Earnings; or

              

      

    

    
      
        	(b)	
                any other matter relevant to, or to any provision of, a Finance Document,

              

      

    

    which may be requested by any Creditor Party at any time.

    
      
        	11.15	
                Provision of customer information.  The Borrower will
                    produce such documents and evidence as the Lenders shall from time to time require, based on applicable laws and regulations from time to time and the Lenders'

              

      

    

    
      30

      
        

    

    

    

    own internal guidelines from time to time, relating to the Lenders' knowledge of its customers.

    
      
        	11.16	
                Ownership.  The Borrower or, as the case may be, any
                    other corporate Security Party shall ensure that, throughout the Security Period without the prior written consent of the Agent, which shall not be unreasonably withheld, there shall be no change in the Directors and Officers in the
                    Borrower and in the Chief Executive Officer(s) of the Guarantor and moreover the Borrower shall ensure that no change shall be made directly or indirectly in the ownership of the Borrower, the beneficial ownership of the Guarantor, or
                    the control of the Borrower without the prior written consent of the Agent, which shall not be unreasonably withheld. For the avoidance of doubt the Lenders consent and agree to any changes relating to the Guarantor's trading shares in
                    the normal course of business and confirm that such changes do not violate the terms of this Agreement.

              

      

    

    
      
        	11.17	
                Sanctions

              

      

    

    The Borrower undertakes (and shall procure that each Security Party and any Affiliate of any of them
        undertakes) that:

    
      
        	(a)	
                no member of the Group, no Security Party nor any of their subsidiaries, nor any of their respective directors, officers, employees (nor, to the knowledge of
                    such Security Party, any of their affiliates, agents or representatives):

              

      

    

    
      
        	

              	(i)	
                is a Restricted Party;

              

      

    

    
      
        	

              	(ii)	
                is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Restricted Party, and none of such persons owns or controls a
                    Restricted Party;

              

      

    

    
      
        	

              	(iii)	
                owns or controls a Restricted Party; or

              

      

    

    
      
        	

              	(iv)	
                has received notice of or is aware of or is subject to any claim,proceedings, formal notice or investigation with respect to Sanctions;

              

      

    

    
      
        	(b)	
                no proceeds of the Loan or any part thereof shall be made available, directly or indirectly, to any subsidiary, joint venture partner or other person to fund
                    any trade, business or other activities involving or for the benefit of a Restricted Party or in any country or territory, that, at the time of such funding, is a Sanctioned Country nor shall they be otherwise directly or indirectly,
                    applied in a manner that would result in a violation of Sanctions by any Security Party or for any purpose prohibited by Sanctions;

              

      

    

    
      
        	(c)	
                no Security Party nor any of their subsidiaries, nor any of their respective directors, officers, employees (nor, to the knowledge of such Security Party, any
                    of their affiliates, agents or representatives) has taken any action resulting in a violation by such persons of Sanctions or which constitutes or would constitute any such violation by the Borrower or any Security Party.

              

      

    

    
      
        	11.18	
                Provision of copies and translation of documents.  The
                    Borrower will supply the Agent with a sufficient number of copies of the documents referred to above to provide 1 copy for each Creditor Party.

              

      

    

    
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        	12.	
                CORPORATE UNDERTAKINGS

              

      

    

    
      
        	12.1	
                General.  The Borrower also undertakes with each
                    Creditor Party to comply with the following provisions of this Clause 12 at all times during the Security Period except as the Agent may, with the authority of the Majority Lenders, otherwise permit.

              

      

    

    
      
        	12.2	
                Maintenance of status.  The Borrower will maintain its
                    separate corporate existence and remain in good standing under the laws of its incorporation.

              

      

    

    
      
        	12.3	
                Negative undertakings.  The Borrower will not:

              

      

    

    
      
        	(a)	
                carry on any type of business other than the ownership, chartering and operation of the Ship in accordance with its constitutional documents;

              

      

    

    
      
        	(b)	
                make any form of distribution (other than payment of a dividend pursuant to Clause 12.4) or effect any form of redemption, purchase, reduction or return of
                    share capital or issue, allot or grant any person a right to any shares in its capital; or

              

      

    

    
      
        	(c)	
                without the prior written consent of the Agent (acting on the instructions of the Majority Lenders), which consent and instructions will not be unreasonably
                    be withheld, incur any debt or provide any form of credit or issue any guarantee to any person, except in the ordinary course of business; or

              

      

    

    
      
        	(d)	
                without the prior written consent of the Agent (acting on the instructions of the Majority Lenders), open or maintain any account with any bank or financial
                    institution except accounts with the Account Bank for the purposes of the Finance Documents and accounts notified to the Agent prior to the date of this Agreement; or

              

      

    

    
      
        	(e)	
                acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit issued by major North American or European banks, or
                    enter into any transaction in a derivative; or

              

      

    

    
      
        	(f)	
                enter into any form of amalgamation, merger or de-merger or any form of reconstruction or reorganisation, or change its name; or

              

      

    

    
      
        	(g)	
                purchase any further assets (other than the Ship owned by the Borrower), either directly or indirectly (through subsidiaries); or

              

      

    

    
      
        	(h)	
                without the prior written consent of the Agent (acting on the instructions of the Majority Lenders), which consent and instructions will not be unreasonably
                    be withheld, incur any other Financial Indebtedness. Any shareholder loans, inter company loans, affiliate loans and third party loans to the Borrower shall be fully subordinated to the rights of the Creditor Parties under the Loan
                    Agreement and the Finance Documents, on terms satisfactory to the Agent in its sole discretion.

              

      

    

    
      
        	12.4	
                Dividends.  The Borrower may declare or pay any
                    dividends or other distribution as long as no Event of Default has occurred which is continuing and such declaration of payment would not result to an Event of Default.

              

      

    

    
      32

      
        

    

    

    

    

    

    
      
        	12.5	
                Liquidity. The Borrower will ensure that throughout
                    the Security Period the Borrower or any other entity acceptable to the Lender maintains with the Lenders or the Agent or the Account Bank the Minimum Liquidity

              

      

    

    
      
        	12.6	
                Debt to equity ratio. The Borrower will ensure that the Guarantor's total debt net of cash will not exceed 75% of the total market value of its assets.

              

      

    

    
      
        	12.7	
                Minimum Net Worth. The Borrower will ensure that the Guarantor's minimum Net
                    Worth listed in Nasdaq will be United States Dollars fifteen million (USD15,000,000).

              

      

    

    
      
        	12.8	
                Compliance Check.  On each Compliance Date, compliance
                    with the undertakings contained in Clause 15.1 shall be determined by reference to the Accounting Information for the twelve month period in each Financial Year of the Borrower (commencing with the twelve month period commencing on 1
                    January 2018 or latest on 31st May 2018 (being the date of the Guarantor's spin out)) delivered to the Agent pursuant to the Agreement.  At the same time as it delivers that Accounting Information, the Borrower shall deliver
                    to the Agent a Compliance Certificate signed by a director of the Borrower. If, prior to the delivery of a Compliance Certificate, the Borrower becomes aware that such undertakings will not be complied with, the Borrower shall
                    immediately notify the Agent thereof.

              

      

    

    
      
        	12.9	
                Application of FATCA

              

      

    

    The Borrower shall not become (and shall procure that no Security Party shall become) a FATCA FFI or
        a US Tax Obligor, without the prior written consent of the Lenders.

    
      
        	13.	
                INSURANCE

              

      

    

    
      
        	13.1	
                General.  The Borrower undertakes with each Creditor
                    Party to comply with the following provisions of this Clause 13 at all times during the Security Period, except as the Agent may (with the authority of the Majority Lenders), otherwise permit.

              

      

    

    
      
        	13.2	
                Maintenance of obligatory insurances.  The Borrower
                    shall keep the Ship insured at the expense of the Borrower against:

              

      

    

    
      
        	(a)	
                fire and usual marine risks (including hull and machinery and excess risks);

              

      

    

    
      
        	(b)	
                war risks (including war protection and indemnity liabilities, terrorism, piracy and confiscation); and

              

      

    

    
      
        	(c)	
                protection and indemnity risks (including cover for oil pollution liability risks); and

              

      

    

    
      
        	(d)	
                loss of hire; and

              

      

    

    
      
        	(e)	
                any other risks against which the Majority Lenders consider, having regard to practices and other circumstances prevailing at the relevant time, it would in
                    the opinion of the Majority Lenders be reasonable for the Borrower to insure and which are specified by the Security Trustee by notice to the Borrower.

              

      

    

    
      33

      
        

    

    

    

    

    

    
      
        	13.3	
                Terms of obligatory insurances.  The Borrower shall
                    effect such insurances:

              

      

    

    
      
        	(a)	
                in Dollars;

              

      

    

    
      
        	(b)	
                in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) 120% of the amount of the Loan and
                    (ii) the Market Value of the Ship;

              

      

    

    
      
        	(c)	
                in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection
                    and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently US$1,000,000,000);

              

      

    

    
      
        	(d)	
                in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship;

              

      

    

    
      
        	(e)	
                on approved terms; and

              

      

    

    
      
        	(f)	
                through approved brokers and with approved insurance companies and/or underwriters and/or war risks associations, and protection and indemnity risks shall be
                    placed with a member of the International Group of P&I Clubs.

              

      

    

    
      
        	13.4	
                Further protections for the Creditor Parties.  In
                    addition to the terms set out in Clause 13.3, the Borrower shall procure that the obligatory insurances shall:

              

      

    

    
      
        	(a)	
                be in the name of the Borrower or whenever the Security Trustee so requires, name (or be amended to name) the Security Trustee as additional named assured for
                    its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Trustee, but without the Security Trustee thereby being liable to pay (but having the right to pay) premiums,
                    calls or other assessments in respect of such insurance;

              

      

    

    
      
        	(b)	
                procure that the insurers shall note the Security Trustee's interest and endorse the relevant notices of assignment and Loss Payable Clause on the relevant
                    certificates of entry or policies and shall furnish the Security Trustee with a copy of such certificates of entry or policies;

              

      

    

    
      
        	(c)	
                use their best endeavors to provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Trustee shall be made
                    without set‐off, counterclaim or deductions or condition whatsoever;

              

      

    

    
      
        	(d)	
                provide that following an Event of Default which is continuing the Security Trustee may make proof of loss if the Borrower fails to do so.

              

      

    

    
      
        	13.5	
                Renewal of obligatory insurances.  The Borrower shall:

              

      

    

    
      
        	(a)	
                at least 21 days before the expiry of any obligatory insurance:

              

      

    

    
      
        	

              	(i)	
                notify the Security Trustee of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Borrower
                    proposes to renew that insurance and of the proposed terms of renewal; and

              

      

    

    
      34

      
        

    

    

    

    

    

    
      
        	

              	(ii)	
                in case of any material change in insurance cover, obtain the Majority Lenders' approval to the matters referred to in paragraph (i) above;

              

      

    

    
      
        	(b)	
                at least 14 days before the expiry of any obligatory insurance, renew the insurance; and

              

      

    

    
      
        	(c)	
                procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall before the expiry
                    of the current insurances notify the Security Trustee in writing of the terms and conditions of the renewal.

              

      

    

    
      
        	13.6	
                Copies of policies; letters of undertaking.  The Borrower shall ensure that all approved brokers provide the Security Trustee with copies of all policies relating to the obligatory
                    insurances which they effect or renew and of a letter or letters or undertaking in a form required by the Security Trustee and including undertakings by the approved brokers that:

              

      

    

    
      
        	(a)	
                they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 13.4;

              

      

    

    
      
        	(b)	
                they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in accordance with the said loss payable clause;

              

      

    

    
      
        	(c)	
                they will advise the Security Trustee immediately of any material change to the terms of the obligatory insurances;

              

      

    

    
      
        	(d)	
                they will notify the Security Trustee, not less than 7 days before the expiry of the obligatory insurances, in the event of their not having received notice
                    of renewal instructions from the Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions; and

              

      

    

    
      
        	(e)	
                if the insurances form part of a fleet cover, they will not set off any claims on the Ship against premiums due for other vessels under the fleet cover or
                    against premiums due for other insurances; neither will they cancel the insurance cover of the Ship for reason of non-payment of such premiums; and they will arrange for a separate policy to be issued in respect of the Ship forthwith
                    upon being so requested by the Security Trustee.

              

      

    

    
      
        	13.7	
                Copies of certificates of entry.  The Borrower shall
                    ensure that, from any protection and indemnity and/or war risks associations in which the Ship is entered, the Security Trustee is provided with:

              

      

    

    
      
        	(a)	
                a certified copy of the certificate of entry for the Ship;

              

      

    

    
      
        	(b)	
                a letter or letters of undertaking in such form as may be required by the Security Trustee; and

              

      

    

    
      
        	(c)	
                a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant
                    certifying authority in relation to the Ship.

              

      

    

    
      35

      
        

    

    

    

    

    

    
      
        	13.8	
                Deposit of original policies.  The Borrower shall
                    ensure that all policies relating to obligatory insurances are deposited with the approved brokers through which the insurances are effected or renewed.

              

      

    

    
      
        	13.9	
                Payment of premiums.  The Borrower shall punctually pay
                    all premiums or other sums payable in respect of the obligatory insurances and produce all relevant receipts when so required by the Security Trustee.

              

      

    

    
      
        	13.10	
                Guarantees.  The Borrower shall ensure that any
                    guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.

              

      

    

    
      
        	13.11	
                Restrictions on employment.  The Borrower shall not
                    employ the Ship owned by it, nor permit it to be employed, outside the cover provided by any obligatory insurances.

              

      

    

    
      
        	13.12	
                Compliance with terms of insurances.  The Borrower
                    shall not do or omit to do (or permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable thereunder repayable in whole
                    or in part; and, in particular:

              

      

    

    
      
        	(a)	
                the Borrower shall take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and
                    (without limiting the obligation contained in Clause 13.7(c) above) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval;

              

      

    

    
      
        	(b)	
                the Borrower shall not make any changes relating to the classification or classification society or manager or operator of the Ship approved by the
                    underwriters of the obligatory insurances; and

              

      

    

    
      
        	(c)	
                the Borrower shall not employ the Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances,
                    without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.

              

      

    

    
      
        	13.13	
                Alteration to terms of insurances.  The Borrower shall
                    neither make or agree to any material alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance without the prior written consent of the Security Trustee (not to be unreasonably
                    withheld).

              

      

    

    
      
        	13.14	
                Settlement of claims.  The Borrower shall not settle,
                    compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty without the prior written consent of the Security Trustee (which consent will not be unreasonably withheld), and shall do all things
                    necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances in accordance with the Finance
                    Documents.

              

      

    

    
      
        	13.15	
                Provision of copies of communications.  The Borrower
                    shall, if required by the Security Trustee, provide the Security Trustee, at the time of each such communication, copies of all material written communications between the Borrower and:

              

      

    

    
      36

      
        

    

    

    

    

    

    
      
        	(a)	
                the approved brokers; and

              

      

    

    
      
        	(b)	
                the approved protection and indemnity and/or war risks associations; and

              

      

    

    
      
        	(c)	
                the approved insurance companies and/or underwriters, which relate directly or indirectly to:

              

      

    

    
      
        	

              	(i)	
                the Borrower's obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums
                    or calls; and

              

      

    

    
      
        	

              	(ii)	
                any credit arrangements made between the Borrower and any of the persons referred to in paragraphs (a) or (b) above relating wholly or partly to the effecting
                    or maintenance of the obligatory insurances .

              

      

    

    
      
        	13.16	
                Provision of information.  In addition, the Borrower
                    shall promptly provide the Security Trustee (or any persons which it may designate) with any information which the Security Trustee (or any such designated person) reasonably requests for the purpose of:

              

      

    

    
      
        	(a)	
                obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory insurances effected or proposed to be
                    effected; and/or

              

      

    

    
      
        	(b)	
                effecting, maintaining or renewing any such insurances as are referred to in Clause 13.17 below or dealing with or considering any matters relating to any
                    such insurances,

              

      

    

    and the Borrower shall, forthwith upon demand, indemnify the Security Trustee in respect of all fees
        and other expenses incurred by or for the account of the Security Trustee in connection with any such report as is referred to in paragraph (a) above (it being understood however that prior to the occurrence of an Event of Default which is
        continuing the Borrower will only bear the costs of such insurance reports once per year).

    
      
        	13.17	
                Mortgagee's interest, additional perils.  The Agent
                    shall be entitled from time to time to effect, maintain and renew a mortgagee's interest additional perils pollution insurance and a mortgagees' interest insurance in an amount equal to 110% of the Loan and otherwise on such terms,
                    through such insurers and generally in such manner as the Lenders may from time to time consider appropriate and the Borrower shall upon demand against appropriate vouchers/invoices fully indemnify the Lenders in respect of all premiums
                    and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance.

              

      

    

    
      
        	13.18	
                Review of insurance requirements.  The Majority Lenders
                    shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date of this Agreement which are, in the reasonable opinion of the Majority Lenders,
                    significant and capable of affecting the Borrower or the Ship and her insurance (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Borrower may be subject), and, prior
                    to the occurrence of an Event of Default which is continuing, may appoint insurance

              

      

    

    
      37

      
        

    

    

    

    consultants in relation to this review at the cost of the Borrower, subject to such appointment
        taking place once per year.

    
      
        	13.19	
                Modification of insurance requirements.  The Security
                    Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders (acting reasonably) consider appropriate in the circumstances.

              

      

    

    
      
        	13.20	
                Compliance with instructions.  The Security Trustee
                    shall be entitled but will not be bound to (without prejudice to or limitation of any other rights which it may have or acquire under any Finance Document) to effect the insurances of the Ship in the amount and in terms acceptable to
                    the Security Trustee from time to time at the cost and on behalf of the Borrower.

              

      

    

    
      
        	14.	
                SHIP'S COVENANTS

              

      

    

    
      
        	14.1	
                General.  The Borrower also undertakes with each
                    Creditor Party to comply with the following provisions of this Clause 14 at all times during the Security Period, except as the Agent (with the authority of the Majority Lenders) may otherwise permit.

              

      

    

    
      
        	14.2	
                Ship's name and registration.  The Borrower shall keep
                    the Ship registered in its name under the Approved Flag; shall not do or allow to be done anything as a result of which such registration might be cancelled or imperilled; and shall not change the name or port of registry or flag of the
                    Ship without the prior written consent of the Agent (acting on the authority of the Majority Lenders), such consent not to be unreasonably withheld.

              

      

    

    
      
        	14.3	
                Repair and classification.  The Borrower shall keep the
                    Ship in a good and safe condition and state of repair:

              

      

    

    
      
        	(a)	
                consistent with first‐class ship ownership and management practice;

              

      

    

    
      
        	(b)	
                so as to maintain the Ship with the highest classification available for vessels of the same age, type and specification as the Ship with Lloyd's Register of
                    Shipping (or such other first class classification society being a member of IACS and as may be approved by the Security Trustee), free of overdue recommendations and conditions affecting the Ship's class; and

              

      

    

    
      
        	(c)	
                so as to comply with all laws and regulations applicable to vessels registered at ports in the Approved Flag State or to vessels trading to any jurisdiction
                    to which the Ship may trade from time to time, including but not limited to the ISM Code and the ISPS Code.

              

      

    

    
      
        	14.4	
                Modification.  The Borrower shall not make any
                    modification or repairs to, or replacement of, the Ship or equipment installed on her which would or might materially alter the structure, type or performance characteristics of the Ship or materially reduce her value.

              

      

    

    
      
        	14.5	
                Removal of parts.  The Borrower shall not remove any
                    material part of the Ship, or any item of equipment installed on, the Ship unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item
                    removed, is free from any Security Interest or any right in favour of any person other than the Lenders and becomes on installation on the Ship the property of the Borrower

              

      

    

    
      38

      
        

    

    

    

    and subject to the security constituted by the relevant Mortgage Provided that the Borrower may install leased equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship.

    
      
        	14.6	
                Surveys.  The Borrower shall submit the Ship regularly
                    to all periodical or other surveys which may be required for classification purposes, at the cost and expense of the Borrower. The Agent shall have the right to request one or more technical survey reports of the Ship by surveyors
                    appointed to by the Agent at the cost of the Borrower, provided that the frequency of such reports shall be limited to one per year (unless an Event of Default shall have occurred and is continuing).

              

      

    

    
      
        	14.7	
                Inspection.  The Borrower shall permit the Security
                    Trustee (by surveyors or other persons appointed by it for that purpose) to board the Ship at all reasonable times, but without interference to the Ship's trading and operations, to inspect her condition or to satisfy themselves about
                    proposed or executed repairs and shall afford all proper facilities for such inspections. Provided that the Ship is found to be in satisfactory condition, the cost of such inspections shall be borne by the Borrower not more than once
                    per year.

              

      

    

    
      
        	14.8	
                Prevention of and release from arrest.  Unless
                    contested in good faith by appropriate proceedings, the Borrower shall promptly discharge:

              

      

    

    
      
        	(a)	
                all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against the Ship, her Earnings or her Insurances; and

              

      

    

    
      
        	(b)	
                all taxes, dues and other amounts charged in respect of the Ship, her Earnings or her Insurances;

              

      

    

    and, forthwith upon receiving notice of the arrest of the Ship, or of her detention in exercise or
        purported exercise of any lien or claim, the Borrower shall procure her prompt release by providing bail or otherwise as the circumstances may require.

    
      
        	14.9	
                Compliance with laws etc.  The Borrower shall:

              

      

    

    
      
        	(a)	
                comply, or procure compliance with the ISM Code, the ISPS Code, all Environmental Laws and all other laws or regulations relating to the Ship owned by it, its
                    ownership, operation and management or to the business of the Borrower (including, without limitation, the obtaining of all relevant certificates of financial responsibility and any other matters required for entering United States
                    territorial waters or calling at any United States Port);

              

      

    

    
      
        	(b)	
                comply (and procure that each Security Party and each Affiliate of any of them shall comply) in all aspects with all Sanctions;

              

      

    

    
      
        	(c)	
                not employ the Ship nor allow her employment in any manner contrary to any Sanctions;

              

      

    

    
      
        	(d)	
                in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit the Ship to enter or trade to any zone which is
                    declared a war zone by any government or by the Ship's war risks insurers unless the prior written consent of the Majority Lenders has been given and the Borrower has (at its expense) effected any special, additional or modified
                    insurance cover which the Majority Lenders may require.

              

      

    

    
      39

      
        

    

    

    

    

    

    
      
        	14.10	
                Provision of information.  The Borrower shall promptly
                    provide the Security Trustee with any information which the Majority Lenders reasonably request regarding:

              

      

    

    
      
        	(a)	
                the Ship, her employment, position and engagements;

              

      

    

    
      
        	(b)	
                the Earnings and payments and amounts due to the master and crew of the Ship;

              

      

    

    
      
        	(c)	
                any expenses incurred, or likely to be incurred, in connection with the operation, maintenance or repair of the Ship and any payments made in respect of the
                    Ship;

              

      

    

    
      
        	(d)	
                any towages and salvages;

              

      

    

    
      
        	(e)	
                its compliance, the Approved Manager's compliance or the compliance of the Ship with the ISM Code

              

      

    

    and, upon the Security Trustee's request, provide copies of any current charter relating to the Ship
        and of any current charter guarantee, and copies of the ISM Code and ISPS Code documentation.

    
      
        	14.11	
                Notification of certain events.  The Borrower shall
                    immediately notify the Security Trustee by letter of:

              

      

    

    
      
        	(a)	
                any casualty which is or is likely to be or to become a Major Casualty;

              

      

    

    
      
        	(b)	
                any occurrence as a result of which the Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss;

              

      

    

    
      
        	(c)	
                any requirement or recommendation made by any insurer or classification society (or any withdrawal of class) or by any competent authority which is not
                    complied with in accordance with its terms;

              

      

    

    
      
        	(d)	
                any arrest or detention of the Ship which is not lifted within forth eight (48) hours, any exercise or purported exercise of any lien on the Ship or her
                    Earnings or any requisition of the Ship for hire;

              

      

    

    
      
        	(e)	
                any intended dry docking of the Ship;

              

      

    

    
      
        	(f)	
                any Environmental Claim made against the Borrower or in connection with the Ship or any Environmental Incident;

              

      

    

    
      
        	(g)	
                any claim for breach of the ISM Code or the ISPS Code being made against the Borrower, the Approved Manager or otherwise in connection with the Ship; or

              

      

    

    
      
        	(h)	
                any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with,

              

      

    

    and the Borrower shall keep the Security Trustee advised in writing on a regular basis and in such
        detail as the Security Trustee shall require of the Borrower's, the Approved Manager's or any other person's response to any of those events or matters.

    
      40

      
        

    

    

    

    

    

    
      
        	14.12	
                Restrictions on chartering, appointment of managers, etc. 
                    The Borrower shall not without the prior written consent of the Agent (acting on the authority of the Majority Lenders):

              

      

    

    
      
        	(a)	
                let the Ship on demise charter for any period;

              

      

    

    
      
        	(b)	
                enter into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed,
                    12 months;

              

      

    

    
      
        	(c)	
                enter into any charter in relation to the Ship under which more than 2 months' hire (or the equivalent) is payable in advance;

              

      

    

    
      
        	(d)	
                charter the Ship otherwise than on bona fide arm's length terms  at the time when the Ship is fixed;

              

      

    

    
      
        	(e)	
                appoint a commercial, technical or operational manager of the Ship (other than the Approved Manager) or agree to any material alteration to the terms of the
                    Approved Manager's appointment (and in respect of which, the consent of the Agent shall not be unreasonably withheld);

              

      

    

    
      
        	(f)	
                de‐activate or lay up the Ship;

              

      

    

    
      
        	(g)	
                change the legal ownership of the shares in the Ship;

              

      

    

    
      
        	(h)	
                put the Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed United States Dollars
                    Five Hundred Thousand (US$500,000) (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her
                    Earnings for the cost of such work or otherwise; or

              

      

    

    
      
        	(i)	
                change the classification society with which the Ship is classed (and in respect of which, the consent of the Agent and the authority of the Majority Lenders
                    shall not be unreasonably withheld).

              

      

    

    
      
        	14.13	
                Notice of Mortgage.  The Borrower shall keep the
                    Mortgage registered against the Ship as a valid first priority mortgage, carry on board the Ship a certified copy of the Mortgage and place and maintain in a conspicuous place in the navigation room and the Master's cabin of the Ship a
                    framed printed notice stating that the Ship is mortgaged by the Borrower to the Lenders.

              

      

    

    
      
        	14.14	
                Sharing of Earnings.   The Borrower shall not enter
                    into any agreement or arrangement for the sharing of any Earnings other than a profit sharing agreed at arm's length under a charter party provided that it is not a part of any pool arrangement, in which case the Agent's prior written
                    consent will be required (such consent not to be unreasonably withheld). For the avoidance of doubt the Agent has provided its consent for the Borrower to enter into the charter party dated 10/8/18 with Guardian Navigation GMax LLC and
                    the entry of the Ship in the pool of Guardian Navigation GMax LLC.

              

      

    

    
      
        	14.15	
                ISPS Code.  The Borrower shall comply with the ISPS
                    Code and in particular, without limitation, shall:

              

      

    

    
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        	(a)	
                procure that the Ship and the company responsible for the Ship's compliance with the ISPS Code, comply with the ISPS Code; and

              

      

    

    
      
        	(b)	
                maintain for the Ship an ISSC; and

              

      

    

    
      
        	(c)	
                notify the Lender immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC.

              

      

    

    
      
        	14.16	
                Time charter assignment.  If the Borrower enters into
                    any time charter or contract of affreightment in respect of the Ship which is of twelve (12) months or more in duration, or is capable of exceeding twelve (12) months in duration, the Borrower shall execute in favour of the Security
                    Trustee an assignment and notice of assignment (and shall use its best endeavours to obtain an acknowledgement of the same from the relevant charterer or counterparty) of such time charter or contract of affreightment in such form and
                    on such terms as the Agent may reasonably require, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 3, 4 and 5 of Schedule 3 (Part A) hereof as the Agent may require.

              

      

    

    
      
        	15.	
                SECURITY COVER

              

      

    

    
      
        	15.1	
                Provision of additional security cover; prepayment of Loan.  The Borrower undertake with each Creditor Party that if the Agent (acting on the instructions of the Majority
                    Lenders) notifies the Borrower that:

              

      

    

    
      
        	(a)	
                the market value (determined as provided below) of the Ship; plus

              

      

    

    
      
        	(b)	
                the net realisable value of any additional security previously provided under this Clause 15 (excluding any amounts standing to the credit of the Earnings
                    Account, the Retention Account),

              

      

    

    is during the Security Period below one hundred and twenty per cent (120%) of the outstanding amount of the Loan, the
        Borrower will, within thirty (30) days after the date on which the Agent's notice is served, either:

    
      
        	

              	(i)	
                provide, or ensure that a third party provides, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal
                    to the shortfall and which consists of either (aa) cash pledged to the Security Trustee which when in the form of cash in Dollars, will be valued on a Dollar for Dollar basis or (bb) a Security Interest (including, but not limited to, a
                    first priority mortgage or a second priority mortgage over another vessel), covering such asset or assets and documented in such terms as the Agent may, with authorisation from the Majority Lenders, approve or require; or

              

      

    

    
      
        	

              	(ii)	
                prepay in accordance with Clause 8 such part of the Loan as will eliminate the shortfall, to be applied against repayment instalments (including the balloon
                    payment) on a pro rata basis.

              

      

    

    
      
        	15.2	
                Meaning of additional security.  In Clause 15.1 "security" means a Security Interest over an asset or assets (whether securing the Borrower's liabilities under the Finance Documents or a
                    guarantee in respect of those liabilities), or a guarantee, letter of credit or other security in respect of the Borrower's liabilities under the Finance Documents, in each case in a form and substance acceptable to the Agent in its
                    sole discretion.

              

      

    

    
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        	15.3	
                Requirement for additional documents.  The Borrower
                    shall not be deemed to have complied with Clause 15.1(i) above until the Agent has received in connection with the additional security certified copies of documents of the kinds referred to in paragraphs 3, 4 and 5 of Schedule 3 (Part
                    A) and such legal opinions in terms acceptable to lawyers selected by the Agent in its sole discretion.

              

      

    

    
      
        	15.4	
                Valuation of Ship.  Subject to the following provisions
                    of this Clause 15.4, the Market Value of the Ship shall be determined:

              

      

    

    
      
        	(a)	
                in Dollars, as at the date of (or no earlier than 30 days prior to) such valuation;

              

      

    

    
      
        	(b)	
                by an independent shipbroker selected by or acceptable to the Agent and reporting to the Agent;

              

      

    

    
      
        	(c)	
                with or without physical inspection of the Ship (as the Agent may require);

              

      

    

    
      
        	(d)	
                on the basis of a sale for prompt delivery for cash on normal arm's length commercial form as between a willing seller and a willing buyer, free of any
                    existing charter or other contract of employment.

              

      

    

    
      
        	15.5	
                Value of additional vessel security.  The net
                    realisable value of any additional security which is provided under Clause 15.2 and which consists of a Security Interest over a vessel other than the Ship shall be that shown by way of a valuation complying with the requirements of
                    Clause 15.4.

              

      

    

    
      
        	15.6	
                Valuations binding and conclusive.  Any valuation under
                    Clause 15.1(i), 15.4 or 15.5 shall be binding and conclusive evidence of the Market Value of the Ship or of the other assets it refers to at the date of such valuation.

              

      

    

    
      
        	15.7	
                Provision of information.  The Borrower shall promptly
                    provide the Agent and any shipbroker or expert acting under Clause 15.4 or 15.5 with any information which the Agent or the shipbroker or expert may reasonable request for the purposes of the valuation; and, if the Borrower fails to
                    provide the information by the date specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Majority Lenders (or the expert appointed by them) consider prudent.

              

      

    

    
      
        	15.8	
                Payment of valuation expenses. Without prejudice to the
                    generality of the Borrower's obligations under Clauses 20.2, 20.3 and 21.3, the Borrower shall, subject to the provisions of Clause 15.9, on demand, pay the Agent the amount of the fees and expenses of any shipbrokers or experts
                    instructed by the Agent under this Clause and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause.

              

      

    

    
      
        	15.9	
                Frequency of valuations. The Agent shall be entitled to
                    obtain written valuations of the Ship prior to the drawdown of the Loan and any time during the Security Period, provided that after drawdown of the Loan the costs and expenses of such shall only be borne by the Borrower once per year
                    (unless an Event of Default has occurred and is continuing or a mandatory prepayment event under Clause 8.8 has occurred, in which case the Agent shall be entitled to obtain a valuation at any time, at the cost and expense of the
                    Borrower).

              

      

    

    
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        	16.	
                PAYMENTS AND CALCULATIONS

              

      

    

    
      
        	16.1	
                Currency and method of payments.  All payments to be
                    made by the Lenders or by the Borrower under a Finance Document shall be made to the Agent or to the Security Trustee, in the case of an amount payable to it:

              

      

    

    
      
        	

              	(i)	
                by not later than 11.00 a.m. (New York City time) on the due date;

              

      

    

    
      
        	

              	(ii)	
                in same day Dollar funds settled through the New York Clearing House Interbank Payments System (or in such other Dollar funds and/or settled in such other
                    manner as the Agent shall specify as being customary at the time for the settlement of international transactions of the type contemplated by this Agreement);

              

      

    

    
      
        	

              	(iii)	
                if in Dollars, to the account of the Agent with such corresponding bank in New York as the Agent may from time to time notify to the Borrower and the other
                    Creditor Parties; and

              

      

    

    
      
        	

              	(iv)	
                in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to the Borrower and the other Creditor Parties.

              

      

    

    
      
        	16.2	
                Payment on non-Business Day.  If any payment by the
                    Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day:

              

      

    

    
      
        	(a)	
                the due date shall be extended to the next succeeding Business Day; or

              

      

    

    
      
        	(b)	
                if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to the immediately preceding Business Day,

              

      

    

    and interest shall be payable during any extension under paragraph (a) at the rate payable on the
        original due date.

    
      
        	16.3	
                Basis for calculation of periodic payments. All
                    interest and commitment fee and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day
                    year.

              

      

    

    
      
        	16.4	
                Distribution of payments to Creditor Parties. Subject to Clauses 16.5, 16.6 and 16.7:

              

      

    

    
      
        	(a)	
                any amount received by the Agent under a Finance Document for distribution or remittance to a Lender, or the Security Trustee shall be made available by the
                    Agent to that Lender, or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the Lender or the Security Trustee may have notified to the Agent not less than 5
                    Business Days previously; and

              

      

    

    
      
        	(b)	
                amounts to be applied in satisfying amounts of a particular category which are due to the Lenders generally shall be distributed by the Agent to each Lender
                    pro rata to the amount in that category which is due to it.

              

      

    

    
      
        	16.5	
                Permitted deductions by Agent. Notwithstanding any
                    other provision of this Agreement or any other Finance Document, the Agent may, before making an

              

      

    

    
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    amount available to a Lender, deduct and withhold from that amount any sum which is then due and
        payable to the Agent from that Lender under any Finance Document or any sum which the Agent is then entitled under any Finance Document to require that Lender to pay on demand.

    
      
        	16.6	
                Agent only obliged to pay when monies received.
                    Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the Borrower or any Lender any sum which the Agent is expecting to receive for remittance or
                    distribution to the Borrower or that Lender until the Agent has satisfied itself that it has received that sum.

              

      

    

    
      
        	16.7	
                Refund to Agent of monies not received. If and to the
                    extent that the Agent makes available a sum to the Borrower or a Lender, without first having received that sum, the Borrower or (as the case may be) the Lender concerned shall, on demand:

              

      

    

    
      
        	(a)	
                refund the sum in full to the Agent; and

              

      

    

    
      
        	(b)	
                pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding or other loss, liability or expense incurred by the
                    Agent as a result of making the sum available before receiving it.

              

      

    

    
      
        	16.8	
                Agent may assume receipt. Clause 16.7 shall not affect
                    any claim which the Agent has under the law of restitution, and applies irrespective of whether the Agent had any form of notice that it had not received the sum which it made available.

              

      

    

    
      
        	16.9	
                Creditor Party accounts. Each Creditor Party shall
                    maintain accounts showing the amounts owing to it by the Borrower and each Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrower and any Security Party.

              

      

    

    
      
        	16.10	
                Agent's memorandum account. The Agent shall maintain a
                    memorandum account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the Security Trustee and each Lender from the Borrower and each Security Party under the Finance Documents and all payments in respect
                    of those amounts made by the Borrower and any Security Party.

              

      

    

    
      
        	16.11	
                Accounts prima facie evidence. If any accounts
                    maintained under Clauses 16.9 and 16.10 show an amount to be owing by the Borrower or a Security Party to a Creditor Party, those accounts shall, absent manifest error, be prima facie evidence that that amount is owing to that Creditor
                    Party.

              

      

    

    
      
        	16.12	
                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):

              

      

    

    
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              	(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.

              

      

    

    
      
        	17.	
                APPLICATION OF RECEIPTS

              

      

    

    
      
        	17.1	
                Normal order of application.  Except as any Finance
                    Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:‐

              

      

    

    
      
        	(a)	
                FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in the following order and proportions:

              

      

    

    
      
        	

              	(i)	
                first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts
                    referred to at (ii) and (iii) below (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower or any Security Party under any corresponding or similar
                    provision in any other Finance Document);

              

      

    

    
      
        	

              	(ii)	
                secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance
                    Documents but shall have failed to pay or deliver to the Creditor Parties at the time of application or distribution under this Clause 17); and

              

      

    

    
      
        	

              	(iii)	
                thirdly, in or towards satisfaction pro rata of the Loan;

              

      

    

    
      
        	(b)	
                SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document but which the Agent, by notice to the Borrower,
                    the Security Parties and the other Creditor Parties, states in its reasonable opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance
                    with the provisions of Clause 17.1(a); and

              

      

    

    
      
        	(c)	
                THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.

              

      

    

    
      
        	17.2	
                Variation of order of application.  The Agent may,
                    following the occurrence of an Event of Default or a Potential Event of Default which is continuing, with the authorisation of the Majority Lenders by notice to the Borrower, the Security Parties and the other Creditor Parties provide
                    for a different manner of application from that set out in Clause 17.1 either as regards a specified sum or sums or as regards sums in a specified category or categories.

              

      

    

    
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        	17.3	
                Appropriation rights overriden. This Clause 17 and any
                    notice which the Agent gives under Clause 17.2 shall override any right of appropriation possessed, and any appropriation made, by the Borrower or any Security Party.

              

      

    

    
      
        	18.	
                APPLICATION OF EARNINGS

              

      

    

    
      
        	18.1	
                Payment and application of Earnings.  The Borrower
                    undertakes with the Lenders to ensure that, throughout the Security Period (and subject only to the provisions of an Assignment for the Ship), all the Earnings of the Ship are paid to the Earnings Account and shall be applied as
                    follows:

              

      

    

    
      
        	(a)	
                first, towards payment of all sums other than principal and interest due to the Lenders under this Agreement and the other Finance Documents;

              

      

    

    
      
        	(b)	
                secondly, towards payment of the next instalment of principal and the next payment of interest due to the Lenders in accordance with the provisions of Clause
                    18.2; and

              

      

    

    
      
        	(c)	
                thirdly, any surplus shall (subject always to the other provisions of this Clause 18 and provided no Event of Default is continuing) be available to the
                    Borrower, and

              

      

    

    it is expressly agreed that so long as no Event of Default shall have occurred and is continuing, the
        Borrower shall be entitled to withdraw from the Earnings Account any amount provided, however, that if in the opinion of the Agent or the Security Trustee (as the case may be) there will be insufficient sums standing to the credit of the Earnings
        Account to meet payments under (a) and (b) above, the Agent or the Security Trustee (as the case may be) shall be entitled to refuse any withdrawal from the Earnings Account.

    
      
        	18.2	
                Monthly retentions.  The Borrower undertakes with the
                    Lender to ensure that, in each calendar month of the Security Period commencing one month after the Drawdown Date, on such dates as the Lenders may from time to time specify, there is transferred to the Retention Account out of the
                    Earnings received in the Earnings Account during the preceding calendar month:

              

      

    

    
      
        	(a)	
                one‐third of the amount of the repayment instalment falling due under Clause 8 on the next Repayment Date; and

              

      

    

    
      
        	(b)	
                the relevant fraction of the aggregate amount of interest on the Loan which is payable on the next due date for payment of interest under this Agreement.

              

      

    

    The "relevant

          fraction" is a fraction of which the numerator is 1 and the denominator the number of months comprised in the then current Interest Period (or, if the period is shorter, the number of months from the later of the commencement of the
        current Interest Period or the last due date for payment of interest to the next due date for payment of interest under this Agreement).

    
      
        	18.3	
                Shortfall in Earnings.  If the Earnings received in the
                    Earnings Account are insufficient in any month for the required amount to be transferred to the Retention Account under Clause 18.2, the Borrower shall make up the amount of the insufficiency on demand from the Lenders; but, without
                    thereby prejudicing the Lenders' right to make such demand at any time, the Lenders may permit the Borrower to make up all or part of the insufficiency by

              

      

    

    
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    increasing the amount of any transfer under Clause 18.2 from the Earnings received in the next or
        subsequent months.

    
      
        	18.4	
                Application of retentions.  Until an Event of Default
                    occurs, the Lenders shall on each Repayment Date and on each due date for the payment of interest under this Agreement apply in accordance with the payment details set out in Clause 16.1 so much of the balance on the Retention Account
                    as equals:

              

      

    

    
      
        	(a)	
                the repayment instalment due on that Repayment Date; or

              

      

    

    
      
        	(b)	
                the amount of interest payable on that interest payment date;

              

      

    

    in discharge of the Borrower's liability for that repayment instalment or that interest.

    
      
        	18.5	
                Interest accrued on Retention Account.  Any credit
                    balance on the Retention Account shall bear interest at the rate from time to time offered by the Lenders to its customers for Dollar deposits of similar amounts and for periods similar to those for which such balance appears to the
                    Lenders likely to remain on the Retention Account.

              

      

    

    
      
        	18.6	
                Location of accounts.  The Borrower shall promptly:

              

      

    

    
      
        	(a)	
                comply with any requirement of the Agent as to the location or re‐location of the Earnings Account and the Retention Account (or either of them);

              

      

    

    
      
        	(b)	
                execute any documents which the Lenders specify to create or maintain in favour of the Security Trustee a Security Interest over (and/or rights of set-off,
                    consolidation or other rights in relation to) the Earnings Account and the Retention Account.

              

      

    

    
      
        	18.7	
                Debits for expenses etc.  The Lenders shall be entitled
                    (but not obliged) from time to time to debit the Earnings Account with prior notice in order to discharge any amount due and payable to them under Clause 20 or 21 or payment of which they have become entitled to demand under Clause 20
                    or 21.

              

      

    

    
      
        	18.8	
                Borrower's obligations unaffected.  The provisions of
                    this Clause 18 do not affect:

              

      

    

    
      
        	(a)	
                the liability of the Borrower to make payments of principal and interest on the due dates; or

              

      

    

    
      
        	(b)	
                any other liability or obligation of the Borrower or any Security Party under any Finance Document.

              

      

    

    
      
        	19.	
                EVENTS OF DEFAULT

              

      

    

    
      
        	19.1	
                Events of Default.  An Event of Default occurs if:

              

      

    

    
      
        	(a)	
                the Borrower or any Security Party fail to pay when due or (if payable on demand) three (3) days following the date on which the written demand is served any
                    sum payable under a Finance Document or under any document relating to a Finance Document, unless such failure to pay is caused by an

              

      

    

    
      48

      
        

    

    

    

    administrative or technical error or any disruption event in the payment/communication system which
        is beyond the control of the Borrower, in which case the Borrower shall rectify such error within three (3) Business Days; or

    
      
        	(b)	
                any breach occurs of Clauses 9.2, 11.2, 11.11, 11.17, 12.2, 12.3, 13 or 15.1 and in case any such breach (other than those referred to in Clauses 9.2. 13 and
                    15.1 hereinabove to which other grace periods are applicable, as therein provided) is in the opinion of the Security Trustee, capable of remedy, if it will continue un-remedied for seven (7) Business Days after its occurrence; or

              

      

    

    
      
        	(c)	
                any breach by the Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraph (a) or (b)) which, in
                    the opinion of the Majority Lenders, is capable of remedy, and such default continues unremedied ten (10) days after written notice from the Agent requesting action to remedy the same; or

              

      

    

    
      
        	(d)	
                (subject to any applicable grace period specified in the Finance Document) any breach by the Borrower or any Security Party occurs of any provision of a
                    Finance Document (other than a breach covered by paragraphs (a), (b) or (c)); or

              

      

    

    
      
        	(e)	
                any representation, warranty or statement made by, or by an officer of, the Borrower or a Security Party in a Finance Document or in a Drawdown Notice or any
                    other notice or document relating to a Finance Document is untrue or misleading in a material way when it is made; or

              

      

    

    
      
        	(f)	
                any of the following occurs in relation to any Financial Indebtedness of the Borrower:

              

      

    

    
      
        	

              	(i)	
                any Financial Indebtedness of the Borrower is not paid when due or, if  payable on demand, three (3) days following the date on which the written demand is
                    served; or

              

      

    

    
      
        	

              	(ii)	
                any Financial Indebtedness of the Borrower becomes due and payable or capable of being declared due and payable prior to its stated maturity date as a
                    consequence of any event of default; or

              

      

    

    
      
        	

              	(iii)	
                a lease, hire purchase agreement or charter creating any Financial Indebtedness of the Borrower is terminated by the lessor or owner or becomes capable of
                    being terminated as a consequence of any termination event; or

              

      

    

    
      
        	

              	(iv)	
                any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other facility, or any swap or other derivative
                    contract or transaction, relating to any Financial Indebtedness of the Borrower ceases to be available or becomes capable of being terminated as a result of any event of default, or cash cover is required, or becomes capable of being
                    required, in respect of such a facility as a result of any event of default; or

              

      

    

    
      
        	

              	(v)	
                any Security Interest securing any Financial Indebtedness of the Borrower becomes enforceable; or

              

      

    

    
      
        	(g)	
                any of the following occurs in relation to the Borrower:

              

      

    

    
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              	(i)	
                the Borrower becomes, in the opinion of the Majority Lenders, unable to pay its debts as they fall due; or

              

      

    

    
      
        	

              	(ii)	
                any assets of the Borrower are subject to any form of execution, attachment, arrest, sequestration or distress in respect of a sum of, or sums aggregating,
                    US$500,000 or more or the equivalent in another currency unless such execution, attachment, arrest, sequestration or distress is being contested in good faith and on substantial grounds and is discussed or withdrawn within thirty (30)
                    days of the occurrence thereof; or

              

      

    

    
      
        	

              	(iii)	
                any administrative or other receiver is appointed over any asset of the Borrower; or

              

      

    

    
      
        	

              	(iv)	
                the Borrower makes any formal declaration of bankruptcy or any formal statement to the effect that it is insolvent or likely to become insolvent, or a winding
                    up or administration order is made in relation to the Borrower, or the members or directors of the Borrower pass a resolution to the effect that it should be wound up, placed in administration; or

              

      

    

    
      
        	

              	(v)	
                a petition is presented in any Pertinent Jurisdiction for the winding up or administration, or the appointment of a provisional liquidator, of the Borrower
                    unless the petition is being contested in good faith and on substantial grounds and is dismissed or withdrawn within 30 days of the presentation of the petition; or

              

      

    

    
      
        	

              	(vi)	
                the Borrower petitions a court, or presents any proposal for, any form of judicial or non‐judicial suspension or deferral of payments, reorganisation of its
                    debt (or certain of its debt) or arrangement with all or a substantial proportion (by number or value) of its creditors or of any class of them or any such suspension or deferral of payments, reorganisation or arrangement is effected by
                    court order, contract or otherwise; or

              

      

    

    
      
        	

              	(vii)	
                any meeting of the members or directors of the Borrower is summoned for the purpose of considering a resolution or proposal to authorise or take any action of
                    a type described in paragraphs (iii), (iv), (v) or (vi) above; or

              

      

    

    
      
        	

              	(viii)	
                in a Pertinent Jurisdiction other than England, any event occurs or any procedure is commenced which, in the reasonable opinion of the Majority Lenders, is
                    similar to any of the foregoing; or

              

      

    

    
      
        	(h)	
                the Borrower ceases or suspends carrying on its business or a part of its business which, in the opinion of the Majority Lenders, is material in the context
                    of this Agreement; or

              

      

    

    
      
        	(i)	
                it becomes unlawful in any Pertinent Jurisdiction or impossible:

              

      

    

    
      
        	

              	(i)	
                for the Borrower or any Security Party to discharge any liability under a Finance Document or to comply with any other obligation which the Majority Lenders
                    consider material under a Finance Document; or

              

      

    

    
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              	(ii)	
                for the Agent, the Security Trustee, the Account Bank or the Lenders to exercise or enforce any right under, or to enforce any Security Interest created by, a
                    Finance Document; or

              

      

    

    
      
        	(j)	
                any consent necessary to enable the Borrower to own, operate or charter the Ship or to enable the Borrower or any Security Party to comply with any provision
                    which the Majority Lenders (acting reasonably) consider material of a Finance Document is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent is not fulfilled; or

              

      

    

    
      
        	(k)	
                it appears to the Majority Lenders that, without their prior consent, a change has occurred after the date of this Agreement in the beneficial ownership of
                    the shares in the Borrower as declared to the Agent prior to the execution of this Agreement. For the avoidance of doubt the Agent consents and agrees to any changes relating to the Guarantor's trading shares in the normal course of
                    business and confirm that such changes do not violate the terms of this Agreement; or

              

      

    

    
      
        	(l)	
                any provision which the Majority Lenders (acting reasonably) consider material of a Finance Document proves to have been or becomes invalid or unenforceable,
                    or a Security Interest created by a Finance Document proves to have been or becomes invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another third party claim or interest; or

              

      

    

    
      
        	(m)	
                the security constituted by a Finance Document is in any way imperilled or in jeopardy; or

              

      

    

    
      
        	(n)	
                If any debt of any Security Party (which in the case of the Guarantor exceeds an aggregate amount of US$850,000 is not paid when due or any debt of any
                    Security Party (which in the case of the Guarantor exceeds an aggregate amount of US$850,000 becomes due and payable prior to the date when it would otherwise have become due (unless as a result of the exercise by the relevant Security
                    Party of a voluntary right of prepayment), or any creditor of any Security Party becomes entitled to declare its claim (which in the case of the Guarantor exceeds an aggregate amount of US$850,000 due and payable, or any facility or
                    commitment available to any Security Party is withdrawn, suspended or cancelled by reason of any default (however described) of such Security Party, and such debt is not discharged within seven (7) Business Days ; or

              

      

    

    
      
        	(o)	
                any other event occurs or any other circumstances arise or develop including, without limitation:

              

      

    

    
      
        	

              	(i)	
                a Material Adverse Effect; or

              

      

    

    
      
        	

              	(ii)	
                any accident or other event involving the Ship,

              

      

    

    in the light of which the Majority Lenders (acting reasonably) consider that there is a significant
        risk that the Borrower is, or will later become, unable to discharge its liabilities under the Finance Documents as they fall due.

    
      
        	19.2	
                Actions following an Event of Default.  On, or at any
                    time after, the occurrence of an Event of Default which is continuing:

              

      

    

    
      51

      
        

    

    

    

    

    

    
      
        	(a)	
                the Agent may, and if so instructed by the Majority Lenders, the Agent shall:

              

      

    

    
      
        	

              	(i)	
                serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are terminated;
                    and/or

              

      

    

    
      
        	

              	(ii)	
                serve on the Borrower a notice stating that the Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and
                    payable or are due and payable on demand; and/or

              

      

    

    
      
        	

              	(iii)	
                take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii) above, the Agent and/or the Lenders are
                    entitled to take under any Finance Document or any applicable law; and/or

              

      

    

    
      
        	(b)	
                the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority Lenders, the Security Trustee shall take any action
                    which, as a result of the Event of Default or any notice served under paragraph (a) (i) or (ii) above, the Security Trustee, the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.

              

      

    

    
      
        	19.3	
                Termination of Commitments.  On the service of a notice
                    under paragraph (a)(i) of Clause 19.2, the Commitments and all other obligations of each Lender to the Borrower under this Agreement shall terminate.

              

      

    

    
      
        	19.4	
                Acceleration of Loan.  On the service of a notice under
                    paragraph (a)(ii) of Clause 19.2, the Loan, all accrued interest and all other amounts accrued or owing from the Borrower or any Security Party under this Agreement and every other Finance Document shall become immediately due and
                    payable or, as the case may be, payable on demand.

              

      

    

    
      
        	19.5	
                Multiple notices; action without notice.  The Agent may serve notices under paragraphs (a) (i) and (ii) of Clause 19.2 simultaneously or on different dates and it and/or the
                    Security Trustee may take any action referred to in that Clause if no such notice is served or simultaneously with or at any time after the service of both or either of such notices.

              

      

    

    
      
        	19.6	
                Notification of Creditor Parties and Security Parties. 
                    The Agent shall send to each Lender, the Security Trustee, the Account Bank and each Security Party a copy or the text of any notice which the Agent serves on the Borrower under Clause 19.2; but the notice shall become effective when it
                    is served on the Borrower, and no failure or delay by the Agent to send a copy or the text of the notice to any other person shall invalidate the notice or provide the Borrower or any Security Party with any form of claim or defence.

              

      

    

    
      
        	19.7	
                Creditor Parties' rights unimpaired.  Nothing in this
                    Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders under a Finance Document or the general law; and, in particular, this Clause is without prejudice to Clause 3.1 and Clause 3.2.

              

      

    

    
      
        	19.8	
                Exclusion of Creditor Party Liability.  No Creditor
                    Party, and no receiver or manager appointed by the Security Trustee, shall have any liability to the Borrower or a Security Party:

              

      

    

    
      52

      
        

    

    

    

    

    

    
      
        	(a)	
                for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance Document or by any failure or delay to
                    exercise such a right or to enforce such a Security Interest; or

              

      

    

    
      
        	(b)	
                as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by or realised from any asset comprised in such a
                    Security Interest or for any reduction (however caused) in the value of such an asset;

              

      

    

    except that this does not exempt a Creditor Party or a receiver or manager from liability for losses
        shown to have been caused by the gross negligence or the wilful misconduct of such Creditor Party's own officers and employees or (as the case may be) such receiver's or manager's own partners or employees.

    
      
        	19.9	
                Interpretation.  In Clause 19.1(f) references to an
                    event of default or a termination event include any event, howsoever described, which is similar to an event of default in a facility agreement or a termination event in a finance lease; and in Clause 19.1(g) "petition" includes an application.

              

      

    

    
      
        	20.	
                FEES AND EXPENSES

              

      

    

    
      
        	20.1	
                Fees- Front End Fee– Commitment Fee.

              

      

    

    
      
        	(a)	
                The Borrower shall pay to the Agent for the account of the Arranger a front end flat fee corresponding to zero point ninety per cent (0.90%) of the amount of
                    the Loan actually drawn down, payable on the Drawdown Date of the Loan.

              

      

    

    
      
        	(b)	
                The Borrower shall pay to the Agent quarterly in arrears during the period from and including 28 August 2018, being the date of acceptance by the Borrower of
                    the Commitment Letter, until the earlier of (i) 25 October 2018, (ii) the Drawdown Date or (iii) the date upon which the Borrower cancels the facility in writing to the Agent prior to the Drawdown Date, a commitment fee at the rate of
                    zero point fifty per cent (0.50%) per annum on the amount of the Commitment.

              

      

    

    
      
        	(c)	
                The Front End Fee and Commitment Fee referred to in this Clause 20.1 shall not be refundable.

              

      

    

    
      
        	20.2	
                Costs of negotiation, preparation etc.  The Borrower
                    shall pay to the Agent on its demand the amount of all expenses (including, but not limited to, all legal expenses and VAT, if applicable) incurred by the Agent or the Security Trustee in connection with the negotiation, preparation,
                    execution or registration of any Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document, other than any syndication costs/expenses.

              

      

    

    
      
        	20.3	
                Costs of variations, amendments, enforcement etc.  The
                    Borrower shall pay to the Agent, on the Agent's demand, the amount of all expenses incurred by a Lender in connection with:

              

      

    

    
      
        	(a)	
                any amendment or supplement to a Finance Document;

              

      

    

    
      
        	(b)	
                any consent or waiver by the Lenders, the Majority Lenders or the Creditor Party concerned under or in connection with a Finance Document;

              

      

    

    
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        	(c)	
                the valuation of any security provided or offered under Clause 15 or any other matter relating to such security;

              

      

    

    
      
        	(d)	
                any step taken by the Agent or the Security Trustee concerned with a view to the protection, exercise or enforcement of any right or Security Interest created
                    by a Finance Document or for any similar purpose.

              

      

    

    
      
        	20.4	
                Documentary taxes. The Borrower shall promptly pay any
                    tax payable on or by reference to any Finance Document, and shall, on the Agent's demand, fully indemnify each Creditor Party against any liabilities and expenses resulting from any failure or delay by the Borrower to pay such a tax.

              

      

    

    
      
        	20.5	
                Certification of amounts.  A notice which is signed by
                    one officer of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 20 and which indicates (without necessarily specifying a detailed breakdown) the matters in
                    respect of which the amount, or aggregate amount, is due shall, save for manifest error, be prima facie evidence that the amount, or aggregate amount, is due.

              

      

    

    
      
        	21.	
                INDEMNITIES

              

      

    

    
      
        	21.1	
                Indemnities regarding borrowing and repayment of Loan. 
                    The Borrower shall fully indemnify the Agent and each Lender on the Agent's written demand and the Security Trustee on its demand in respect of all expenses, liabilities and losses which are incurred by that Creditor Party, or which
                    that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection with:

              

      

    

    
      
        	(a)	
                the Loan not being borrowed on the date specified in the Drawdown Notice for any reason other than a default by the Lender claiming the indemnity;

              

      

    

    
      
        	(b)	
                the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the last day of an Interest Period or other relevant period;

              

      

    

    
      
        	(c)	
                any failure (for whatever reason) by the Borrower to make payment of any amount due under a Finance Document on the due date or, if  payable on demand, three
                    (3) days following the date on which the written demand is served (after giving credit for any default interest paid by the Borrower on the amount concerned under Clause 7);

              

      

    

    
      
        	(d)	
                the occurrence and/or continuance of an Event of Default or a Potential Event of Default (including, but not limited to, a breach of Clauses 11.17 or 11.18)
                    and/or the acceleration of repayment of the Loan under Clause 19;

              

      

    

    and in respect of any tax (other than tax on its overall net income or which relates to a FACTA
        Deduction) for which a Creditor Party is liable in connection with any amount paid or payable to that Creditor Party (whether for its own account or otherwise) under any Finance Document.

    
      
        	21.2	
                Breakage costs.  Without limiting its generality,
                    Clause 21.1 covers any liability, expense or loss, incurred by a Lender:

              

      

    

    
      
        	(a)	
                in liquidating or employing deposits from third parties acquired or arranged to fund or maintain all or any part of its Contribution and/or any overdue amount

              

      

    

    
      54

      
        

    

    

    

    (or an aggregate amount which includes its Contribution or any overdue amount); and

    
      
        	(b)	
                in terminating, or reversing or otherwise in connection with, any open position arising under this Agreement.

              

      

    

    
      
        	21.3	
                Miscellaneous indemnities.  The Borrower shall fully
                    indemnify the Agent and the Security Trustee severally on their respective demands in respect of all claims, demands, proceedings, liabilities, taxes, losses and expenses of every kind ("liability items") which may be made or brought against, or incurred by, the Agent or the Security Trustee, in any country, in relation to:

              

      

    

    
      
        	(a)	
                any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the Agent, the Security Trustee or any other
                    Creditor Party or by any receiver appointed under a Finance Document;

              

      

    

    
      
        	(b)	
                any other event, matter or question which occurs or arises at any time during the Security Period and which has any connection with, or any bearing on, any
                    Finance Document, any payment or other transaction relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created (or intended to be created) by a Finance Document;

              

      

    

    other than liability items which are shown to have been caused by the gross negligence or the wilful
        misconduct of the Agent's or (as the case may be) the Security Trustee's own officers or employees.

    Without prejudice to its generality, this Clause 21.3 covers any claims, expenses, liabilities and
        losses which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code or any Environmental Law.

    
      
        	21.4	
                Extension of indemnities; environmental indemnity.  Without prejudice to its generality, Clause 21.3 covers:

              

      

    

    
      
        	(a)	
                any matter which would be covered by Clause 21.3 if any of the references in that Clause to a Lender were a reference to the Agent or (as the case may be) to
                    the Security Trustee; and

              

      

    

    
      
        	(b)	
                any liability items which arise, or are asserted, under or in connection with any law relating to safety at sea, pollution or the protection of the
                    environment if such liability items would not have arise or asserted against the Lender or Agent or the Security Trustee (as the case may be) if any of them 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.

              

      

    

    
      
        	21.5	
                Currency indemnity.  If any sum due from the Borrower
                    or any Security Party to a Creditor Party under a Finance Document or under any order or judgment relating to a Finance Document has to be converted from the currency in which the Finance Document provided for the sum to be paid (the "Contractual Currency") into another currency (the "Payment Currency") for the purpose of:

              

      

    

    
      55

      
        

    

    

    

    

    

    
      
        	(a)	
                making or lodging any claim or proof against the Borrower or any Security Party, whether in its liquidation, any arrangement involving it or otherwise; or

              

      

    

    
      
        	(b)	
                obtaining an order or judgment from any court or other tribunal; or

              

      

    

    
      
        	(c)	
                enforcing any such order or judgment;

              

      

    

    the Borrower shall indemnify the Creditor Party concerned against any loss arising when the amount of
        the payment actually received by that Creditor Party is converted at the available rate of exchange into the Contractual Currency.

    In this Clause 21.5, the "available rate of exchange" means the rate at which the Creditor Party concerned is able at the opening of business (London time) on the Business Day after it receives the sum concerned to purchase the Contractual
        Currency with the Payment Currency.

    This Clause 21.5 creates a separate liability of the Borrower which is distinct from its other
        liabilities under the Finance Documents and which shall not be merged in any judgment or order relating to those other liabilities.

    
      
        	21.6	
                Certification of amounts.  A notice which is signed by
                    1 officer of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 21 and which indicates (without necessarily specifying a detailed breakdown) the matters in
                    respect of which the amount, or aggregate amount, is due shall, save for manifest error, be prima facie evidence that the amount, or aggregate amount, is due.

              

      

    

    
      
        	21.7	
                Sums deemed due to a Lender.  For the purposes of this
                    Clause 21, a sum payable by the Borrower to the Agent or the Security Trustee for distribution to a Lender shall be treated as a sum due to that Lender.

              

      

    

    
      
        	21.8	
                Mandatory Costs.  The Borrower shall, on demand by the
                    Agent, pay to the Agent for the account of the relevant Lender, such amount which any Lender certifies in a notice to the Agent to be its good faith determination of the amount necessary to compensate it for complying with:

              

      

    

    
      
        	(a)	
                in the case of a Lender lending from a lending office in a Participating Member State, the minimum reserve requirements (or other requirements having the same
                    or similar purpose) of the European Central Bank or any other authority or agency which replaces all or any of its functions) in respect of loans made from that lending office; and

              

      

    

    
      
        	(b)	
                in the case of any Lender lending from a lending office in the United Kingdom, any reserve asset, special deposit or liquidity requirements (or other
                    requirements having the same or similar purpose) of the Bank of England (or any other governmental authority or agency) and/or paying any fees to the Financial Conduct Authority and/or the Prudential Regulation Authority (or any other
                    governmental authority or agency which replaces all or any of their functions), which, in each case, is referable to that Lender's participation in the Loan.

              

      

    

    
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        	22.	
                NO SET-OFF OR TAX DEDUCTION

              

      

    

    
      
        	22.1	
                No deductions.  All amounts due from the Borrower under
                    a Finance Document shall be paid:

              

      

    

    
      
        	(a)	
                without any form of set‐off, cross-claim or condition; and

              

      

    

    
      
        	(b)	
                free and clear of any tax deduction except a tax deduction which the Borrower is required by law to make.

              

      

    

    
      
        	22.2	
                Grossing-up for taxes.  If the Borrower is required by
                    law to make a tax deduction from any payment:

              

      

    

    
      
        	(a)	
                the Borrower shall notify the Agent as soon as it becomes aware of the requirement;

              

      

    

    
      
        	(b)	
                the Borrower shall pay the tax deducted to the appropriate taxation authority promptly, and in any event before any fine or penalty arises;

              

      

    

    
      
        	(c)	
                the amount due in respect of the payment shall be increased by the amount necessary to ensure that each Creditor Party receives and retains (free from any
                    liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which it would otherwise have received.

              

      

    

    
      
        	22.3	
                Evidence of payment of taxes.  Within 1 month after
                    making any tax deduction, the Borrower shall deliver to the Agent documentary evidence satisfactory to the Agent that the tax had been paid to the appropriate taxation authority.

              

      

    

    
      
        	22.4	
                Exclusion of tax on overall net income.  In this Clause
                    22 "tax deduction" means any deduction or withholding for or on account of any present or future tax except tax on a Creditor Party's
                    overall net income.

              

      

    

    
      
        	22.5	
                FATCA Information.

              

      

    

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

              

      

    

    
      
        	

              	(i)	
                confirm to that other Party whether it is a FATCA Exempt Party or is 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 payment
                    percentage" or other information required under the US 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 paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or
                    has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

              

      

    

    
      57

      
        

    

    

    

    

    

    
      
        	(c)	
                Paragraph (a) above shall not oblige any Creditor Party to do anything which would or might in its reasonable opinion constitute a breach of any law or
                    regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that information
                    required (or equivalent to the information so required) by United States Internal Revenue Service Forms W-8 or W-9 (or any successor forms) shall not be treated as confidential information of such party for purposes of this paragraph
                    (c).

              

      

    

    
      
        	(d)	
                If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with paragraph (a) above (including, for
                    the avoidance of doubt, where paragraph (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 payment percentage" then such Party shall be treated for the purposes of the Finance Documents (and
                    payments made thereunder) as if its applicable "passthru payment percentage" is 100%,

              

      

    

    until (in each case) such time as the Party in question provides the requested confirmation, forms,
        documentation or other information.

    
      
        	22.6	
                FATCA Withholding.

              

      

    

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

              

      

    

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

              

      

    

    
      
        	23.	
                ILLEGALITY, ETC

              

      

    

    
      
        	23.1	
                Illegality.  This Clause 23 applies if a Lender (the "Notifying Lender") notifies the Agent that it has become, or will with effect from a specified date, become:

              

      

    

    
      
        	(a)	
                unlawful or prohibited (including, without limitation, due to a breach of Clauses 11.17 or 11.18) as a result of the introduction of a new law, an amendment
                    to an existing law or a change in the manner in which an existing law is or will be interpreted or applied; or

              

      

    

    
      
        	(b)	
                contrary to, or inconsistent with, any regulation,

              

      

    

    for the Notifying Lender to maintain or give effect to any of its obligations under this Agreement in
        the manner contemplated by this Agreement.

    
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        	23.2	
                Notification of illegality.  The Agent shall promptly
                    notify the Borrower, the Security Parties, the Security Trustee and the other Lenders of the notice under Clause 23.1 which the Agent receives from the Notifying Lender.

              

      

    

    
      
        	23.3	
                Prepayment; termination of Commitment. On the Agent notifying the Borrower under Clause 23.2, the Notifying Lender's Commitment shall terminate; and thereupon or, if later, on the date
                    specified in the Notifying Lender's notice under Clause 23.1 as the date on which the notified event would become effective the Borrower shall prepay the Notifying Lender's Contribution in accordance with Clause 8.

              

      

    

    
      
        	23.4	
                Mitigation.  If circumstances arise which would result
                    in a notification under Clause 23.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under
                    this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or
                    might:

              

      

    

    
      
        	(a)	
                have an adverse effect on its business, operations or financial condition; or

              

      

    

    
      
        	(b)	
                involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent with, any regulation; or

              

      

    

    
      
        	(c)	
                involve it in any expense (unless indemnified to its satisfaction) or tax disadvantage.

              

      

    

    
      
        	24.	
                INCREASED COSTS

              

      

    

    
      
        	24.1	
                Increased costs.  This Clause 24 applies if a Lender
                    (the "Notifying Lender") notifies the Agent that the Notifying Lender considers that as a result of:

              

      

    

    
      
        	(a)	
                the introduction or alteration after the date of this Agreement of a law or an alteration after the date of this Agreement in the manner in which a law is
                    interpreted or applied (disregarding any effect which relates to the application to payments under this Agreement of a tax on the Notifying Lender's overall net income); or

              

      

    

    
      
        	(b)	
                the effect of complying with any regulation (including any regulation which relates to capital adequacy or liquidity controls or which affects the manner in
                    which the Notifying Lender allocates capital resources to its obligations under this Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Agreement (including, but
                    not limited to, the Basel III Framework, CRR and CRD IV costs),

              

      

    

    is that the Notifying Lender (or a parent company of it) has incurred or will incur an "increased
        cost", that is to say,:

    
      
        	

              	(i)	
                an additional or increased cost incurred as a result of, or in connection with, the Notifying Lender having entered into, or being a party to, this Agreement
                    or a Transfer Certificate, of funding or maintaining its Commitment or Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Contribution or other unpaid sums; or

              

      

    

    
      59

      
        

    

    

    

    

    

    
      
        	

              	(ii)	
                a reduction in the amount of any payment to the Notifying Lender under this Agreement or in the effective return which such a payment represents to the
                    Notifying Lender or on its capital;

              

      

    

    
      
        	

              	(iii)	
                an additional or increased cost of funding all or maintaining all or any of the advances comprised in a class of advances formed by or including the Notifying
                    Lender's Contribution or (as the case may require) the proportion of that cost attributable to the Contribution; or

              

      

    

    
      
        	

              	(iv)	
                a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or receivable by the Notifying Lender under this
                    Agreement;

              

      

    

    but not an item attributable to a change in the rate of tax on the overall net income of the
        Notifying Lender (or a parent company of it) or an item covered by the indemnity for tax in Clause 21.1 or by Clause 22 or which is attributable to a FATCA Deduction.

    For the purposes of this Clause 24.1 the Notifying Lender may in good faith allocate or spread costs
        and/or losses among its assets and liabilities (or any class thereof) on such basis as it considers appropriate.

    
      
        	24.2	
                Notification to Borrower of claim for increased costs. 
                    The Agent shall promptly notify the Borrower and the Security Parties of the notice which the Agent received from the Notifying Lender under Clause 24.1.

              

      

    

    
      
        	24.3	
                Payment of increased costs.  The Borrower shall pay to
                    the Agent, on the Agent's demand, for the account of the Notifying Lender the amounts which the Agent from time to time notifies the Borrower that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for
                    the increased cost.

              

      

    

    
      
        	24.4	
                Notice of prepayment.  If the Borrower is not willing
                    to continue to compensate the Notifying Lender for the increased cost under Clause 24.3, the Borrower may give the Agent not less than 14 days' notice of its intention to prepay the Notifying Lender's Contribution at the end of an
                    Interest Period.

              

      

    

    
      
        	24.5	
                Prepayment; termination of Commitment.  A notice under Clause 24.4 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrower's notice of intended
                    prepayment; and:

              

      

    

    
      
        	(a)	
                on the date on which the Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled; and

              

      

    

    
      
        	(b)	
                on the date specified in its notice of intended prepayment, the Borrower shall prepay (without premium or penalty) the Notifying Lender's Contribution,
                    together with accrued interest thereon at the applicable rate plus the Margin.

              

      

    

    
      
        	24.6	
                Application of prepayment.  Clause 8 shall apply in
                    relation to the prepayment.

              

      

    

    
      60

      
        

    

    

    

    

    

    
      
        	25.	
                SET‐OFF

              

      

    

    
      
        	25.1	
                Application of credit balances.  Each Creditor Party
                    may without prior notice at any time after the occurrence of an Event of Default which is continuing:

              

      

    

    
      
        	(a)	
                apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of the Borrower at any office in any country of
                    that Creditor Party in or towards satisfaction of any sum then due from the Borrower to that Creditor Party under any of the Finance Documents; and

              

      

    

    
      
        	(b)	
                for that purpose:

              

      

    

    
      
        	

              	(i)	
                break, or alter the maturity of, all or any part of a deposit of the Borrower;

              

      

    

    
      
        	

              	(ii)	
                convert or translate all or any part of a deposit or other credit balance into Dollars;

              

      

    

    
      
        	

              	(iii)	
                enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

              

      

    

    
      
        	25.2	
                Existing rights unaffected.  No Creditor Party shall be
                    obliged to exercise any of its rights under Clause 25.1; and those rights shall be without prejudice and in addition to any right of set‐off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is
                    entitled (whether under the general law or any document).

              

      

    

    
      
        	25.3	
                Sums deemed due to a Lender.  For the purposes of this
                    Clause 25, a sum payable by the Borrower to the Agent or the Security Trustee for distribution to, or for the account of, a Lender shall be treated as a sum due to that Lender; and each Lender's proportion of a sum so payable for
                    distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender.

              

      

    

    
      
        	25.4	
                No Security Interest.  This Clause 25 gives the Lenders
                    a contractual right of set off only, and does not create any equitable charge or other Security Interest over any credit balance of the Borrower.

              

      

    

    
      
        	25.5	
                No Borrowers set off.  The Borrower shall not have a
                    right of set off in relation to sums that may be due from any Creditor Party under this Agreement or any of the other Finance Documents.

              

      

    

    
      
        	26.	
                TRANSFERS AND CHANGES IN LENDING OFFICES

              

      

    

    
      
        	26.1	
                Transfer by the Borrower.  The Borrower may not:

              

      

    

    
      
        	(a)	
                without the prior written consent of the Agent (given on the instructions of all of the Lenders), transfer any of its rights or obligations under any Finance
                    Document;

              

      

    

    
      
        	(b)	
                without the prior written consent of the Agent (given on the instructions of all the Lenders), enter into any merger, de-merger or other reorganisation, or

              

      

    

    
      61

      
        

    

    

    

    carry out any other act, as a result of which any of its rights or liabilities would vest in, or pass
        to, another person.

    
      
        	26.2	
                Transfer by a Lender.  Subject to Clause 26.4, a Lender
                    (the "Transferor Lender") may, at its sole discretion, without the consent of and/or the prior consultation with the Borrower (but
                    with notice to the Borrower) and/or any Security Party, at any time assign or transfer:

              

      

    

    
      
        	(a)	
                its rights in respect of all or part of its Contribution; or

              

      

    

    
      
        	(b)	
                its obligations in respect of all or part of its Commitment; or

              

      

    

    
      
        	(c)	
                a combination of (a) and (b);

              

      

    

    to be (in the case of its rights) assigned or transferred to, or (in the case of its obligations)
        assumed by, another bank or financial institution, or by a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (a "Transferee Lender") by delivering to the Agent a completed certificate in the form set out in Schedule 4 with any modifications approved or required
        by the Agent (a "Transfer Certificate") executed by the Transferor Lender and the Transferee Lender and should the Transfer Certificate alone be
        not sufficient in the Transferor Lender's or Transferee Lender's jurisdiction for a Transferor Lender to transfer all or a proportionate share of the Transferor Lender's interest in the security constituted by the Finance, the Borrower hereby
        undertakes, immediately on being requested to do so by the Agent and at the cost of the Transferor Lender, to enter into, and procure that the other Security Parties shall (at the cost of the Transferor Lender) enter into, such documents as may be
        necessary or desirable to transfer to the Transferee Lender all or the relevant part of such Lender's interest in the Finance Documents and all relevant references in this Agreement to such Lender shall thereafter be construed as a reference to the
        Transferor Lender and/or its Transferee Lender (as the case may be) to the extent of their respective interests.

    However any rights and obligations of the Transferor Lender in its capacity as Agent or Security
        Trustee shall be dealt with separately in accordance with the Agency and Trust Deed.

    
      
        	26.3	
                Transfer Certificate, delivery and notification.  As
                    soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the Transfer Certificate may be defective):

              

      

    

    
      
        	(a)	
                sign the Transfer Certificate on behalf of itself, the Borrower, the Security Parties, the Security Trustee, the Arranger, the Account Bank and each of the
                    Lenders;

              

      

    

    
      
        	(b)	
                on behalf of the Transferee Lender, send to the Borrower and each Security Party letters or faxes notifying them of the Transfer Certificate and attaching a
                    copy of it;

              

      

    

    
      
        	(c)	
                send to the Transferee Lender copies of the letters or faxes sent under paragraph (b) above.

              

      

    

    
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        	26.4	
                Effective Date of Transfer Certificate.  A Transfer
                    Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided that it is
                    signed by the Agent under Clause 26.3 on or before that date.

              

      

    

    
      
        	26.5	
                No transfer without Transfer Certificate.  No
                    assignment or transfer of any right or obligation of a Lender under any Finance Document is binding on, or effective in relation to, the Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or
                    perfected by a Transfer Certificate.

              

      

    

    
      
        	26.6	
                Lender re-organisation; waiver of Transfer Certificate.  However, if a Lender enters into any merger, de-merger or other reorganisation as a result of which all its rights or
                    obligations vest in another person (the "successor"), the Agent may, if it sees fit, by notice to the successor and the Borrower and
                    the Security Trustee waive the need for the execution and delivery of a Transfer Certificate; and, upon service of the Agent's notice, the successor shall become a Lender with the same Commitment and Contribution as were held by the
                    predecessor Lender.  In addition, where security rights (such as pledge and mortgage rights) created in the interest of the Lender concerned were transferred to the successor as a result of such a merger, de-merger or other
                    reorganisation, then such rights will serve as if they were created in the interest of the successor.

              

      

    

    
      
        	26.7	
                Effect of Transfer Certificate.  A Transfer Certificate
                    takes effect in accordance with English law as follows:

              

      

    

    
      
        	(a)	
                to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent) which the Transferor Lender has under or by
                    virtue of the Finance Documents are assigned to the Transferee Lender absolutely, free of any defects in the Transferor Lender's title and of any rights or equities which the Borrower or any Security Party had against the Transferor
                    Lender;

              

      

    

    
      
        	(b)	
                the Transferor Lender's Commitment is discharged to the extent specified in the Transfer Certificate;

              

      

    

    
      
        	(c)	
                the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor Lender and a Commitment of an amount specified in the Transfer
                    Certificate;

              

      

    

    
      
        	(d)	
                the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable to the Lenders generally, including those about
                    pro‐rata sharing and the exclusion of liability on the part of, and the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions (other than those relating to
                    exclusion of liability), the Transferor Lender ceases to be bound by them;

              

      

    

    
      
        	(e)	
                any part of the Loan which the Transferee Lender advances after the Transfer Certificate's effective date ranks in point of priority and security in the same
                    way as it would have ranked had it been advanced by the transferor, assuming that any defects in the transferor's title and any rights or equities of the Borrower or any Security Party against the Transferor Lender had not existed;

              

      

    

    
      63

      
        

    

    

    

    

    

    
      
        	(f)	
                the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to the Lenders generally, including but not limited
                    to those relating to the Majority Lenders and those under Clause 5.7 and Clause 20, and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and

              

      

    

    
      
        	(g)	
                in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any misrepresentation made in or in connection with
                    a Finance Document, the Transferee Lender shall be entitled to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the original Lender would have incurred a
                    loss of that kind or amount.

              

      

    

    The rights and equities of the Borrower or any Security Party referred to above include, but are not
        limited to, any right of set off and any other kind of cross‐claim.

    
      
        	26.8	
                Maintenance of register of Lenders.  During the
                    Security Period the Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative details (including the lending office) from time to time of each Lender holding a Transfer Certificate
                    and the effective date (in accordance with Clause 26.4) of the Transfer Certificate; and the Agent shall make the register available for inspection by any Lender, the Security Trustee and the Borrower during normal banking hours,
                    subject to receiving at least 3 Business Days prior notice.

              

      

    

    
      
        	26.9	
                Reliance on register of Lenders.  The entries on that
                    register shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments and Contributions and the effective dates of Transfer Certificates and may be relied upon
                    by the Agent and the other parties to the Finance Documents for all purposes relating to the Finance Documents.

              

      

    

    
      
        	26.10	
                Authorisation of Agent to sign Transfer Certificates. 
                    The Borrower, the Arranger, the Account Bank, the Security Trustee, each Lender irrevocably authorise the Agent to sign Transfer Certificates on its behalf.

              

      

    

    
      
        	26.11	
                Registration fee. In respect of any Transfer
                    Certificate, the Agent shall be entitled to recover a registration fee of US$2,500 from the Transferor Lender or (at the Agent's option) the Transferee Lender. Such fees will not burden any of the Security Parties under any
                    circumstances.

              

      

    

    
      
        	26.12	
                Sub-participation; subrogation assignment.  A Lender may sub‐participate all or any part of its rights and/or obligations under or in connection with the Finance Documents without
                    the consent of, or any notice to, the Borrower, any Security Party, the Agent or the Security Trustee; and the Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent and the Security Trustee, all or any
                    part of those rights to an insurer or surety who has become subrogated to them.

              

      

    

    
      
        	26.13	
                Disclosure of information.  A Lender may disclose to a
                    potential Transferee Lender or sub‐participant any information necessary to effect the relevant transaction which the Lender has received in relation to the Borrower, any Security Party or their affairs under or in connection with any
                    Finance

              

      

    

    
      64

      
        

    

    

    

    Document, provided that the potential Transferee Lender or sub-participant shall have first signed a
        confidentiality undertaking in relation thereto.

    
      
        	26.14	
                Change of lending office.  A Lender may change its
                    lending office without consultation with the Borrower by giving notice to the Agent and the change shall become effective on the later of:

              

      

    

    
      
        	(a)	
                the date on which the Agent receives the notice; and

              

      

    

    
      
        	(b)	
                the date, if any, specified in the notice as the date on which the change will come into effect.

              

      

    

    
      
        	26.15	
                Notification.  On receiving such a notice, the Agent
                    shall notify the Borrower and the Security Trustee; and, until the Agent receives such a notice, it shall be entitled to assume that a Lender is acting through the lending office of which the Agent last had notice.

              

      

    

    
      
        	26.16	
                Security over Lenders' rights.  In addition to the
                    other rights provided to Lenders under this Clause 26, each Lender may without consulting with or obtaining consent from, the Borrower or any Security Party, at any time charge, assign or otherwise create a Security Interest in or over
                    (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

              

      

    

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

              

      

    

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

              

      

    

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

    
      
        	

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

              

      

    

    
      
        	

              	(ii)	
                require any payments to be made by the Borrower or any Security Party or grant to any person any more extensive rights than those required to  be made or
                    granted to the relevant Lender under the Finance Documents.

              

      

    

    
      
        	26.17	
                Consent to disclosure.  The Borrower authorises any of
                    the Lenders to disclose all information related or connected to:

              

      

    

    
      
        	(a)	
                the Ship or any other vessel owned or operated by a Security Party;

              

      

    

    
      
        	(b)	
                the negotiation, drafting and content of this Agreement and the Finance Documents;

              

      

    

    
      
        	(c)	
                the Loan; or

              

      

    

    
      
        	(d)	
                any Security Party,

              

      

    

    
      65

      
        

    

    

    

    to any service provider (included but not limited to professional advisers, auditors, lawyers,
        accountants, surveyors, valuers, insurers, insurance advisers and brokers) which any of the Lenders may in its discretion deem necessary or desirable in connection with this Agreement or any other Finance Documents and/or the protection or
        enforcement of its rights thereunder, provided that the recipient has agreed to treat the information as confidential.

    
      
        	27.	
                VARIATIONS AND WAIVERS

              

      

    

    
      
        	27.1	
                Variations, waivers etc. by Majority Lenders.  Subject
                    to Clause 27.2, a document shall be effective to vary, waive, suspend or limit any provision of a Finance Document, or any Creditor Party's rights or remedies under such a provision or the general law, only if the document is signed, or
                    specifically agreed to by fax, by the Borrower, by the Agent on behalf of the Majority Lenders, by the Agent and the Security Trustee in their own rights, and, if the document relates to a Finance Document to which a Security Party is
                    party, by that Security Party.

              

      

    

    
      
        	27.2	
                Variations, waivers etc. requiring agreement of all Lenders. 
                    However, as regards the following, Clause 27.1 applies as if the words "by the Agent on behalf of the Majority Lenders" were replaced by the words "by or on behalf of every Lender":

              

      

    

    
      
        	(a)	
                a change in the Margin or in the definition of LIBOR;

              

      

    

    
      
        	(b)	
                a change to the date for, the amount of, any payment of principal, interest, fees, or other sums payable under this Agreement;

              

      

    

    
      
        	(c)	
                a change to any Lender's Commitment;

              

      

    

    
      
        	(d)	
                an extension of the Availability Period;

              

      

    

    
      
        	(e)	
                a change to the definition of "Majority Lenders" or "Finance Documents";

              

      

    

    
      
        	(f)	
                a change to the preamble or to Clause 2, 3, 4, 5.1, 11.17, 11.18, 17, 19 or 30;

              

      

    

    
      
        	(g)	
                a change to this Clause 27;

              

      

    

    
      
        	(h)	
                any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination arrangement set out in a Finance Document; and

              

      

    

    
      
        	(i)	
                any other change or matter as regards which this Agreement or another Finance Document expressly provides that each Lender's consent is required.

              

      

    

    
      
        	27.3	
                Exclusion of other or implied variations.  Except for a
                    document which satisfies the requirements of Clauses 27.1 and 27.2, no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on the part of the Creditor Parties or any of them (or any person acting on
                    behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being precluded (permanently or temporarily) from
                    enforcing, relying on or exercising:

              

      

    

    
      
        	(a)	
                a provision of this Agreement or another Finance Document; or

              

      

    

    
      66

      
        

    

    

    

    

    

    
      
        	(b)	
                an Event of Default; or

              

      

    

    
      
        	(c)	
                a breach by the Borrower or a Security Party of an obligation under a Finance Document or the general law; or

              

      

    

    
      
        	(d)	
                any right or remedy conferred by any Finance Document or by the general law,

              

      

    

    and there shall not be implied into any Finance Document any term or condition requiring any such
        provision to be enforced, or such right or remedy to be exercised, within a certain or reasonable time.

    
      
        	27.4	
                Notification of Variation or Waiver.  No variation or
                    waiver may be made before the date falling ten (10) Business Days after the terms of that variation or waiver have been notified by the Agent to the Lenders, unless each Lender is a FATCA Protected Lender. The Agent shall notify the
                    Lenders reasonably promptly of any variations or waivers proposed by the Borrower.

              

      

    

    
      
        	27.5	
                Variation or Waiver: FATCA.

              

      

    

    
      
        	(a)	
                Notwithstanding the foregoing, if the Agent or a Lender reasonably believes that an amendment or waiver may constitute a "material modification" for the
                    purposes of FATCA that may result (directly or indirectly) in a Party being required to make a FATCA Deduction and the Agent or that Lender (as the case may be) notifies the Borrower and the Agent accordingly, that amendment or waiver
                    may, subject to paragraph (b) below, not be effected without the consent of the Agent or that Lender (as the case may be).

              

      

    

    
      
        	(b)	
                The consent of a Lender shall not be required pursuant to paragraph (a) above if that Lender is a FATCA Protected Lender.

              

      

    

    
      
        	28.	
                NOTICES

              

      

    

    
      
        	28.1	
                General.  Unless otherwise specifically provided, any
                    notice under or in connection with any Finance Document shall be given by letter or fax; and references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed
                    accordingly.

              

      

    

    
      
        	28.2	
                Addresses for communications.  A notice shall be sent:

              

      

    

    	
            (a)

          	
            to the Borrower:

          	
            c/o Eurodry Ltd

                4, Messogiou & Evropis Street

                151 24, Maroussi

                Athens, Greece

            Fax No: +30 2111 804097

                Attn:  Mr. Tassos Aslidis/Mr. George Kavalis

          
	 	 	 
	
            (b)

          	
            to a Lender:

          	
            At the address below its name in  Schedule 1 or (as the case may require) in the relevant Transfer Certificate;

          

    
      67

      
        

    

    

    

    	
            (c)

          	
            to the Arranger, Account Bank and Security Trustee:

          	
            EUROBANK ERGASIAS S.A.

                83, Akti Miaouli Street

                185 38 Piraeus

                Greece

                Fax No: +30 210 4587877;

          
	 	 	 
	
            (d)

          	
            to the Agent:

          	
            EUROBANK ERGASIAS S.A.

                83, Akti Miaouli Street

                185 38 Piraeus

                Greece

                Fax: +30 210 4587877

                Attn:  Mr S. Yagos

          

    

    

    or to such other address as the relevant party may notify the Agent or, if the relevant party is the
        Agent or the Security Trustee, the Borrower, the Lenders, the Arranger, the Account Bank and the Security Parties.

    
      
        	28.3	
                Effective date of notices.  Subject to Clauses 28.4 and
                    28.5:

              

      

    

    
      
        	(a)	
                a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered;

              

      

    

    
      
        	(b)	
                a notice which is sent by fax shall be deemed to be served, and shall take effect, 2 hours after its transmission is completed.

              

      

    

    
      
        	28.4	
                Service outside business hours.  However, if under
                    Clause 28.3 a notice would be deemed to be served:

              

      

    

    
      
        	(a)	
                on a day which is not a business day in the place of receipt; or

              

      

    

    
      
        	(b)	
                on such a business day, but after 5 p.m. local time;

              

      

    

    the notice shall (subject to Clause 28.5) be deemed to be served, and shall take effect, at 9 a.m. on
        the next day which is such a business day.

    
      
        	28.5	
                Illegible notices.  Clauses 28.3 and 28.4 do not apply
                    if the recipient of a notice notifies the sender within one hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect.

              

      

    

    
      
        	28.6	
                Valid notices.  A notice under or in connection with a
                    Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if,

              

      

    

    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.

    
      
        	28.7	
                English language.  Any notice under or in connection
                    with a Finance Document shall be in English.

              

      

    

    
      
        	28.8	
                Meaning of "notice". In this Clause "notice" includes any demand, consent,
                    authorisation, approval, instruction, waiver or other communication.

              

      

    

    
      68

      
        

    

    

    

    

    

    
      
        	28.9	
                Electronic communication.

              

      

    

    
      
        	(a)	
                Any communication to be made between the Agent and a Lender under or in connection with the Finance Documents may be made by electronic mail or other
                    electronic means, if the Agent and the relevant Lender:

              

      

    

    
      
        	

              	(i)	
                agree that, unless and until notified to the contrary, this is to be an accepted form of communication;

              

      

    

    
      
        	

              	(ii)	
                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

              

      

    

    
      
        	

              	(iii)	
                notify each other of any change to their respective addresses or any other such information supplied to them.

              

      

    

    
      
        	(b)	
                Any electronic communication made between the Agent and a Lender will be effective only when actually received in readable form and, in the case of any
                    electronic communication made by a Lender to the Agent, only if it is addressed in such a manner as the Agent shall specify for this purpose.

              

      

    

    
      
        	29.	
                SUPPLEMENTAL

              

      

    

    
      
        	29.1	
                Rights cumulative, non-exclusive.  The rights and
                    remedies which the Finance Documents give to each Creditor Party are:

              

      

    

    
      
        	(a)	
                cumulative;

              

      

    

    
      
        	(b)	
                may be exercised as often as appears expedient; and

              

      

    

    
      
        	(c)	
                shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any right or remedy conferred by any law.

              

      

    

    
      
        	29.2	
                Severability of provisions.  If any provision of a
                    Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance
                    Document.

              

      

    

    
      
        	29.3	
                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.

              

      

    

    
      
        	29.4	
                Counterparts.  A Finance Document may be executed in
                    any number of counterparts.

              

      

    

    
      
        	29.5	
                PATRIOT Act Notice.  Each of the Agent and the Lenders
                    hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act and the policies and practices of the Agent and each Lender, the Agent and each of the Lenders is required to obtain, verify and record certain
                    information and documentation that identifies the Borrower and each Security Party, which information includes the name and address of the Borrower and each Security Party and such other information that will allow the Agent and each of
                    the Lenders to identify the Borrower and each Security Party in accordance with the PATRIOT Act.

              

      

    

    
      69

      
        

    

    

    

    

    

    
      
        	30.	
                LAW AND JURISDICTION

              

      

    

    
      
        	30.1	
                English law.  This Agreement (and any non-contractual
                    obligations connected with it) shall be governed by, and construed in accordance with, English law.

              

      

    

    
      
        	30.2	
                Exclusive English jurisdiction.  Subject to Clause
                    30.3, the courts of England shall have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Agreement.

              

      

    

    
      
        	30.3	
                Choice of forum for the exclusive benefit of the Creditor
                      Parties.  Clause 30.2 is for the exclusive benefit of the Creditor Parties, each of which reserves the right:

              

      

    

    
      
        	(a)	
                to commence proceedings in relation to any matter which arises out of or in connection with this Agreement in the courts of any country other than England and
                    which have or claim jurisdiction to that matter; and

              

      

    

    
      
        	(b)	
                to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in England or without commencing
                    proceedings in England.

              

      

    

    The Borrower shall not commence any proceedings in any country other than England in relation to a
        matter which arises out of or in connection with this Agreement.

    
      
        	30.4	
                Process agent. The Borrower irrevocably appoints Hill
                    Dickinson Services (London) Ltd at their office for the time being, presently at The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW, England, to act as its agent to receive and accept on its behalf any process or other document
                    relating to any proceedings in the English courts which are connected with this Agreement.

              

      

    

    
      
        	30.5	
                Creditor Party rights unaffected.  Nothing in this
                    Clause 30 shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the
                    recognition or enforcement of a judgment or any similar or related matter in any jurisdiction.

              

      

    

    
      
        	30.6	
                Meaning of “proceedings”.  In this Clause 30, "proceedings" means proceedings of any kind, including an application for a provisional or protective measure.

              

      

    

    AS WITNESS the
        hands of the duly authorised officers or attorneys of the parties the day and year first before written.

    
      70

      
        

    

    

    

    SCHEDULE 1

        THE LENDERS AND COMMITMENTS

    

    

    	
            Lender

          	
            Lending Office

          	
            Commitment

                 

          
	
            EUROBANK ERGASIAS S.A.

          	
            83, Akti Miaouli Street

            185 38 Piraeus

            Greece

            Fax No: +30 210 4587877

            Attn:  Loans Administration

          	
            US$15,000,000

          
	 	 	 

    

    

    

      

      

      

      

    

    

    

    
      71

      
        

    

    SCHEDULE 2

        DRAWDOWN NOTICE

    

    

    	
            To:

          	
            EUROBANK ERGASIAS S.A.

                83, Akti Miaouli

                185 38 Piraeus

                Greece

          
	 	 
	
            Attention:

          	
            [Loans Administration]

          

    

    

    

    

    

    

    

    

    [●] 2018

    DRAWDOWN NOTICE

     

      

    
      
        	1.	
                We refer to the loan agreement (the "Loan Agreement")
                    dated [●] 2018 
                    and made between (1) ourselves as Borrower, (2) the Lenders referred to therein and (3) yourselves as Arranger, Account Bank, Agent and as Security Trustee in connection with a secured term loan of up to US$15,000,000. Terms defined in
                    the Loan Agreement have their defined meanings when used in this Drawdown Notice.

              

      

    

    
      
        	2.	
                We request to draw the Loan as follows:

              

      

    

    
      
        	(a)	
                Amount: US$ [●];

              

      

    

    
      
        	(b)	
                Drawdown Date:  [●] 2018;

              

      

    

    
      
        	(c)	
                Duration of the first Interest Period shall be [●] months;

              

      

    

    
      
        	(d)	
                Payment instructions: account of [●] and numbered [●] held with [●] of [●].

              

      

    

    
      
        	3.	
                We represent and warrant that:

              

      

    

    
      
        	(a)	
                the representations and warranties in Clause 10 of the Loan Agreement are true and correct at the date hereof as if made with respect to the facts and
                    circumstances existing at this date;

              

      

    

    
      
        	(b)	
                no Event of Default or Potential Event of Default has occurred or will result from the borrowing of the Loan.

              

      

    

    
      
        	4.	
                This notice cannot be revoked without the prior consent of the Majority Lenders.

              

      

    

    

    

    Yours faithfully

    

    

    --------------------------------------

    [●]

    authorised signatory for

    ULTRA ONE SHIPPING LTD

    

    

    
      72

      
        

    

    SCHEDULE 3

        CONDITION PRECEDENT DOCUMENTS

    PART A

    The following are the documents referred to in Clause 9.1(a):

    
      
        	1.	
                A duly executed original of this Agreement, the Agency and Trust Deed, the Guarantee, the Accounts Pledge (together with all notices of assignment required
                    thereunder).

                 

                  

              

      

    

    
      
        	2.	
                Copies of the certificate of incorporation and constitutional documents of the Borrower, the Guarantor and the Approved Manager, together with up to date
                    evidence of the good standing of the Borrower, the Guarantor and the Approved Manager or equivalent documents establishing the incorporation and/or good standing (as the case may be) of the Approved Manager.

              

      

    

    
      
        	3.	
                Originals of resolutions of the directors and shareholders of the Borrower and originals of the relevant minutes containing the resolutions of the directors
                    of the Guarantor and the Approved Manager authorising the execution of each of the Finance Documents referred to at 1 above to which the Borrower and/or any other Security Party is a party and authorising named officers to give the
                    Drawdown Notice and other notices under this Agreement.

              

      

    

    
      
        	4.	
                The original of any power of attorney under which any Finance Document referred to at 1 above is executed on behalf of the Borrower, the Guarantor and the
                    Approved Manager.

              

      

    

    
      
        	5.	
                Copies of all consents which the Borrower or any Security Party requires to enter into, or make any payment under, any Finance Document.

              

      

    

    
      
        	6.	
                All documentation required by the Agent in respect of the Borrower and any other Security Party pursuant to each Lender's "Know your customer" requirements
                    based on applicable laws and regulations from time to time and the Agent's own internal guidelines from time to time, together with such other documents or evidence as the Lenders may reasonably require with respect to money laundering
                    regulations.

              

      

    

    
      
        	7.	
                Documentary evidence that the agent for service of process named in Clause 30 of this Agreement has accepted its appointment.

              

      

    

    
      
        	8.	
                Favourable legal opinions from lawyers appointed by the Agent on such matters concerning English law and the laws of Liberia and/or the Marshall Islands and
                    such other relevant jurisdictions as the Agent may require.

              

      

    

    
      
        	9.	
                A certificate in a form and substance satisfactory to the Lenders confirming the legal ownership and the beneficial ownership of the shares in the Borrower,
                    in a form and substance satisfactory to the Agent in its sole discretion.

              

      

    

    
      
        	10.	
                The originals of any mandates or other documents required in connection with the opening and operation of the Earnings Account and the Retention Account.

              

      

    

    
      
        	

              	

              

      

    

    
      73

      
        

    

    

    

    
      	11.	
              Receipt by the Agent and the Arranger of all fees due under Clause 20 of this Agreement.

            

    

    
      
        	12.	
                If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the
                    Agent.

              

      

    

    PART B

    The following are the documents referred to in Clause 9.1(b):

    
      
        	1.	
                In respect of the Ship, a duly executed original of the Mortgage and the Assignment (together with all notices of assignment and acknowledgements required
                    thereunder), together with original resolutions of directors/shareholders and a power of attorney of the Borrower with respect to the execution of such Finance Documents by the Borrower.

              

      

    

    
      
        	2.	
                Documentary evidence that:

              

      

    

    
      
        	(a)	
                the Ship will on the Drawdown Date be definitively and permanently registered in the name of the Borrower under the Approved Flag;

              

      

    

    
      
        	(b)	
                the Ship will on the Drawdown Date (or as soon as reasonably practicable therafter) be in the absolute and unencumbered ownership of the Borrower  save as
                    contemplated by the Finance Documents;

              

      

    

    
      
        	(c)	
                the Ship will on the Drawdown Date be classed with the highest available class with Lloyds Register of Ships (or IACS equivalent) free of all overdue
                    recommendations and conditions of such classification society affecting Class;

              

      

    

    
      
        	(d)	
                the Mortgage in respect of the Ship has been executed by the Borrower and has been, or will immediately following drawdown of the Loan be, registered against
                    the Ship as a valid first priority ship mortgage in accordance with the laws of the Approved Flag State; and

              

      

    

    
      
        	(e)	
                the Ship will on the Drawdown Date be insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances shall
                    have been complied with.

              

      

    

    
      
        	3.	
                Documents establishing that the Ship will, as from the Drawdown Date, be managed by the Approved Manager on terms acceptable to the Agent, together with:

              

      

    

    
      
        	(a)	
                the Approved Manager's Undertaking in respect of the Ship, together with a copy of the ship management agreement for the Ship;

              

      

    

    
      
        	(b)	
                the Guarantor's Undertaking-Assignment in respect of the Ship;

              

      

    

    
      
        	(c)	
                copies of the Document of Compliance and Safety Management Certificate and ISSC;

              

      

    

    
      
        	(d)	
                copies of such other ISM Code or ISPS Code documentation as the Agent may by written notice to the Borrower have requested not later than 2 days before the
                    Drawdown Date, certified as true and complete in all material respects by the Borrower and the Approved Manager.

              

      

    

    
      74

      
        

    

    

    

    

    

    
      
        	5.	
                Evidence that the Minimum Liquidity is maintained in an account of the Borrower or the Guarantor.

              

      

    

    
      
        	6.	
                Valuation of the Ship addressed to the Agent (at the cost and the expense of the Borrower), prepared in accordance with Clause 15.4 of this Agreement, in a
                    form satisfactory to the Agent.

              

      

    

    
      
        	7.	
                A favourable opinion from an independent insurance consultant appointed by the Agent on such matters relating to the insurances for the Ship as the Agent may
                    require, and at the cost and expense of the Borrower.

              

      

    

    
      
        	8.	
                Favourable legal opinions from lawyers appointed by the Lenders on such matters concerning English law and the laws of Liberia, the laws of the Marshall
                    Islands, the laws of the Approved Flag State (if different) and such other relevant jurisdictions as the Lenders may require.

              

      

    

    
      
        	9.	
                Receipt by the Agent of any fees due under Clause 20 of this Agreement.

              

      

    

    
      
        	10.	
                Evidence of the lightweight displacement of the Ship;

              

      

    

    Every copy document delivered under this Schedule shall be certified as a true and up to date copy by a director or the secretary (or
        equivalent officer) of the Borrower or an Attorney at Law.

    
      75

      
        

    

    SCHEDULE 4

        TRANSFER CERTIFICATE

    The Transferor and the Transferee accept exclusive responsibility for ensuring that this Certificate
        and the transaction to which it relates comply with all legal and regulatory requirements applicable to them respectively.

    	
            To:

          	
            EUROBANK ERGASIAS S.A. for itself and for and on behalf of the Borrower, each Security Party, the Arranger, the Account Bank, the
                Agent, the Security Trustee and each Lender, as defined in the Loan Agreement referred to below.

          

    

    

    [●]

    This Certificate relates to a Loan Agreement (the "Loan Agreement") dated  [●] 2018 and made between (1) the entity named therein as borrower (the "Borrower"),

        (2) the banks and financial institutions named therein as Lenders, (3) EUROBANK ERGASIAS S.A. as Arranger, Account Bank, Agent and Security Trustee, for a secured term loan of up to US$15,000,000.

    
      
        	1.	
                In this Certificate:

              

      

    

    "the
          Relevant Parties" means the Borrower, each Security Party, the Arranger, the Account Bank, the Agent, the Security Trustee and each Lender;

    "the
          Transferor" means [full name] of [lending office];

    "the
          Transferee" means [full name] of [lending office].

    Terms defined in the Loan Agreement shall, unless the contrary intention appears, have the same
        meanings when used in this Certificate.

    
      
        	3.	
                The effective date of this Certificate is [●] Provided that
                    this Certificate shall not come into effect unless it is signed by the Agent on or before that date.

              

      

    

    
      
        	4.	
                The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent) which the Transferor has as Lender under or by
                    virtue of the Loan Agreement and every other Finance Document in relation to [●] per cent of the Contribution outstanding to the Transferor (or its predecessors in title) which is set out below:

              

      

    

    	
            Contribution

          	
            Amount transferred

          
	 	 

    
      
        	5.	
                By virtue of this Transfer Certificate and Clause 26 of the Loan Agreement, the Transferor is discharged [entirely from its Commitment which amounts to
                    US$[●]] [from [●] per cent. of its Commitment, which percentage represents   UD$[●]] and the Transferee acquires a Commitment of US$[●].

              

      

    

    
      
        	6.	
                The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will observe and perform all the obligations under the
                    Finance Documents which Clause 26 of the Loan Agreement provides will become binding on it upon this Certificate taking effect. [For the avoidance of doubt the Transferor shall remain as [●] under the Loan Agreement and the Finance
                    Documents].

              

      

    

    
      76

      
        

    

    

    

    

    

    
      
        	7.	
                The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself and for and on behalf of every other Relevant Party,
                    this Certificate as a Transfer Certificate taking effect in accordance with Clause 26 of the Loan Agreement.

              

      

    

    8.            The

        Transferor:

    
      
        	(a)	
                warrants to the Transferee and each Relevant Party:

              

      

    

    
      
        	

              	(i)	
                that the Transferor has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which are in connection with
                    this transaction; and

              

      

    

    
      
        	

              	(ii)	
                that this Certificate is valid and binding as regards the Transferor;

              

      

    

    
      
        	(b)	
                warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to all the rights and interests covered by the assignment in
                    paragraph 4 above;

              

      

    

    
      
        	(c)	
                undertakes with the Transferee that the Transferor will, at its own expense, execute any documents which the Transferee reasonably requests for perfecting in
                    any relevant jurisdiction the Transferee's title under this Certificate or for a similar purpose.

              

      

    

    
      
        	9.	
                The Transferee:

              

      

    

    
      
        	(a)	
                confirms that it has received a copy of the Loan Agreement and each other Finance Document;

              

      

    

    
      
        	(b)	
                agrees that it will have no rights of recourse on any ground against either the Transferor, the Arranger, the Account Bank, the Agent, the Security Trustee or
                    any Lender in the event that:

              

      

    

    
      
        	

              	(i)	
                the Finance Documents prove to be invalid or ineffective,

              

      

    

    
      
        	

              	(ii)	
                the Borrower or any Security Party fails to observe or perform its obligations, or to discharge its liabilities, under the Finance Documents;

              

      

    

    
      
        	

              	(iii)	
                it proves impossible to realise any asset covered by a Security Interest created by a Finance Document, or the proceeds of such assets are insufficient to
                    discharge the liabilities of the Borrower or Security Party under the Finance Documents;

              

      

    

    
      
        	(c)	
                agrees that it will have no rights of recourse on any ground against the Arranger, the Account Bank, the Agent, the Security Trustee or any Lender in the
                    event that this Certificate proves to be invalid or ineffective;

              

      

    

    
      
        	(d)	
                warrants to the Transferor and each Relevant Party (i) that it has full capacity to enter into this transaction and has taken all corporate action and
                    obtained all official consents which it needs to take or obtain in connection with this transaction; and (ii) that this Certificate is valid and binding as regards the Transferee; and

              

      

    

    
      77

      
        

    

    

    

    

    

    
      
        	(e)	
                confirms the accuracy of the administrative details set out below regarding the Transferee.

              

      

    

    
      
        	10.	
                The Transferor and the Transferee each undertake with the Agent and the Security Trustee severally, on demand, fully to indemnify the Agent and/or the
                    Security Trustee in respect of any claim, proceeding, liability or expense (including all legal expenses) which they or either of them may incur in connection with this Certificate or any matter arising out of it, except such as are
                    shown to have been mainly and directly caused by the gross and culpable negligence or dishonesty of the Agent's or the Security Trustee's own officers or employees.

              

      

    

    
      
        	11.	
                The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor under paragraph 10 above as exceeds one-half of the amount
                    demanded by the Agent or the Security Trustee in respect of a claim, proceeding, liability or expense which was not reasonably foreseeable at the date of this Certificate; but nothing in this paragraph shall affect the liability of each
                    of the Transferor and the Transferee to the Agent or the Security Trustee for the full amount demanded by it.

              

      

    

    12. This Certificate (and any non-contractual obligations connected with it) shall be governed by and construed in accordance with English law,
        and may be executed in any number of counterparts, each of which shall be deemed an original).

    	
            [Name of Transferor]

          	 	
            [Name of Transferee]

          
	 	 	 
	
            By:

          	
            [●]

          	 	
            By:

          	
            [●]

          
	
            Date:

          	
            [●]

          	 	
            Date:

          	
            [●]

          

    

    

    

    

    Agent

    

    

    Signed for itself and for and on behalf of itself

    as Agent and for every other Relevant Party

    

    

    EUROBANK ERGASIAS S.A.

    

    

    	
            By:

          	
            [●]

          	 	 	 
	
            Date:

          	
            [●]

          	 	 	 

    

    

    

    

    

    

    Administrative Details of Transferee

    Name of Transferee:

    Lending Office:

    Contact Person

    (Loan Administration Department):

    Telephone:

    Telex:

    Fax:

    Contact Person

    (Credit Administration Department):

    Telephone:

    Fax:

    Email:

    Account for payments:

    
      78

      
        

    

    

    

    

    

    	
            Note:

          	
            This Transfer Certificate alone may not be sufficient to transfer a proportionate share of the Transferor's interest in the security
                constituted by the Finance Documents in the Transferor's or Transferee's jurisdiction. It is the responsibility of each Lender to ascertain whether any other documents are required for this purpose.

          

    

    

    

    

    
      79

      
        

    

    SCHEDULE 5

        FORM OF COMPLIANCE CERTIFICATE

    

    

    	
            To:

          	
            EUROBANK ERGASIAS S.A.

                83, Akti Miaouli

                185 38 Piraeus

                Greece

          
	 	 
	
            Attn:

          	
            Loans Administration

          
	 	 

    

    

    

    

    	
            Dear Sirs

          	
            [date]

          	 

    

    

    Loan Agreement dated [●]
        2018 (the “Loan Agreement”) made between (i) the Borrower referred to therein,
          (ii) the Lenders referred to therein and (iii) EUROBANK ERGASIAS S.A. as Arranger, Account Bank, Agent and Security Trustee in connection with a loan facility of up to US$15,000,000.

    Terms defined in the Loan Agreement have their defined meanings when used in this Compliance Certificate.

    We enclose with this certificate a copy of the audited consolidated annual accounts of the Guarantor referred to in the
        Loan Agreement (the "Guarantor") for the financial year commencing on 31.01.2018 or latest on 31st May 2018 (being the date of the
        Guarantor's spin out). The accounts (i) have been prepared in accordance with all applicable laws and GAAP consistently applied, (ii) give a true and fair view of the state of affairs of the Guarantor at the date of the accounts and of its profit
        for the period to which the accounts relate and (iii) fully disclose or provide for all significant liabilities of the Guarantor.

    We also enclose copies of the valuations of the Ship which are used in calculating the asset cover ratio under Clause
        15.1 of the Loan Agreement as at [●].

    The Borrower represents that no Event of Default has occurred as at the date of this certificate [(except for the
        following matter or event [set out all material details of mater or event]).]

    We now certify that, as at [●] the asset cover ratio under Clause 15.1 of the Loan Agreement is [●]%.

    We hereby repeat the representations and warranties set out in Clause 10 of the Loan Agreement and confirm that they
        remain true and correct by reference to the facts and circumstances existing on the date of this Compliance Certificate.

    This certificate shall be governed by, and construed in accordance with, English law.

    

    

    Signed

    

    

    ____________________

    [●]

    authorised signatory for

    ULTRA ONE SHIPPING LTD

    
      80

      
        

    

    EXECUTION PAGES

    

    

    

    

    	
            THE BORROWER

          	 	 
	 	 	 
	
            Signed by

          	
            )

          	 
	
            STEFANIA KARMIRI

          	
            )

          	
            /s/ Stefania Karmiri

          
	
            for and on behalf of

          	
            )

          	 
	
            ULTRA ONE SHIPPING LTD

          	
            )

          	 
	
            of the Marshall Islands

          	
            )

          	 
	
            in the presence of

          	 	 
	 	 	 
	
            Witness:

          	
            /s/

          	 	 
	
            Name:

          	 	 	 
	
            Address:

          	 	 	 
	
            Occupation:

          	
            Attorney-at-law

          	 	 
	 	 	 	 
	 	 	 	 
	
            THE LENDERS

          	 	 
	 	 	 
	
            Signed by

          	
            )

          	 
	
            STAVROS YAGOS

          	
            )

          	
            /s/ Stavros Yagos

          
	
            and

          	
            )

          	 
	
            for and on behalf of Nikoletta Mitropoulou

          	
            )

          	 
	
            EUROBANK ERGASIAS S.A.

          	
            )

          	 
	
            in the presence of

          	
            )

          	 
	 	 	 
	 	 	 
	
            Witness:

          	
            /s/

          	 	 
	
            Name:

          	 	 	 
	
            Address:

          	 	 	 
	
            Occupation:

          	
            Attorney-at-law

          	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
            THE ARRANGER

          	 	 
	 	 	 
	
            Signed by

          	
            )

          	 

          
	
            STAVROS YAGOS

          	
            )

          	
            /s/ Stavros Yagos

          
	
            and

          	
            )

          	 
	
            for and on behalf of Nikoletta Mitropoulou

          	
            )

          	 
	
            EUROBANK ERGASIAS S.A.

          	
            )

          	 
	
            in the presence of

          	 	 
	 	 	 
	
            Witness:

          	
            /s/

          	 	 
	
            Name:

          	 	 	 
	
            Address:

          	 	 	 
	
            Occupation:

          	
            Attorney-at-law

          	 	 
	 	 	 	 
	 	 	 	 

    

    

    

    

    
      81

      
        

    

    

    

    	
            THE ACCOUNT BANK

          	 	 
	 	 	 
	
            Signed by

          	 	 
	
            STAVROS YAGOS

          	
            )

          	 

          
	
            and

          	
            )

          	/s/ Stavros Yagos 

          
	
            for and on behalf of Nikoletta Mitropoulou

          	
            )

          	 
	
            EUROBANK ERGASIAS S.A.

          	
            )

          	 
	
            in the presence of

          	
            )

          	 
	 	 	 
	 	 	 
	
            Witness:

          	
            /s/

          	 	 
	
            Name:

          	 	 	 
	
            Address:

          	 	 	 
	
            Occupation:

          	
            Attorney-at-law

          	 	 
	 	 	 	 
	 	 	 	 
	
            THE AGENT

          	 	 
	 	 	 
	
            Signed by

          	 	 
	
            STAVROS YAGOS

          	
            )

          	 

          
	
            and

          	
            )

          	/s/ Stavros Yagos 

          
	
            for and on behalf of Nikoletta Mitropoulou

          	
            )

          	 
	
            EUROBANK ERGASIAS S.A.

          	
            )

          	 
	
            in the presence of

          	
            )

          	 
	 	 	 
	 	 	 
	
            Witness:

          	
            /s/

          	 	 
	
            Name:

          	 	 	 
	
            Address:

          	 	 	 
	
            Occupation:

          	
            Attorney-at-law

          	 	 
	 	 	 	 
	 	 	 	 
	
            THE SECURITY TRUSTEE

          	 	 
	 	 	 
	
            Signed by

          	 	 
	
            STAVROS YAGOS

          	
            )

          	 

          
	
            and

          	
            )

          	/s/ Stavros Yagos 

          
	
            for and on behalf of Nikoletta Mitropoulou

          	
            )

          	 
	
            EUROBANK ERGASIAS S.A.

          	
            )

          	 
	
            in the presence of

          	
            )

          	 
	 	 	 
	 	 	 
	
            Witness:

          	
            /s/

          	 	 
	
            Name:

          	 	 	 
	
            Address:

          	 	 	 
	
            Occupation:

          	
            Attorney-at-law

          	 	 
	 	 	 	 
	 	 	 	 

    

    

  

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]