Document:

EX-4.14

 Exhibit 4.14 

Confidential 
 Dated March 25, 2019 

 
  

NAVIGATOR ATLAS L.L.C., NAVIGATOR EUROPA L.L.C., 

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

as Borrowers 

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

ING BANK, A BRANCH OF ING-DIBA AG 

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) 

as Mandated Lead Arrangers 

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

as Agent 
 CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK 
 as Security Agent 

and 
 THE BANKS AND
FINANCIAL INSTITUTIONS NAMED HEREIN 
 AS ORIGINAL LENDERS 

guaranteed by 

NAVIGATOR HOLDINGS LTD AND NAVIGATOR GAS L.L.C. 

FACILITY AGREEMENT 
 for
a term loan facility of up to $107,000,000 

 Contents 
  

							
	Clause	  	Page	 
		
	 SECTION 1 - INTERPRETATION
	  	 	1	 
	 1
	  	Definitions and interpretation	  	 	1	 
	 SECTION 2 - THE FACILITY
	  	 	24	 
	 2
	  	The Facility	  	 	24	 
	 3
	  	Purpose	  	 	28	 
	 4
	  	Conditions of Utilisation	  	 	28	 
	 SECTION 3 - UTILISATION
	  	 	30	 
	 5
	  	Utilisation	  	 	30	 
	 SECTION 4 - REPAYMENT, PREPAYMENT AND CANCELLATION
	  	 	31	 
	 6
	  	Repayment and reduction	  	 	31	 
	 7
	  	Illegality, prepayment and cancellation	  	 	31	 
	 SECTION 5 - COSTS OF UTILISATION
	  	 	35	 
	 8
	  	Interest	  	 	35	 
	 9
	  	Interest Periods	  	 	35	 
	 10
	  	Changes to the calculation of interest	  	 	36	 
	 11
	  	Fees	  	 	37	 
	 SECTION 6 - ADDITIONAL PAYMENT OBLIGATIONS
	  	 	38	 
	 12
	  	Tax gross-up and indemnities	  	 	38	 
	 13
	  	Increased Costs	  	 	42	 
	 14
	  	Other indemnities	  	 	43	 
	 15
	  	Mitigation by the Lenders	  	 	46	 
	 16
	  	Costs and expenses	  	 	46	 
	 SECTION 7 - GUARANTEE
	  	 	48	 
	 17
	  	Guarantee and indemnity	  	 	48	 
	 SECTION 8 - REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT
	  	 	51	 
	 18
	  	Representations	  	 	51	 
	 19
	  	Information undertakings	  	 	58	 
	 20
	  	Financial covenants	  	 	62	 
	 21
	  	General undertakings	  	 	63	 
	 22
	  	Dealings with Ship	  	 	67	 
	 23
	  	Condition and operation of Ship	  	 	69	 
	 24
	  	Insurance	  	 	73	 
	 25
	  	Minimum security value	  	 	77	 
	 26
	  	Chartering undertakings	  	 	80	 
	 27
	  	Bank accounts	  	 	81	 
	 28
	  	Business restrictions	  	 	82	 
	 29
	  	Events of Default	  	 	86	 

							
	 SECTION 9 - CHANGES TO PARTIES
	  	 	91	 
	 30
	  	 Changes to the Lenders
	  	 	91	 
	 31
	  	 Assignments and transfers by Obligors
	  	 	94	 
	 SECTION 10 - THE FINANCE PARTIES
	  	 	95	 
	 32
	  	 Roles of Agent, Security Agent and Arranger
	  	 	95	 
	 33
	  	 Conduct of business by the Finance Parties
	  	 	108	 
	 34
	  	 Sharing among the Finance Parties
	  	 	110	 
	 SECTION 11 - ADMINISTRATION
	  	 	112	 
	 35
	  	 Payment mechanics
	  	 	112	 
	 36
	  	 Set-off
	  	 	115	 
	 37
	  	 Notices
	  	 	115	 
	 38
	  	 Calculations and certificates
	  	 	117	 
	 39
	  	 Partial invalidity
	  	 	117	 
	 40
	  	 Remedies and waivers
	  	 	117	 
	 41
	  	 Amendments and grant of waivers
	  	 	117	 
	 42
	  	 Counterparts
	  	 	121	 
	 43
	  	 Confidentiality
	  	 	122	 
	 SECTION 12 - GOVERNING LAW AND ENFORCEMENT
	  	 	124	 
	 44
	  	 Governing law
	  	 	124	 
	 45
	  	 Enforcement
	  	 	124	 
	 Schedule 1 The parties
	  	 	125	 
	 Schedule 2 Ship information
	  	 	132	 
	 Schedule 3 Conditions precedent
	  	 	134	 
	 Schedule 4 Utilisation Request
	  	 	140	 
	 Schedule 5 Form of Transfer Certificate
	  	 	141	 
	 Schedule 6 Form of Compliance Certificate
	  	 	143	 
	 Schedule 7 Form of Increase Confirmation
	  	 	144	 

  

 THIS AGREEMENT is dated March 25, 2019 and made between: 

 

	(1)	 THE ENTITIES listed in Schedule 1 as Borrowers (the Borrowers and each a Borrower);

  

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

  

	(3)	 CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, ING BANK, A BRANCH OF
ING-DIBA AG and SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) as mandated lead arrangers (whether acting individually or together, the Arrangers); 

 

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

  

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

  

	(6)	 CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK as security agent for the other Finance Parties
(the Security Agent). 

 IT IS AGREED as follows: 

SECTION 1 - INTERPRETATION 
  

	1	 Definitions and interpretation 

 

	1.1	 Definitions 

In this Agreement and (unless otherwise defined in the relevant Finance Document) the other Finance Documents: 

Account Bank means, in relation to the Earnings Account, Nordea Bank Abp, London Branch. 

Account Holder means Navigator Gas L.L.C. (as more particularly described in Schedule 1). 

Account Security means the deed, pledge or other instrument executed by the Account Holder in favour of the Security Agent in the agreed
form conferring a Security Interest over the Earnings Account. 
 Accounting Reference Date means 31 December or such other date
as may be approved by the Lenders. 
 Affiliate means, in relation to any person, a Subsidiary of that person or a Holding Company of
that person or any other Subsidiary of that Holding Company. 
 Agent means Crédit Agricole Corporate and Investment Bank or
any person who may be appointed as such under clause 32.1 (Appointment of the Agent). 
 Applicable Fraction has the meaning
given to it in clause 7.5(c). 
 Approved Valuer means any of Clarksons Plc, Barry Rogliano Salles, Braemar Seascope Ltd, Fearnleys,
EA Gibson Shipbrokers Limited, Poten & Partners, Steem1960 or such other independent reputable ship broker nominated by the Borrowers and approved by the Agent (acting on the instructions of the Majority Lenders) from time to time. 

Auditors means one of PricewaterhouseCoopers, Ernst & Young, KPMG, Deloitte Touche Tohmatsu , Moore Stephens or MSPC
Certified Public Accountants and Advisors or another firm approved by the Agent (acting on the instructions of the Majority Lenders) from time to time. 

  
 1 

 Availability Period means, in relation to the Facility, the period starting on the
date of this Agreement up to and including the date falling three (3) months after such date. 

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 II Accord means the “International
Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 as updated prior to, and in the form existing on, the date of this Agreement, excluding any
amendment thereto arising out of the Basel III Accord. 
 Basel II Approach means, in relation to any Finance Party, either the
Standardised Approach or the relevant Internal Ratings Based Approach (each as defined in the Basel II Regulations applicable to such Finance Party) adopted by that Finance Party (or any of its Affiliates) for the purposes of implementing or
complying with the Basel II Accord. 
 Basel II Regulation means: 

 

	 	(a)	 any law or regulation in force as at the date hereof implementing the Basel II Accord, (including the relevant
provisions of CRD IV and CRR) to the extent only that such law or regulation re-enacts and/or implements the requirements of the Basel II Accord but excluding any provision of such law or regulation
implementing the Basel III Accord; and 

  

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

Basel III Accord means, together: 
  

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

  

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

 

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

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

Basel III Regulation means any law or regulation implementing the Basel III Accord (including the relevant provisions of CRD IV and CRR)
save to the extent that such law or regulations re-enacts a Basel II Regulation. 

  
 2 

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

 

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

 exceeds: 
  

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

Business Day means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Paris, Frankfurt and
New York and in the case of clause 5.1 only, a day (other than a Saturday or Sunday) on which banks are open for general business in London, Paris , Stockholm and New York. 

Change of Control occurs when: 
  

	 	(a)	 the Parent ceases to own 100% of the shares in any of the Borrowers; 

 

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

  

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

 

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

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

Charter Assignment means, in relation to a Ship and its Charter Documents, any assignment by the relevant Owner of its interest in such
Charter Documents in favour of the Security Agent in the agreed form pursuant to clause 22.8 (Chartering). 
 Charter Documents
means, in relation to a Ship, any Charter of that Ship, any documents supplementing it and any guarantee or security given by any person for the relevant Charterer’s obligations under it. 

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

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

  
 3 

 Classification Society means, in relation to a Ship, the classification society
specified in respect of such Ship in Schedule 2 (Ship information) or another classification society (being either ABS, DNVGL, BV, Lloyds or NK) or, if such association no longer exists, any similar association nominated by the Borrowers
and approved by the Agent (acting on the instructions of the Lenders) as its Classification Society. 
 Code means the US Internal
Revenue Code of 1986. 
 Commitment means: 
  

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

  

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

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

Compliance Certificate means a certificate substantially in the form set out in Schedule 6 (Form of Compliance Certificate)
or otherwise approved. 
 Confidential Information means all information relating to an Obligor, the Group, the Finance Documents or
the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance
Documents or the Facility from either: 
  

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

 

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

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

	 	(i)	 is or becomes public information other than as a direct or indirect result of any breach by that Finance Party
of clause 43 (Confidentiality); or 

  

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

  

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

 Constitutional
Documents means, in respect of an Obligor, such Obligor’s articles of incorporation, certificate of formation, bylaws, limited liability company agreement or other constitutional documents including as referred to in any certificate
relating to an Obligor delivered pursuant to Schedule 3 (Conditions precedent). 
 CRD IV means the directive 2013/36/EU
of the European Union on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms. 

  
 4 

 CRR means regulation 575/2013 of the European Union on prudential requirements for
credit institutions and investment firms. 
 Default means an Event of Default or any event or circumstance specified in clause 29
(Events of Default) which would, with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of the foregoing, be an Event of Default. 

Defaulting Lender means any Lender: 
  

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

  

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

 

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

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

	 	(i)	 its failure to pay is caused by: 

 

	 	(A)	 administrative or technical error; or 

 

	 	(B)	 a Payment Disruption Event; and, 

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

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

 Designated Website has the meaning given to it in clause 19.9 (Use of websites). 

Disposal Repayment Date means in relation to: 
  

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

 

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

 Earnings means, in
relation to a Ship and a person, all money at any time payable to that person for or in relation to the use or operation of such Ship including freight, hire and passage moneys, money payable to that person for the provision of services by or from
such Ship or under any charter or pool commitment, requisition for hire compensation, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach and payments for termination or variation of any charter
commitment. 
 Earnings Account means the bank account of the Account Holder held with the Account Bank with account number 45430054,
IBAN GB68NDEA40487845430054 and any bank account, deposit or certificate of deposit opened, made or established in accordance with, and designated as an Earnings Account, under clause 27 (Bank accounts). 

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

  
 5 

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

 

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

  

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

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

 

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

  

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

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

 EU Bail-In Legislation Schedule means the document described as such and published by the
Loan Market Association (or any successor person) from time to time. 
 Event of Default means any event or circumstance specified as
such in clause 29 (Events of Default). 
 Existing Loan Agreement means the facility agreement dated 27 January 2015 (as
amended and restated from time to time) pursuant to which a loan facility of $278,125,000 was made available to, amongst others, the Borrowers to finance the purchase of certain ships, including the purchase of the Ships by the Borrowers. 

Facility means the term loan facility made available under this Agreement as described in clause 2 (The Facility) 

Facility Office means the office or offices notified by a Lender or any other Finance Party to the Agent in writing on or before the
date it becomes a Lender or, as the case may be, Finance Party (or, following that date, by not less than five Business Days’ written notice) as the office through which it will perform its obligations under this Agreement. 

Facility Period means the period from and including the date of this Agreement to and including the date on which the Total
Commitments have reduced to zero and all indebtedness of the Obligors under the Finance Documents has been fully paid and discharged. 

Fair Market Value means, as at any relevant date, the value of each Mortgaged Ship which has not become a Total Loss as at such date as
most recently determined in accordance with clause 25 (Minimum Security Value). 
 FATCA means: 

 

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

  
 6 

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

  

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

FATCA Application Date means: 
  

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

  

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

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

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

Fee Letter means any letter dated on or about the date of this Agreement between the Agent and/or the Arrangers and the Borrowers
setting out certain fees payable by the Borrowers in respect of the Facility. 
 Final Repayment Date means, subject to clause 35.7
(Business Days), the date which falls six (6) years after the Utilisation Date. 
 Finance Documents means this Agreement,
any Fee Letter, the Security Documents, any Transfer Certificate and any other document designated as such by the Agent and the Borrowers. 

Finance Party means the Agent, the Security Agent, the Bookrunner, any Arranger or a Lender. 

Financial Indebtedness means any indebtedness for or in respect of: 

 

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

 

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

  

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

  

	 	(d)	 the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with
GAAP (or if the Annual Financial Statements are prepared in accordance with IFRS, IFRS), be treated as a finance or capital lease; 

  

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

  

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

  
 7 

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

  

	 	(h)	 any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the
issuer) before the Final Repayment Date or are otherwise classified as borrowings under GAAP (or if the Annual Financial Statements are prepared in accordance with IFRS, IFRS); 

 

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

  

	 	(j)	 any amount raised under any other transaction (including any forward sale or purchase, sale and sale back, sale
and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under GAAP (or if the Annual Financial Statements are prepared in accordance with IFRS, IFRS); and 

 

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

 First Repayment Date means, subject to clause 35.7
(Business Days), the date falling three months after the Utilisation Date. 
 Flag State means Liberia, the Republic of the Marshall
Islands, the Bahamas, the United Kingdom, or such other state or territory as may be approved by the Lenders, at the request of the relevant Owner, as being the Flag State of a Ship for the purposes of the Finance Documents.  

GAAP means generally accepted accounting principles in the United States 

General Assignment means, in relation to a Ship, a first assignment of its interest in the Ship’s Insurances and Earnings and
Requisition Compensation by the relevant Owner in favour of the Security Agent in the agreed form. 
 Group means the Ultimate Parent
and its Subsidiaries for the time being and, for the purposes of clause 19.1 (Financial statements) and clause 20 (Financial covenants), any other entity required to be treated as a subsidiary in its consolidated accounts in accordance
with GAAP (or if the Annual Financial Statements are prepared in accordance with IFRS, IFRS), and/or any applicable law. 
 Group
Member means any Obligor and any other entity which is part of the Group. 
 Guarantee means, in relation to a Guarantor, the
obligations of the Guarantor under clause 17 (Guarantee and indemnity). 
 Guarantor means each company described as such in
Schedule 1 (The original parties) and Guarantors means both of them. 
 Holding Company means, in relation to a person,
any other person in respect of which it is a Subsidiary. 

  
 8 

 IFRS means international accounting standards within the meaning of IAS Regulations
1606/2002. 
 Increase Confirmation means a confirmation substantially in the form set out in Schedule 7 (Form of
Increase Confirmation). 
 Increase Lender has the meaning given to it in clause 2.2 (Increase). 

Increased Costs has the meaning given to it in clause 13.1(b) (Increase Costs). 

Indemnified Person means: 
  

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

  

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

 

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

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

  

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

 

	 	(b)	 admits in writing its inability generally to pay its debts as they become due; 

 

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

  

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

  

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

  

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

  

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

  

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

  

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

  
 9 

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

  

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

  

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

 Insurance Notice means, in relation to a Ship, a notice of assignment in the form scheduled to
the General Assignment for that Ship or in another approved form. 
 Insurances means, in relation to a Ship: 

 

	 	(a)	 all policies and contracts of insurance; and 

 

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

 in the name of such Ship’s owner or the joint names of its owner and any other person in respect of or in
connection with such Ship and includes all benefits thereof (including the right to receive claims and to return of premiums). 

Interbank Market means the London interbank market 

Interest Period means, in relation to the Loan (or any part of the Loan), each period determined in accordance with clause 9
(Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with clause 8.3 (Default interest). 

Interpolated Screen Rate means, in relation to LIBOR for an Interest Period with respect to the Loan or any part of it or any Unpaid
Sum, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: 
  

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

  

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

 each as of the Specified Time for dollars. 

Legal Reservations means: 
  

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

  

	 	(b)	 the time barring of claims under the Limitation Act 1980 and the Foreign Limitation Periods Act 1984, the
possibility that an undertaking to assume liability for, or indemnify a person against, non-payment of UK stamp duty may be void and defences of set-off or counterclaim;
and 

  
 10 

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

Lender means: 
  

	 	(a)	 any Original Lender; and 

 

	 	(b)	 any bank or financial institution which has become a Party in accordance with clause 2.2 (Increase) and
clause 30 (Changes to the Lenders), 

 which in each case has not ceased to be a Party in accordance with the terms
of this Agreement. 
 LIBOR means, in relation to any Loan or any part of the Loan or any Unpaid Sum: 

 

	 	(a)	 the applicable Screen Rate as of the Specified Time for the relevant currency and for a period equal in length
to the Interest Period of the Loan or relevant part of it or Unpaid Sum; or 

  

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

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

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

Losses means any costs, expenses, payments, charges, losses, demands, liabilities, claims, actions, proceedings, penalties, fines,
damages, judgments, orders or other sanctions. 
 Loss Payable Clauses means, in relation to a Ship, the provisions concerning payment
of claims under the Ship’s Insurances in the form scheduled to the General Assignment in respect of that Ship or in another approved form. 

Major Casualty means any casualty to a vessel for which the total insurance claim, inclusive of any deductible, exceeds or may exceed
the Major Casualty Amount. 
 Major Casualty Amount means, in relation to a Ship, the amount specified as such against the name of
that Ship in Schedule 2 (Ship information) or the equivalent in any other currency. 
 Majority Lenders means (if no part
of the Loan is then outstanding), a Lender or Lenders whose Commitments in aggregate are equal to or more than 662/3% of the Total
Commitments (or, if the Total Commitments have been reduced to zero, in aggregate were equal to or more than 662/3% of the Total Commitments
immediately prior to the reduction) or (at any other time), a Lender or Lenders whose participations in the Loan in aggregate are equal to or more than 662/3% of the Loan. 
 Manager means, in relation to a Ship, a technical or commercial
or crewing manager of that Ship acceptable to the Agent (acting on the instructions of the Majority Lenders) pursuant to the provisions of clause 22.4 (Manager) and/or clause 26.8 (Charterer’s manager). 

Manager’s Undertaking means, in relation to a Ship, an undertaking by any manager of the Ship to the Security Agent in the agreed
form. 
 Margin means two point four per cent (2.40%) per annum. 

  
 11 

 Material Adverse Effect means, in the reasonable opinion of the Majority Lenders, a
material adverse effect on: 
  

	 	(a)	 the business, operations, property, condition (financial or otherwise) or prospects of the Group taken as a
whole; or 

  

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

 

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

Minimum Value means, at any time, the amount in dollars at that time which is equal to 130% of the Loan outstanding at such time and, in
relation to any Mortgaged Ship which has become a Total Loss but whose Disposal Repayment Date has not then occurred, minus such proportion of the Loan as the Fair Market Value of such Mortgaged Ship bore to the aggregate Fair Market Value of all
the Mortgaged Ships (including the relevant Mortgaged Ship) immediately before its Total Loss. 
 Mortgage means, in
relation to a Ship, a first mortgage of that Ship in the agreed form by the relevant Owner in favour of the Security Agent. 

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

Obligors means the parties to the Finance Documents (other than Finance Parties and a Manager that is not a Group Member) and Obligor
means any one of them. 
 Original Financial Statements means the audited consolidated financial statements of the Group for its
financial year ended 31 December 2017. 
 Original Jurisdiction means, in relation to an Obligor, the jurisdiction under whose
laws that Obligor is incorporated or formed as at the date of this Agreement or, in the case of any other Obligor, as at the date on which that Obligor becomes an Obligor. 

Owner means, in relation to a Ship, the person specified against the name of that Ship in Schedule 2 (Ship information) and
Owners means all of them. 
 Parent means the company described as such in Part 1 of Schedule 1 (The original
parties). 
 Party means a party to this Agreement. 

Payment Disruption Event means either or both of: 

 

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

  

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

  

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

  
 12 

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

 (and which (in either such case)) is not caused by, and is beyond the control of, the Party whose operations are
disrupted. 
 Permitted Holder means W.L. Ross & Co. L.L.C. (or its successor in title), any investment funds or other
entities wholly owned and/or operated by W.L. Ross & Co L.L.C. (or its successor in title), and their respective Affiliates. 

Permitted Liens means, in relation to a Ship: 
  

	 	(a)	 unless a Default is continuing, any ship repairer’s or outfitter’s possessory lien in respect of such
Ship for an amount not exceeding $2,000,000 (or its equivalent in any other currency or currencies); 

  

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

  

	 	(c)	 any lien on such Ship for salvage; 

 

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

  

	 	(e)	 liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by
operation of law or otherwise in the ordinary course of the operation, repair or maintenance of a Ship, provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the Owners in good faith by
appropriate steps) and subject, in the case of liens for repair or maintenance, to clause 23.15 (Repairer’s liens); 

  

	 	(f)	 any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration as
security for costs and expenses while the Owners are actively prosecuting or defending such proceedings or arbitration in good faith so long as any such proceedings or the continued existence of such Security Interest shall not and may reasonably be
considered unlikely to lead to the arrest, sale, forfeiture or loss of, the Ship or any interest in the Ship; and 

  

	 	(g)	 any Security Interest arising by operation of law in respect of taxes which are not overdue for payment or in
respect of taxes being contested in good faith by appropriate steps and in respect of which appropriate reserves have been made so long as any such proceedings or the continued existence of such Security Interest shall not and may reasonably be
considered unlikely to lead to the arrest, sale, forfeiture or loss of, the Ship or any interest in the Ship. 

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

 

	 	(a)	 granted by the Finance Documents; or 

 

	 	(b)	 a Permitted Lien; or 

 

	 	(c)	 is approved by the Majority Lenders. 

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

  
 13 

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

Receiver means a receiver or a receiver and manager or an administrative receiver appointed in relation to the whole or any part of any
Charged Property under any relevant Security Document. 
 Reference Bank means any Lender who provides a Reference Bank Rate or such
other entities as may be appointed by the Facility Agent in consultation with the Borrowers and Reference Banks means all of them. 

Reference Bank Rate means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its
request by the Reference Banks as the rate of either (a) if, (i) the Reference Bank is a contributor to the applicable Screen Rate and (ii) it consists of a single figure, the rate (applied to the relevant Reference Bank and the relevant
currency and period) which contributors to the applicable Screen Rate are asked to submit to the relevant administrator or (b) in any other case, the rate at which the relevant Reference Bank could borrow funds in the Interbank Market in USD,
were it to do so by asking for and then accepting interbank offers in reasonable market size in that currency and for that period. 

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

Relevant Jurisdiction means, in relation to an Obligor: 
  

	 	(a)	 its Original Jurisdiction; 

 

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

 

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

 

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

 Repayment Date means: 
  

	 	(a)	 the First Repayment Date; 

 

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

  

	 	(c)	 the Final Repayment Date. 

Repeating Representations means each of the representations and warranties set out in clauses 18.1 (Status) to 18.10 (Ranking
and effectiveness of security) (except for clauses 18.7 (Information) and 18.8 (Original Financial Statements)) and clause 18.17 (Environmental matters). 

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

  
 14 

 Requisition Compensation means, in relation to a Ship, any compensation paid or
payable by a government entity for the requisition for title, confiscation or compulsory acquisition of such Ship. 
 Resolution
Authority means any body which has authority to exercise any Write-down and Conversion Powers. 
 Sanctioned Party means a person:

  

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

  

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

  

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

 Sanctions means the economic sanctions laws, regulations,
embargoes or other restrictive measures, administered, enacted, enforced, and/or imposed by: 
  

	 	(a)	 the United States of America; 

 

	 	(b)	 the European Union; 

  

	 	(c)	 the United Kingdom; 

  

	 	(d)	 where the Facility Office of any Lender is in the European Union, each member state of the European Union where
each such Facility Office is located; and 

  

	 	(e)	 any Sanctions Authorities. 

Sanctions Authority means: 
  

	 	(a)	 the Office of Foreign Assets Control of the US Department of Treasury; 

 

	 	(b)	 the United States Department of State; 

 

	 	(c)	 Her Majesty’s Treasury; 

 

	 	(d)	 where the Facility Office of any Lender is in the European Union, the relevant authority in each member state
of the European Union where each such Facility Office is located; and 

  

	 	(e)	 the relevant authority in any country where an Obligor is incorporated or has its principal place of business.

 Sanctions List means the “Specially Designated Nationals and Blocked Persons” list maintained by OFAC,
the “Consolidated List of Financial Sanctions Targets” and the “Investment Ban List” maintained by Her Majesty’s Treasury, or any similar list maintained by, or any other public announcement of Sanctions or designation of a
Sanctioned Party made by, any of the Sanctions Authorities. 
 Screen Rate means the London interbank offered rate administered by ICE
Benchmark Administration Limited (or any other person which takes over the administration of that rate) for 

  
 15 

 
dollars and the relevant period displayed (before any correction, recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any
replacement Thomson Reuters page which displays that rate), or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the
Agent may specify another page or service displaying the relevant rate after consultation with the Borrowers and the Lenders. 
 Security
Agent means Crédit Agricole Corporate and Investment Bank or any person who may be appointed as such under clause 32.11 (Resignation of the Agent), having regard to clause 32.18 (Application of certain clauses to Security
Agent). 
 Security Cover Ratio means, at any time, (a) the aggregate Fair Market Value of the Mortgaged Ships (as evidenced
by the most recent valuations provided to the Agent pursuant to this Agreement) to (b) prior to the utilisation of the Loan, the Total Commitments or, after the utilisation of the Loan, the amount of the Loan outstanding immediately prior to
the relevant Mortgaged Ship’s Disposal Repayment Date. 
 Security Documents means: 

 

	 	(a)	 the Mortgages over the Ships; 

 

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

 

	 	(c)	 the Share Security; 

  

	 	(d)	 any Charter Assignment; 

 

	 	(e)	 the Account Security; 

 

	 	(f)	 any Subordination Agreement; 

 

	 	(g)	 any Manager’s Undertakings; and 

 

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

 Security Interest means a mortgage, charge, pledge, lien,
assignment, trust, hypothecation or other security interest of any kind securing any obligation of any person or any other agreement or arrangement having a similar effect 

Security Value means, at any time, the amount in dollars which, at that time, is the aggregate of (a) the aggregate
Fair Market Value of all of the Mortgaged Ships which have not then become a Total Loss and (b) the value of any additional security then held by the Security Agent provided under clause 25 (Minimum security value), in each case as most
recently determined in accordance with this Agreement. 
 Share Security means in relation to the Borrowers, the document constituting
a first Security Interest by the Parent in favour of the Security Agent in the agreed form in respect of all of the shares or membership interests in the Borrowers. 

Ships means each of the ships as described in Schedule 2 (Ship information) and Ship means any of them. 

Ship Representations means each of the representations and warranties set out in clauses 18.29 (Ship status) and 18.30
(Ship’s employment). 

  
 16 

 Specified Time means 11.00am (London time) on the Quotation Day. 

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

Subordination Agreement means an agreement in the agreed form fully subordinating the Parents’ rights and interest in and to all
Financial Indebtedness incurred by an Obligor (except for the Ultimate Parent) to the Parents to the Finance Parties’ under the Finance Documents. 

Subsidiary of a person means any other person: 
  

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

 

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

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

Tax Credit means a credit against, relief or remission for, or repayment of any Tax. 

Tax Deduction has the meaning given to it in clause 12.1(a). 

Total Commitments means the aggregate of the Commitments, being $107,000,000 as at the date of this Agreement. 

Total Loss means, in relation to a Ship, its: 
  

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

 

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

  

	 	(c)	 hijacking, theft, condemnation, capture, seizure, arrest or detention for more than 60 days or, where there has
been a hijacking, theft, capture, seizure or detention of the Ship as a result of an act of piracy, 365 days or, if earlier, the date on which the insurance proceeds are paid by the insurers in respect of such hijack, theft, capture, seizure or
detention as a result of privacy. 

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

 

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

  

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

  

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

 

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

  

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

  
 17 

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

  

	 	(d)	 in the case of hijacking, theft, condemnation, capture, seizure, arrest or detention, the date 60 days or, in
respect of any hijacking, theft, capture, seizure or detention of the Ship as a result of an act of piracy, 365 days after the date upon which it happened or, if earlier, the date on which the insurance proceeds are paid by the insurers in respect
of such hijack, theft, capture, seizure or detention as a result of privacy. 

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

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

 

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

 Transfer Certificate means a certificate substantially in the form set out in
Schedule 5 (Form of Transfer Certificate) or any other form agreed between the Agent and the Borrowers. 
 Transfer Date
means, in relation to a transfer, the later of: 
  

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

 

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

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

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

  

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

  

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

  

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

  

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

Ultimate Parent means Navigator Holdings Ltd, a corporation domesticated under the laws of the Republic of the Marshall Islands. 

Undisclosed Administration means, in relation to a Lender, the appointment of an administrator, provisional liquidator, conservator,
receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the laws of the country where that Lender is subject to home jurisdiction supervision and/or regulation, if applicable law requires that
such appointment is not to be publicly disclosed. 

  
 18 

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

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

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

VAT means: 
  

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

  

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

 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. 
  

	1.2	 Construction 

  

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

 

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

  

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

  

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

 

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

 

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

 

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

  

	 	(vii)	 agreed form means: 

  

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

  

	 	(B)	 prior to the execution of a Finance Document, the form of such Finance Document separately agreed in writing
between the Agent and the 

  
 19 

	 	
Borrowers as the form in which that Finance Document is to be executed or another form approved at the request of the Borrowers or, if not so agreed or approved, is in the form specified by the
Agent; 

  

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

  

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

  

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

  

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

 

	 	(xii)	 control of an entity means: 

 

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

  

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

  

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

  

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

  

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

and controlled shall be construed accordingly; 
  

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

  

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

 

	 	(xv)	 the equivalent of an amount specified in a particular currency (the specified currency amount)
shall be construed as a reference to the amount of the other 

  
 20 

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

  

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

 

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

  

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

  

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

  

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

  

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

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

  

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

 

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

  

	 	(xxii)	 pay or repay in clause 28 (Business restrictions) includes by way of set-off, combination of accounts or otherwise; 

  

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

  

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

  

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

  
 21 

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

  

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

 

	 	(xxviii)	 a provision of law is a reference to that provision as amended or
re-enacted; and 

  

	 	(xxix)	 a reference to costs in the context of enforcement in a Finance Document shall include fees, costs and expenses
of legal advisers, financial advisers and insurance and other consultants, brokers, surveyors and advisers. 

  

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

 

	 	(c)	 Section, clause and Schedule headings are for ease of reference only. 

 

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

  

	 	(e)	 A Default (other than an Event of Default) is continuing if it has not been remedied or waived and an Event of
Default is continuing if it has not been waived or, if in the opinion of the Agent such Event of Default is capable of being remedied, remedied to the satisfaction of the Agent. 

 

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

  

	1.3	 Third party rights 

 

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

  

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

  

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

  
 22 

	1.4	 Finance Documents 

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

 

	1.5	 Conflict of documents 

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

  
 23 

 SECTION 2 - THE FACILITY 

 

	2	 The Facility 

  

	2.1	 The Facility 

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

	2.2	 Increase 

  

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

  

	 	(i)	 the undrawn Commitments of a Defaulting Lender in accordance with clause 7.4(g); or 

 

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

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

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

 

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

  

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

  

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

 

	 	(vi)	 any increase in the Total Commitments shall take effect on the date specified by the Borrowers in the notice
referred to above or any later date on which the conditions set out in clause 2.2(b) are satisfied. 

  

	 	(b)	 An increase in the Total Commitments will only be effective on: 

 

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

  

	 	(ii)	 in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase the
performance by the Agent of all necessary “know your 

  
 24 

	 	
customer” or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender, the completion of which the
Agent shall promptly notify to the Borrowers and the Increase Lender. 

  

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

  

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

  

	 	(e)	 Unless the Agent otherwise agrees or the increased Commitments are assumed by an existing Lender, the Borrowers
shall, on the date upon which the increase takes effect, pay to the Agent (for its own account) a fee of $5,000 and the Borrowers shall promptly on demand pay the Agent the amount of all costs and expenses (including legal fees) reasonably incurred
by it in connection with any increase in Commitments under this clause 2.2. 

  

	 	(f)	 The Borrowers may pay to the Increase Lender a fee in the amount and at the times agreed between the Borrowers
and the Increase Lender in a letter between the Borrowers and the Increase Lender setting out that fee. A reference in this Agreement to a Fee Letter shall include any letter referred to in this clause 2.2(f). 

 

	 	(g)	 Clause 30.5 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this
clause 2.2(g) in relation to an Increase Lender as if references in that clause to: 

  

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

  

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

 

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

  

	2.3	 Finance Parties’ rights and obligations 

 

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

  

	 	(b)	 The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights (subject to clause 32.22 (All
enforcement action through the Agent)) in accordance with paragraph (c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of the Loan
or any other amount owed by an Obligor which relates to a Finance Party’s participation in the Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by
that Obligor. 

  
 25 

	 	(c)	 A Finance Party may, except as otherwise stated in the Finance Documents (including clauses 32.22 (All
enforcement action through the Agent)) and 33.2 (Finance Parties acting together), separately enforce its rights under the Finance Documents. 

  

	2.4	 Borrowers’ rights and obligations 

 

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

  

	 	(b)	 Each Borrower irrevocably and unconditionally and jointly and severally with the other Borrower:

  

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

  

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

  

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

  

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

 

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

 

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

 

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

  

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

  

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

  
 26 

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

  

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

  

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

  

	 	(vii)	 any insolvency or similar proceedings. 

 

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

  

	 	(g)	 After cancellation of the Total Commitments in accordance with clauses 7.1 (Illegality) and 7.7
(Automatic cancellation) or the giving of notice under paragraph (a) of clause 29.21 (Acceleration), then, until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have
been irrevocably and unconditionally paid or discharged in full, each Finance Party (or any trustee or agent on its behalf) may: 

  

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

  

	 	(ii)	 hold in a suspense account any money received from any Borrower or on account of any Borrower’s liability
under any Finance Document. 

  

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

  

	 	(i)	 to be indemnified by another Obligor; 

 

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

  

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

 

	 	(iv)	 to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any
obligation, in respect of which that Borrower is liable under this Agreement or any of the other Finance Documents; 

  
 27 

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

  

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

  

	 	(i)	 If a Borrower receives any benefit, payment or distribution in relation to such rights it will promptly pay an
equal amount to the Agent for application in accordance with clause 35 (Payment mechanics). This only applies until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been
irrevocably paid in full. 

  

	3	 Purpose 

  

	3.1	 Purpose 

The Borrowers shall apply all amounts borrowed under the Facility in accordance with this clause 3. 

 

	3.2	 Refinancing of Existing Loan Agreement 

The Loan shall be made available for the purpose of refinancing part of the Existing Loan Agreement and for general corporate and working
capital purposes  
  

	3.3	 Monitoring 

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

 

	4	 Conditions of Utilisation 

 

	4.1	 Initial conditions precedent 

The Lenders will only be obliged to comply with clause 5.4 (Lenders’ participation) in relation to the Utilisation if on or before the
date that the Borrowers deliver the Utilisation Request, all of the documents and other evidence listed in Part 1 of Schedule 3 (Conditions precedent to the Utilisation Request) in form and substance satisfactory to the Agent. 

 

	4.2	 Ship and security conditions precedent 

The Total Commitments shall only become available for borrowing under this Agreement if the Agent, or its duly authorised representative, has
received all of the documents and evidence listed in Part 2 of Schedule 3 (Ship and security conditions precedent) in form and substance satisfactory to the Agent. 
  

	4.3	 Notice to Lenders 

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

  
 28 

	4.4	 Further conditions precedent 

The Lenders will only be obliged to comply with clause 5.4 (Lenders’ participation) if: 

 

	 	(a)	 on the date of the Utilisation Request and on the proposed Utilisation Date no Event of Default is continuing
or would result from the proposed Utilisation; and 

  

	 	(b)	 on the date of the Utilisation Request and on the proposed Utilisation Date, all of the representations set out
in clause 18 (Representations) are true. 

  

	4.5	 Waiver of conditions precedent 

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

  
 29 

 SECTION 3 - UTILISATION 

 

	5	 Utilisation 

  

	5.1	 Delivery of the Utilisation Request 

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

	5.2	 Completion of the Utilisation Request 

 

	 	(a)	 The Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:

  

	 	(i)	 the proposed Utilisation Date is a Business Day falling on or before the last day of the Availability Period;

  

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

  

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

 

	 	(iv)	 it identifies the purpose of the Utilisation and that purpose complies with clause 3 (Purpose). 

  

	 	(b)	 Only one Utilisation Request may be submitted. 

 

	5.3	 Currency and amount 

 

	 	(a)	 The currency specified in the Utilisation Request must be dollars. 

 

	 	(b)	 On the Utilisation Date, the amount of the Loan must not exceed the lower of the Total Commitments and 65% of
the aggregate Fair Market Value of the Ships. 

  

	 	(c)	 If the amount requested in the Utilisation Request is greater than the amount capable of being advanced as a
result of compliance with the requirements of clause 5.3(b) then only the lower amount shall be available to be advanced (and the Utilisation Request shall be construed by reference to this lower amount). 

 

	5.4	 Lenders’ participation 

 

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

  

	 	(b)	 The amount of each Lender’s participation in the Loan will be equal to the proportion borne by its undrawn
Commitment to the undrawn Total Commitments under the Facility immediately prior to making the Loan. 

  

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

  

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

  
 30 

 SECTION 4 - REPAYMENT, PREPAYMENT AND CANCELLATION 

 

	6	 Repayment and reduction 

 

	6.1	 Scheduled repayment of Facility 

The Borrowers shall repay the Loan by twenty four (24) quarterly repayment instalments of $2,287,500 and, together with the final
instalment, a balloon repayment of $52,100,000. Each of the instalments shall be repaid on each of the Repayment Dates, commencing with a first instalment on the First Repayment Date and ending with the final scheduled instalment on the Final
Repayment Date. 
  

	6.2	 Adjustment of scheduled repayments 

If the Total Commitments have been partially reduced under this Agreement or the Loan is partially prepaid (a) pursuant to clause 7.3
(voluntary prepayment of Loan) for the purpose of removing a Mortgaged Ship from the financing arrangements contemplated by this Agreement or (b) in connection with a sale or Total Loss of a Ship pursuant to clause 7.5(b) (Sale or Total
Loss) then the amount of the remaining instalments by which the Loan shall be repaid under clause 6.1 shall be reduced pro rata to such reduction in the Total Commitments or such prepayment. Any other prepayment made pursuant to clause 7.3
(Voluntary Prepayment of Loan) shall be treated as reducing the instalments in inverse chronological order, with any such reduction first being applied against the balloon repayment of $52,100,00. 

 

	6.3	 Final Repayment Date 

On the Final Repayment Date (without prejudice to any other provision of this Agreement), all outstanding amounts under this Agreement and the
Security Documents (including, but not limited to the outstanding amount of the Loan) shall be repaid in full. 
  

	7	 Illegality, prepayment and cancellation 

 

	7.1	 Illegality 

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

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

 

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

  

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

 

	7.2	 Change of control 

 

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

  

	 	(b)	 If a Change of Control occurs and unless the Agent has previously approved the Change of Control in writing
(acting on the instructions of the Majority Lenders, whose 

  
 31 

	 	
consent shall not be unreasonably withheld or delayed) the Total Commitments shall be cancelled with effect from the date such Change of Control occurs and the Loan shall be prepaid in full on or
before the date falling 30 days after the date on which such Change of Control occurs (together with all other outstanding amounts under this Agreement and any of the Security Documents then due and payable at such time). 

 

	7.3	 Voluntary prepayment of Loan 

The Borrowers may, if they give the Agent not less than three Business Days’ (or such shorter period as the Majority Lenders may agree)
prior written notice, prepay either the whole or any part of the Loan (but if in part, being an amount that reduces the Loan by a minimum amount of $500,000 and which is a multiple of $500,000 or such other amount as is acceptable to the Agent).

  

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

  

	 	(a)	 If: 

  

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

  

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

  

	 	(iii)	 any Lender refuses to consent to any amendments or waivers requested by the Borrowers pursuant to any provision
of this Agreement where such provision is expressed to require the consent of such Lender; or 

  

	 	(iv)	 during a Market Disruption Event, any Lender notifies the Agent of a sum under clause 10.3(ii) and that sum is
materially greater than the equivalent sums notified by the other Lenders to the Agent under the same clause 10.3(ii), 

the Borrowers may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent
notice of cancellation of the Commitment of that Lender and their intention to procure the repayment of that Lender’s participation in the Loan or give the Agent notice of its intention to replace that Lender in accordance with clause
7.4(d). 
  

	 	(b)	 On receipt of a notice referred to in clause 7.4(a) above, the Commitment of that Lender shall immediately be
reduced to zero and (unless the Commitment of the relevant Lender is replaced in accordance with clause 7.4(d)) the remaining Total Commitments shall each be reduced rateably. 

 

	 	(c)	 On the last day of each Interest Period which ends after the Borrowers have given notice under clause 7.4(a)
above in relation to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender’s participation in the Loan. 

 

	 	(d)	 The Borrowers may, in the circumstances set out in clause 7.4(a), with 10 Business Days’ prior notice to
the Agent and that Lender, replace that Lender by requiring that Lender to transfer (and, to the extent permitted by law, that Lender shall transfer) pursuant to clause 30 (Changes to the Lenders) all (and not part only) of its rights and
obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrowers which confirms its willingness to assume and does assume all the obligations of the transferring Lender in
accordance with clause 30 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the aggregate of: 

 

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

  
 32 

	 	(ii)	 all accrued interest owing to such Lender; 

 

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

  

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

  

	 	(e)	 The replacement of a Lender pursuant to clause 7.4(d) shall be subject to the following conditions:

  

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

 

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

 

	 	(iii)	 in no event shall the Lender replaced under clause 7.4(d) be required to pay or surrender any of the fees
received by such Lender pursuant to the Finance Documents; and 

  

	 	(iv)	 the Lender shall only be obliged to assign its rights pursuant to clause 7.4(d) above once it is satisfied that
it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to that assignment and the Agent has approved such “know your customer” or other similar
checks. 

  

	 	(f)	 A Lender shall perform the checks described in clause 7.4(e)(iv) above as soon as reasonably practicable
following delivery of a notice referred to in clause 7.4(d) above and shall notify the Agent and the Borrowers when it is satisfied that it has complied with those checks. 

 

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

  

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

  

	7.5	 Sale or Total Loss  

 

	 	(a)	 If a Ship becomes a Total Loss before the Total Commitment has become available for borrowing under this
Agreement, the Total Commitment shall be reduced by an amount equal to the greater of: 

  

	 	(i)	 the dollar value of the Applicable Fraction multiplied by the Total Commitments immediately prior to the Total
Loss; and 

  

	 	(ii)	 the amount required so that the Security Cover Ratio following such reduction is equal to the Security Cover
Ratio prior to such reduction. 

  
 33 

	 	(b)	 On a Mortgaged Ship’s Disposal Repayment Date, the Borrowers shall prepay such amount of the Loan that is
equal to the greater of: 

  

	 	(i)	 the dollar value of Applicable Fraction multiplied by the Loan outstanding immediately prior to the Mortgaged
Ship’s Disposal Repayment Date; and 

  

	 	(ii)	 the amount required so that the Security Cover Ratio following such prepayment is equal to the Security Cover
Ratio prior to such prepayment. 

  

	 	(c)	 For the purposes of clause 7.5, Applicable Fraction means a fraction having a numerator equal to the
Fair Market Value of the Mortgaged Ship which was the subject of the sale or Total Loss and a denominator equal to the aggregate Fair Market Value of all the Mortgaged Ships immediately prior to such sale or Total Loss. 

 

	7.6	 Release of Mortgaged Ship Security 

Once the Agent has confirmed that it has received or will receive to its satisfaction all amounts payable pursuant to clause 7.5(b), the
Borrowers may request the consent of the Security Agent (acting on the instructions of all Lenders) to release, discharge and/or, as appropriate, reassign the Security Documents (and the Security Interests assigned or charged thereunder) executed in
respect of such Mortgaged Ship. In addition, the Borrowers shall also be entitled to make a request for a release of security in respect of a Mortgaged Ship where it has made a prepayment under clause 7.3 (Voluntary prepayment of Loan) for
the purpose of removing that Mortgaged Ship from the financing arrangements contemplated by this Agreement provided that the Borrowers shall be in compliance with its obligations under clause 25 (Minimum security value) following such release
or discharge. When any consent to the release of security is so given, any release arrangements of the type referred to in this clause shall be at the cost and expense of the Borrowers. 

 

	7.7	 Automatic cancellation 

Any part of the Total Commitments which has not become available or been utilised by the last day of the Availability Period shall be
automatically cancelled at close of business in London on that last day. 
  

	7.8	 Restrictions 

  

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

 

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

  

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

 

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

  

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

  

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

  

	 	(g)	 If the Total Commitments are partially reduced and/or the Loan is partially prepaid under this Agreement (other
than under clause 7.1 (Illegality), clause 7.4 (Right of cancellation and prepayment in relation to a single Lender) or clause 7.5 (Sale or Total Loss)) the Commitments of the Lenders shall be reduced rateably.

  
 34 

 SECTION 5 - COSTS OF UTILISATION 

 

	8	 Interest 

  

	8.1	 Calculation of interest 

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

 

	 	(a)	 Margin; and 

  

	 	(b)	 LIBOR. 

  

	8.2	 Payment of interest 

The Borrowers shall pay accrued interest on the Loan on the last day of each Interest Period. 

 

	8.3	 Default interest 

 

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

  

	 	(b)	 If any overdue amount consists of all or part of the Loan which became due on a day which was not the last day
of an Interest Period relating to the Loan or the relevant part of it: 

  

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

  

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

  

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

  

	8.4	 Notification of rates of interest 

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

 

	9	 Interest Periods 

 

	9.1	 Selection of Interest Periods 

 

	 	(a)	 Each Interest Period shall be three months in duration and the first Interest Period shall start on the
Utilisation Date and each subsequent Interest Period shall start on the last day of its preceding Interest Period. 

  
 35 

	 	(b)	 No Interest Period shall extend beyond the Final Repayment Date. 

 

	9.2	 Non-Business Days 

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

	10	 Changes to the calculation of interest 

 

	10.1	 Unavailability of Screen Rate 

 

	 	(a)	 If no Screen Rate is available for LIBOR for the Interest Period of the Loan, the applicable LIBOR shall be the
Interpolated Screen Rate for a period equal in length to the Interest Period of that Loan. 

  

	 	(b)	 If no Screen Rate is available for LIBOR for: 

 

	 	(i)	 dollars; or 

  

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

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

	10.2	 Calculation of Reference Bank Rate 

Subject to clause 10.3 (Market Disruption Event), if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank
does not supply a quotation by the Specified Time, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks. 
  

	10.3	 Market Disruption Event 

 

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

  

	 	(i)	 the Margin; and 

  

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

 

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

  

	 	(c)	 In this Agreement Market Disruption Event means that: 

 

	 	(i)	 at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate is not available, it is
not possible to calculate the Interpolated Screen Rate and none or only one of the Reference Banks supplies a rate to the Agent to determine LIBOR for the relevant Interest Period; or 

  
 36 

	 	(ii)	 before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives
notifications from a Lender or Lenders (whose participations in the Loan are equal to or exceed 50% of that Loan) that the cost to it of funding its participation in that Loan from whatever source it may reasonably select would be in excess of
LIBOR. 

  

	10.4	 Alternative basis of interest or funding 

 

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

  

	 	(b)	 Any alternative basis agreed pursuant to clause 10.4(a) above shall, with the prior consent of all the Lenders
be binding on all Parties. 

  

	10.5	 Break Costs 

 

	 	(a)	 The Borrowers shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its
Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrowers on a day other than the last day of an Interest Period for the Loan or Unpaid Sum or relevant part of it. 

 

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

  

	11	 Fees 

The Borrowers shall pay to the Agent the fees in the amount and at the times agreed in any Fee Letter. 

  
 37 

 SECTION 6 - ADDITIONAL PAYMENT OBLIGATIONS 

 

	12	 Tax gross-up and indemnities 

 

	12.1	 Definitions 

  

	 	(a)	 In this Agreement: 

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

Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document other than a FATCA
Deduction. 
 Tax Payment means either the increase in a payment made by an Obligor to a Finance Party under clause 12.2 (Tax gross-up) or a payment under clause 12.3 (Tax indemnity). 
  

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

  

	12.2	 Tax gross-up 

 

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

  

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

  

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

 

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

  

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

  

	12.3	 Tax indemnity 

 

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

  
 38 

	 	(b)	 Clause 12.3(a) above shall not apply: 

 

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

 

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

  

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

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

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

 

	 	(A)	 is compensated for by an increased payment under clause 12.2 (Tax
gross-up); 

  

	 	(B)	 is compensated for by a payment under clause 12.5 (Indemnities on an after Tax basis); or

  

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

 

	 	(c)	 A Protected Party making, or intending to make a claim under clause 12.3(a) above shall promptly notify the
Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Borrowers. 

  

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

  

	12.4	 Tax Credit 

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

 

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

  

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

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

	12.5	 Indemnities on after Tax basis 

 

	 	(a)	 If and to the extent that any sum payable to any Protected Party by the Borrowers under any Finance Document by
way of indemnity or reimbursement proves to be insufficient, by reason of any Tax suffered thereon, for that Protected Party to discharge the corresponding liability to a third party, or to reimburse that Protected Party for the cost incurred by it
in discharging the corresponding liability to a third party, the Borrowers 

  
 39 

	 	
shall pay that Protected Party such additional sum as (after taking into account any Tax suffered by that Protected Party on such additional sum) shall be required to make up the relevant
deficit. 

  

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

 

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

  

	 	(d)	 There shall be taken into account, in determining whether any amount referred to in clause 12.5(a) is
insufficient, the amount of any deduction or other relief, allowance or credit available to the Protected Party in respect of the Protected Party’s corresponding liability to a third party or the cost incurred by the Protected Party in
discharging the corresponding liability to a third party. 

  

	12.6	 Stamp taxes 

  

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

 

	 	(b)	 Paragraph (a) above shall not apply in respect of any stamp duty, registration or other similar Taxes
which are payable in respect of an assignment or transfer of any kind by a Finance Party of any of its rights and/or obligations under a Finance Document other than at the request of the Borrowers or Ultimate Parent or following an Event of Default
which is continuing. 

  

	12.7	 Value added tax 

 

	 	(a)	 All amounts expressed in a Finance Document to be payable by any party to a Finance Party which (in whole or in
part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to clause 12.7(b) below, if VAT is or becomes chargeable on any supply made by any
Finance Party to any party under a Finance Document, and such Finance Party is required to account to the relevant tax authority for the VAT, that party must pay to such Finance Party (in addition to and at the same time as paying any other
consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that party). 

  
 40 

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

  

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

 

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

  

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

  

	 	(d)	 Any reference in this clause 12.7 (Value Added Tax) to any party shall, at any time when such party is
treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to any member of such group at such time. 

 

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

  

	12.8	 FATCA Information 

 

	 	(a)	 Subject to clause 12.8(c) below, each Party shall, within ten Business Days of a reasonable request by another
Party: 

  

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

 

	 	(A)	 a FATCA Exempt Party; or 

 

	 	(B)	 not a FATCA Exempt Party; 

 

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

  

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

  

	 	(b)	 If a Party confirms to another Party pursuant to clause 12.8(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. 

  
 41 

	 	(c)	 Clause 12.8(a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall not
oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: 

  

	 	(i)	 any law or regulation; 

 

	 	(ii)	 any fiduciary duty; or 

 

	 	(iii)	 any duty of confidentiality. 

 

	 	(d)	 If a party to any Finance Document fails to confirm its status or to supply forms, documentation or other
information requested in accordance with clause 12.8(a)(i) or clause 12.8(a)(ii) above (including, for the avoidance of doubt, where 12.8(c) applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under
them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 

 

	12.9	 FATCA Deduction  

 

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

 

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

 

	13	 Increased Costs 

 

	13.1	 Increased Costs 

 

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

  

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

  

	 	(ii)	 is a Basel III Increased Cost. 

 

	 	(b)	 In this Agreement Increased Costs means: 

 

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

  

	 	(ii)	 an additional or increased cost; or 

 

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

  
 42 

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

	13.2	 Increased Cost claims 

 

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

  

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

  

	13.3	 Exceptions 

  

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

 

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

 

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

 

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

  

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

  

	 	(b)	 Any claim for an Increased Cost made pursuant to clause 13.1 above that arises from or is related to a Basel
III Increased Cost incurred by any Finance Party shall be recoverable only to the extent that such Basel III Increased Cost is attributable to the implementation or application of or compliance with any Basel III Regulation which has come into force
after the date of this Agreement. 

  

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

  

	14	 Other indemnities 

 

	14.1	 Currency indemnity 

 

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

 

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

 

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

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

  
 43 

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

  

	14.2	 Other indemnities 

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

	 	(a)	 the occurrence of any Event of Default; 

 

	 	(b)	 a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without
limitation, any and all Losses arising as a result of clause 34 (Sharing among the Finance Parties); 

  

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

 

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

  

	 	(e)	 arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any
Environmental Law or any Sanctions (including, without limitation, any Losses incurred by that Finance Party in investigating any possible breach of such laws but excluding any Losses incurred by that Finance Party solely by reason of that Finance
Party’s own breach of such laws); or 

  

	 	(f)	 incurred by it as a result of any claim, action, civil penalty or fine against, any settlement, and any other
kind of loss or liability, and all reasonable costs and expenses (including reasonable counsel fees and disbursements) incurred by the Agent, the Security Agent or any Lender as a result of conduct of any Obligor or any of their partners, directors,
officers, employees, agents or advisors, that violates any Sanctions. 

  

	14.3	 Indemnity to the Agent 

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

 

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

  

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

 

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

  

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

  

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

  
 44 

	 	(b)	 any cost, loss or liability (including, without limitation, for negligence or any other category of liability
whatsoever) incurred by the Agent or the Security Agent in the course of acting as Agent or, as the case may be, Security Agent under the Finance Documents (otherwise than by reason of the Agent’s or the Security Agent’s gross negligence
or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to clause 35.11 (Disruption to payment systems etc.) notwithstanding the Agent’s or the Security Agent’s negligence, gross negligence or any other
category of liability whatsoever but not including any claim based on the fraud of the Agent or the Security Agent in acting as Agent or, as the case may be, the Security Agent under the Finance Documents. 

 

	14.4	 Indemnity concerning security 

 

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

  

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

 

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

  

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

 

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

 

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

 

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

 

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

  

	14.5	 Continuation of indemnities 

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

  

	14.6	 Third Parties Act 

Each Indemnified Person may rely on the terms of clause 14.4 (Indemnity concerning security) and clauses 12 (Tax gross-up and indemnities) and 14.7 (Interest) insofar as it relates to 

  
 45 

 
interest on any amount demanded by that Indemnified Person under clause 14.4 (Indemnity concerning security), subject to clause 1.3 (Third party rights) and the provisions of the
Third Parties Act. 
  

	14.7	 Interest 

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

	14.8	 Exclusion of liability 

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

	15	 Mitigation by the Lenders 

 

	15.1	 Mitigation 

  

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

 

	 	(b)	 Clause 15.1(a) does not in any way limit the obligations of any Obligor under the Finance Documents.

  

	15.2	 Limitation of liability 

 

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

  

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

  

	16	 Costs and expenses 

 

	16.1	 Transaction expenses 

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

  
 46 

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

  

	 	(b)	 any other Finance Documents executed or proposed to be executed after the date of this Agreement including any
executed to provide additional security under clause 25 (Minimum security value); or 

  

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

 

	16.2	 Amendment costs 

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

	16.3	 Enforcement, preservation and other costs 

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

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

  

	 	(b)	 any valuation carried out under clause 25 (Minimum security value); 

 

	 	(c)	 any inspection carried out under clause 23.8 (Inspection and notice of
dry-dockings); or 

  

	 	(d)	 or any survey carried out under clause 23.16 (Survey report). 

  
 47 

 SECTION 7 - GUARANTEE 

 

	17	 Guarantee and indemnity 

 

	17.1	 Guarantee and indemnity 

Each Guarantor irrevocably and unconditionally: 
  

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

  

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

 

	 	(c)	 agrees with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that if any
obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of the
Borrowers not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by the Borrowers under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this
indemnity will not exceed the amount it would have had to pay under this clause 17.1 if the amount claimed had been recoverable on the basis of a guarantee. 

  

	17.2	 Continuing guarantee 

Each Guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents,
regardless of any intermediate payment or discharge in whole or in part. 
  

	17.3	 Reinstatement 

If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or
otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability
of each Guarantor under this clause 17 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 
  

	17.4	 Waiver of defences 

The obligations of a Guarantor under this clause 17 will not be affected by an act, omission, matter or thing (whether or not known to it or
any Finance Party) which, but for this clause, would reduce, release or prejudice any of its obligations under this clause 17 including (without limitation): 
  

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

  

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

  
 48 

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

  

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

  

	 	(e)	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of any Finance Document or any other document or security including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance
Document or other document or security; 

  

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

  

	 	(g)	 any insolvency or similar proceedings. 

 

	17.5	 Immediate recourse 

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

 

	17.6	 Appropriations 

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

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

  

	 	(b)	 hold in an interest-bearing suspense account any moneys received from a Guarantor or on account of any
Guarantor’s liability under this clause 17. 

  

	17.7	 Deferral of Guarantors’ rights 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid
in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising,
under this clause 17: 
  

	 	(a)	 to be indemnified by another Obligor; 

 

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

  

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

  
 49 

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

  

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

  

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

 If a Guarantor receives any benefit, payment or distribution in relation to such rights it will promptly pay an equal
amount to the Agent for application in accordance with clause 35 (Payment mechanics). This only applies until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably
paid in full. 
  

	17.8	 Additional security 

Each Guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance
Party. 

  
 50 

 SECTION 8 - REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 

 

	18	 Representations 

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

	18.1	 Status 

  

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

  

	 	(b)	 Each Obligor has power and authority to carry on its business as it is now being conducted and to own its
property and other assets. 

  

	18.2	 Binding obligations 

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

	18.3	 Power and authority 

 

	 	(a)	 Each Obligor has power to enter into, perform and deliver and comply with its obligations under, and has taken
all necessary action to authorise its entry into, each Finance Document and any Charter Document to which it is or is to be a party. 

  

	 	(b)	 No limitation on any Obligor’s powers to borrow, create security or give guarantees will be exceeded as a
result of any transaction under, or the entry into of, any Finance Document or any Charter Document to which such Obligor is, or is to be, a party. 

  

	18.4	 Non-conflict 

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

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

 

	 	(b)	 the Constitutional Documents of any Obligor; or 

 

	 	(c)	 any agreement or other instrument binding upon any Obligor or its assets, or constitute a default or
termination event (however described) under any such agreement or instrument. 

  
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	18.5	 Validity and admissibility in evidence 

 

	 	(a)	 All authorisations required or desirable: 

 

	 	(i)	 to enable each Obligor lawfully to enter into, exercise its rights and comply with its obligations under each
Finance Document and any Charter Document to which it is a party; 

  

	 	(ii)	 to make each Finance Document and any Charter Document to which it is a party admissible in evidence in its
Relevant Jurisdiction; and 

  

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

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

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

 

	18.6	 Governing law and enforcement 

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

	 	(a)	 the choice of English law or any other applicable law as the governing law of any Finance Document and any
Charter Document will be recognised and enforced in each Obligor’s Relevant Jurisdiction; and 

  

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

  

	18.7	 Information 

  

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

  

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

  

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

  

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

 

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

  
 52 

	18.8	 Original Financial Statements 

 

	 	(a)	 The Original Financial Statements were prepared in accordance with GAAP consistently applied.

  

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

  

	 	(c)	 There has been no material adverse change in its assets, business or financial condition (or the assets,
business or consolidated financial condition of the Group) since the date of the Original Financial Statements. 

  

	18.9	 Pari passu ranking 

Each Obligor’s payment obligations under the Finance Documents to which it is, or is to be, a party rank at least pari passu with all its
other present and future unsecured and unsubordinated payment obligations, except for obligations mandatorily preferred by law applying to companies generally. 
  

	18.10	 Ranking and effectiveness of security 

Subject to the Legal Reservations and any filing, registration or notice requirements which is referred to in any legal opinion delivered to
the Agent under clause 4.1 (Initial conditions precedent), the security created by the Security Documents has (or will have when the Security Documents have been executed) the priority which it is expressed to have in the Security Documents,
the Charged Property is not subject to any Security Interest other than Permitted Security Interests and such security will constitute perfected security on the assets described in the Security Documents. 

 

	18.11	 No insolvency 

No corporate action, legal proceeding or other procedure or step described in clause 29.9 (Insolvency proceedings) or creditors’
process described in clause 29.10 (Creditors’ process) has been taken or, to the knowledge of any Obligor, threatened in relation to a Group Member and none of the circumstances described in clause 29.8 (Insolvency) applies to any
Group Member. 
  

	18.12	 No filing or stamp taxes 

Under the laws of each Obligor’s Relevant Jurisdictions it is not necessary that any Finance Document or any Charter Document to which it
is, or is to be, party be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to any such Finance Document or any Charter
Document or the transactions contemplated by the Finance Documents except any filing, recording or enrolling or any tax or fee payable in relation to any Finance Document which is referred to in any legal opinion delivered to the Agent under clause
4.1 (Initial conditions precedent) and which will be made or paid promptly after the date of the relevant Finance Document. 
  

	18.13	 Tax 

  

	 	(a)	 No Obligor is required to make any Tax Deduction and no other party is required to make any such deduction from
any payment it may make under any Charter Document. 

  
 53 

	 	(b)	 The execution or delivery or performance by any Party of the Finance Documents will not result in any Finance
Party: 

  

	 	(i)	 having any liability in respect of Tax in any Flag State; 

 

	 	(ii)	 having or being deemed to have a place of business in any Flag State or any Relevant Jurisdiction of any
Obligor. 

  

	18.14	 No Default 

 

	 	(a)	 No Default is continuing or is reasonably likely to result from the making of any Utilisation or the entry
into, the performance of, or any transaction contemplated by, any Finance Document or any Charter Document. 

  

	 	(b)	 No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the
giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default or termination event (however described) under any other agreement or instrument which is binding on any Obligor r or to which
any Obligor’s assets are subject which might have a Material Adverse Effect. 

  

	18.15	 No proceedings pending or threatened 

No litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency which, if
adversely determined, might be expected to have a Material Adverse Effect, have (to the best of any Obligor’s knowledge and belief) been started or threatened against any Obligor or any other Group Member. 

 

	18.16	 No breach of laws 

 

	 	(a)	 No Obligor has breached any law or regulation which breach might have a Material Adverse
Effect. 

  

	 	(b)	 No labour dispute is current or, to the best of any Obligor’s knowledge and belief (having made due and
careful enquiry), threatened against any Obligor which may have a Material Adverse Effect. 

  

	18.17	 Environmental matters 

 

	 	(a)	 No Environmental Law applicable to any Ship and/or any Obligor has been violated in a manner or circumstances
which might have, a Material Adverse Effect. 

  

	 	(b)	 All consents, licences and approvals required under such Environmental Laws have been obtained and are
currently in force. 

  

	 	(c)	 No Environmental Claim has been made or threatened or is pending against any Obligor or Ship where that claim
might have a Material Adverse Effect and there has been no Environmental Incident which has given, or might give, rise to such a claim. 

  

	18.18	 Tax Compliance 

 

	 	(a)	 No Obligor is materially overdue in the filing of any Tax returns or overdue in the payment of any material
amount in respect of Tax. 

  

	 	(b)	 No claims or investigations are being, or are reasonably likely to be, made or conducted against any Obligor
with respect to Taxes such that a liability of, or claim against, any Obligor is reasonably likely to arise for an amount for which adequate reserves have not been provided in the Original Financial Statements and which might have a Material Adverse
Effect. 

  
 54 

	 	(c)	 Each Obligor is resident for Tax purposes only in its Original Jurisdiction except for any Taxes which may
arise in the usual course of its business of operating and trading the Ships. 

  

	18.19	 Anti- corruption law 

Each Obligor has conducted its businesses in compliance with applicable anti-corruption laws and has instituted and maintained policies and
procedures designed to promote and achieve compliance with such laws. 
  

	18.20	 Sanctions 

No Obligor nor any other Group Member (or their Affiliates), nor any of their respective directors, officers or employees nor, to the knowledge
of any Obligor, any persons acting on any of their behalf: 
  

	 	(a)	 is a Sanctioned Party; 

 

	 	(b)	 owns or controls a Sanctioned Party; 

 

	 	(c)	 is in breach of Sanctions; or 

 

	 	(d)	 has received notice of or is aware of any claim, action, suit, proceeding or investigation against it with
respect to Sanctions applicable to it by any Sanctions Authority. 

  

	18.21	 Security and Financial Indebtedness 

On and following the Utilisation Date, and except for those Security Interests granted by the Obligors pursuant to the Existing Loan Agreement
that will be discharged on the Utilisation Date: 
  

	 	(a)	 no Security Interest shall exist over all or any of the present or future assets of any Obligor in breach of
this Agreement; and 

  

	 	(b)	 no Obligor shall have any Financial Indebtedness outstanding in breach of this Agreement (including but not
limited any Financial Indebtedness referred to in clause 28.2 (Financial Indebtedness)). 

  

	18.22	 Legal and beneficial ownership 

Each Obligor is or, on the date the Security Documents to which it is a party are entered into, will be the sole legal and beneficial owner of
the respective assets over which it purports to grant a Security Interest under the Security Documents to which it is a party. 
  

	18.23	 Membership interests 

The membership interests of each Borrower are fully paid and not subject to any option to purchase or similar rights. The Constitutional
Documents of each Borrower do not and could not restrict or inhibit any transfer of those membership interests on creation or enforcement of the Security Documents. There are no agreements in force which provide for the issue or allotment of, or
grant any person the right to call for the issue or allotment of, any membership interest or loan capital of each Borrower (including any option or right of pre-emption or conversion). 

 

	18.24	 Accounting Reference Date 

The financial year-end of each Obligor is the Accounting Reference Date. 

  
 55 

	18.25	 Material Adverse Effect 

There has been no Material Adverse Effect which has affected the ability of the Borrowers to make all the required payments under this
Agreement or the validity or enforceability of this Agreement since the date of the Original Financial Statements. 
  

	18.26	 No adverse consequences 

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

 

	 	(a)	 it is not necessary under the laws of the Relevant Jurisdictions of any Obligor: 

 

	 	(i)	 in order to enable any Finance Party to enforce its rights under any Finance Document to which it is, or is to
be, a party; or 

  

	 	(ii)	 by reason of the execution of any Finance Document or the performance by any Obligor of its obligations under
any Finance Document to which it is, or is to be, a party, 

 that any Finance Party should be licensed, qualified or
otherwise entitled to carry on business in any of such Relevant Jurisdictions; and 
  

	 	(b)	 no Finance Party is or will be deemed to be resident, domiciled or carrying on business in any Relevant
Jurisdiction by reason only of the execution, performance and/or enforcement of any Finance Document. 

  

	18.27	 Copies of documents 

The copies of any Charter Documents and the Constitutional Documents of the Obligors delivered to the Agent under clause 4 (Conditions of
Utilisation) will be true, complete and accurate copies of such documents and include all amendments and supplements to them as at the time of such delivery and no other agreements or arrangements exist between any of the parties to any Charter
Document which would materially affect the transactions or arrangements contemplated by any Charter Document or modify or release the obligations of any party under that Charter Document. 

 

	18.28	 No immunity 

No Obligor or any of its assets is immune to any legal action or proceeding. 

 

	18.29	 Ship status 

Each Ship will on the first day of the relevant Mortgage Period be: 
  

	 	(a)	 registered permanently in the name of the relevant Owner through the relevant Registry as a ship under the laws
and flag of the relevant Flag State; 

  

	 	(b)	 operationally seaworthy and in every way fit for service; 

 

	 	(c)	 classed with the relevant Classification free of all requirements and recommendations of the relevant
Classification Society; and 

  

	 	(d)	 insured in the manner required by the Finance Documents. 

  
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	18.30	 Ship’s employment 

Each Ship shall on the first day of the relevant Mortgage Period be free of any charter commitment (other than any Charter if any Charter has
been entered into by an Owner) which, if entered into after that date, would require approval under the Finance Documents. 
  

	18.31	 Ownership of the Obligors 

Each of the Borrowers is a wholly, legally and beneficially owned: 
  

	 	(a)	 indirect Subsidiary of the Ultimate Parent; and 

 

	 	(b)	 direct Subsidiary of the Parent. 

 

	18.32	 Address commission 

There are no rebates, commissions or other payments in connection with any Charter other than those referred to in it. 

 

	18.33	 No money laundering 

None of the Obligors are in contravention of any anti-money laundering law, official requirement or other regulatory measure or procedure
implemented to combat “money laundering”. 
  

	18.34	 No corrupt practices 

None of the Obligors are engaged in any practice which would be deemed corrupt in any Relevant Jurisdiction. 

 

	18.35	 Times when representations are made 

 

	 	(a)	 All of the representations and warranties set out in this clause 18 (other than Ship Representations relating
to Ships which are not Mortgaged Ships at such time) are deemed to be made on the dates of: 

  

	 	(i)	 this Agreement; 

  

	 	(ii)	 the Utilisation Request; and 

 

	 	(iii)	 the issuing of any Compliance Certificate. 

 

	 	(b)	 The Repeating Representations are deemed to be made on the first day of each Interest Period. 

  

	 	(c)	 All of the Ship Representations are deemed to be made on the first day of the Mortgage Period for the relevant
Ship. 

  

	 	(d)	 Each representation or warranty deemed to be made after the date of this Agreement shall be deemed to be made
by reference to the facts and circumstances then existing at the date the representation or warranty is deemed to be made. 

  
 57 

	19	 Information undertakings 

The Borrowers undertake that this clause 19 will be complied with throughout the Facility Period. 

In this clause 19: 

Annual Financial Statements means the financial statements for a financial year of the Group delivered pursuant to clause 19.1(a). 

Quarterly Financial Statements means the financial statements for a financial quarter of the Group delivered pursuant to clause 19.1(b).

  

	19.1	 Financial statements 

 

	 	(a)	 The Borrowers shall supply to the Agent as soon as the same become available, but in any event within 120 days
after the end of each financial year, the audited consolidated financial statements of the Group and the unaudited financial statements of the Borrowers, in each case for that financial year. 

 

	 	(b)	 The Borrowers shall supply to the Agent as soon as the same become available, but in any event within 90 days
after the end of each financial quarter (other than the last financial quarter) of each financial year, the unaudited consolidated financial statements of the Group for that financial quarter duly signed by the chief financial officer or a financial
controller of the Ultimate Parent. 

  

	 	(c)	 The Borrowers shall supply to the Agent not later than 30 June and 31 December each year throughout
the Facility Period: 

  

	 	(i)	 financial projections for the Group for the succeeding three years in form and substance satisfactory to the
Agent (acting on behalf of the Majority lenders), such financial projections to be for such period as reflects the current reporting practice of the Group from time to time and in any event being for a period of not less than three years; and

  

	 	(ii)	 details of contracted employment of the Group’s fleet for the following 12 month period.

  

	19.2	 Provision and contents of Compliance Certificate 

 

	 	(a)	 The Borrowers shall supply a Compliance Certificate to the Agent, with each set of Quarterly Financial
Statements for the Group. 

  

	 	(b)	 Each Compliance Certificate shall, amongst other things, including supporting schedules setting out (in
reasonable detail) computations as to compliance with clause 20 (Financial covenants). 

  

	 	(c)	 Each Compliance Certificate shall be signed by a director or the chief financial officer of the Ultimate
Parent. 

  

	19.3	 Requirements as to financial statements 

 

	 	(a)	 The Borrowers shall procure that each set of Annual Financial Statements includes a profit and loss account, a
balance sheet and a cashflow statement and each set of Quarterly Financial Statements includes an income statement, a cashflow statement and a balance sheet and that, in addition, each set of Annual Financial Statements shall be audited by the
Auditors. 

  

	 	(b)	 Each set of financial statements delivered pursuant to clause 19.1 (Financial statements) shall:

  

	 	(i)	 be prepared in accordance with GAAP or, if elected by the Group, IFRS; 

  
 58 

	 	(ii)	 give a true and fair view of (in the case of Annual Financial Statements for any financial year), or fairly
represent (in other cases), the financial condition and operations of the Group or as at the date as at which those financial statements were drawn up; and 

  

	 	(iii)	 in the case of annual audited financial statements, not be the subject of any qualification in the
Auditors’ opinion on the consolidated financial statements. 

  

	 	(c)	 The Borrowers shall procure that each set of financial statements delivered pursuant to clause 19.1
(Financial statements) shall be prepared using GAAP or IFRS, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements, unless, in relation to any set of
financial statements, the Borrowers notify the Agent that there has been a change in GAAP or, as the case may be, IFRS or the accounting practices and the Auditors deliver to the Agent: 

 

	 	(i)	 a description of any change necessary for those financial statements to reflect the GAAP or, as the case may
be, IFRS or accounting practices and reference periods upon which corresponding Original Financial Statements were prepared; and 

  

	 	(ii)	 sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders
to determine whether clause 20 (Financial covenants) has been complied with and to make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements.

 Any reference in this Agreement to any financial statements shall be construed as a reference to those financial
statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared. 
  

	19.4	 Year-end 

The Borrowers shall procure that each financial year-end of each Obligor falls on the Accounting
Reference Date. 
  

	19.5	 Information: miscellaneous 

The Borrowers shall supply to the Agent: 
  

	 	(a)	 at the same time as they are dispatched, copies of all financial statements, financial forecasts, reports,
proxy statements and other material communications provided to the shareholders or members of the Borrowers and copies of all material documents dispatched by any Guarantor or any Obligors to its creditors generally (or any class of them);

  

	 	(b)	 promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
which are current, threatened or pending against any Obligor, and which, if adversely determined, might have a Material Adverse Effect or which would involve a liability, or a potential or alleged liability, exceeding $5,000,000 (or
its equivalent in other currencies); 

  

	 	(c)	 promptly, such information as the Agent may reasonably require about the Charged Property and compliance of the
Obligors with the terms of any Security Documents; and 

  

	 	(d)	 promptly on request, such further information regarding the financial condition, assets and operations of the
Group as any Finance Party through the Agent may reasonably request. 

  
 59 

	19.6	 Notification of Default 

The Borrowers shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon any Obligor becoming aware
of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor). 
  

	19.7	 Sanctions information  

The Obligors shall supply to the Agent: 
  

	 	(a)	 promptly upon becoming aware of them, the details of any inquiry, claim, action, suit, proceeding or
investigation pursuant to Sanctions against it, any of its direct or indirect owners, Subsidiaries, any of their joint ventures or any of their respective directors, officers, employees, agents or representatives, as well as information on what
steps are being taken with regards to answer or oppose such; and 

  

	 	(b)	 promptly upon becoming aware that it, any of its direct or indirect owners, Subsidiaries, any of their joint
ventures or any of their respective directors, officers, employees, agents or representatives has become or is likely to become a Sanctioned Party. 

  

	19.8	 Sufficient copies 

The Borrowers, if so requested by the Agent, shall deliver sufficient copies of each document to be supplied under the Finance Documents to the
Agent to distribute to each of the Lenders. 
  

	19.9	 Use of websites 

 

	 	(a)	 The Borrowers may satisfy their respective obligations under this Agreement to deliver any information in
relation to those Lenders (the Website Lenders) who accept this method of communication by posting this information onto an electronic website designated by the Borrowers and the Agent (the Designated Website) if:

  

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

  

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

  

	 	(iii)	 the information is in a format previously agreed between the Borrowers and the Agent. 

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

	 	(b)	 The Agent shall supply each Website Lender with the address of and any relevant password specifications for the
Designated Website following designation of that website by the Borrowers and the Agent. 

  

	 	(c)	 The Borrowers shall promptly upon any of them becoming aware of its occurrence notify the Agent if:

  

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

  
 60 

	 	(ii)	 the password specifications for the Designated Website change; 

 

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

  

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

  

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

 If the Borrowers notify the Agent under paragraphs
(i) or (v) above, all information to be provided by the Borrowers under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving
rise to the notification are no longer continuing. 
  

	 	(d)	 Any Website Lender may request, through the Agent, one paper copy of any information required to be provided
under this Agreement which is posted onto the Designated Website. The Borrowers shall comply with any such request within ten Business Days. 

  

	19.10	 “Know your customer” checks 

 

	 	(a)	 If: 

  

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

  

	 	(ii)	 any change in the status of an Obligor or the composition of the shareholders or members of an Obligor after
the date of this Agreement; or 

  

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

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

 

	 	(b)	 Each Finance Party shall promptly upon the request of the Agent or the Security Agent supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by the Agent or the Security Agent (for itself) in order for it to carry out and be satisfied with the results of all necessary “know your customer” or other
similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

  
 61 

	20	 Financial covenants 

Each Borrower undertakes that this clause 20 will be complied with throughout the Facility Period as tested on a quarterly basis in accordance
with clause 20.3 (Financial testing). 
  

	20.1	 Financial definitions 

In this clause 20: 
 Cash
Equivalents shall mean the following (all of which shall be valued at market value and freely disposable and for the avoidance of doubt none of the following shall be deemed disqualified from being freely disposable by reason of being included
in minimum liquidity calculations under this Agreement or other agreements respecting Indebtedness, or being subject to a lien): 
  

	 	(a)	 securities with maturities of one year or less from the date of acquisition issued or fully guaranteed or
insured by the United States Government or any agency thereof; 

  

	 	(b)	 certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of
acquisition and overnight bank deposits of any Lender and certificates of deposit with maturities of one year or less from the date of acquisition and overnight bank deposits of any other commercial bank whose principal place of business is
organized under the laws of any country that is a member of the Organization for Economic Cooperation and Development or has concluded special lending arrangements with the International Monetary Fund associated with its General Arrangements to
Borrow, or a political subdivision of any such country, and having capital and surplus in excess of $200,000,000; 

  

	 	(c)	 commercial paper of any issuer rated at least A-2 by
Standard & Poor’s Ratings Group or P-2 by Moody’s investors Service, Inc. with maturities of one year or less from the date of acquisition; and 

 

	 	(d)	 additional money market investments with maturities of one year or less from the date of acquisition rated at
least A-1 or AA by Standard & Poor’s Ratings Group or P-1 or Aa by Moody’s Investors Service, Inc. 

Indebtedness means, with respect to any Group Member, at any date of determination (without duplication) (a) all indebtedness of
such Group Member for borrowed money, (b) all obligations of such Group Member evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Group Member in respect of letters of credit or other similar
instruments (including reimbursement obligations with respect thereto), (d) all obligations of such Group Member to pay the deferred and unpaid purchase price of property or services, which purchase price is due more than six months after the date
of placing such property in service or taking delivery thereof or the completion of such services, except trade payables, (e) all obligations on account of principal of such Group Member as lessee under capitalised leases, (f) all
indebtedness of other persons secured by a lien on any asset of such Group Member, whether or not such indebtedness is assumed by such Group Member; provided that the amount of such indebtedness shall be the lesser of (i) the fair market value
of such asset at such date of determination and (ii) the amount of such indebtedness, and (g) all indebtedness of other persons guaranteed by such Group Member to the extent guaranteed and the amount of Indebtedness of any Group Member at
any date shall be the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation,
provided that the amount outstanding at any time of any indebtedness issued with an original issue discount is the face amount of such indebtedness less the remaining unamortised portion of the original issue discount of such indebtedness at such
time as determined in accordance with GAAP (or if the Annual Financial Statements are prepared in accordance with IFRS, IFRS); and provided further that Indebtedness shall not include any liability for current or deferred Taxes, or any trade
payable. 

  
 62 

 Total Assets means, at any time, the total assets of the Group determined in
accordance with GAAP (as shown in the most recent Quarterly Financial Statements). 
 Total Indebtedness means, at any time, the
aggregate sum of all Indebtedness of the Group as reflected in the consolidated balance sheet of the Group determined in accordance with GAAP (as shown in the most recent Quarterly Financial Statements). 

Total Stockholders’ Equity means, at any time, the shareholders’ equity for the Group determined in accordance with GAAP (as
shown in the most recent Quarterly Financial Statements). 
  

	20.2	 Financial condition 

At all times during the Facility Period, the Borrowers shall procure that the Group: 

 

	 	(a)	 maintains at all times, cash and Cash Equivalents equal to or greater than (i) $35,000,000 and (ii) five
per cent (5%) of the Total Indebtedness; and 

  

	 	(b)	 maintains a ratio of Total Stockholders’ Equity to Total Assets of not less than 30%.

  

	20.3	 Financial testing 

The financial covenants set out in clause 20.2 (Financial condition) shall be calculated in accordance with GAAP (or if the Annual
Financial Statements are prepared in accordance with IFRS, IFRS) and tested by reference to each of the financial statements and/or each Compliance Certificate delivered pursuant to clause 19.2 (Provision and contents of Compliance
Certificate). 
  

	21	 General undertakings 

Each Borrower undertakes that this clause 21 will be complied with throughout the Facility Period. 

 

	21.1	 Authorisations 

Each Obligor will promptly: 
  

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

  

	 	(b)	 supply certified copies to the Agent of, 

any authorisation required under any law or regulation of a Relevant Jurisdiction to: 

 

	 	(i)	 enable it to perform its obligations under the Finance Documents and any Charter Documents in each case to
which it is a party; 

  

	 	(ii)	 ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document or Charter
Document in each case to which it is a party; and 

  

	 	(iii)	 carry on its business where failure to do so has, or is reasonably likely to have, a Material Adverse Effect.

  
 63 

	21.2	 Compliance with laws 

 

	 	(a)	 Each Obligor will comply in all respects with all laws and regulations (including Environmental Laws) to
which it may be subject if failure to comply has or reasonably likely to have a Material Adverse Effect. 

  

	 	(b)	 No Obligor or Other Group Member will directly or indirectly use the proceeds of the Facility for any purpose
which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in other jurisdictions. 

  

	 	(c)	 Each Obligor shall: 

  

	 	(i)	 conduct its businesses in compliance with applicable anti-corruption laws; and 

 

	 	(ii)	 maintain policies and procedures designed to promote and achieve compliance with such laws.

  

	21.3	 Tax compliance 

 

	 	(a)	 Each Obligor shall pay and discharge all Taxes imposed upon it or its assets within such time period as may be
allowed by law without incurring penalties unless and only to the extent that: 

  

	 	(i)	 such payment is being contested in good faith; 

 

	 	(ii)	 adequate reserves are being maintained for those Taxes and the costs required to contest them which have been
disclosed in its latest financial statements delivered to the Agent under clause 19.1 (Financial statements); and 

  

	 	(iii)	 such payment can be lawfully withheld. 

 

	 	(b)	 Except as approved by the Majority Lenders, each Obligor shall maintain its residence for Tax purposes in the
jurisdiction in which it is incorporated or, as the case may be, formed and ensure that it is not resident for Tax purposes in any other jurisdiction save for any Taxes which may arise in the usual course of its business of operating and trading the
Ships. 

  

	21.4	 Change of business 

Except as approved by the Majority Lenders, no substantial change will be made to the general nature of the business of the Guarantors or the
other Obligors or the Group taken as a whole from that carried on at the date of this Agreement. 
  

	21.5	 Merger 

Except as approved by the Majority Lenders, no Obligor will enter into any amalgamation, demerger, merger, consolidation, re-domiciliation, legal migration or corporate reconstruction. 
  

	21.6	 Further assurance 

 

	 	(a)	 Each Obligor shall promptly do all such acts or execute all such documents (including assignments, transfers,
mortgages, charges, notices and instructions) as the Agent may reasonably specify (and in such form as the Agent may reasonably require): 

  

	 	(i)	 to perfect the Security Interests created or intended to be created by that Obligor under or evidenced by the
Security Documents (which may include the execution 

  
 64 

	 	
of a mortgage, charge, assignment or other security over all or any of the assets which are, or are intended to be, the subject of the Security Documents) or for the exercise of any rights,
powers and remedies of the Security Agent provided by or pursuant to the Finance Documents or by law; 

  

	 	(ii)	 to confer on the Security Agent Security Interests over any property and assets of that Obligor located in any
jurisdiction equivalent or similar to the Security Interest intended to be conferred by or pursuant to the Security Documents; 

  

	 	(iii)	 to facilitate the realisation of the assets which are, or are intended to be, the subject of the Security
Documents; and/or 

  

	 	(iv)	 to facilitate either the accession by a New Lender to any Security Document following an assignment in
accordance with clause 30.1 (Assignments and Transfers by the Lenders). 

  

	 	(b)	 Each Obligor shall take all such action as is available to it (including making all filings and registrations)
as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Security Interest conferred or intended to be conferred on the Security Agent by or pursuant to the Finance Documents. 

 

	21.7	 Negative pledge in respect of Charged Property 

Except: 
  

	 	(a)	 as approved by the Majority Lenders; 

 

	 	(b)	 for Permitted Liens; and 

 

	 	(c)	 any Security Interest granted by an Obligor in accordance with the terms of the Existing Loan Agreement that
will be fully discharged on the Utilisation Date, 

 no Obligor will grant or allow to exist any Security Interest over any
Charged Property. 
  

	21.8	 Environmental matters 

 

	 	(a)	 The Agent will be notified as soon as reasonably practicable of any Environmental Claim being made against any
Obligor or any Ship which, if successful to any extent, might have a Material Adverse Effect and of any Environmental Incident which may give rise to such an Environmental Claim and will be kept regularly and promptly informed in reasonable detail
of the nature of, and response to, any such Environmental Incident and the defence to any such claim. 

  

	 	(b)	 Environmental Laws (and any consents, licences or approvals obtained under them) applicable to any Ship will
not be violated in a way which might have a Material Adverse Effect. 

  

	21.9	 Inspection of records 

Upon reasonable notice from the Agent, allow any representative of the Agent, subject to applicable laws and regulations, to visit and inspect
the Borrowers’ properties and, on request, to examine the Borrowers’ books of account, records, reports, agreements and other papers and to discuss the Borrowers’ affairs, finances and accounts with its offices, in each case at such
times and as often as the Agent reasonably requests. 

  
 65 

	21.10	 Managing member of Borrowers 

At all times (unless the Lenders have provided their written consent) the managing member of each Borrower shall be the Parent. 

 

	21.11	 No change of name etc 

During the Facility Period, no Obligor will change: 
  

	 	(a)	 its name; 

  

	 	(b)	 the type of legal entity which it exists as; or 

 

	 	(c)	 its Original Jurisdiction. 

 

	21.12	 Year end 

No Borrower may change its financial year end. 
  

	21.13	 Sanctions 

  

	 	(a)	 Each Obligor shall (and shall ensure that each member of the Group will) comply in all respects with all
Sanctions applicable to it. 

  

	 	(b)	 No Obligor nor any other member of the Group nor any Affiliate of any member of the Group nor any of their
respective directors, officers or employees will, directly or (to the Obligor’s knowledge) indirectly: 

  

	 	(i)	 make any part of the proceeds of the Loan available to, or for the benefit of, a Sanctioned Party, or permit or
authorise any such proceeds to be applied in a manner or for a purpose prohibited by any Sanctions applicable to it; or 

  

	 	(ii)	 fund all or part of any repayment under the Facility out of proceeds derived from transactions which would be
prohibited by any Sanctions applicable to it or would otherwise cause it to be in breach of Sanctions or to become a Sanctioned Party. 

  

	 	(c)	 Each Obligor shall procure that no proceeds from any activity or dealing with a Sanctioned Party are credited
to any bank account held with any Finance Party (including the Earnings Account) or any Affiliate of a Finance Party, to the extent crediting such bank account would lead to non-compliance by it, such Finance
Party or such Affiliate of a Finance Party with any Sanctions. 

  

	 	(d)	 No Owner shall employ the Ship owned by it nor allow its employment, operation or management in any manner
contrary to Sanctions. 

  

	21.14	 Listing  

The Parent shall maintain its listing on The New York Stock Exchange. 

 

	21.15	 Contractual recognition of bail-in 

Notwithstanding any other term of any Finance Document or any other agreement, arrangement
or understanding between the Finance Parties and the Obligors, each Finance Party and each Obligor 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): 

  
 66 

	 	(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. 

  

	21.16	 Anti-terrorism law 

Each Obligor will comply in all material respects with any and all anti-terrorism laws applicable to it and its activities, if failure to
comply would have a Material Adverse Effect. 
  

	22	 Dealings with Ship 

Each Borrower undertakes that this clause 22 will be complied with in relation to each Mortgaged Ship throughout the relevant Ship’s
Mortgage Period. 
  

	22.1	 Ship’s name and registration 

 

	 	(a)	 The Ship’s name shall only be changed after prior notice to the Agent. 

 

	 	(b)	 The Ship shall be permanently registered in the name of the relevant Owner with the relevant Registry within 90
days of the date of the Mortgage of the Ship and registered in the name of the relevant Owner with the relevant Registry under the laws of its Flag State. Except with approval, the Ship shall not be registered under any other flag or at any other
port or fly any other flag (other than that of its Flag State). If that registration is for a limited period, it shall be renewed at least 45 days before the date it is due to expire and the Agent shall be notified of that renewal at least 30 days
before that date. 

  

	 	(c)	 Nothing will be done and no action will be omitted if that might result in such registration being forfeited or
imperilled or the Ship being required to be registered under the laws of another state of registry. 

  

	22.2	 Notification of certain events 

The Borrowers shall notify the Agent immediately if the Ship becomes a Total Loss or partial loss or is materially damaged. 

 

	22.3	 Sale or other disposal of Ship 

Save where the net sale proceeds will enable the relevant Owner to comply with its mandatory prepayment obligations under clause 7.5 (Sale
or Total Loss) and, if no Default is then continuing, for a sale to a buyer who is not an Affiliate of a Borrower for a cash price payable on completion of the sale which is no less than the amount of the prepayment required in respect of the
Loan pursuant to clause 7.5 (Sale or Total Loss), the relevant Owner will not sell, or agree to, transfer, abandon or otherwise dispose of the relevant Ship or any share or interest in it. 

 

	22.4	 Manager 

  

	 	(a)	 Each Ship shall be technically managed by Northern Marine Management Limited, Navigator Gas Shipmanagement
Limited, Thome Ship Management Limited Pte or another first class technical manager approved by the Agent and commercially managed by NGT Services (UK) Limited or another first class commercial manager approved by the Agent. 

  
 67 

	 	(b)	 A Manager of a Ship shall not be appointed or changed without the prior approval of the Agent unless the
proposed manager is a manager referred to in paragraph (a) above. 

  

	 	(c)	 The Borrowers shall procure that each Manager delivers a duly executed Manager’s Undertaking to the
Security Agent immediately following its appointment as Manager. 

  

	22.5	 Copy of Mortgage on board 

A properly certified copy of the relevant Mortgage shall be kept on board the Ship with its papers and shown to anyone having business with the
Ship which might create or imply any commitment or Security Interest over or in respect of the Ship (other than a lien for crew’s wages and salvage) and to any representative of the Security Agent. 

 

	22.6	 Notice of Mortgage 

A framed printed notice of the Ship’s Mortgage shall be prominently displayed in the navigation room and in the Master’s cabin of the
Ship. The notice must be in plain type and read as follows: 
 “NOTICE OF MORTGAGE 

This Ship is subject to a First Preferred Mortgage to [●] with offices at [●], acting in its capacity as security agent and
as trustee, under authority of Title 21 of the Liberian Code of Laws of 1956 as amended. Under the terms of the said Mortgage and related documents neither the Owner nor any charterer nor the Master of this Ship nor any other person has any right,
power or authority to create, incur or permit to be imposed upon this Ship any lien, commitments or encumbrances whatsoever other than for crew’s wages and salvage”. 

No-one will have any right, power or authority to create, incur or permit to be imposed upon the Ship
any lien whatsoever other than for crew’s wages and salvage. 
  

	22.7	 Conveyance on default 

Where the Ship is (or is to be) sold in exercise of any power conferred by the Security Documents, the relevant Owner shall, upon the
Agent’s request, immediately execute such form of transfer of title to the Ship as the Agent may require. 
  

	22.8	 Chartering 

Except with approval, the relevant Owner shall not enter into any charter commitment for the Ship, which is: 

 

	 	(a)	 a bareboat or demise charter or passes possession and operational control of the Ship to another person; or

  

	 	(b)	 a Charter, unless the relevant Owner executes a Charter Assignment in respect of such Charter prior to delivery
of the relevant Ship under such Charter. 

 If a Charterer requires the Lenders to enter into a letter of quiet enjoyment,
such letter will be on terms acceptable to the Lenders acting reasonably. 

  
 68 

	22.9	 Lay up 

Except with approval, the Ship shall not be laid up or deactivated. 
  

	22.10	 Sharing of Earnings 

Except with approval, the relevant Owner shall not enter into any arrangement under which its Earnings from the Ship may be shared with anyone
else. 
  

	22.11	 Payment of Earnings 

The relevant Owner’s Earnings from the Ship shall be paid in accordance with clause 27.1 (Earnings Account) unless required to be
paid to the Security Agent pursuant to the General Assignment for that Ship. If any Earnings are held by brokers or other agents, they shall be paid to the Agent, if it requires this after the Earnings have become payable to it under the Ship’s
General Assignment for that Ship. 
  

	23	 Condition and operation of Ship 

Each Borrower undertakes that this clause 23 will be complied with in relation to each Mortgaged Ship throughout the relevant Ship’s
Mortgage Period. 
  

	23.1	 Defined terms 

In this clause 23 and in Schedule 3 (Conditions precedent): 

applicable code means any code or prescribed procedures required to be observed by the Ship or the persons responsible for its operation
under any applicable law (including but not limited to those currently known as the ISM Code and the ISPS Code); 
 applicable law
means all laws and regulations applicable to vessels registered in the Ship’s Flag State or which for any other reason apply to the Ship or to its condition or operation at any relevant time; and 

applicable operating certificate means any certificates or other document relating to the Ship or its condition or operation required to
be in force under any applicable law or any applicable code. 
  

	23.2	 Repair 

The Ship shall be kept in a good, safe and efficient state of repair. The quality of workmanship and materials used to repair the Ship or
replace any materially damaged, worn or lost parts or equipment shall be sufficient to ensure that the Ship’s value is not materially reduced. 
  

	23.3	 Modification 

Except with approval, the structure, type or performance characteristics of the Ship shall not be modified in a way which could or might
materially alter the Ship or materially reduce its value. 
  

	23.4	 Removal of parts 

Except with approval, no material part of the Ship or any equipment shall be removed from the Ship if to do so would materially reduce its
value (unless at the same time it is replaced with equivalent parts or equipment owned by the relevant Owner free of any Security Interest except under the Security Documents). 

  
 69 

	23.5	 Third party owned equipment 

Except with approval, equipment owned by a third party shall not be installed on the Ship if it cannot be removed without risk of causing
damage to the structure or fabric of the Ship or incurring significant expense. 
  

	23.6	 Maintenance of class; compliance with laws and codes 

 

	 	(a)	 The Ship’s class shall be the relevant Classification (and being the highest applicable classification
available in the relevant Classification Society (or the equivalent classification with another Classification Society)), free of overdue conditions or recommendations affecting the Ship’s class. 

 

	 	(b)	 The relevant Owner shall ensure that: 

 

	 	(i)	 the Ship shall comply in all material aspects with all laws or regulations applicable to it; and

  

	 	(ii)	 it will comply in all material aspects with all laws applicable to its business and applicable to the Ship, its
ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Flag State; and 

 

	 	(iii)	 it shall obtain, comply with and do all that is necessary to maintain in full force and effect any approvals
required by any Environmental Law, 

 and without limiting paragraphs (i), (ii) and (iii) above, the Owner shall not
employ Ship nor allow its employment, operation or management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code and all Environmental Laws. 

 

	 	(c)	 There shall be kept in force and on board the Ship or in such person’s custody any applicable operating
certificates which are required by applicable laws or applicable codes to be carried on board the Ship or to be in such person’s custody. 

  

	23.7	 Surveys 

The Ship shall be submitted to continuous surveys and any other surveys which are required for it to maintain the Classification as its class.
Copies of reports of those surveys shall be provided promptly to the Agent if it so requests which request shall not exceed more than one in each calendar year. 
  

	23.8	 Inspection and notice of dry-dockings 

The Agent and/or surveyors or other persons appointed by it for such purpose shall be allowed to board the Ship to inspect it once per annum if
no Event of Default has occurred and is continuing or as frequently as may be required by the Agent following the occurrence of an Event of Default, or a Major Casualty (whereupon the Agent and/or surveyors or other persons appointed by it for such
purpose shall be entitled to board the Ship to inspect it during the period falling shortly after completion of the repair works in respect of that Major Casualty), provided advance written notice is provided to the Obligors and such inspection does
not interfere with the normal commercial operation of the Ship. The Agent shall be given all proper facilities needed for the purposes of any such inspection and the reasonable costs of such inspection shall be borne by the Borrowers. 

  
 70 

	23.9	 Prevention of arrest 

All debts, damages, liabilities and outgoings which have given, or may give, rise to maritime, statutory or possessory liens on, or claims
enforceable against, the Ship, its Earnings or Insurances shall be promptly paid and discharged unless such payment is being contested in good faith and adequate reserves are being maintained for such payment. 

 

	23.10	 Release from arrest 

The Ship, its Earnings and Insurances shall promptly be released from any arrest, detention, attachment or levy, and any legal process against
the Ship shall be promptly discharged, by whatever action is required to achieve that release or discharge. 
  

	23.11	 Information about Ship 

The Agent shall promptly be given any information which it may reasonably require about the Ship or its employment, position, use or operation,
including details of towages and salvages, and copies of all its charter commitments entered into by or on behalf of any Obligor and copies of any applicable operating certificates. 

 

	23.12	 Notification of certain events 

The Agent shall promptly be notified of: 
  

	 	(a)	 any damage to the Ship where the cost of the resulting repairs may exceed the Major Casualty Amount for such
Ship; 

  

	 	(b)	 any occurrence which may result in the Ship becoming a Total Loss; 

 

	 	(c)	 any requisition of the Ship for hire; 

 

	 	(d)	 any material Environmental Incident involving the Ship and Environmental Claim being made in relation to such
an incident; 

  

	 	(e)	 any withdrawal or threat to withdraw any applicable operating certificate; 

 

	 	(f)	 the issue of any operating certificate required under any applicable code; 

 

	 	(g)	 the receipt of notification that any application for such a certificate has been refused;

  

	 	(h)	 any requirement made in relation to the Ship by any insurer or the Ship’s Classification Society or by any
competent authority which is not, or cannot be, complied with in the manner or time required; and 

  

	 	(i)	 any arrest or detention of the Ship or any exercise or purported exercise of a lien or other claim on the Ship
or its Earnings or Insurances. 

  

	23.13	 Payment of outgoings 

All tolls, dues and other outgoings whatsoever in respect of the Ship and its Earnings and Insurances shall be paid promptly. Proper accounting
records shall be kept of the Ship and its Earnings. 

  
 71 

	23.14	 Evidence of payments 

The Agent shall be allowed proper and reasonable access to those accounting records when it requests it and, when it requires it, shall be
given satisfactory evidence that: 
  

	 	(a)	 the wages and allotments and the insurance and pension contributions of the Ship’s crew are being promptly
and regularly paid; 

  

	 	(b)	 all deductions from its crew’s wages in respect of any applicable Tax liability are being properly
accounted for; and 

  

	 	(c)	 the Ship’s master has no claim for disbursements other than those incurred by him in the ordinary course
of trading on the voyage then in progress. 

  

	23.15	 Repairers’ liens 

Except with approval, the Ship shall not be put into any other person’s possession for work to be done on the Ship if the cost of that
work will exceed or is likely to exceed $2,000,000 (or its equivalent in any other currency or currencies) unless that person gives the Security Agent a written undertaking in approved terms not to exercise any lien on the Ship or its Earnings for
any of the cost of such work. 
  

	23.16	 Survey report 

As soon as reasonably practicable after the Agent requests it (which request shall not exceed one request per year) the Agent shall be given a
report on the seaworthiness and/or safe operation of the Ship, from approved surveyors or inspectors. If any recommendations are made in such a report they shall be complied with in the way and by the time recommended in the report. 

 

	23.17	 Lawful use 

The Ship shall not be employed: 
  

	 	(a)	 in any way or activity which would be unlawful under international law or other law applicable to an Obligor or
the trading of a Ship; 

  

	 	(b)	 to the extent that such activity or employment would be unlawful under international law or other law
applicable to an Obligor or the trading of a Ship, in carrying illicit, contraband or prohibited goods; or 

  

	 	(c)	 in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated,

 and the persons responsible for the operation of a Ship shall take all necessary and proper precautions to ensure that
this does not happen, including participation in industry or other voluntary schemes available to the Ship and in which leading operators of ships operating under the same flag or engaged in similar trades generally participate at the relevant time.

  

	23.18	 War zones 

The Ship shall not enter or remain in any zone which has been declared a war zone by any government entity or the Ship’s war risk
insurers, unless appropriate insurances have been taken out by the relevant Owner. Any requirements of the Agent and/or the Ship’s insurers necessary to ensure that the Ship remains properly insured in accordance with the Finance Documents
(including any requirement for the payment of extra insurance premiums) shall be complied with. 

  
 72 

	23.19	 Environmental matters 

Where the Ship is to trade to the United States, the relevant Owner shall provide to the Agent as soon as possible, but in any event no later
than 10 days prior to the relevant Ship’s arrival in the United States, evidence of the relevant Ship’s certificate of financial responsibility and vessel response plan required under United States law and evidence of their approval by the
appropriate United States government entity and (if requested by the Agent) an environmental report in respect of the relevant Ship from an approved person. 
  

	24	 Insurance 

Each Borrower undertakes that this clause 24 shall be complied with in relation to each Mortgaged Ship and its Insurances throughout the
relevant Ship’s Mortgage Period. 
  

	24.1	 Insurance terms 

In this clause 24: 
 approved
insurers means insurers or underwriters with a minimum credit rating of “BBB” by Standard & Poor’s Ratings Group (or an equivalent credit rating by another international ratings agency). 

excess risks means the proportion (if any) of claims for general average, salvage and salvage charges not recoverable under the hull and
machinery insurances of a vessel in consequence of the value at which the vessel is assessed for the purpose of such claims exceeding its insured value; 

excess war risk P&I cover means cover for claims only in excess of amounts recoverable under the usual war risk cover including (but
not limited to) hull and machinery, crew and protection and indemnity risks; 
 hull cover means insurance cover against the risks
identified in clause 24.2(a)(i); 
 minimum hull cover means, in relation to a Mortgaged Ship, an amount equal to or greater than its
market value and which, when taken together with the minimum hull values of the other Mortgaged Ships, is at the relevant time 120% of the aggregate of the Total Commitments for the Mortgaged Ships at such time; and 

P&I risks means the usual risks (including liability for oil pollution, excess war risk P&I cover) covered by a protection and
indemnity association which is a member of the International Group of protection and indemnity associations (or, if the International Group ceases to exist, any other leading protection and indemnity association or other leading provider of
protection and indemnity insurance) (including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the hull cover). 
  

	24.2	 Coverage required 

 

	 	(a)	 The Ship shall at all times be insured: 

 

	 	(i)	 against (A) fire and usual marine risks (including excess risks) and (B) war risks (including war
protection and indemnity risks and terrorism, piracy and confiscation risks) on an agreed value basis, in each case for at least its minimum hull cover and in the case of sub-section (A), provided that the
hull and machinery insurances for the Ship shall at all times cover 80% of its market value and the remaining minimum hull cover may be insured by way of excess risks cover; 

  
 73 

	 	(ii)	 against P&I risks for the highest amount then available in the insurance market for vessels of similar age,
size and type as the Ship (but, in relation to liability for oil pollution, for an amount of not less than $1,000,000,000); 

  

	 	(iii)	 against such other risks and matters which the Agent notifies it that it considers reasonable for a prudent
shipowner or operator to insure against at the time of that notice; and 

  

	 	(iv)	 on terms which comply with the other provisions of this clause 24. 

 

	 	(b)	 The Ship shall not enter or remain in any zone which has been declared a war, conditional or excluded zone by
any government entity or the Ship’s insurers for war risks and/or allied perils (including piracy) unless: 

  

	 	(i)	 appropriate insurances have been taken out by the relevant Owner; and 

 

	 	(ii)	 any requirements of the Agent and/or the Ship’s insurers necessary to ensure that the Ship remains
properly insured in accordance with the Finance Documents (including any requirement for the payment of extra insurance premiums) have been complied with. 

  

	24.3	 Placing of cover 

The insurance coverage required by clause 24.2 (Coverage required) shall be: 

 

	 	(a)	 in the name of the Ship’s Owner and (in the case of the Ship’s hull cover) no other person (other
than the Security Agent if required by it) (unless such other person, if so required by the Agent, has duly executed and delivered a first priority assignment of its interest in the Ship’s Insurances to the Security Agent in an approved form
and provided such supporting documents and opinions in relation to that assignment as the Agent requires); 

  

	 	(b)	 if the Agent so requests, in the joint names of the Ship’s Owner and the Security Agent (and, to the
extent reasonably practicable in the insurance market, without liability on the part of the Security Agent for premiums or calls); 

  

	 	(c)	 in dollars or another approved currency; 

 

	 	(d)	 arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks
associations; and 

  

	 	(e)	 on approved terms and with approved insurers or approved associations. 

 

	24.4	 Deductibles 

The aggregate amount of any excess or deductible under the Ship’s hull cover shall not exceed $1,000,000 or such higher amount as the
Lenders may agree (such agreement not to be unreasonably withheld or delayed). 

  
 74 

	24.5	 Mortgagee’s insurance 

The Borrowers shall promptly reimburse to the Agent the cost (as conclusively certified by the Agent) of taking out and keeping in force in
respect of the Ship and the other Mortgaged Ships on approved terms, or in considering or making claims under: 
  

	 	(a)	 a mortgagee’s interest insurance and a mortgagee’s additional perils (pollution risks cover) for the
benefit of the Finance Parties for an aggregate amount up to 120% of the Loan at such time; and 

  

	 	(b)	 any other insurance cover which the Agent reasonably requires in respect of any Finance Party’s interests
and potential liabilities (whether as mortgagee of the Ship or beneficiary of the Security Documents). 

  

	24.6	 Fleet liens, set off and cancellations 

If the Ship’s hull cover also insures other vessels, the Security Agent shall either be given an undertaking in approved terms by the
brokers or (if such cover is not placed through brokers or the brokers do not, under any applicable laws or insurance terms, have such rights of set off and cancellation) the relevant insurers that the brokers or (if relevant) the insurers will not:

  

	 	(a)	 set off against any claims in respect of the Ship any premiums due in respect of any of such other vessels
insured (other than other Mortgaged Ships); or 

  

	 	(b)	 cancel that cover because of non-payment of premiums in respect of such
other vessels, 

 or the Borrowers shall ensure that hull cover for the Ship and any other Mortgaged Ships is provided
under a separate policy from any other vessels. 
  

	24.7	 Payment of premiums 

All premiums, calls, contributions or other sums payable in respect of the Insurances shall be paid punctually and the Agent shall be provided
with all relevant receipts or other evidence of payment upon request. 
  

	24.8	 Details of proposed renewal of Insurances 

At least 14 days before any of the Ship’s Insurances are due to expire, the Agent shall be notified of the names of the brokers, insurers
and associations proposed to be used for the renewal of such Insurances and the amounts, risks and terms in, against and on which the Insurances are proposed to be renewed. 
  

	24.9	 Instructions for renewal 

At least seven days before any of the Ship’s Insurances are due to expire, instructions shall be given to brokers, insurers and
associations for them to be renewed or replaced on or before their expiry. 
  

	24.10	 Confirmation of renewal 

The Ship’s Insurances shall be renewed upon their expiry in a manner and on terms which comply with this clause 24 and confirmation of
such renewal given by approved brokers or insurers to the Agent at least seven days (or such shorter period as may be approved) before such expiry. 
  

	24.11	 P&I guarantees 

Any guarantee or undertaking required by any protection and indemnity or war risks association in relation to the Ship shall be provided when
required by the association. 

  
 75 

	24.12	 Insurance documents 

The Agent shall be provided with pro forma copies of all insurance policies and other documentation issued by brokers, insurers and
associations in connection with the Ship’s Insurances as soon as they are available after they have been placed or renewed and all insurance policies and other documents relating to the Ship’s Insurances shall be deposited with any
approved brokers or (if not deposited with approved brokers) the Agent or some other approved person. 
  

	24.13	 Letters of undertaking 

Unless otherwise approved where the Agent is satisfied that equivalent protection is afforded by the terms of the relevant Insurances and/or
any applicable law and/or a letter of undertaking provided by another person, on each placing or renewal of the Insurances, the Agent shall be provided promptly with letters of undertaking in an approved form (having regard to general insurance
market practice and law at the time of issue of such letter of undertaking) from the relevant brokers, insurers and associations. 
  

	24.14	 Insurance Notices and Loss Payable Clauses 

The interest of the Security Agent as assignee of the Insurances shall be endorsed on all insurance policies and other documents by the
incorporation of a Loss Payable Clause and an Insurance Notice in respect of the Ship and its Insurances signed by its Owner and, unless otherwise approved, each other person assured under the relevant cover (other than the Security Agent if it is
itself an assured). 
  

	24.15	 Insurance correspondence 

If so required by the Agent, the Agent shall promptly be provided with copies of all written communications between the assureds and brokers,
insurers and associations relating to any of the Ship’s Insurances as soon as they are available. 
  

	24.16	 Qualifications and exclusions 

All requirements applicable to the Ship’s Insurances shall be complied with and the Ship’s Insurances shall only be subject to
approved exclusions or qualifications. 
  

	24.17	 Independent report 

If the Agent asks the Borrowers for a detailed report from an approved independent firm of marine insurance brokers giving their opinion on the
adequacy of the Ship’s Insurances then the Agent shall be provided promptly with such a report at no cost to the Agent or (if the Agent obtains such a report itself) the Borrowers shall reimburse the Agent for the cost of obtaining that report.

  

	24.18	 Collection of claims 

All documents and other information and all assistance required by the Agent to assist it and/or the Security Agent in trying to collect or
recover any claims under the Ship’s Insurances shall be provided promptly. 
  

	24.19	 Employment of Ship 

The Ship shall only be employed or operated in conformity with the terms of the Ship’s Insurances (including any express or implied
warranties) and not in any other way (unless the insurers have consented and any additional requirements of the insurers have been satisfied). 

  
 76 

	24.20	 Declarations and returns 

If any of the Ship’s Insurances are on terms that require a declaration, certificate or other document to be made or filed before the Ship
sails to, or operates within, an area, those terms shall be complied with within the time and in the manner required by those Insurances. 
  

	24.21	 Application of recoveries 

All sums paid under the Ship’s Insurances to anyone other than the Security Agent shall be applied in repairing the damage and/or in
discharging the liability in respect of which they have been paid except to the extent that the repairs have already been paid for and/or the liability already discharged. 
  

	24.22	 Settlement of claims 

Any claim under the Ship’s Insurances for a Total Loss or Major Casualty shall only be settled, compromised or abandoned with prior
approval. 
  

	24.23	 Change in insurance requirements 

If the Agent gives notice to the Borrowers to change the terms and requirements of this clause 24 (which the Agent may only do, in such manner
as it considers appropriate (acting reasonably having consideration to market conditions at the relevant time), as a result in changes of circumstances or practice after the date of this Agreement), this clause 24 shall be modified in the manner so
notified by the Agent on the date 14 days after such notice from the Agent is received. 
  

	25	 Minimum security value 

Each Borrower undertakes that this clause 25 will be complied with throughout any Mortgage Period. 

 

	25.1	 Valuation of assets 

For the purpose of the Finance Documents, the value at any time of any Mortgaged Ship or any other asset over which additional security is
provided under this clause 25 will be its value as most recently determined in accordance with this clause 25. 
  

	25.2	 Valuation frequency 

 

	 	(a)	 Valuations of each Mortgaged Ship shall be carried out semi-annually, such valuations to be provided to the
Agent at the same time that a Compliance Certificate is provided to the Agent at the end of the Group’s second and fourth financial quarter pursuant to clause 19.2(a). 

 

	 	(b)	 Each valuation shall be dated no earlier than 30 days prior to delivery of that valuation to the Agent.

  

	 	(c)	 In addition valuations of the relevant Mortgaged Ship and each such other asset in accordance with this clause
25 shall be required: 

  

	 	(i)	 prior to the Utilisation Date in accordance with clause 4.1 (Initial conditions precedent) and paragraph
11 of Part 2 of Schedule 3; and 

  

	 	(ii)	 as may be further required by the Agent at any other time if an Event of Default has occurred and is continuing
or if a mandatory prepayment event occurs under clause 7.5 (Sale or Total Loss). 

  
 77 

	 	(d)	 The Agent (acting on the instructions of the Majority Lenders) may request further valuations at any other time
(subject to such valuations not interfering with the normal commercial operation of the Ship). Such additional valuations will be at the cost of the Agent unless such valuations show that the Security Value is less than the Minimum Value at that
time, in which case the costs for such valuations will be borne by the Borrowers. 

  

	25.3	 Expenses of valuation 

The Borrowers shall bear, and reimburse to the Agent where incurred by the Agent, all reasonable costs and expenses of providing such
valuations other than as set out in clause 25.2(d). 
  

	25.4	 Valuations procedure 

The value of any Mortgaged Ship shall be determined in accordance with, and by two Approved Valuers appointed in accordance with, this clause
25. Additional security provided under this clause 25 shall be valued in such a way, on such a basis and by such persons (including the Agent itself) as may be approved by the Majority Lenders or as may be agreed in writing by the Borrowers and the
Agent (on the instructions of the Majority Lenders). 
  

	25.5	 Currency of valuation 

Valuations shall be provided by Approved Valuers in dollars or, if an Approved Valuer is of the view that the relevant type of vessel is
generally bought and sold in another currency, in that other currency. If a valuation is provided in another currency, for the purposes of this Agreement it shall be converted into dollars at the Agent’s spot rate of exchange for the purchase
of dollars with that other currency as at the date to which the valuation relates. 
  

	25.6	 Basis of valuation 

Each valuation will be addressed to the Agent in its capacity as such and made: 

 

	 	(a)	 without physical inspection (unless required by the Agent); 

 

	 	(b)	 on the basis of a sale for prompt delivery for a price payable in full in cash on delivery at arm’s length
on normal commercial terms between a willing buyer and a willing seller; and 

  

	 	(c)	 without taking into account the benefit of any charter commitment (including a Charter). 

 

	25.7	 Information required for valuation 

The Borrowers shall promptly provide to the Agent and any such valuer any information which they reasonably require for the purposes of
providing such a valuation. 
  

	25.8	 Approval of valuers 

All valuers must be Approved Valuers. The Agent shall respond promptly to any request by the Borrowers, and the Borrowers shall respond
promptly to any request by the Agent, for approval of a broker nominated by the Borrowers or, as the case may be, the Agent to become an Approved Valuer. The Agent may, acting reasonably, at any time by notice to the Borrowers withdraw any Approved
Valuer or previous approval of a valuer for the purposes of future valuations. That valuer may not then be appointed to provide valuations unless it is once more approved. 

  
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	25.9	 Appointment of valuers 

When valuations of a Mortgaged Ship are required for the purposes of this clause 25, the Agent and the Borrowers shall promptly each nominate
an Approved Valuer to provide such valuations and the Borrowers shall be responsible for appointing such nominated Approved Valuers and obtaining the required valuations of the Mortgaged Ship. If the Borrowers fails to do so promptly, the Agent may
appoint both Approved Valuers to provide the required valuations. 
  

	25.10	 Number of valuers 

Each valuation shall be carried out by the two Approved Valuers selected pursuant to clause 25.9 (Appointment of valuers). 

 

	25.11	 Differences in valuations 

If valuations provided by individual valuers differ, the value of the relevant Ship for the purposes of the Finance Documents will be the
arithmetic mean average of those valuations. If the higher of the two valuations obtained pursuant to clause 25.10 is more than 110 per cent of the lower of the two valuations then a third valuation shall be obtained from a third Approved
Valuer (nominated by the Agent and appointed by the Borrowers) and the value of the relevant Mortgaged Ship for the purposes of the Finance Documents will be the arithmetic mean average of those three valuations. 

 

	25.12	 Security shortfall 

If at any time the Security Value is less than the Minimum Value, the Agent may, and shall, if so directed by the Majority Lenders, by notice
to the Borrowers require that such deficiency be remedied. The Borrowers shall then within 30 days of receipt of such notice ensure that the Security Value equals or exceeds the Minimum Value. For this purpose, the Borrowers may: 

 

	 	(a)	 provide additional security over other assets approved by the Majority Lenders in accordance with this clause
25; and/or 

  

	 	(b)	 prepay under clause 7.3 (Voluntary prepayment of Loan) a corresponding amount of the Loan.

  

	25.13	 Creation of additional security 

The value of any additional security which the Borrowers offer to provide to remedy all or part of a shortfall in the amount of the Security
Value will only be taken into account for the purposes of determining the Security Value if and when: 
  

	 	(a)	 that additional security, its value and the method of its valuation have been approved by the Majority Lenders,
it being agreed that cash collateral provided in dollars or in the form of letters of credit denominated in dollars shall always be acceptable to the Lenders, and shall be valued at par; 

 

	 	(b)	 a Security Interest over that security has been constituted in favour of the Security Agent or (if appropriate)
the Finance Parties in an approved form and manner; 

  

	 	(c)	 this Agreement has been unconditionally amended in such manner as the Agent requires in consequence of that
additional security being provided; and 

  

	 	(d)	 the Agent, or its duly authorised representative, has received such documents and evidence it may require in
relation to that amendment and additional security including documents and evidence of the type referred to in Schedule 3 in relation to that amendment and additional security and its execution and (if applicable) registration,

  
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	26	 Chartering undertakings 

Each Borrower undertakes that this clause 26 will be complied with in relation to each Mortgaged Ship and its Charter Documents and, if a
Charterer is a Group Member, by the relevant Charterer at any time during the relevant Ship’s Mortgage Period that the Ship is subject to a Charter. 
  

	26.1	 Variations 

Except with approval (such approval not to be unreasonably withheld or delayed), the Charter Documents shall not be materially varied. 

 

	26.2	 Releases and waivers 

Except with approval (such approval not to be unreasonably withheld or delayed), there shall be no release by the relevant Owner of any
obligation of any other person under the Charter Documents (including by way of novation), no waiver of any breach of any such obligation and no consent to anything which would otherwise be such a breach. 

 

	26.3	 Charter performance 

The relevant Owner shall perform its obligations under the Charter Documents and use its reasonable endeavours to ensure that each other party
to them performs their obligations under the Charter Documents. 
  

	26.4	 Notice of assignment 

In respect of any Charter, the relevant Owner shall give notice of assignment of the Charter Documents to the other parties to them in the form
specified by the Charter Assignment for that Ship promptly following the execution of the Charter Assignment and shall use its reasonable endeavours to ensure that the Agent receives a copy of that notice acknowledged by each addressee in the form
specified therein. 
  

	26.5	 Payment of Charter Earnings 

All Earnings which the relevant Owner is entitled to receive under the Charter Documents shall be paid in the manner required by the Security
Documents (and, if the Charterer is a Group Member, without any set-off or counter-claim and free and clear of any deductions or withholdings). 

 

	26.6	 Enforcement of charter assignment 

The Charterer shall allow the Security Agent to enforce the rights of the relevant Owner under the Charter as assignee of those rights under
the relevant Charter Assignment. 
  

	26.7	 Sub-chartering 

Except with approval (such approval not to be unreasonably withheld or delayed), the Owner shall use all reasonable endeavours to procure that
the Charterer shall not enter into any charter commitment for the Ship which, if entered into by the relevant Owner would require approval under clause 22.8 (Chartering) and if the Security Agent is at any time entitled to enforce its rights
as mortgagee of the Ship under the terms of any Mortgage, the Charterer will exercise its rights under any sub-charter of the Ship in such manner as the Agent may direct. 

  
 80 

	26.8	 Charterer’s manager 

A manager of the Ship shall not be appointed by the Charterer unless in accordance with clause 22.4 or that manager and the terms of its
employment are approved by the Agent acting reasonably. 
  

	26.9	 Security Interests by Charterer 

Except as approved by the Majority Lenders (such approval not to be unreasonably withheld or delayed), the Owner shall procure (in respect of a
Charterer that is a member of the Group) or use all reasonable endeavours to procure (in respect of any other Charterer) that the Charterer shall not grant or allow to exist any Security Interest over any asset of the Charterer over which a Security
Interest is granted or expressed to be granted by its Charterer’s Assignment. 
  

	27	 Bank accounts 

Each Borrower undertakes that this clause 27 will be complied with throughout the Facility Period. 

 

	27.1	 Earnings Account 

 

	 	(a)	 The Account Holder shall be the holder of one Account with an Account Bank which shall be designated as the
“Earnings Account” for the purposes of the Finance Documents. 

  

	 	(b)	 The Earnings of the Mortgaged Ships and all moneys payable to the relevant Owner under the Ship’s
Insurances shall be paid by the persons from whom they are due or, if applicable, paid by the Owner receiving the same to the Earnings Account unless required to be paid to the Security Agent under the relevant Finance Documents.

  

	 	(c)	 The Account Holder shall not withdraw amounts standing to the credit of the Earnings Account except as
permitted by clause 27.1(d) and 27.1(e). 
	 

  

	 	(d)	 As long as no Default has occurred and is continuing, the Account Holder may withdraw amounts from the Earnings
Account. 

  

	 	(e)	 If a Default has occurred and is continuing, the Account Holder may only withdraw the following amounts from
the Earnings Account, in each case with the Agent’s prior approval: 

  

	 	(i)	 payments then due to Finance Parties under the Finance Documents (other than payments due in respect of a
prepayment); 

  

	 	(ii)	 payments of the proper costs and expenses of insuring, repairing, operating and maintaining any Mortgaged Ship;
and 

  

	 	(iii)	 payments to purchase other currencies in amounts and at times required to make payments referred to above in
the currency in which they are due. 

  

	27.2	 Other provisions 

 

	 	(a)	 The Earnings Account may only be designated for the purposes described in this clause 27 if:

  

	 	(i)	 such designation is made in writing by the Agent and acknowledged by the Borrowers and the Account Holder and
specifies the names and addresses of the Account Bank and the Account Holder and the number and any designation or other reference attributed to the Earnings Account; 

  
 81 

	 	(ii)	 an Account Security has been duly executed and delivered by the Account Holder in favour of the Security Agent;

  

	 	(iii)	 any notice required by the Account Security to be given to an Account Bank has been given to, and acknowledged
by, the Account Bank in the form required by the relevant Account Security; and 

  

	 	(iv)	 the Agent, or its duly authorised representative, has received such documents and evidence it may require in
relation to the Earnings Account and the Account Security including documents and evidence of the type referred to in Schedule 3 in relation to the Earnings Account and the Account Security. 

 

	 	(b)	 The rates of payment of interest and other terms regulating the Earnings Account will be a matter of separate
agreement between the Account Holder and the Account Bank. If the Earnings Account is a fixed term deposit account, the Account Holder may select the terms of deposits until the Account Security has become enforceable and the Security Agent directs
otherwise. 

  

	 	(c)	 The Account Holder shall not close the Earnings Account or alter the terms of the Earnings Account from those
in force at the time it is designated for the purposes of this clause 27 or waive any of its rights in relation to the Earnings Account except with approval. 

  

	 	(d)	 The Account Holder shall deposit with the Security Agent all certificates of deposit, receipts or other
instruments or securities relating to the Earnings Account, notify the Security Agent of any claim or notice relating to the Earnings Account from any other party and provide the Agent with any other information it may request concerning the
Earnings Account. 

  

	 	(e)	 Each of the Agent and the Security Agent agrees that if it is an Account Bank in respect of the Earnings
Account then there will be no restrictions on creating a Security Interest over the Earnings Account as contemplated by this Agreement and it shall not (except with the approval of the Majority Lenders) exercise any right of combination,
consolidation or set-off which it may have in respect of the Earnings Account in a manner adverse to the rights of the other Finance Parties. 

 

	28	 Business restrictions 

Except as otherwise approved by the Majority Lenders (such approval not to be unreasonably withheld in the case of clause 28.12
(Distributions and other payments)) and except in relation to Financial Indebtedness and Security Interests arising in respect of the Existing Loan Agreement (which will be prepaid and discharged on the Utilisation Date), each Borrower
undertakes that this clause 28 will be complied with by and in respect of each Borrower or, as the case may be, each Guarantor, throughout the Facility Period. 
  

	28.1	 General negative pledge 

In this 28.1, Quasi-Security means an arrangement or transaction described in clause 28.1(b): 

 

	 	(a)	 No Owner shall permit any Security Interest to exist, arise or be created or extended over all or any part of
its assets. 

  
 82 

	 	(b)	 (Without prejudice to clauses 28.2 (Financial Indebtedness) and 28.6 (Disposals)), no
Borrower shall: 

  

	 	(i)	 sell, transfer or otherwise dispose of any of its assets on terms whereby that asset is or may be leased to, or
re-acquired by, any other Group Member other than pursuant to disposals permitted under clause 28.6 (Disposals); 

 

	 	(ii)	 sell, transfer, factor or otherwise dispose of any of its receivables on recourse terms (except for the
discounting of bills or notes in the ordinary course of business); 

  

	 	(iii)	 enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

  

	 	(iv)	 enter into any other preferential arrangement having a similar effect, 

in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing
the acquisition of an asset. 
  

	 	(c)	 The Guarantors shall not permit any Security Interest to be granted or created in respect of the share capital
or membership interests of the Borrowers. 

  

	 	(d)	 Clauses 28.1(a) and 28.1(b) above do not apply to any Security Interest or (as the case may be) Quasi-Security,
listed below: 

  

	 	(i)	 those granted or expressed to be granted by any of the Security Documents; and 

 

	 	(ii)	 in relation to a Mortgaged Ship, Permitted Liens. 

 

	28.2	 Financial Indebtedness 

No Borrower shall incur or permit to exist, any Financial Indebtedness owed by it to anyone else except: 

 

	 	(a)	 any Financial Indebtedness outstanding under the Existing Loan Agreement that will be fully repaid on the
Utilisation Date; 

  

	 	(b)	 Financial Indebtedness incurred under the Finance Documents; 

 

	 	(c)	 Financial Indebtedness owed to another Group Member which is fully subordinated to all amounts payable by the
Borrowers under the Finance Documents on terms approved by the Agent pursuant to a Subordination Agreement entered into between the Parents, the Borrowers and the Security Agent; 

 

	 	(d)	 Financial Indebtedness permitted under clause 28.3 (Guarantees); and 

 

	 	(e)	 Financial Indebtedness permitted under clause 28.4 (Loans and credit), 

and the Borrowers shall not incur or permit to exist any Financial Indebtedness or Indebtedness (as defined in clause 20.1 (Financial
definitions)), that would cause the Borrowers to be in default of clause 20 (Financial covenants). 

  
 83 

	28.3	 Guarantees 

No Borrower shall give or permit to exist, any guarantee by it in respect of indebtedness of any person or allow any of its indebtedness to be
guaranteed by anyone else except: 
  

	 	(a)	 guarantees granted by an Obligor in accordance with the terms of the Existing Loan Agreement that will be
unconditionally released on the Utilisation Date; 

  

	 	(b)	 guarantees of obligations of another Group Member that are not Financial Indebtedness or obligations prohibited
by any Finance Document; 

  

	 	(c)	 guarantees in favour of trade creditors of the Group given in the ordinary course of its business; and

  

	 	(d)	 guarantees which are Financial Indebtedness permitted under clause 28.2 (Financial Indebtedness).

  

	28.4	 Loans and credit 

No Borrower shall make, grant or permit to exist any loans or any credit by it to anyone else other than: 

 

	 	(a)	 loans or credit to another Group Member permitted under clause 28.2 (Financial Indebtedness); and

  

	 	(b)	 trade credit granted by it to its customers on normal commercial terms in the ordinary course of its trading
activities. 

  

	28.5	 Bank accounts and other financial transactions 

No Borrower shall: 
  

	 	(a)	 maintain any current or deposit account with a bank or financial institution except for the deposit of money,
operation of current accounts and the conduct of electronic banking operations with Lenders; 

  

	 	(b)	 hold cash in any account (other than with a Lender) over or in respect of which any set-off, combination of accounts, netting or Security Interest exists except as permitted by clause 28.1 (General negative pledge); or 

 

	 	(c)	 be party to any banking or financial transaction, whether on or off balance sheet, that is not expressly
permitted under this clause 28 (Business restrictions). 

  

	28.6	 Disposals 

No Borrower shall enter into a single transaction or a series of transactions, whether related or not and whether voluntarily or involuntarily,
to dispose of any asset except for any of the following disposals so long as they are not prohibited by any other provision of the Finance Documents: 
  

	 	(a)	 disposals of assets made in (and on terms reflecting) the ordinary course of trading of the disposing entity;

  

	 	(b)	 disposals of assets made by one Group Member to another Group Member; 

 

	 	(c)	 disposals of obsolete assets, or assets which are no longer required for the purpose of the business of the
relevant Group Member, in each case for cash on normal commercial terms and on an arm’s length basis; 

  
 84 

	 	(d)	 any disposal of receivables on a non-recourse basis on arm’s
length terms (including at fair market value) for non-deferred cash consideration in the ordinary course of its business; 

 

	 	(e)	 disposals permitted by clauses 28.1 (General negative pledge) or 28.2 (Financial Indebtedness);

  

	 	(f)	 dealings with trade creditors with respect to book debts in the ordinary course of trading; and

  

	 	(g)	 the application of cash or cash equivalents in the acquisition of assets or services in the ordinary course of
its business. 

  

	28.7	 Contracts and arrangements with Affiliates 

No Borrower shall be party to any arrangement or contract with any of its Affiliates unless such arrangement or contract is on an arm’s
length basis. 
  

	28.8	 Subsidiaries 

No Borrower shall establish or acquire a company or other entity which would be or become a Group Member or reactivate any dormant Group
Member. 
  

	28.9	 Acquisitions and investments 

No Borrower shall acquire any person, business, assets or liabilities or make any investment in any person or business or enter into any
joint-venture arrangement except: 
  

	 	(a)	 capital expenditures or investments related to maintenance of a Ship in the ordinary course of its business;

  

	 	(b)	 acquisitions of assets in the ordinary course of business (not being new businesses or vessels);

  

	 	(c)	 the incurrence of liabilities in the ordinary course of its business; 

 

	 	(d)	 any loan or credit not otherwise prohibited under this Agreement; 

 

	 	(e)	 pursuant to any Finance Documents or any Charter Documents to which it is party; or 

 

	 	(f)	 any acquisition pursuant to a disposal permitted under clause 28.6 (Disposals). 

 

	28.10	 Reduction of capital 

No Borrower shall redeem or purchase or otherwise reduce any of its equity or any other share capital or membership interests or any warrants
or any uncalled or unpaid liability in respect of any of them or reduce the amount (if any) for the time being standing to the credit of its share premium account or capital redemption or other undistributable reserve in any manner. 

 

	28.11	 Increase in capital 

No Borrower shall issue membership interests or other equity interests to anyone except the Parent. 

  
 85 

	28.12	 Distributions and other payments 

A dividend may be paid on a quarterly basis on and after 31 December 2020 provided that, at such time: 

 

	 	(a)	 the Group is on a consolidated basis in pro forma compliance with clause 20 (Financial covenants) after
giving effect to such dividend paid or declared; and 

  

	 	(b)	 no Default has occurred or will occur following such dividend paid or declared. 

 

	29	 Events of Default 

Each of the events or circumstances set out in clauses 29.1 to 29.20 is an Event of Default. 

 

	29.1	 Non-payment 

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

	 	(a)	 its failure to pay is caused by administrative or technical error or by a Payment Disruption Event; and

  

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

 

	29.2	 Financial covenants 

The Borrowers do not comply with clause 20 (Financial covenants). 

 

	29.3	 Value of security 

The Borrowers do not comply with clause 25.12 (Security shortfall). 

 

	29.4	 Insurance 

  

	 	(a)	 The Insurances of a Mortgaged Ship are not placed and kept in force in the manner required by clause 24.2
(Coverage required) and 24.3 (Placing of cover). 

  

	 	(b)	 Any insurer either: 

  

	 	(i)	 cancels any such Insurances; or 

 

	 	(ii)	 disclaims liability under them by reason of any misstatement or failure or default by any person.

  

	29.5	 Other obligations 

 

	 	(a)	 An Obligor does not comply with any provision of the Finance Documents (other than those referred to in clauses
29.1 (Non-payment), 29.2(Financial covenants), 29.3(Value of security), 29.4 (Insurance) and 29.20 (Sanctions undertakings)). 

 

	 	(b)	 No Event of Default under clause 29.5(a) above will occur if the Agent considers (acting on the instructions of
the Majority Lenders) that the failure to comply is capable of remedy and the failure is remedied within seven (7) days (and in the case of clause 23.10 (Release from arrest) thirty (30) days) of the Agent giving notice to the
Borrowers. 

  
 86 

	29.6	 Misrepresentation 

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

 

	29.7	 Cross default  

 

	 	(a)	 Any Financial Indebtedness of any Group Member exceeding $500,000 is not paid when due nor within any
originally applicable grace period. 

  

	 	(b)	 Any Financial Indebtedness of any Group Member exceeding $500,000 is declared to be or otherwise becomes due
and payable prior to its specified maturity as a result of an event of default (however described). 

  

	 	(c)	 Any commitment for any Financial Indebtedness of any Group Member exceeding $500,000 is cancelled or suspended
by a creditor of that Group Member exceeding $500,000 as a result of an event of default (however described). 

  

	 	(d)	 The counterparty to a Treasury Transaction exceeding $500,000 entered into by any Group Member becomes entitled
to terminate that Treasury Transaction early by reason of an event of default (however described). 

  

	 	(e)	 Any creditor of any Group Member becomes entitled to declare any Financial Indebtedness of that Group Member
exceeding $500,000 due and payable prior to its specified maturity as a result of an event of default (however described). 

  

	 	(f)	 No Event of Default will occur under this clause 29.7 if the aggregate amount of Financial Indebtedness or
commitment for Financial Indebtedness falling within clauses 29.7(a) to 29.7(e) above is less than $500,000 in respect of the Borrowers or $10,000,000 in respect of the Guarantors (or their equivalent in any other currency or currencies).

 No Event of Default under this clause 29.7 will occur if the Agent (acting on behalf the Majority Lenders) considers
that the failure to comply is capable of remedy and the failure is remedied within five Business Days of the Agent giving notice to the Borrowers 
  

	29.8	 Insolvency 

  

	 	(a)	 A Group Member is unable or admits inability to pay its debts as they fall due suspends making payments on any
of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.

  

	 	(b)	 The value of the assets of any Group Member is less than its liabilities (taking into account contingent and
prospective liabilities). 

  

	 	(c)	 A moratorium is declared in respect of any indebtedness of any Group Member. If a moratorium occurs, the ending
of the moratorium will not remedy any Event of Default caused by that moratorium. 

  
 87 

	29.9	 Insolvency proceedings 

 

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

  

	 	(i)	 the suspension of payments, a moratorium of any indebtedness,
winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Group Member other than a solvent liquidation or reorganisation of any
Group Member which is not an Obligor; 

  

	 	(ii)	 a composition, compromise, assignment or arrangement with any creditor of any Group Member;

  

	 	(iii)	 the appointment of a liquidator (other than in respect of a solvent liquidation of a Group Member which is not
an Obligor), receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of any Group Member or any of its assets (including the directors of any Group Member requesting a person to appoint any such
officer in relation to it or any of its assets); or 

  

	 	(iv)	 enforcement of any Security Interest over any assets of any Group Member, 

or any analogous procedure or step is taken in any jurisdiction. 
  

	 	(b)	 Clause 29.9(a) shall not apply to any winding-up petition (or analogous
procedure or step) which is frivolous or vexatious and is discharged, stayed or dismissed within 28 days of commencement or, if earlier, the date on which it is advertised. 

 

	29.10	 Creditors’ process 

 

	 	(a)	 Any expropriation, attachment, sequestration, distress, execution or analogous process affects any asset or
assets of any Group Member, which would in aggregate exceed $500,000 or, when aggregated with the value of any assets of the other Group Members affected by any process mentioned in this clause 29.10(a), would exceed $10,000,000, and is not
discharged within 28 days. 

  

	 	(b)	 Any judgment or order for an amount in excess of $500,000 in respect of the Borrowers, or $10,000,000 in
respect of the Guarantors, is made against any Group Member and is not stayed or complied with within 28 days. 

  

	29.11	 Unlawfulness and invalidity 

 

	 	(a)	 It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents or any
Security Interest created or expressed to be created or evidenced by the Security Documents ceases to be effective. 

  

	 	(b)	 Any obligation or obligations of any Obligor under any Finance Documents are not (subject to the Legal
Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents. 

 

	 	(c)	 Any Finance Document or any Security Interest created or expressed to be created or evidenced by the Security
Documents ceases to be in full force and effect or is alleged by a party to it (other than a Finance Party) to be ineffective for any reason. 

  

	 	(d)	 Any Security Document does not create legal, valid, binding and enforceable security over the assets charged
under that Security Document or the ranking or priority of such security is adversely affected. 

  
 88 

	29.12	 Cessation of business 

Any Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business. 

 

	29.13	 Expropriation 

The authority or ability of any Obligor to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation,
nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any Obligor or any of its assets. 

 

	29.14	 Repudiation and rescission of Finance Documents 

An Obligor (or any other relevant party) repudiates or purports to repudiate a Finance Document or evidences an intention to rescind or
purports to rescind a Finance Document. 
  

	29.15	 Litigation 

Any litigation, alternative dispute resolution, arbitration or administrative proceeding is taking place, or threatened against any Group
Member or any of its assets, rights or revenues exceeding $10,000,000 which, if adversely determined, might have a Material Adverse Effect. 
  

	29.16	 Material Adverse Effect 

Any Environmental Incident or other event or circumstance or series of events (including any change of law) occurs which the Majority Lenders
reasonably believe has, or is reasonably likely to have, a Material Adverse Effect. 
  

	29.17	 Security enforceable 

Any Security Interest (other than a Permitted Lien) in respect of Charged Property becomes enforceable. 

 

	29.18	 Arrest of Ship 

Any Mortgaged Ship is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained in exercise or purported exercise of
any possessory lien or other claim and the relevant Owner fails to procure the release of such Ship within a period of 28 days thereafter (or such longer period as may be approved) or, in the case of any seizure or detention of such Ship as a result
of piracy, within a period of 365 days thereafter. 
  

	29.19	 Ship registration 

Except with approval, the registration of any Mortgaged Ship under the laws and flag of its Flag State is cancelled or terminated or, where
applicable, not renewed or, if such Ship is only provisionally registered on the date of its Mortgage, such Ship is not permanently registered under such laws within 90 days of such date. 

  
 89 

	29.20	 Sanctions undertakings 

An Obligor does not comply with any provision of clauses 19.7 (Sanctions information) or 21.13 (Sanctions). 

 

	29.21	 Acceleration 

On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority
Lenders, by notice to the Borrowers: 
  

	 	(a)	 cancel the Total Commitments at which time they shall immediately be cancelled; and/or 

 

	 	(b)	 declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately due and payable; and/or 

  

	 	(c)	 declare that all or part of the Loan be payable on demand, at which time it shall immediately become payable on
demand by the Agent on the instructions of the Majority Lenders; and/or 

  

	 	(d)	 declare that no withdrawals be made from the Earnings Account; and/or 

 

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

  
 90 

 SECTION 9 - CHANGES TO PARTIES 

 

	30	 Changes to the Lenders 

 

	30.1	 Assignments and transfers by the Lenders 

 

	 	(a)	 Subject to this clause 30, a Lender (the Existing Lender) may assign any of its rights to another bank
or financial institution which is regularly engaged in or established for the purpose of, making, purchasing or investing in loans, securities or other financial assets (excluding a hedge fund), unless an Event of Default has occurred and is
continuing, in which case the Existing Lender may assign its rights to any person (in each case, the new assignee being the New Lender). 

  

	 	(b)	 No Lender may assign any of its rights to any Group Member or a holding company acting in concert with any
Group Member. 

  

	30.2	 Conditions of assignment 

 

	 	(a)	 The consent of the Borrowers is required for an assignment by a Lender unless: 

 

	 	(i)	 the assignment is to another Lender, an Affiliate of a Lender or to another financial institution that is
regularly engaged in, or established for the purpose of making, purchasing or investing in, loans, securities or other financial assets (excluding hedge funds); 

 

	 	(ii)	 an Event of Default is continuing; or 

 

	 	(iii)	 a Change of Control has occurred with the consent of the Majority Lenders. 

The Agent will immediately advise the Borrowers of any assignment pursuant to this paragraph (a). 

 

	 	(b)	 The Borrowers’ consent may not be unreasonably withheld or delayed and will be deemed to have been given
fifteen Business Days after the Lender has requested consent unless consent is expressly refused within that time. 

  

	 	(c)	 An assignment will only be effective: 

 

	 	(i)	 on receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the
Agent) that the New Lender will assume the same obligations to the Borrowers and the other Finance Parties as it would have been under if it was an Original Lender; 

 

	 	(ii)	 on the New Lender entering into any documentation required for it to accede as a party to any Security Document
to which the Original Lender is a party in its capacity as a Lender and, in relation to such Security Documents, completing any filing, registration or notice requirements; 

 

	 	(iii)	 if an assignment takes effect after there has been the Utilisation, the assignment of an Existing Lender’s
participation in the Utilisations (if any) under the Facility shall take effect in respect of the same fraction of each such Utilisation; 

  

	 	(iv)	 on the performance by the Agent of all “know your customer” or other checks relating to any person
that it is required to carry out in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Lender and the New Lender; 

  
 91 

	 	(v)	 if that Existing Lender assigns equal fractions of its Commitment and participation in the Loan and the
Utilisation (if any) under the Facility; 

  

	 	(vi)	 if a relevant assignment or transfer has been approved by the Agent; and 

 

	 	(vii)	 if the Agent has received confirmation to its satisfaction that no Insolvency Event has occurred in relation to
either the Existing Lender or the New Lender. 

  

	 	(d)	 Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the
Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with the Finance Documents on or prior to the date on which the assignment becomes effective
in accordance with the Finance Documents and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. 

 

	30.3	 Fee 

The New Lender shall, on the date upon which an assignment takes effect, pay to the Agent (for its own account) a fee of $5,000 per assignment.

  

	30.4	 No increased costs 

 

	 	(a)	 If: 

  

	 	(i)	 a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its
Facility Office; and 

  

	 	(ii)	 as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would
be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax gross up and indemnities) or Clause 13 (Increased costs), 

then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same
extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. 
  

	30.5	 Limitation of responsibility of Existing Lenders 

 

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

  

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

  

	 	(ii)	 the financial condition of any Obligor; 

 

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

  

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

 and any representations or warranties implied by law are excluded. 

  
 92 

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

 

	 	(c)	 has made (and shall continue to make) its own independent investigation and assessment of:

  

	 	(i)	 the financial condition and affairs of the Obligors and their related entities in connection with its
participation in this Agreement; and 

  

	 	(ii)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents; 

  

	 	(d)	 and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance
Party in connection with any Finance Document; 

  

	 	(e)	 will continue to make its own independent appraisal of the application of any Basel II Regulation or Basel III
Regulation to the transactions contemplated by the Finance Documents; and 

  

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

  

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

 

	 	(i)	 accept a re-assignment from a New Lender of any of the rights assigned
under this clause 30 (Changes to the Lenders); or 

  

	 	(ii)	 support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or by reason of the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance
Documents or otherwise. 

  

	30.6	 Procedure for transfer 

 

	 	(a)	 Subject to the conditions set out in clause 30.2 (Conditions of assignment) an assignment may be
effected in accordance with clause 30.6(c) below when (a) the Agent executes an otherwise duly completed Transfer Certificate and (b) the Agent executes any document required under clause 30.2(c) which it may be necessary for it to
execute in each case delivered to it by the Existing Lender and the New Lender duly executed by them and, in the case of any such other document, any other relevant person. The Agent shall, as soon as reasonably practicable after receipt by it of a
Transfer Certificate and any such other document each duly completed, appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate and such other
document. 

  

	 	(b)	 The Obligors and the other Finance Parties irrevocably authorise the Agent to execute any Transfer Certificate
on their behalf without any consultations with them. 

  

	 	(c)	 On the Transfer Date: 

 

	 	(i)	 to the extent that in the Transfer Certificate the Existing Lender seeks to be released from its obligations
under the Finance Documents, the Existing Lender shall be released from further obligations towards the Obligors and the other Finance Parties under the Finance Documents and the rights of the Obligors and the other Finance Parties against the
Existing Lender under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations) (but the obligations owed by the Obligors under the Finance Documents shall not be released); 

  
 93 

	 	(ii)	 the New Lender shall assume obligations towards each of the Obligors who are a Party and/or the Obligors and
the other Finance Parties shall acquire rights against the New Lender which differ from the Discharged Rights and Obligations only insofar as the New Lender has assumed and/or the Obligors and the other Finance Parties have acquired the same in
place of the Existing Lender; 

  

	 	(iii)	 the other Finance Parties and the New Lender shall acquire the same rights and assume the same obligations
between themselves as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Existing Lender and the other
Finance Parties shall each be released from further obligations to each other under the Finance Documents; and 

  

	 	(iv)	 the New Lender shall become a Party to the Finance Documents as a “Lender” for the purposes of all
the Finance Documents. 

  

	30.7	 Copy of Transfer Certificate or Increase Confirmation to Borrowers 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or Increase Confirmation and any other document
required under clause 30.2(c), send a copy of that Transfer Certificate or Increase Confirmation and such documents to the Borrowers. 
  

	30.8	 Security over Lenders’ Rights 

In addition to the other rights provided to Lenders under this clause 30, each Lender may without consulting with or obtaining consent from an
Obligor, 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
any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank except that no such charge, assignment or Security Interest shall: 
  

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

  

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

  

	31	 Assignments and transfers by Obligors 

No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents without the prior written
consent of the Lenders. 

  
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 SECTION 10 - THE FINANCE PARTIES 

 

	32	 Roles of Agent, Security Agent and Arrangers 

 

	32.1	 Appointment of the Agent 

 

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

  

	 	(b)	 Each such other Finance Party authorises the Agent: 

 

	 	(i)	 to perform the duties, obligations and responsibilities and exercise the rights, powers, authorities and
discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions; and 

 

	 	(ii)	 to execute each of the Security Documents, and all other documents that may be approved by the Majority Lenders
for execution by it. 

  

	 	(c)	 ING BANK, a branch of ING-DiBa AG, hereby exempts the Agent and the
Security Agent from the restrictions pursuant to section 181 Alt. 2 Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other applicable law, in each case to the extent legally possible.

  

	 	(d)	 The Agent accepts its appointment under clause 32.1(a) as trustee of the Trust Property with effect from the
date of this Agreement and declares that it holds the Trust Property on trust for itself and the other Finance Parties (for so long as they are Finance Parties) on and subject to the terms of this clause 32 and the Security Documents to which it is
a party. 

  

	32.2	 Duties of the Agent 

 

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

  

	 	(b)	 The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the
Agent for that Party by any other Party. 

  

	 	(c)	 Without prejudice to clause 30.7 (Copy of Transfer Certificate or Increase Confirmation to
Borrowers), clause 32.2(a) shall not apply to any Transfer Certificate or Increase Confirmation. 

  

	 	(d)	 Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check
the adequacy, accuracy or completeness of any document it forwards to another Party. 

  

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

  

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

 

	 	(g)	 Except as specifically provided in the Finance Documents, the Agent has no obligations of any kind to any other
Party under or in connection with the Finance Documents. The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

  
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	32.3	 Role of the Arrangers 

Except as specifically provided in the Finance Documents, the Arrangers have no obligations of any kind to any other Party under or in
connection with any Finance Document or the transactions contemplated by the Finance Documents. 
  

	32.4	 No fiduciary duties 

 

	 	(a)	 Nothing in this Agreement constitutes an Arranger as a trustee or fiduciary of any other person except to the
extent that the Agent holds the benefit of the Security Documents in trust for the other Finance Parties pursuant to clause 32. 

  

	 	(b)	 Neither the Agent nor any of the Arrangers shall be bound to account to any Lender for any sum or the profit
element of any sum received by it for its own account or have any obligations to the other Finance Parties beyond those expressly stated in the Finance Documents. 

 

	32.5	 Business with the Group 

The Agent and any Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business with any
Obligor or other Group Member or their Affiliates. 
  

	32.6	 Rights and discretions of the Agent 

 

	 	(a)	 The Agent may rely on: 

 

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

  

	 	(ii)	 any statement made by a director, authorised signatory or employee of any person regarding any matters which
may reasonably be assumed to be within his or her knowledge or within his or her power to verify. 

  

	 	(b)	 The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the other
Finance Parties) that: 

  

	 	(i)	 no Default has occurred (unless it has actual knowledge of a Default arising under clause 29.1 (Non-payment)); 

  

	 	(ii)	 any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised;
and 

  

	 	(iii)	 any notice or request made by the Borrowers (other than the Utilisation Request) is made on behalf of and with
the consent and knowledge of all the Obligors. 

  

	 	(c)	 The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or
other experts in the conduct of its obligations and responsibilities under the Finance Documents. 

  

	 	(d)	 The Agent may act in relation to the Finance Documents through its personnel and agents. 

  
 96 

	 	(e)	 The Agent may disclose to any other Party any information it reasonably believes it has received as agent under
this Agreement. 

  

	 	(f)	 Without prejudice to the generality of clause 32.6(e) above, the Agent may disclose the identity of a
Defaulting Lender to the other Finance Parties and the Borrowers and shall disclose the same upon the written request of the Borrowers or the Majority Lenders. 

 

	 	(g)	 Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor any Arranger
is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. The Agent and any Arranger may do anything which in its
opinion, is necessary or desirable to comply with any law or regulation of any jurisdiction. 

  

	32.7	 Majority Lenders’ instructions 

 

	 	(a)	 Unless a contrary indication appears in a Finance Document, the Agent shall: 

 

	 	(i)	 exercise any right, power, authority or discretion vested in it as Agent in accordance with any instructions
given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Agent); and 

 

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an
instruction of the Majority Lenders. 

  

	 	(b)	 Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders to
the Agent (in relation to any right, power, authority or discretion vested in it as Agent) shall be binding on all the Finance Parties. 

  

	 	(c)	 The Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if
appropriate, the Lenders) until it has received such security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions. 

 

	 	(d)	 In the absence of, or while awaiting, instructions from the Majority Lenders (or, if appropriate, the Lenders),
the Agent may act (or refrain from taking action) as it considers to be in the best interest of the Finance Parties. 

  

	 	(e)	 The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent in
any legal or arbitration proceedings relating to any Finance Document. This clause 32.7(e) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or
enforcement of the Security Documents. 

  

	 	(f)	 Neither the Agent nor any Arranger shall be obliged to request any certificate, opinion or other information
under clause 19 (Information undertakings) unless so required in writing by a Lender, in which case the Agent shall promptly make the appropriate request of the Borrowers if such request would be in accordance with the terms of this
Agreement. 

  

	32.8	 Responsibility for documentation and other matters 

Neither the Agent nor the Arrangers: 
  

	 	(a)	 is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written)
supplied by the Agent, any Arranger, an Obligor or any other 

  
 97 

	 	
person given in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or of any representations in any Finance Document or of any copy of any
document delivered under any Finance Document; 

  

	 	(b)	 is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or
any Charter Document or any other agreement, arrangement or document entered into, made or executed in anticipation of or in connection with any Finance Document or any Charter Document; 

 

	 	(c)	 is responsible for the application of any Basel II Regulation or Basel III Regulation to the transactions
contemplated by the Finance Documents; 

  

	 	(d)	 is responsible for any loss to the Trust Property arising in consequence of the failure, depreciation or loss
of any Charged Property or any investments made or retained in good faith or by reason of any other matter or thing; 

  

	 	(e)	 is obliged to account to any person for any sum or the profit element of any sum received by it for its own
account; 

  

	 	(f)	 is responsible for the failure of any Obligor or any other party to perform its obligations under any Finance
Document or any Charter Document or the financial condition of any such person; 

  

	 	(g)	 is responsible for ascertaining whether all deeds and documents which should have been deposited with it under
or pursuant to any of the Security Documents have been so deposited; 

  

	 	(h)	 is responsible for investigating or making any enquiry into the title of any Obligor to any of the Charged
Property or any of its other property or assets; 

  

	 	(i)	 is responsible for the failure to register any of the Security Documents with the Registrar of Companies or any
other public office; 

  

	 	(j)	 is responsible for the failure to register any of the Security Documents in accordance with the provisions of
the documents of title of any Obligor to any of the Charged Property; 

  

	 	(k)	 is responsible for the failure to take or require any Obligor to take any steps to render any of the Security
Documents effective as regards property or assets outside England or Wales or to secure the creation of any ancillary charge under the laws of the jurisdiction concerned; or 

 

	 	(l)	 is responsible (save as otherwise provided in this clause 32) for taking or omitting to take any other action
under or in relation to the Security Documents; 

  

	 	(m)	 is responsible on account of the failure of any other beneficiary of a Security Document to perform or
discharge any of its duties or obligations under the Security Documents; or 

  

	 	(n)	 is (unless it is the same entity as the Agent) responsible on account of the failure of the Agent and/or any
other beneficiary of a Security Document to perform or discharge any of its duties or obligations under the Security Documents; or 

  

	 	(o)	 for any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by any applicable law relating to insider dealing or otherwise. 

  
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	32.9	 Exclusion of liability 

 

	 	(a)	 Without limiting clause 32.9(b) (and without prejudice to the provisions of clause 35.11 (Disruption to
Payment Systems etc.), the Agent will not be liable for any action taken by it under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. 

 

	 	(b)	 No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in
respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document any officer, employee or agent of the Agent may rely on this clause subject
to clause 1.3 and the provisions of the Third Parties Act. 

  

	 	(c)	 The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount
required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by
the Agent for that purpose. 

  

	 	(d)	 Nothing in this Agreement shall oblige the Agent or any Arranger to carry out any “know your
customer” or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Agent and the Arrangers that it is solely responsible for any such checks it is required to carry out and that it may not rely on any
statement in relation to such checks made by the Agent or any Arranger. 

  

	32.10	 Lenders’ indemnity to the Agent 

Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total
Commitments immediately prior to their reduction to zero) indemnify the Agent, within three Business Days of demand, against: 
  

	 	(a)	 any Losses for negligence or any other category of liability whatsoever incurred by such Lenders’
Representative in the circumstances contemplated pursuant to clause 35.11 (Disruption to payment systems etc) notwithstanding the Agent’s negligence, gross negligence, or any other category of liability whatsoever but not including any
claim based on the fraud of the Agent); and 

  

	 	(b)	 any other Losses (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) including
the costs of any person engaged in accordance with clause 32.6(c) (Rights and discretions of the Agent) and any Receiver in acting as its agent under the Finance Documents 

in each case incurred by the Agent in acting as such under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant
to a Finance Document or out of the Trust Property). 
  

	32.11	 Resignation of the Agent 

 

	 	(a)	 The Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders and the
Borrowers. 

  

	 	(b)	 Alternatively the Agent may resign by giving notice to the other Finance Parties and the Borrowers, in which
case the Majority Lenders (after consultation with the Borrowers) may appoint a successor Agent. 

  
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	 	(c)	 If the Majority Lenders have not appointed a successor Agent in accordance with clause 32.11(b) above within 30
days after notice of resignation was given, the Agent (after consultation with the Borrowers) may appoint a successor Agent. 

  

	 	(d)	 The retiring Agent shall, either at the Lenders’ expense if it has been required to resign pursuant to
clause 32.11(g) or otherwise at its own cost, make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the
Finance Documents. 

  

	 	(e)	 The Agent’s resignation notice shall only take effect upon the appointment of a successor.

  

	 	(f)	 Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in
respect of the Finance Documents but shall remain entitled to the benefit of this clause 32. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been
an original Party. 

  

	 	(g)	 After consultation with the Borrowers, the Majority Lenders may, by notice to the Agent, require it to resign
in accordance with clause 32.11(a). In this event, the Agent shall resign in accordance with clause 32.11(a). 

  

	 	(h)	 At any time after the appointment of a successor, the retiring Agent shall execute all acts, deeds and
documents reasonably required by its successor to transfer to it (or its nominee, as it may direct) any property, assets and rights previously vested in the retiring Agent pursuant to the Security Documents and which shall not have vested in its
successor by operation of law. All such acts, deeds and documents shall be done or, as the case may be, executed at the cost of the retiring Agent (except where the Agent is retiring pursuant to clause 32.11(g) in which case such costs shall be
borne by the Lenders (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero). 

 

	 	(i)	 The Agent shall resign in accordance with clause 32.11(b) above (and, to the extent applicable, shall use
reasonable endeavours to appoint a successor Agent pursuant to paragraph 32.11(c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents,
either: 

  

	 	(i)	 the Agent fails to respond to a request under clause 12.8 (FATCA Information) and the Borrowers or a
Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 

  

	 	(ii)	 the information supplied by the Agent pursuant to clause 12.8 (FATCA Information) indicates that the
Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or 

  

	 	(iii)	 the Agent notifies the Borrowers and the Lenders that the Agent will not be (or will have ceased to be) a FATCA
Exempt Party on or after that FATCA Application Date; 

 and (in each case) the Borrowers or a Lender reasonably believes
that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Borrowers or that Lender, by notice to the Agent, requires it to resign. 

  
 100 

	32.12	 Confidentiality 

 

	 	(a)	 In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its department,
division or team directly responsible for the management of the Finance Documents which shall be treated as a separate entity from any other of its divisions, departments or teams. 

 

	 	(b)	 If information is received by another division or department of the Agent, it may be treated as confidential to
that division or department and the Agent shall not be deemed to have notice of it. 

  

	 	(c)	 Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent, nor any
Arranger is obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty.

  

	32.13	 Relationship with the Lenders  

 

	 	(a)	 The Agent may treat the person shown in its records as Lender at the opening of business (in the place of its
principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office: 

  

	 	(i)	 entitled to or liable for any payment due under any Finance Document on that day; and 

 

	 	(ii)	 entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day, 

 unless it has received not less than five
Business Days prior notice from that Lender (to the contrary in accordance with the terms of this Agreement. 
  

	 	(b)	 Each Lender shall supply the Agent with any information that the Agent may reasonably specify as being
necessary or desirable to enable the Agent to perform its functions as Agent, including, but not limited to, any information which the Agent may require to comply with “know your customer checks” or similar identification procedures.

  

	32.14	 Credit appraisal by the Lenders  

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document,
each Lender confirms to each other Finance Party that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including
but not limited to: 
  

	 	(a)	 the financial condition, status and nature of each Obligor and other Group Member; 

 

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any Charter
Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or any Charter Document; 

 

	 	(c)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents; 

  

	 	(d)	 whether any Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of
its respective assets under or in connection with any 

  
 101 

	 	
Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document; 

  

	 	(e)	 the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other
person under or in connection with any Finance Document or, any Charter Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or any Charter Document; and 

  

	 	(f)	 the right of title of any person to, or the value or sufficiency of, any part of the Charged Property, the
priority of the Security Documents or the existence of any Security Interest affecting the Charged Property. 

  

	32.15	 Reference Banks 

If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Agent shall
(in consultation with the Borrowers) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 
  

	32.16	 Deduction from amounts payable by the Agent 

If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not
exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance
Documents that Party shall be regarded as having received any amount so deducted. 
  

	32.17	 Security Agent 

 

	 	(a)	 Each other Finance Party appoints the Security Agent to act as its agent and (to the extent permitted under any
applicable law) trustee under and in connection with the Security Documents and confirms that the Security Agent shall have a lien on the Security Documents and the proceeds of the enforcement of those Security Documents for all moneys payable to
the beneficiaries of those Security Documents. 

  

	 	(b)	 Each other Finance Party authorises the Security Agent: 

 

	 	(i)	 to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and
discretions specifically given to the Security Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions; and 

 

	 	(ii)	 to execute each of the Security Documents and all other documents that may be approved by the Agent and/or the
Majority Lenders for execution by it. 

  

	 	(c)	 The Security Agent accepts its appointment under this clause 32.17 (Security Agent) as trustee of the
Trust Property with effect from the date of this Agreement and declares that it holds the Trust Property on trust for itself, the other Finance Parties (for so long as they are Finance Parties) on and subject to the terms set out in clauses 32.17 -
32.25 (inclusive) and the Security Documents to which it is a party. 

  
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	32.18	 Application of certain clauses to Security Agent 

 

	 	(a)	 Clauses 32.6 (Rights and discretions of the Agent), 32.8 (Responsibility for documentation and other
matters), 32.9 (Exclusion of liability), 32.10 (Lenders’ indemnity to the Agent), 32.11 (Resignation of the Agent), 32.13 (Relationship with the Lenders), 32.14 (Credit appraisal by the Lenders), 43
(Confidentiality) and 32.16 (Deduction from amounts payable by the Agent) shall each extend so as to apply to the Security Agent in its capacity as such and for that purpose each reference to the “Agent” in these clauses
shall extend to include in addition a reference to the “Security Agent” in its capacity as such and, in clause 32.6 (Rights and discretions of the Agent), references to the Lenders and a group of Lenders shall refer to the Agent.

  

	 	(b)	 In addition, clause 32.11 (Resignation of the Agent) shall, for the purposes of its application to the
Security Agent pursuant to clause 32.18(a), have the following additional sub-clause: 

At any time after the appointment of a successor, the retiring Security Agent shall do and execute all acts, deeds and documents reasonably
required by its successor to transfer to it (or its nominee, as it may direct) any property, assets and rights previously vested in the retiring Security Agent pursuant to the Security Documents and which shall not have vested in its successor by
operation of law. All such acts, deeds and documents shall be done or, as the case may be, executed at the cost of the retiring Security Agent (except where the Security Agent is retiring under clause 32.11 (Resignation of the Agent) as
extended to it by clause 32.18(a), in which case such costs shall be borne by the Lenders (in proportion (if no part of the Loan is then outstanding) to their shares of the Total Commitments or (at any other time) to their participations in the
Loan). 
  

	32.19	 Instructions to Security Agent 

 

	 	(a)	 The Security Agent shall: 

 

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

  

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

  

	 	(b)	 The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the
Agent as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security Agent may refrain from acting unless and until it receives those instructions or that clarification.

  

	 	(c)	 Unless a contrary indication appears in a Finance Document, any instructions given to the Security Agent by the
Agent shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties. 

  

	 	(d)	 The Security Agent may refrain from acting in accordance with any instructions of the Agent until it has
received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may
incur in complying with those instructions. 

  

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

  
 103 

	 	(f)	 The Security Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s)
in any legal or arbitration proceedings relating to any Finance Document. This clause 32.19(f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or
enforcement of the Security Documents. 

  

	32.20	 Order of application 

 

	 	(a)	 The Security Agent agrees to apply the Trust Property and each other beneficiary of the Security Documents
agrees to apply all moneys received by it in the exercise of its rights under the Security Documents in accordance with the following respective claims: 

  

	 	(i)	 first, as to a sum equivalent to the amounts payable to the Security Agent under the Finance Documents
(excluding any amounts received by the Security Agent pursuant to clause 32.10 (Lenders’ indemnity to the Agent) as extended to the Security Agent pursuant to clause 32.18 (Application of certain clauses to Security Agent), for
the Security Agent absolutely; 

  

	 	(ii)	 secondly, as to a sum equivalent to the aggregate amount then due and owing to the other Finance Parties
under the Finance Documents, for those Finance Parties absolutely for application between them in accordance with clause 35.5 (Partial payments), and pro-rata to the amounts owing to them under the
Finance Documents; 

  

	 	(iii)	 thirdly, until such time as the Security Agent is satisfied that all obligations owed to the Finance
Parties have been irrevocably and unconditionally discharged in full, held by the Security Agent on a suspense account for payment of any further amounts owing to the Finance Parties under the Finance Documents and further application in accordance
with this clause 32.20(a) as and when any such amounts later fall due; 

  

	 	(iv)	 fourthly, to such other persons (if any) as are legally entitled thereto in priority to the Obligors;
and 

  

	 	(v)	 fifthly, as to the balance (if any), for the Obligors by or from whom or from whose assets the relevant
amounts were paid, received or recovered or other person entitled to them. 

  

	 	(b)	 The Security Agent and each other beneficiary of the Security Documents shall make each application as soon as
is practicable after the relevant moneys are received by, or otherwise become available to, it save that (without prejudice to any other provision contained in any of the Security Documents) the Security Agent (acting on the instructions of the
Agent), any other beneficiary of the Security Documents or any receiver or administrator may credit any moneys received by it to a suspense account for so long and in such manner as the Security Agent, such other beneficiary of the Security
Documents or such receiver or administrator may from time to time determine with a view to preserving the rights of the Finance Parties or any of them to prove for the whole of their respective claims against the Borrowers or any other person
liable. 

  

	 	(c)	 The Security Agent and/or any other beneficiary of the Security Documents shall obtain a good discharge in
respect of the amounts expressed to be due to the other Finance Parties as referred to in this clause 32.20 by distributing the same in accordance with clause 35 (Payment mechanics). 

  
 104 

	32.21	 Powers and duties of the Security Agent as trustee of the security 

In its capacity as trustee in relation to the Trust Property, the Agent: 

 

	 	(a)	 shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and
to the extent not inconsistent with the provisions of this Agreement or any of the Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the
Security Agent by this Agreement and/or any Security Document but so that the Security Agent may only exercise such powers and discretions to the extent that it is authorised to do so by the provisions of this Agreement; 

 

	 	(b)	 shall (subject to clause 32.20 (Order of application)) be entitled (in its own name or in the names of
nominees) to invest moneys from time to time forming part of the Trust Property or otherwise held by it as a consequence of any enforcement of the security constituted by any Finance Document which, in the reasonable opinion of the Security Agent,
it would not be practicable to distribute immediately, by placing the same on deposit in the name or under the control of the Security Agent as the Security Agent may think fit without being under any duty to diversify the same and the Security
Agent shall not be responsible for any loss due to interest rate or exchange rate fluctuations except for any loss arising from the Security Agent’s gross negligence or wilful misconduct; 

 

	 	(c)	 may, in the conduct of its obligations under and in respect of the Security Documents (otherwise than in
relation to its right to make any declaration, determination or decision), instead of acting personally, employ and pay any agent (whether being a lawyer or any other person) to transact or concur in transacting any business and to do or concur in
doing any acts required to be done by the Security Agent (including the receipt and payment of money) and on the basis that (i) any such agent engaged in any profession or business shall be entitled to be paid all usual professional and other
charges for business transacted and acts done by him or any partner or employee of his or her in connection with such employment and (ii) the Security Agent shall not be bound to supervise, or be responsible for any loss incurred by reason of
any act or omission of, any such agent if the Security Agent shall have exercised reasonable care in the selection of such agent; and 

  

	 	(d)	 may place all deeds and other documents relating to the Trust Property which are from time to time deposited
with it pursuant to the Security Documents in any safe deposit, safe or receptacle selected by the Security Agent exercising reasonable care or with any firm of solicitors or company whose business includes undertaking the safe custody of documents
selected by the Security Agent exercising reasonable care and may make any such arrangements as it thinks fit for allowing Obligors access to, or its solicitors or auditors possession of, such documents when necessary or convenient and the Security
Agent shall not be responsible for any loss incurred in connection with any such deposit, access or possession if it has exercised reasonable care in the selection of a safe deposit, safe, receptacle or firm of solicitors or company (save that it
shall take reasonable steps to pursue any person who may be liable to it in connection with such loss). 

  

	32.22	 All enforcement action through the Security Agent 

 

	 	(a)	 None of the other Finance Parties shall have any independent power to enforce any of those Security Documents
which are executed in favour of the Security Agent only or to exercise any rights, discretions or powers or to grant any consents or releases under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or
guarantees constituted by such Security Documents except through the Security Agent. 

  

	 	(b)	 None of the other Finance Parties shall have any independent power to enforce any of those Security Documents
which are executed in their favour or to exercise any rights, discretions or powers or to grant any consents or releases under or pursuant to such 

  
 105 

	 	
Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by such Security Documents except through the Security Agent. If any Finance Party (other than
the Security Agent) is a party to any Security Document it shall promptly upon being requested by the Agent to do so grant a power of attorney or other sufficient authority to the Security Agent to enable the Security Agent to exercise any rights,
discretions or powers or to grant any consents or releases under such Security Document. 

  

	32.23	 Co-operation to achieve agreed priorities of application

 The other Finance Parties shall co-operate with each other and with the Security
Agent and any receiver or administrator under the Security Documents in realising the property and assets subject to the Security Documents and in ensuring that the net proceeds realised under the Security Documents after deduction of the expenses
of realisation are applied in accordance with clause 32.20 (Order of application). 
  

	32.24	 Indemnity from Trust Property 

 

	 	(a)	 In respect of all liabilities, costs or expenses for which the Obligors are liable under this Agreement, the
Security Agent and each Affiliate of the Security Agent and each officer or employee of the Agent or its Affiliate (each a Relevant Person) shall be entitled to be indemnified out of the Trust Property in respect of all liabilities, damages,
costs, claims, charges or expenses whatsoever properly incurred or suffered by such Relevant Person: 

  

	 	(i)	 in the execution or exercise or bona fide purported execution or exercise of the trusts, rights, powers,
authorities, discretions and duties created or conferred by or pursuant to the Finance Documents; 

  

	 	(ii)	 as a result of any breach by an Obligor of any of its obligations under any Finance Document;

  

	 	(iii)	 in respect of any Environmental Claim made or asserted against a Relevant Person which would not have arisen if
the Finance Documents had not been executed; and 

  

	 	(iv)	 in respect of any matter or thing done or omitted in any way in accordance with the terms of the Finance
Documents relating to the Trust Property or the provisions of any of the Finance Documents. 

  

	 	(b)	 The rights conferred by this clause 32.24 are without prejudice to any right to indemnity by law given to
trustees generally and to any provision of the Finance Documents entitling the Security Agent or any other person to an indemnity in respect of, and/or reimbursement of, any liabilities, costs or expenses incurred or suffered by it in connection
with any of the Finance Documents or the performance of any duties under any of the Finance Documents. Nothing contained in this clause 32.24 shall entitle the Security Agent or any other person to be indemnified in respect of any liabilities,
damages, costs, claims, charges or expenses to the extent that the same arise from such person’s own gross negligence or wilful misconduct. 

  

	32.25	 Finance Parties to provide information 

The other Finance Parties shall provide the Security Agent with such written information as it may reasonably require for the purposes of
carrying out its duties and obligations under the Security Documents and, in particular, with such necessary directions in writing so as to enable the Security Agent to make the calculations and applications contemplated by clause 32.20 (Order of
application) above and to apply amounts received under, and the proceeds of realisation of, the Security Documents as contemplated by the Security Documents, clause 35.5 (Partial payments) and clause 32.20 (Order
of application). 

  
 106 

	32.26	 Release to facilitate enforcement and realisation 

Each Finance Party acknowledges that pursuant to any enforcement action by the Security Agent (or a Receiver) carried out on the instructions
of the Agent it may be desirable for the purpose of such enforcement and/or maximising the realisation of the Charged Property being enforced against, that any rights or claims of or by the Security Agent (for the benefit of the Finance Parties)
and/or any Finance Parties against any Obligor and/or any Security Interest over any assets of any Obligor (in each case) as contained in or created by any Finance Document, other than such rights or claims or security being enforced, be released in
order to facilitate such enforcement action and/or realisation and, notwithstanding any other provision of the Finance Documents, each Finance Party hereby irrevocably authorises the Security Agent (acting on the instructions of the
Agent) to grant any such releases to the extent necessary to fully effect such enforcement action and realisation including, without limitation, to the extent necessary for such purposes to execute release documents in the name of and on behalf of
the Finance Parties. Where the relevant enforcement is by way of disposal of membership interests in an Owner, the requisite release shall include releases of all claims (including under guarantees) of the Finance Parties and/or the Security Agent
against such Owner and of all Security Interests over the assets of such Owner. 
  

	32.27	 Undertaking to pay 

Each Obligor which is a Party undertakes with the Security Agent on behalf of the Finance Parties that it will, on demand by the Security
Agent, pay to the Security Agent all money from time to time owing, and discharge all other obligations from time to time incurred, by it under or in connection with the Finance Documents. 

 

	32.28	 Additional trustees 

The Security Agent shall have power by notice in writing to the other Finance Parties and the Borrowers to appoint any person approved by the
Borrowers (such approval not to be unreasonably withheld or delayed) either to act as separate trustee or as co-trustee jointly with the Security Agent: 

 

	 	(a)	 if the Security Agent reasonably considers such appointment to be in the best interests of the Finance Parties;

  

	 	(b)	 for the purpose of conforming with any legal requirement, restriction or condition in any jurisdiction in which
any particular act is to be performed; or 

  

	 	(c)	 for the purpose of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction against any
person of a judgment already obtained, 

 and any person so appointed shall (subject to the provisions of this Agreement)
have such rights (including as to reasonable remuneration), powers, duties and obligations as shall be conferred or imposed by the instrument of appointment. The Security Agent shall have power to remove any person so appointed. At the request of
the Security Agent, the other parties to this Agreement shall forthwith execute all such documents and do all such things as may be required to perfect such appointment or removal and each such party irrevocably authorises the Security Agent in its
name and on its behalf to do the same. Such a person shall accede to this Agreement as a Security Agent to the extent necessary to carry out their role on terms satisfactory to the Security Agent and (subject always to the provisions of this
Agreement) have such trusts, powers, authorities, liabilities and discretions (not exceeding those conferred on the Security Agent by this Agreement and the other Finance Documents) and such duties and obligations as shall be conferred or imposed by
the instrument of appointment (being no less 

  
 107 

 
onerous than would have applied to the Security Agent but for the appointment). The Security Agent shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or
omission of, any such person if the Security Agent shall have exercised reasonable care in the selection of such person. 
  

	32.29	 Non-recognition of trust 

It is agreed by all the parties to this Agreement that: 
  

	 	(a)	 in relation to any jurisdiction the courts of which would not recognise or give effect to the trusts expressed
to be constituted by this clause 32, the relationship of the Security Agent and the other Finance Parties shall be construed as one of principal and agent, but to the extent permissible under the laws of such jurisdiction, all the other provisions
of this Agreement shall have full force and effect between the parties to this Agreement; and 

  

	 	(b)	 the provisions of this clause 32 insofar as they relate to the Security Agent in its capacity as trustee for
the Finance Parties and the relationship between themselves and the Security Agent as their trustee may be amended by agreement between the other Finance Parties and the Security Agent. The Security Agent may amend all documents necessary to effect
the alteration of the relationship between the Security Agent and the other Finance Parties and each such other party irrevocably authorises the Security Agent in its name and on its behalf to execute all documents necessary to effect such
amendments. 

  

	33	 Conduct of business by the Finance Parties 

 

	33.1	 Finance Parties tax affairs 

No provision of this Agreement will: 
  

	 	(a)	 interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it
thinks fit; 

  

	 	(b)	 oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or
the extent, order and manner of any claim; or 

  

	 	(c)	 oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax. 

  

	33.2	 Finance Parties acting together 

Notwithstanding clause 2.3 (Finance Parties’ rights and obligations), if the Agent makes a declaration under clause 29.21
(Acceleration) the Agent shall, in the names of all the Finance Parties, take such action on behalf of the Finance Parties and conduct such negotiations with the Borrowers and any Group Members and generally administer the Facility in
accordance with the wishes of the Majority Lenders. All the Finance Parties shall be bound by the provisions of this clause and no Finance Party shall be entitled to take action independently against any Obligor or any of its assets without the
prior consent of the Majority Lenders. 
 This clause shall not override clause 32 (Roles of Agent, Security Agent and Arrangers) as
it applies to the Security Agent. 

  
 108 

	33.3	 Majority Lenders 

 

	 	(a)	 Where any Finance Document provides for any matter to be determined by reference to the opinion of, or to be
subject to the consent, approval or request of, the Majority Lenders or for any action to be taken on the instructions of the Majority Lenders (a majority decision), such majority decision shall (as between the Lenders) only be regarded as
having been validly given or issued by the Majority Lenders if all the Lenders shall have received prior notice of the matter on which such majority decision is required and the relevant majority of Lenders shall have given or issued such majority
decision. However (as between any Obligor and the Finance Parties) the relevant Obligor shall be entitled (and bound) to assume that such notice shall have been duly received by each Lender and that the relevant majority shall have been obtained to
constitute Majority Lenders when notified to this effect by the Agent whether or not this is the case. 

  

	 	(b)	 If, within ten Business Days of the Agent despatching to each Lender a notice requesting instructions (or
confirmation of instructions) from the Lenders or the agreement of the Lenders to any amendment, modification, waiver, variation or excuse of performance for the purposes of, or in relation to, any of the Finance Documents, the Agent has not
received a reply specifically giving or confirming or refusing to give or confirm the relevant instructions or, as the case may be, approving or refusing to approve the proposed amendment, modification, waiver, variation or excuse of performance,
then (irrespective of whether such Lender responds at a later date) the Agent shall treat any Lender which has not so responded as having indicated a desire to be bound by the wishes of 60 per cent. of those Lenders (measured in terms of the
total Commitments of those Lenders) which have so responded. 

  

	 	(c)	 For the purposes of clause 33.3(b), any Lender which notifies the Agent of a wish or intention to abstain on
any particular issue shall be treated as if it had not responded. 

  

	 	(d)	 Clauses 33.3(b) and 33.3(c) shall not apply in relation to those matters referred to in, or the subject of,
clause 41.2 (Exceptions). 

  

	33.4	 Conflicts 

  

	 	(a)	 The Borrowers acknowledge that any Arranger and its parent undertaking, subsidiary undertakings and fellow
subsidiary undertakings (together an Arranger Group) may be providing debt finance, equity capital or other services (including financial advisory services) to other persons with which the Borrowers may have conflicting interests in respect
of the Facility or otherwise. 

  

	 	(b)	 No member of an Arranger Group shall use confidential information gained from any Obligor by virtue of the
Facility or its relationships with any Obligor in connection with their performance of services for other persons. This shall not, however, affect any obligations that any member of an Arranger Group has as Agent in respect of the Finance Documents.
The Borrowers also acknowledge that no member of an Arranger Group has any obligation to use or furnish to any Obligor information obtained from other persons for their benefit. 

 

	 	(c)	 The terms parent undertaking, subsidiary undertaking and fellow subsidiary undertaking
when used in this clause have the meaning given to them in sections 1161 and 1162 of the Companies Act 2006. 

  
 109 

	34	 Sharing among the Finance Parties 

 

	34.1	 Payments to Finance Parties 

If a Finance Party (a Recovering Finance Party) receives or recovers any amount from an Obligor other than in accordance with clause 35
(Payment mechanics) (a Recovered Amount) and applies that amount to a payment due under the Finance Documents then: 
  

	 	(a)	 the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to
the Agent; 

  

	 	(b)	 the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with clause 35 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to
the receipt, recovery or distribution; and 

  

	 	(c)	 the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an
amount (the Sharing Payment) equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with clause 35.5 (Partial
payments). 

  

	34.2	 Redistribution of payments 

The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other
than the Recovering Finance Party) (the Sharing Finance Parties) in accordance with clause 35.5 (Partial payments) towards the obligations of that Obligor to the Sharing Finance Parties. 

 

	34.3	 Recovering Finance Party’s rights 

On a distribution by the Agent under clause 34.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from
an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor. 

 

	34.4	 Reversal of redistribution 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering
Finance Party, then: 
  

	 	(a)	 each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which
that Recovering Finance Party is required to pay) (the Redistributed Amount); and 

  

	 	(b)	 as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Obligor. 

  

	34.5	 Exceptions 

  

	 	(a)	 This clause 34 shall not apply to the extent that the Recovering Finance Party would not, after making any
payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor. 

  
 110 

	 	(b)	 A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering
Finance Party has received or recovered as a result of taking legal or arbitration proceedings in accordance with the terms of this Agreement, if: 

  

	 	(i)	 it notified that other Finance Party of the legal or arbitration proceedings; and 

 

	 	(ii)	 that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did
not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings. 

  
 111 

 SECTION 11 - ADMINISTRATION 

 

	35	 Payment mechanics 

 

	35.1	 Payments to the Agent 

 

	 	(a)	 On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of
transactions in the relevant currency in the place of payment. 

  

	 	(b)	 Payment shall be made to such account in the principal financial centre of the country of that currency with
such bank as the Agent specifies. 

  

	35.2	 Distributions by the Agent 

Each payment received by the Agent under the Finance Documents for another Party shall, subject to clause 35.3 (Distributions to an
Obligor) and clause 35.4 (Clawback) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility
Office), to such account as that Party may notify to the Agent by not less than five Business Days’ notice with a bank specified by that Party in the principal financial centre of the country of that currency. 

 

	35.3	 Distributions to an Obligor 

The Agent may (with the consent of the Obligor or in accordance with clause 36 (Set-off)) apply
any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so
applied. 
  

	35.4	 Clawback 

  

	 	(a)	 Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged
to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

 

	 	(b)	 If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually
received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date
of receipt by the Agent, calculated by the Agent to reflect its cost of funds. 

  

	35.5	 Partial payments 

 

	 	(a)	 If the Agent receives a payment for application against amounts due under the Finance Documents that is
insufficient to discharge all the amounts then due and payable by an Obligor under those Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under those Finance Documents in the following order:

  

	 	(i)	 first, in or towards payment pro rata of any unpaid fees, costs and expenses (ignoring any fees payable
under clause 11 (Fees)) of the Agent, the Security Agent or the Arrangers under those Finance Documents; 

  
 112 

	 	(ii)	 secondly, pro rata in or towards payment to the Lenders pro rata of any amount owing to the Lenders
under clause 32.10 (Lenders’ indemnity to the Agent) (including but not limited to any amount resulting from the indemnity to the Security Agent under clause 32.18 (Application of certain clauses to the Security Agent);

  

	 	(iii)	 thirdly, pro-rata in or towards payment to the Lenders pro rata
of any accrued interest, fee or commission or other amounts due to them but unpaid under the Finance Documents; 

  

	 	(iv)	 fourthly, in or towards payment to the Lenders pro rata of any principal which is due but unpaid under
the Finance Documents; and 

  

	 	(v)	 fifthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

  

	 	(b)	 The Agent shall, if so directed by all the Lenders, vary the order set out in paragraphs (ii) to (v) of
clause 35.5(a). 

  

	 	(c)	 Clauses 35.5(a) and 35.5(b) above will override any appropriation made by an Obligor. 

 

	35.6	 No set-off by Obligors 

All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction
for) set-off or counterclaim. 
  

	35.7	 Business Days 

 

	 	(a)	 Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day
in the same calendar month (if there is one) or the preceding Business Day (if there is not). 

  

	 	(b)	 During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest
is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

  

	35.8	 Payments on demand 

For the purposes of clause 29.1 and subject to the Agent’s right to demand interest under clause 8.3, payments on demand shall be treated
as paid when due if paid within three Business Days of demand. 
  

	35.9	 Currency of account 

 

	 	(a)	 Subject to clauses 35.9(b) to 35.9(c), dollars is the currency of account and payment for any sum due from an
Obligor under any Finance Document. 

  

	 	(b)	 A repayment of all or part of the Loan or an Unpaid Sum and each payment of interest shall be made in dollars
on its due date. 

  

	 	(c)	 Each payment in respect of the amount of any costs, expenses or Taxes or other losses shall be made in dollars
and, if they were incurred in a currency other than dollars, the amount payable under the Finance Documents shall be the equivalent in dollars of the relevant amount in such other currency on the date on which it was incurred. 

 

	 	(d)	 All moneys received or held by the Security Agent or by a Receiver under a Security Document in a currency
other than dollars may be sold for dollars and the Obligor which 

  
 113 

	 	
executed that Security Document shall indemnify the Security Agent against the full cost in relation to the sale. Neither the Security Agent nor such Receiver will have any liability to that
Obligor in respect of any loss resulting from any fluctuation in exchange rates after the sale. 

  

	35.10	 Change of currency 

 

	 	(a)	 Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised
by the central bank of any country as the lawful currency of that country, then: 

  

	 	(i)	 any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the
currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Borrowers); and 

 

	 	(ii)	 any translation from one currency or currency unit to another shall be at the official rate of exchange
recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably). 

  

	 	(b)	 If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Borrowers) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the London interbank market and otherwise to reflect the change in currency.

  

	35.11	 Disruption to Payment Systems etc. 

If either the Agent determines (in its discretion) that a Payment Disruption Event has occurred or the Agent is notified by the Borrowers that
a Payment Disruption Event has occurred: 
  

	 	(a)	 the Agent may, and shall if requested to do so by the Borrowers, consult with the Borrowers with a view to
agreeing with the Borrowers such changes to the operation or administration of the Facility as the Agent may deem necessary in the circumstances; 

  

	 	(b)	 the Agent shall not be obliged to consult with the Borrowers in relation to any changes mentioned in paragraph
(a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes; 

  

	 	(c)	 the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above
but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances; 

  

	 	(d)	 any such changes agreed upon by the Agent and the Borrowers shall (whether or not it is finally determined that
a Payment Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of clause 41 (Amendments and grant of waivers);

  

	 	(e)	 the Agent shall not be liable for any damages, costs or losses whatsoever (including, without limitation for
negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this clause
35.11; and 

  

	 	(f)	 the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

  
 114 

	36	 Set-off 

A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that
Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may
convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 
  

	37	 Notices 

  

	37.1	 Communications in writing 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be
made by fax or letter. 
  

	37.2	 Addresses 

The address, and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Obligor or
Finance Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	 in the case of any Obligor which is a Party, that identified with its name in Part 1 of Schedule 1 (The
original parties); 

  

	 	(b)	 in the case of any Obligor which is not a Party, that identified in any Finance Document to which it is a
party; 

  

	 	(c)	 in the case of the Agent, the Security Agent and any other original Finance Party that identified with its name
in Part 1 of Schedule 1 (The original parties); and 

  

	 	(d)	 in the case of each Lender or other Finance Party, that notified in writing to the Agent on or prior to the
date on which it becomes a Party in the relevant capacity, 

 or, in each case, any substitute address, fax number, or
department or officer as an Obligor or Finance Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days’ notice. 

 

	37.3	 Delivery 

  

	 	(a)	 Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will only be effective: 

  

	 	(i)	 if by way of fax, when received in legible form; or 

 

	 	(ii)	 if by way of letter, when it has been left at the relevant address or five Business Days after being deposited
in the post postage prepaid in an envelope addressed to it at that address; 

 and, if a particular department or officer
is specified as part of its address details provided under clause 37.2 (Addresses), if addressed to that department or officer. 
  

	 	(b)	 Any communication or document to be made or delivered to the Agent or the Security Agent will be effective only
when actually received by the Agent or the Security Agent and then only if it is expressly marked for the attention of the department or officer identified in Part 1 of Schedule 1 (The original parties) (or any substitute department or
officer as the Agent or the Security Agent shall specify for this purpose). 

  
 115 

	 	(c)	 All notices from or to an Obligor shall be sent through the Agent. 

 

	 	(d)	 Any communication or document made or delivered to the Borrowers in accordance with this clause will be deemed
to have been made or delivered to each of the Obligors. 

  

	37.4	 Notification of address and fax number 

Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to clause 37.2
(Addresses) or changing its own address or fax number, the Agent shall notify the other Parties. 
  

	37.5	 Electronic communication 

 

	 	(a)	 Any communication to be made between the Agent and a Lender or an Obligor under or in connection with the
Finance Documents may be made by electronic mail or other electronic means (including by way of the Agent’s Debtdomain system), if the Agent and the relevant Lender or such Obligor: 

 

	 	(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 address or any other such information supplied by them.

  

	 	(b)	 Any electronic communication made between the Agent and a Lender or an Obligor will be effective only when
actually received in readable form and in the case of any electronic communication made by a Lender or an Obligor to the Agent or the Security Agent only if it is addressed in such a manner as the Agent or the Security Agent shall specify for this
purpose. 

  

	 	(c)	 Any electronic communication which becomes effective, in accordance with clause 37.5(b) above, after 5:00 p.m.
in the place of receipt shall be deemed only to become effective on the following day. 

  

	37.6	 English language 

 

	 	(a)	 Any notice given under or in connection with any Finance Document shall be in English. 

 

	 	(b)	 All other documents provided under or in connection with any Finance Document shall be: 

 

	 	(i)	 in English; or 

  

	 	(ii)	 if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this
case, the English translation will prevail unless the document is a constitutional, statutory or other official document. 

  
 116 

	38	 Calculations and certificates 

 

	38.1	 Accounts 

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts
maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	38.2	 Certificates and determinations 

Any certification or determination by the Agent of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive
evidence of the matters to which it relates. 
  

	38.3	 Day count convention 

Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual
number of days elapsed and a year of 360 days or, in any case where the practice in the Interbank Market differs, in accordance with that market practice. 
  

	39	 Partial invalidity 

If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any
jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 

 

	40	 Remedies and waivers 

No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall
operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any of the Finance Documents on the part of any Finance Party shall be effective unless it is in writing. No
single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in the Finance Documents are cumulative and not exclusive of any rights or
remedies provided by law. 
  

	41	 Amendments and grant of waivers 

 

	41.1	 Required consents 

 

	 	(a)	 Subject to clause 41.2 (Exceptions), any term of the Finance Documents may be amended or waived with the
written consent of the Agent (acting on the instructions of the Majority Lenders and, if it affects the rights and obligations of the Agent or the Security Agent, the consent of the Agent or the Security Agent) and any such amendment or waiver
agreed or given by the Agent will be binding on the other Finance Parties. 

  

	 	(b)	 The Agent may (or in the case of the Security Documents, instruct the Security Agent to) effect, on behalf of
any Finance Party, any amendment or waiver permitted by this clause. 

  
 117 

	41.2	 Exceptions 

  

	 	(a)	 An amendment, waiver or discharge or release that has the effect of changing or which relates to:

  

	 	(i)	 the definition of “Majority Lenders” in clause 1.1 (Definitions); 

 

	 	(ii)	 the definition of “Availability Period” in clause 1.1 (Definitions); 

 

	 	(iii)	 the definition of “Flag State” in clause 1.1 (Definitions); 

 

	 	(iv)	 an extension to the date of payment of any amount under the Finance Documents; 

 

	 	(v)	 a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or
commission payable or the rate at which they are calculated; 

  

	 	(vi)	 an increase in, or an extension of, any Commitment; 

 

	 	(vii)	 a change to the Borrowers or any other Obligor; 

 

	 	(viii)	 any provision which expressly requires the consent or approval of all the Lenders; 

 

	 	(ix)	 clause 2.3 (Finance Parties’ rights and obligations), clause 30 (Changes to the Lenders),
clause 34.1 (Payments to Finance Parties) or this clause 41; 

  

	 	(x)	 the order of distribution under clause 35.5 (Partial payments); 

 

	 	(xi)	 the order of distribution under clause 32.20 (Order of application); 

 

	 	(xii)	 this clause 41.2(a); 

 

	 	(xiii)	 the currency in which any amount is payable under any Finance Document; 

 

	 	(xiv)	 the nature or scope of the Charged Property or the manner in which the proceeds of enforcement of the Security
Documents are distributed; 

  

	 	(xv)	 the nature or scope of the guarantee and indemnity granted under clause 17 (Guarantee and Indemnity); or

  

	 	(xvi)	 the circumstances in which the security constituted by the Security Documents are permitted or required to be
released under any of the Finance Documents, 

 shall not be made without the prior consent of all the Lenders. 

 

	 	(b)	 An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent or the
Arrangers in their respective capacities as such (and not just as a Lender) may not be effected without the consent of the Agent, the Security Agent or the Arrangers (as the case may be). 

 

	 	(c)	 Notwithstanding clauses 41.1 and 41.2(a) to 43.2(c) (inclusive), the Agent may make technical amendments to the
Finance Documents arising out of manifest errors on the face of the Finance Documents, where such amendments would not prejudice or otherwise be adverse to the interests of any Finance Party without any reference or consent of the Finance Parties.

  
 118 

	41.3	 Replacement of Screen Rate 

Subject to clause 41.2 (Exceptions), if a Screen Rate Replacement Event has occurred in relation to any Screen Rate for a currency which
can be selected for the Loan, any amendment or waiver which relates to: 
  

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

  

	 	(b)	 

  

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

 

	 	(ii)	 enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement); 

  

	 	(iii)	 implementing market conventions applicable to that Replacement Benchmark; 

 

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

  

	 	(v)	 adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the
adjustment shall be determined on the basis of that designation, nomination or recommendation), 

 may be made with the
consent of the Agent (acting on the instructions of the Majority Lenders and the Borrowers). 
 For the purposes of this clause 41.3: 

Relevant Nominating Body means any applicable central bank, regulator or other supervisory authority or a group of them, or any working
group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board. 
 Replacement
Benchmark means a benchmark rate which is: 
  

	 	(a)	 formally designated, nominated or recommended as the replacement for a Screen Rate by: 

 

	 	(i)	 the administrator of that Screen Rate; or 

 

	 	(ii)	 any Relevant Nominating Body, 

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the
“Replacement Benchmark” will be the replacement under paragraph (ii) above; 
  

	 	(b)	 in the opinion of the Majority Lenders and the Borrowers, generally accepted in the international or any
relevant domestic syndicated loan markets as the appropriate successor to a Screen Rate; or 

  
 119 

	 	(c)	 in the opinion of the Majority Lenders and the Borrowers, an appropriate successor to a Screen Rate.

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

 

	 	(a)	 the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority
Lenders, and the Borrowers materially changed; 

  

	 	(b)	 

  

	 	(i)	 

  

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

  

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

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

 

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

  

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

  

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

  

	 	(c)	 in the opinion of the Majority Lenders and the Borrowers, that Screen Rate is otherwise no longer appropriate
for the purposes of calculating interest under this Agreement. 

  

	41.4	 Releases 

Except with the approval of all of the Lenders or as is expressly permitted or required by the Finance Documents, the Agent shall not have
authority to authorise the Security Agent to release: 
  

	 	(a)	 any Charged Property from the security constituted by any Security Document; or 

 

	 	(b)	 any Obligor from any of its guarantee or other obligations under any Finance Document. 

 

	41.5	 Disenfranchisement of Defaulting Lenders 

 

	 	(a)	 For so long as a Defaulting Lender has any undrawn Commitments, in ascertaining the Majority Lenders or whether
any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender’s
Commitments will be reduced by the amount of its undrawn Commitments. 

  
 120 

	 	(b)	 For the purposes of this clause 41.5, the Agent may assume that the following Lenders are Defaulting Lenders:

  

	 	(c)	 any Lender which has notified the Agent that it has become a Defaulting Lender; and 

 

	 	(d)	 any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs
(a), (b) or (c) of the definition of Defaulting Lender has occurred, 

 unless it has received notice to the contrary
from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 

 

	41.6	 Replacement of a Defaulting Lender 

 

	 	(a)	 The Borrowers may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 20
Business Days’ prior written notice to the Agent and such Lender replace such Lender by requiring such Lender to (and to the extent permitted by law such Lender shall) assign pursuant to clause 30 (Changes to the Lenders) all (and not
part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity (a Replacement Lender) selected by the Borrowers, and which is acceptable to the Agent (acting
reasonably) and which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the transferring Lender (including the assumption of the transferring Lender’s participations or unfunded
participations (as the case may be) on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender’s participation in the outstanding Loan and
all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents. 

  

	 	(b)	 Any assignment by a Defaulting Lender pursuant to this clause shall be subject to the following conditions:

  

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

 

	 	(ii)	 neither the Agent nor the Defaulting Lender shall have any obligation to the Borrowers to find a Replacement
Lender; 

  

	 	(iii)	 the transfer must take place no later than 14 days after the notice referred to in clause 41.6(a) above; and

  

	 	(iv)	 in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the
fees received by the Defaulting Lender pursuant to the Finance Documents. 

  

	42	 Counterparts 

Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were
on a single copy of the Finance Document. 

  
 121 

	43	 Confidentiality 

 

	43.1	 Confidential Information 

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by
clause 43.2 (Disclosure of Confidential Information), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information. 

 

	43.2	 Disclosure of Confidential Information 

Any Finance Party may disclose: 
  

	 	(a)	 to any of its Affiliates and any of its or their officers, directors, employees, professional advisers,
auditors, insurers, insurance advisors, insurance brokers, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this
clause 43.2(a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to
professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 

 

	 	(b)	 to any person: 

  

	 	(i)	 to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent or Security Agent, and, in each case, to any of that person’s Affiliates, Representatives and professional advisers;

  

	 	(ii)	 with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that
person’s Affiliates, Representatives and professional advisers; 

  

	 	(iii)	 appointed by any Finance Party or by a person to whom clause 43.2(b)(i) or 43.2(b)(ii) applies to receive
communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under clause 32.13 (Relationship with the Lenders)); 

 

	 	(iv)	 who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in clause 43.2(b)(i) or 43.2(b)(ii); 

  

	 	(v)	 to whom information is required or requested to be disclosed by any court of competent jurisdiction or any
governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; 

 

	 	(vi)	 to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes; 

  

	 	(vii)	 to whom or for whose benefit that Finance Party charges, assigns or otherwise creates security (or may do so)
pursuant to clause 30.8 (Security over Lenders’ rights); 

  

	 	(viii)	 who is a Party; or 

  
 122 

	 	(ix)	 with the consent of the Borrowers, 

in each case, such Confidential Information as that Finance Party shall consider appropriate; and 

 

	 	(c)	 to any person appointed by that Finance Party or by a person to whom clauses 43.2(b)(i) or 43.2(b)(ii) applies
to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may
be required to be disclosed to enable such service provider to provide any of the services referred to in this clause 43.2(c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement
substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrowers and the relevant Finance Party;

  

	43.3	 Entire agreement 

This clause 43 (Confidentiality) constitutes the entire agreement between the Parties in relation to the obligations of the Finance
Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 
  

	43.4	 Inside information 

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the
use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any
unlawful purpose. 
  

	43.5	 Notification of disclosure 

Each of the Finance Parties agrees (to the extent permitted by applicable law) to inform the Borrowers: 

 

	 	(a)	 of the circumstances of any disclosure of Confidential Information made pursuant to clause 43.2 (Disclosure
of Confidential Information) except where such disclosure is made to any of the persons referred to in that clause during the ordinary course of its supervisory or regulatory function; and 

 

	 	(b)	 upon becoming aware that Confidential Information has been disclosed in breach of this clause 43
(Confidentiality). 

  

	43.6	 Continuing obligations 

The obligations in this clause 43 (Confidentiality) are continuing and, in particular, shall survive and remain binding on each Finance
Party for a period of twelve months from the earlier of: 
  

	 	(a)	 the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid
in full and all Commitments have been cancelled or otherwise cease to be available; and 

  

	 	(b)	 the date on which such Finance Party otherwise ceases to be a Finance Party. 

  
 123 

 SECTION 12 - GOVERNING LAW AND ENFORCEMENT 

 

	44	 Governing law 

This Agreement and any non-contractual obligations connected with it are governed by English law. 

 

	45	 Enforcement 

  

	45.1	 Jurisdiction of English courts 

 

	 	(a)	 The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with
this Agreement or any non-contractual obligations connected with it (including a dispute regarding the existence, validity or termination of this Agreement) (a Dispute). 

 

	 	(b)	 The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes
and accordingly no Party will argue to the contrary. 

  

	 	(c)	 This clause 45.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be
prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

 

	45.2	 Service of process 

Without prejudice to any other mode of service allowed under any relevant law, each Obligor which is a Party: 

 

	 	(a)	 irrevocably appoints the person named in Part 1 of Schedule 1 (The original parties) as that
Obligor’s English process agent as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; 

 

	 	(b)	 agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the
proceedings concerned; and 

  

	 	(c)	 if any person appointed as process agent for an Obligor is unable for any reason to act as agent for service of
process, that Obligor must immediately (and in any event within ten days of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 124 

 Schedule 1 

The parties 
 Part 1
– The original parties 
 Borrowers 
  

			
	 Name:
	  	 Navigator Atlas L.L.C.

		
	 Jurisdiction of formation
	  	 Republic of the Marshall Islands

		
	 Registration number (or equivalent, if any)
	  	 962342

		
	 English process agent
	  	 NGT Services (UK) Limited

		
	 Registered office
	  	 Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands

		
	 Address for service of notices
	  	 C/O NGT Services Limited

The Verde

10 Bressenden Place

London SW1E 5DH

Attention: Niall Nolan

		
	 Name:
	  	 Navigator Europa L.L.C.

		
	 Jurisdiction of formation
	  	 Republic of the Marshall Islands

		
	 Registration number (or equivalent, if any)
	  	 962341

		
	 English process agent
	  	 NGT Services (UK) Limited

		
	 Registered office
	  	 Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands

		
	 Address for service of notices
	  	 C/O NGT Services Limited

The Verde

10 Bressenden Place

London SW1E 5DH

Attention: Niall Nolan

  
 125 

			
	 Name:
	  	 Navigator Oberon L.L.C.

		
	 Jurisdiction of formation
	  	 Republic of the Marshall Islands

		
	 Registration number (or equivalent, if any)
	  	 962339

		
	 English process agent
	  	 NGT Services (UK) Limited

		
	 Registered office
	  	 Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands

		
	 Address for service of notices
	  	 C/O NGT Services Limited

The Verde

10 Bressenden Place

London SW1E 5DH

Attention: Niall Nolan

		
	 Name:
	  	 Navigator Triton L.L.C.

		
	 Jurisdiction of formation
	  	 Republic of the Marshall Islands

		
	 Registration number (or equivalent, if any)
	  	 962340

		
	 English process agent
	  	 NGT Services (UK) Limited

		
	 Registered office
	  	 Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands

		
	 Address for service of notices
	  	 C/O NGT Services Limited

The Verde

10 Bressenden Place

London SW1E 5DH

Attention: Niall Nolan

  
 126 

 The Guarantors 

 

			
	 Name of Parent and Guarantor
	  	 Navigator Gas L.L.C.

		
	 Jurisdiction of incorporation
	  	 Republic of the Marshall Islands

		
	 Registration number (or equivalent, if any)
	  	 961263

		
	 English process agent
	  	 NGT Services (UK) Limited

		
	 Registered office
	  	 Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands

		
	 Address for service of notices
	  	 C/O NGT Services Limited

10 Bressenden Place

London SW1E 5DH

England

Attention: Niall Nolan

		
	 Name of Ultimate Parent and Guarantor
	  	 Navigator Holdings Ltd

		
	 Jurisdiction of incorporation
	  	 Republic of the Marshall Islands

		
	 Registration number (or equivalent, if any)
	  	 29140

		
	 English process agent
	  	 NGT Services (UK) Limited

		
	 Registered office
	  	 Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands

		
	 Address for service of notices
	  	 C/O NGT Services Limited

10 Bressenden Place

London SW1E 5DH

England

Attention: Niall Nolan

  
 127 

 The Original Lenders and their Commitments 

 

					
	 Name
	  	 Address and fax number
	  	 Commitment ($)

	Crédit Agricole Corporate and Investment Bank	  	 12 Place des États-Unis

CS 70052

92457 Montrouge Cedex

France
  

Attention: Clémentine Costil / Jean-Baptiste Branchu

 
 Email:

clementine.costil@ca-cib.com

jeanbaptiste.branchu@ca-cib.com

daniel.quirk@ca-cib.com

luca.zabeo@ca-cib.com

justin.lande@ca-cib.com
	  	 $35,666,666.68

			
	ING Bank, a branch of ING-DiBa AG	  	 ING BANK a branch of ING-DiBa AG

Hamburger Allee 1

60486 Frankfurt am Main

Germany
  

Credit matters:

Attn: Bart Doets

Email: Bart.Doets@ing.de

Tel No.: +49 69 272 226 2360
  

Attn : Francois Lagoutte

Email : francois.lagoutte@ing.de

Tel : +49 692722262006
  

with copy to:

Paul Thom

ING Bank N.V., London Branch

8-10 Moorgate

London EC2R 6DA

Email: Paul.Thom@ing.com

Fax No.: +44 207 7676634
  

Operational matters

Loan Administration team,

Email:
SP_CB-DE-ING-LOAN-ADMINISTRATION@ing.de

Tel :+49 69 27 222 62 -312 / -313 / -361
	  	
$35,666,666.66

  
 128 

					
	 Name
	  	 Address and fax number
	  	 Commitment ($)

	Skandinaviska Enskilda Banken AB (publ)	  	 Contact for Credit Matters (financial reports, press releases, etc.):

 
 Name: Peder Garmefelt and Malcolm Stonehouse

Address: SEB, One Carter Lane, London EC4V 5AN
  

Telephone no: +44 20 7246 4062 /+44 20 7246 4310
 Facsimile
no: +44 20 7588 0929
 E-mail: peder.garmefelt@seb.se 

malcolm.stonehouse@seb.co.uk
  

With a copy to:
 Name: Ina Kuliese

Address: SEB
 One Carter Lane, London EC4V 5AN

Telephone no: +44 20 7246 4069
 E-mail: ina.kuliese@seb.co.uk 
  

Contact for Operational Matters (drawdown requests, fees, etc.):
  

Department: SEB Structured Credit Operations
 Address:
Stjärntorget 4, 106 40 Stockholm, Sweden
 Facsimile no: +46 8 611 0384

E-mail: sco@seb.se
	  	$35,666,666.66
			
		  		  	$107,000,000

  
 129 

 The Agent 
  

					
	 Name
	  	 Crédit Agricole Corporate and Investment Bank

		
	Facility Office, address, fax number and attention details for notices and account details for payments	  	 Address:         12 Place des
États-Unis
 CS 70052

92457 Montrouge Cedex

France

			
		  	 Attention:
	  	 Clémentine Costil / Jean-Baptiste Branchu

			
		  	 Email:
	  	 clementine.costil@ca-cib.com

		  		  	 jeanbaptiste.branchu@ca-cib.com

		  		  	 daniel.quirk@ca-cib.com

		  		  	 luca.zabeo@ca-cib.com

		  		  	 justin.lande@ca-cib.com

			
		  	 Account details for payments:
	  	
			
		  	 Pay to:
	  	 JP Morgan Chase Bank New York

		  	 Swift No:

Account:
	  	 CHASUS33

786419036

		  	 For Account of:
	  	 Credit Agricole CIB

		  	 Swift No:
	  	 BSUIFRPP

		  	 Account:
	  	 00.117.313.255

  
 130 

 The Security Agent 

 

					
	 Name
	  	 Crédit Agricole Corporate and Investment Bank

		
	Facility Office, address, fax number and attention details for notices and account details for payments	  	 Address:         12 Place des
États-Unis
 CS 70052

92457 Montrouge Cedex

France

			
		  	 Attention:
	  	 Clémentine Costil / Jean-Baptiste Branchu

			
		  	 Email:
	  	 clementine.costil@ca-cib.com

		  		  	 jeanbaptiste.branchu@ca-cib.com

		  	Account details for payments:	  	
		  	Pay to:	  	 JP Morgan Chase Bank New York

		  	 Swift No:
 Account:
	  	 CHASUS33

786419036

		  	 For Account of:
	  	Credit Agricole CIB
		  	 Swift No:
	  	 BSUIFRPP

		  	 Account:
	  	 00.117.313.255

  
 131 

 Schedule 2 

Ship information 
  

			
	 Name
	  	Navigator Atlas
		
	 Official Number
	  	16396
		
	 Owner:
	  	Navigator Atlas L.L.C.
		
	 Flag State:
	  	Liberia
		
	 Classification:
	  	☐☐100 A5 IW ERS BWM(D1) BWN(D2) NLS Liquefied Gas Carrier Type-2G ☐☐MC AUT RI CM-PS
		
	 Classification Society:
	  	DNV-GL
		
	 Major Casualty Amount
	  	$2,000,000
		
	 Name
	  	Navigator Europa
		
	 Official Number
	  	16397
		
	 Owner:
	  	Navigator Europa L.L.C.
		
	 Flag State:
	  	Liberia
		
	 Classification:
	  	☐☐100 A5 IW ERS BWM(D1) NLS Liquefied Gas Carrier Type-2G ☐☐MC AUT RI CM-PS
		
	 Classification Society:
	  	DNV-GL
		
	 Major Casualty Amount
	  	$2,000,000
		
	 Name
	  	Navigator Oberon
		
	 Official Number
	  	16398
		
	 Owner:
	  	Navigator Oberon L.L.C.
		
	 Flag State:
	  	Liberia
		
	 Classification:
	  	☐☐100 A5 IW ERS BWM(D1) NLS Liquefied Gas Carrier Type-2G ☐☐MC AUT RI CM-PS
		
	 Classification Society:
	  	DNV-GL
		
	 Major Casualty Amount
	  	$2,000,000

  
 132 

			
	 Name
	  	Navigator Triton
		
	 Official Number
	  	16399
		
	 Owner:
	  	Navigator Triton L.L.C.
		
	 Flag State:
	  	Liberia
		
	 Classification:
	  	☐☐100 A5 IW ERS BWM(D1)BWM(D2) NLS Liquefied Gas Carrier Type-2G ☐☐MC AUT RI CM-PS
		
	 Classification Society:
	  	DNV-GL
		
	 Major Casualty Amount
	  	$2,000,000

  
 133 

 Schedule 3 

Conditions precedent 

Part 1 
 Conditions
precedent to the Utilisation Request 
  

	1	 Obligors’ corporate documents 

 

	 	(a)	 A copy of the Constitutional Documents of each Obligor. 

 

	 	(b)	 A copy of a resolution of the sole member of each Obligor (or in the case of the Ultimate Parent, the board of
directors or any committee of such board empowered to approve and authorise the following matters): 

  

	 	(i)	 approving the terms of, and the transactions contemplated by, the Finance Documents or any Charter
(Relevant Documents) to which it is a party and resolving that it execute the Relevant Documents; 

  

	 	(ii)	 authorising a specified person or persons to execute the Relevant Documents on its behalf; and

  

	 	(iii)	 authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Relevant Documents to which it is a party. 

 

	 	(c)	 If applicable, a copy of a resolution of the board of directors of the relevant company, establishing any
committee referred to in paragraph (b) above and conferring authority on that committee. 

  

	 	(d)	 If required, a copy of the passport of each person authorised by the resolution referred to in paragraph
(b) above. 

  

	 	(e)	 A certificate of the Ultimate Parent (signed by a director) confirming that borrowing or guaranteeing or
securing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on any Obligor to be exceeded. 

  

	 	(f)	 A copy of any power of attorney under which any person is to execute any of the Relevant Documents on behalf of
any Obligor. 

  

	 	(g)	 A certificate of an authorised signatory of the Ultimate Parent certifying that each copy document relating to
it specified in this Part of this Schedule is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement and that any such resolutions or power of attorney have not been revoked. 

 

	 	(h)	 For each Obligor, a certificate of goodstanding from the registrar of corporations in the jurisdiction of its
incorporation or organisation. 

  

	2	 Legal opinions 

 

	 	(a)	 A legal opinion of Norton Rose Fulbright LLP, London addressed to the Agent on matters of English law,
substantially in the form approved by the Agent (acting on the instructions of the Lenders) prior to signing this Agreement. 

  

	 	(b)	 A legal opinion of the legal advisers to the Agent in each jurisdiction in which an Obligor is incorporated or,
as the case may be, formed and/or which is or is to be the Flag State of a Mortgaged Ship, each substantially in the form approved by the Agent (acting on the instructions of the Lenders). 

  
 134 

	3	 Other documents and evidence 

 

	 	(a)	 Evidence that any process agent referred to in clause 45.2 (Service of process) or any equivalent
provision of any other Finance Document entered into on or before the first Utilisation Date has accepted its appointment. 

  

	 	(b)	 A copy of any other authorisation or other document, opinion or assurance which the Agent considers to be
necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.

  

	 	(c)	 The Original Financial Statements. 

 

	 	(d)	 Evidence that the fees, commissions, costs and expenses then due to any Finance Party from the Borrowers
pursuant to clause 11 (Fees) and clause 16 (Costs and expenses) have been paid or will be paid by the first Utilisation Date. 

  

	4	 Earnings Account 

Evidence that the Earnings Account has been opened and established, that the Account Security in respect of the Earnings Account has been
executed and delivered by the Account Holder in favour of the Security Agent and that any notice required to be given to an Account Bank under that Account Security has been given to it and acknowledged by it in the manner required by that Account
Security and that an amount has been credited to it. 
  

	5	 “Know your customer” information 

Such documentation and information as any Finance Party may reasonably request through the Agent to comply with “know your customer”
or similar identification procedures under all laws and regulations applicable to that Finance Party. 
  

	6	 Structure of the Borrowers and Owners 

Evidence in form and substance satisfactory to the Agent of the Borrower’s and the Owners’ ownership and financial structure. 

 

	7	 Material Adverse Effect 

Confirmation in a form and substance satisfactory to the Agent that: 
  

	 	(a)	 since 31 December 2018 nothing has occurred in relation to any Obligor which had, or could reasonably be
expected to have, a Material Adverse Effect; and 

  

	 	(b)	 there is no litigation pending or threatened against any Obligor which has, or could reasonably be expected to
have, a Material Adverse Effect. 

  

	8	 No Conflict 

Confirmation, in a form and substance satisfactory to the Agent that this Agreement and the transactions contemplated in connection with it do
not and will not cause any conflict with, or any default under, any material agreement to which the Obligors are party to. 

  
 135 

	9	 Consents and Approvals 

 

	 	(a)	 A certificate from an officer of the Borrowers that no consents, authorisations, licences or approvals are
necessary for the Borrowers to authorise or are required by the Borrowers in connection with the borrowing by the Borrowers of the Loan pursuant to this Agreement or the execution, delivery and performance of the Borrowers’ Security Documents;
and 

  

	 	(b)	 a certificate from an officer of each Obligor (other than the Borrowers) that no consents, authorisations,
licences or approvals are necessary for such Obligor to guarantee and/or grant security for the borrowing by the Borrowers of the Commitment pursuant to this Agreement and execute, deliver and perform the Security Documents insofar as such Obligor
is a party thereto. 

  
 136 

 Part 2 

Ship and security conditions precedent 
  

	1	 Corporate documents 

 

	 	(a)	 A certificate of an authorised signatory of the relevant Owner certifying that each copy document relating to
it specified in Part 1 of this Schedule remains correct, complete and in full force and effect as at a date no earlier than a date approved for this purpose and that any resolutions or power of attorney referred to in Part 1 of this Schedule in
relation to it have not been revoked or amended. 

  

	 	(b)	 A certificate of an authorised signatory of each other Obligor which is party to any of the Security Documents
required to be executed at or before the Utilisation certifying that each copy document relating to it specified in Part 1 of this Schedule remains correct, complete and in full force and effect as at a date no earlier than a date approved for this
purpose and that any resolutions or power of attorney referred to in Part 1 of this Schedule in relation to it have not been revoked or amended. 

  

	 	(c)	 For the Borrowers, a certificate of goodstanding from: 

 

	 	(i)	 the registrar of corporations in the jurisdiction of its incorporation or organisation; and

  

	 	(ii)	 the Ministry of Foreign Affairs in the Republic of Liberia certifying the Borrower as a Liberian Foreign
Maritime Entity or such equivalent certification (to extent available) from the appropriate government entity of the Flag State of the relevant Ship. 

  

	2	 Existing Loan Agreement 

Evidence that at the time of the Utilisation, the existing indebtedness incurred pursuant to the Existing Loan Agreement by the Borrowers in
respect of the purchase of the Ships will be repaid in full and the security granted in respect of the Ships will be discharged, release and/or reassigned (as applicable). 
  

	3	 Delivery and registration of Ship 

 

	 	(a)	 Evidence that each Ship: 

 

	 	(i)	 is legally and beneficially owned by the relevant Owner and permanently registered in the name of the
relevant Owner through the relevant Registry as a ship under the laws and flag of the relevant Flag State; 

  

	 	(ii)	 is operationally seaworthy and in every way fit for service; 

 

	 	(iii)	 is classed with the relevant Classification free of all requirements and recommendations of the relevant
Classification Society; 

  

	 	(iv)	 is insured in the manner required by the Finance Documents; 

 

	 	(v)	 has been delivered, and accepted for service, under its Charter (if any); 

 

	 	(vi)	 is free of any other charter commitment which would require approval under the Finance Documents; and

  

	 	(vii)	 is free from registered liens and encumbrances other than the relevant Mortgage. 

  
 137 

	4	 Mortgage registration 

Evidence that the Mortgage in respect of the relevant Ship has been provisionally registered with first preferred status against the relevant
Ship through the relevant Registry under the laws and flag of the relevant Flag State. 
  

	5	 Insurance 

In relation to the relevant Ship’s Insurances: 
  

	 	(a)	 an opinion from insurance consultants appointed by the Agent on such Insurances in a form and substance
satisfactory to the Agent; 

  

	 	(b)	 evidence that such Insurances have been placed in accordance with clause 24 (Insurance); and

  

	 	(c)	 evidence that approved brokers, insurers and/or associations have issued or will issue letters of undertaking
in favour of the Security Agent in an approved form in relation to the Insurances. 

  

	6	 ISM and ISPS Code 

Copies of: 
  

	 	(a)	 the document of compliance issued in accordance with the ISM Code to the person who is the operator of the
relevant Ship for the purposes of that code; 

  

	 	(b)	 the safety management certificate in respect of such Ship issued in accordance with the ISM Code;

  

	 	(c)	 the international ship security certificate in respect of such Ship issued under the ISPS Code; and

  

	 	(d)	 if so requested by the Agent, any other certificates issued under any applicable code required to be observed
by such Ship or in relation to its operation under any applicable law. 

  

	7	 Charter 

  

	 	(a)	 A copy, certified by an approved person to be a true and complete copy, of any Charter in relation to the
relevant Ship. 

  

	 	(b)	 If a Charter Assignment is then required in relation to the relevant Ship pursuant to the Finance Documents the
Borrowers shall procure (using reasonable commercial efforts) such evidence as the Agent may require as to the due incorporation of the relevant Charterer and any other party to the Charter Documents (other than an Obligor). 

 

	8	 Fees and expenses 

Evidence that the fees, commissions, costs and expenses that are due from the Borrowers pursuant to clause 11 (Fees) and clause 16
(Costs and expenses) have been paid or will be paid by the relevant Utilisation Date. 
  

	9	 Environmental matters 

Evidence of each Ship’s certificate of financial responsibility and vessel response plan required under United States law and evidence of
their approval by the appropriate United States government entity and (if requested by the Agent) an environmental report in respect of the relevant Ship from an approved person. 

  
 138 

	10	 Management Agreement 

Where any Managers (other than any internal Manager) have been approved in accordance with clause 22.4 (Manager), a copy, certified by
an approved person to be a true and complete copy, of the agreement between the relevant Owner and the relevant Manager relating to the appointment of the Manager. 
  

	11	 Value of Security 

Valuations (dated not more than 20 days before the Utilisation Date) of all the Ships, prepared by two (2) Approved Valuers, made on the
basis of, and in accordance with clause 25 (Minimum security value), in each case made at the cost and expense of the Borrowers showing the Borrowers are in compliance with clauses 5.3(b) and 25.12. 

 

	12	 Security 

  

	 	(a)	 The Share Security in respect of each of the Borrowers duly executed by the Parent together with all letters,
transfers, certificates and other documents required to be delivered under the Share Security. 

  

	 	(b)	 The Subordination Agreement duly executed by the relevant Group Members. 

 

	 	(c)	 The Mortgage and the General Assignment in respect of each Ship. 

 

	 	(d)	 Any Charter Assignment then required in respect of the relevant Ship pursuant to the Finance Documents duly
executed by the relevant Owner. 

  

	 	(e)	 Manager’s Undertakings in respect of each Ship duly executed by the relevant manager.

  

	 	(f)	 Duly executed notices of assignment and acknowledgements of those notices as required by any of the above
Security Documents. 

  

	13	 Legal Opinions 

 

	 	(a)	 To the extent not previously provided pursuant to Schedule 3, Part 1, a legal opinion of Norton Rose Fulbright
LLP, London addressed to the Agent on matters of English law, substantially in the form approved by the Agent (acting on the instructions of the Lenders) prior to signing this Agreement. 

 

	 	(b)	 To the extent not previously provided pursuant to Schedule 3, Part 1, a legal opinion of the legal advisers to
the Agent in each jurisdiction in which an Obligor is incorporated or formed and/or which is or is to be the Flag State of a Mortgaged Ship, each substantially in the form approved by the Agent (acting on the instructions of the Lenders).

  
 139 

 Schedule 4 

Utilisation Request 
  

			
	From:	  	[Borrowers]
		
	To:	  	[name of Agent] as Agent (for and on behalf of the Finance Parties)
		
	Dated:	  	[●]
		
	Dear Sirs	  	

 $107,000,000 

Facility Agreement dated [●] 2019 (the Agreement) 

 

	1	 We refer to the Agreement. This is the Utilisation Request. Terms defined in the Agreement have the same
meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 

  

	2	 We wish to borrow the Loan on the following terms: 

 

					
		 	Proposed Utilisation Date:	  	[●] (or, if that is not a Business Day, the next Business Day)
			
		 	Amount:	  	$ [●]

  

	3	 We confirm that each condition specified in clause 4.4 (Further conditions precedent) is satisfied on
the date of this Utilisation Request. 

  

	4	 The purpose of this Loan is to refinance part of the Existing Loan Agreement and for general corporate and
working capital purposes and should be credited to [●] [specify account]. 

  

	5	 This Utilisation Request is irrevocable. 

 

	6	 All of the representations and warranties set out in clause 18 (Representations) are correct at the date
of this Utilisation Request. 

  

	
	 Yours faithfully

 

	authorised signatory for
	[BORROWERS]

  
 140 

 Schedule 5 

Form of Transfer Certificate 
  

	To:	 [●] as Agent (for and on behalf of the Finance Parties) 

 

	From:	 [single Existing Lender: [The Existing Lender] (the Existing Lender)] [multiple
Existing Lenders: [Existing Lender] [and/,] [Existing Lender] [and [Existing Lender]] (together, the Existing Lenders)] and [The New Lender] (the New Lender) 

Dated: 
 $107,000,000 Facility Agreement dated
[●] (the Agreement) 
  

	1	 We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning
in this Transfer Certificate unless given a different meaning in this Transfer Certificate. 

  

	2	 We refer to clause 30.6 (Procedure for transfer): 

 

	 	(a)	 [multiple Existing Lenders: Each of the] [single Existing Lender: The] Existing
Lender[multiple Existing Lenders: s] and the New Lender agree to the Existing Lender[multiple Existing Lenders: s] assigning to the New Lender all or part of the Existing [single Existing Lender:
Lender’s] [multiple Existing Lenders: Lenders’ respective] Commitment rights and assuming the Existing [single Existing Lender: Lender’s] [multiple Existing Lenders: Lenders’
respective] obligations referred to in the Schedule in accordance with clause 30.6 (Procedure for transfer) and [multiple Existing Lenders: each of the] [single Existing Lender: the] Existing
Lender[multiple Existing Lenders: s] assigns and agrees to assign such rights to the New Lender with effect from the Transfer Date. 

  

	 	(b)	 The proposed Transfer Date is [·].

  

	 	(c)	 The Facility Office and address, fax number and attention details for notices of the New Lender for the
purposes of clause 37.2 (Addresses) are set out in the Schedule. 

  

	3	 The New Lender expressly acknowledges the limitations on [multiple Existing Lenders: each of] the
Existing [single Existing Lender: Lender’s] [multiple Existing Lenders: Lenders’ respective] obligations set out in clause 30.5(c). 

 

	4	 This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the
signatures on the counterparts were on a single copy of this Transfer Certificate. 

  

	5	 This Transfer Certificate and any non-contractual obligations connected
with it are governed by English law. 

  
 141 

 The Schedule 

Commitment/rights to be assigned and obligations to be assumed 

[insert relevant details for each Existing Lender, in particular (having regard to clause 30.2(c))] 

Facility Office address, fax number 

and attention details for notices and account details for payments 

[insert relevant details] 
  

							
	[Existing Lender]	  	[[Existing Lender]	  	[[Existing Lender]	  	[New Lender]
				
	By:	  	By:]	  	By:]	  	By:

 This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed to be as stated above. 

[Agent] 
 By: 

  
 142 

 Schedule 6 

Form of Compliance Certificate 
  

			
	To:	  	[●] as Agent (for and on behalf of the Finance Parties)
		
	From:	  	Navigator Holdings Ltd
		
	Dated:	  	[●]

 Dear Sirs 

$107,000,000 
 Facility
Agreement dated [●] (the Agreement) 
  

	1	 [I/We] refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same
meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate. 

  

	2	 [I/We] confirm that with respect to the latest financial quarter of the Group ending on [●]:

  

	 	(a)	 Cash and cash equivalents was at all times equal to or greater than (i) $35,000,000 and (ii) 5% of the Total
Indebtedness; and 

  

	 	(b)	 the ratio of Total Stockholders’ Equity to Total Assets was not less than 30%. 

 

	3	 [I/We] confirm that Security Value is $[●], calculated pursuant to valuations dated
[●] and such date is not older than 30 days from the date of this Compliance Certificate]. 

  

	4	 [I/We confirm that no Default is continuing.] [If this statement cannot be made, the certificate should
identify any Default that is continuing and the steps, if any, being taken to remedy it.] 

  

	5	 All the representations and warranties set out in clause 18 (Representations) are correct at the date of
this Certificate. 

 Signed by: 
  

	
	  
 [Chief Financial Officer] of
Navigator Holdings Ltd

  
 143 

 Schedule 7 

Form of Increase Confirmation 
  

			
	To:	  	[name of Agent] as Agent (for and on behalf of the Finance Parties)
		
	 	  	    and
		
	 	  	    Navigator Gas L.L.C.
		
	From:	  	[the Increase Lender] (the Increase Lender)
		
	Dated:	  	[●]

 $107,000,000 

Facility Agreement dated [●] (the Agreement) 

 

	1	 We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement have the same
meaning in this Increase Confirmation unless given a different meaning in this Increase Confirmation. 

  

	2	 We refer to clause 2.2 (Increase). 

 

	3	 The Increase Lender agrees to assume and will assume all of the obligations corresponding to the Commitment
specified in the Schedule (the Relevant Commitment) as if it was an Original Lender under the Agreement. 

  

	4	 The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment is to
take effect (the Increase Date) is [●]. 

  

	5	 On the Increase Date, the Increase Lender becomes party to the Finance Documents as a Lender.

  

	6	 The Facility Office and address, fax number and attention details for notices to the Increase Lender for the
purposes of clause 37.2 (Addresses) are set out in the Schedule. 

  

	7	 The Increase Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in
clause 2.2(g). 

  

	8	 This Increase Confirmation may be executed in any number of counterparts and this has the same effect as if the
signatures on the counterparts were on a single copy of this Increase Confirmation. 

  

	9	 This Increase Confirmation and any non-contractual obligations arising
out of or in connection with it are governed by English law. 

 This Agreement has been entered into on the date stated at the beginning
of this Agreement. 

  
 144 

 The Schedule 

Relevant Commitment/rights and obligations to be assumed by the Increase Lender 

[insert relevant details] 
 [Facility office
address, fax number and attention details for notices and account details for payments] 
 [Increase Lender] 

By: 
 This Increase Confirmation is accepted as an Increase
Confirmation for the purposes of the Agreement by the Agent and the Increase Date is confirmed as [●]. 
 Agent (on behalf of itself and the other
Finance Parties) 
 By: 
 Navigator Gas L.L.C. 

By: 
 Navigator Holdings Ltd 

By: 

  
 145 

 SIGNATURES 
  

					
	THE BORROWERS	  		 	
			
	 SIGNED by
	  	)	 	EMILY WOOD
	 for and on behalf of
	  	)	 	ATTORNEY-IN-FACT
	NAVIGATOR ATLAS L.L.C.	  	)	 	
	 pursuant to a power of attorney
	  	)	 	
			
	 dated 21/03/19
	  	)	 	
		  		 	/s/ Emily Wood
	 	  	 	 	  
 Authorised
signatory

			
	 SIGNED by
	  	)	 	EMILY WOOD
	 for and on behalf of
	  	)	 	ATTORNEY-IN-FACT
	NAVIGATOR EUROPA L.L.C.	  	)	 	
	 pursuant to a power of attorney
	  	)	 	
			
	 dated 21/03/19
	  	)	 	
		  		 	/s/ Emily Wood
	 	  	 	 	  
 Authorised
signatory

			
	 SIGNED by
	  	)	 	EMILY WOOD
	 for and on behalf of
	  	)	 	ATTORNEY-IN-FACT
	NAVIGATOR OBERON L.L.C.	  	)	 	
	 pursuant to a power of attorney
	  	)	 	
			
	 dated 21/03/19
	  	)	 	
		  		 	/s/ Emily Wood
	 	  	 	 	  
 Authorised
signatory

			
	 SIGNED by
	  	)	 	EMILY WOOD
	 for and on behalf of
	  	)	 	ATTORNEY-IN-FACT
	NAVIGATOR TRITON L.L.C.	  	)	 	
	 pursuant to a power of attorney
	  	)	 	
			
	 dated 21/03/19
	  	)	 	
		  		 	/s/ Emily Wood
	 	  	 	 	  
 Authorised
signatory

  
 146 

 THE GUARANTORS 
  

					
	 SIGNED by
	  	)	 	EMILY WOOD
	 for and on behalf of
	  	)	 	ATTORNEY-IN-FACT
	NAVIGATOR GAS L.L.C.	  	)	 	
	 pursuant to a power of attorney
	  	)	 	
			
	 dated 21/03/19
	  	)	 	
		  		 	/s/ Emily Wood
		  		 	  
 Authorised
signatory

		  		 	
	 SIGNED by
	  	)	 	EMILY WOOD
	 for and on behalf of
	  	)	 	ATTORNEY-IN-FACT
	NAVIGATOR HOLDINGS LTD	  	)	 	
	 pursuant to a power of attorney
	  	)	 	
			
	 dated 21/03/19
	  	)	 	
		  		 	/s/ Emily Wood
		  		 	  
 Authorised
signatory

  
 147 

							
	THE MANDATED LEAD ARRANGERS	  		 		 	
			
	 SIGNED by
	  	)	 	MATTHEW BAMBURY
	 for and on behalf of
	  	)	 	ATTORNEY-IN-FACT
	CRÉDIT AGRICOLE CORPORATE AND	  	)	 	
	INVESTMENT BANK	  	)	 	
		  		 	 /s/ Matthew Bambury

		  		 	Authorised signatory	 	
		  		 		 	
	 SIGNED by
	  	)	 	HUGO KANTERS	 	GERLACH JACOBS
	 for and on behalf of
	  	)	 	MANAGING DIRECTOR	 	MANAGING DIRECTOR
	ING BANK, A BRANCH OF ING-DIBA AG	  	)	 		 	
		  		 	 /s/ Hugo Kanters
	 	 /s/ Gerlach Jacobs

		  		 	Authorised signatory	 	
		  		 		 	
	 SIGNED by
	  	)	 	MATTHEW BAMBURY
	 for and on behalf of
	  	)	 	ATTORNEY-IN-FACT
	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)	  	)	 	
		  		 	 /s/ Matthew Bambury

		  		 	Authorised signatory	 	
		  		 		 	
	THE LENDERS	  		 		 	
			
	 SIGNED by
	  	)	 	MATTHEW BAMBURY
	 for and on behalf of
	  	)	 	ATTORNEY-IN-FACT
	CRÉDIT AGRICOLE CORPORATE AND	  	)	 	
	INVESTMENT BANK	  	)	 	
		  		 	 /s/ Matthew Bambury

		  		 	Authorised signatory	 	
		  		 		 	
	 SIGNED by
	  	)	 	HUGO KANTERS	 	GERLACH JACOBS
	 for and on behalf of
	  	)	 	MANAGING DIRECTOR	 	MANAGING DIRECTOR
	ING BANK, A BRANCH OF ING-DIBA AG	  	)	 		 	
		  		 	 /s/ Hugo Kanters
	 	 /s/ Gerlach Jacobs

		  		 	Authorised signatory	 	
		  		 		 	
	 SIGNED by
	  	)	 	MATTHEW BAMBURY
	 for and on behalf of
	  	)	 	ATTORNEY-IN-FACT
	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)	  	)	 	
		  		 	 /s/ Matthew Bambury

		  		 	Authorised signatory	 	

  
 148 

					
	THE AGENT	  		 	
			
	 SIGNED by
	  	)	 	MATTHEW BAMBURY
	 for and on behalf of
	  	)	 	ATTORNEY-IN-FACT
	CRÉDIT AGRICOLE CORPORATE AND	  	)	 	
	INVESTMENT BANK	  	)	 	
		  		 	 /s/ Matthew Bambury

		  		 	Authorised signatory
		  		 	
	THE SECURITY AGENT	  		 	
			
	 SIGNED by
	  	)	 	MATTHEW BAMBURY
	 for and on behalf of
	  	)	 	ATTORNEY-IN-FACT
	CRÉDIT AGRICOLE CORPORATE AND	  	)	 	
	INVESTMENT BANK	  	)	 	
		  		 	 /s/ Matthew Bambury

		  		 	Authorised signatory

  
 149EX-4.15

 Exhibit 4.15 
  

 
  

CREDIT AGREEMENT 
 Dated as of
March 29, 2019 
 among 

Navigator Ethylene Terminals LLC, 

as Borrower 
 ING CAPITAL LLC, 

as Administrative Agent 
 and 

The Lenders Party Hereto 
  

 
 ING CAPITAL LLC

 and 
 SG AMERICAS SECURITIES,
LLC, 
 as Joint Lead Arrangers and Joint Bookrunners 
  

 
  

 TABLE OF CONTENTS 

 

							
	 Page
	 
	 ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
			
	 1.01
	 	Defined Terms	  	 	1	 
	 1.02
	 	Other Interpretive Provisions	  	 	36	 
	 1.03
	 	Accounting Terms	  	 	37	 
	 1.04
	 	Rounding	  	 	37	 
	 1.05
	 	Times of Day; Rates	  	 	37	 
		
	 ARTICLE II. THE COMMITMENTS AND BORROWINGS
	  	 	38	 
			
	 2.01
	 	The Loans	  	 	38	 
	 2.02
	 	DSR Letters of Credit	  	 	38	 
	 2.03
	 	Borrowings, Conversions and Continuations of Loans	  	 	43	 
	 2.04
	 	Termination or Reduction of Commitments	  	 	44	 
	 2.05
	 	Prepayments	  	 	45	 
	 2.06
	 	Terms of Prepayments	  	 	48	 
	 2.07
	 	Termination of Commitments	  	 	48	 
	 2.08
	 	Repayment of Loans	  	 	49	 
	 2.09
	 	Interest	  	 	49	 
	 2.10
	 	Fees	  	 	49	 
	 2.11
	 	Computation of Interest and Fees	  	 	50	 
	 2.12
	 	Evidence of Indebtedness	  	 	50	 
	 2.13
	 	Payments Generally; Administrative Agent’s Clawback	  	 	51	 
	 2.14
	 	Sharing of Payments by Lenders	  	 	52	 
	 2.15
	 	Defaulting Lenders	  	 	53	 
	 2.16
	 	Conversion	  	 	54	 
		
	 ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	56	 
			
	 3.01
	 	Taxes	  	 	56	 
	 3.02
	 	Illegality	  	 	61	 
	 3.03
	 	Inability to Determine Rates	  	 	61	 
	 3.04
	 	Increased Costs; Reserves on LIBO Rate Loans	  	 	62	 
	 3.05
	 	Compensation for Losses	  	 	63	 
	 3.06
	 	Mitigation Obligations; Replacement of Lenders	  	 	64	 
	 3.07
	 	Survival	  	 	64	 
	 3.08
	 	Effect of Benchmark Discontinuance Event	  	 	65	 
		
	 ARTICLE IV. CONDITIONS PRECEDENT
	  	 	66	 
			
	 4.01
	 	Conditions Precedent to the Closing Date	  	 	65	 
	 4.02
	 	Conditions to Borrowings of Term Loans after the Closing Date	  	 	71	 
	 4.03
	 	Conditions to Commitment Availability Increases	  	 	74	 
	 4.04
	 	Conditions to Issuance of each DSR Letter of Credit	  	 	75	 

							
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES
	  	 	75	 
			
	 5.01
	 	Existence, Qualification and Power.	  	 	75	 
	 5.02
	 	Authorization; No Contravention	  	 	75	 
	 5.03
	 	Governmental Authorization; Other Consents	  	 	76	 
	 5.04
	 	Binding Effect	  	 	77	 
	 5.05
	 	Financial Statements; No Material Adverse Effect	  	 	77	 
	 5.06
	 	Litigation	  	 	78	 
	 5.07
	 	Indebtedness	  	 	78	 
	 5.08
	 	Nature of Borrower; Ownership of Property; Liens; Investments	  	 	78	 
	 5.09
	 	Environmental Compliance	  	 	79	 
	 5.10
	 	Taxes	  	 	79	 
	 5.11
	 	Margin Regulations; Investment Company Act	  	 	80	 
	 5.12
	 	Disclosure	  	 	80	 
	 5.13
	 	Compliance with Laws	  	 	81	 
	 5.14
	 	Solvency	  	 	81	 
	 5.15
	 	OFAC; FCPA; USA Patriot Act	  	 	81	 
	 5.16
	 	Intellectual Property.	  	 	82	 
	 5.17
	 	Material Project Documents.	  	 	82	 
	 5.18
	 	Required Insurance.	  	 	83	 
	 5.19
	 	Condemnation.	  	 	83	 
	 5.20
	 	Conversion Date.	  	 	83	 
	 5.21
	 	Project Accounts.	  	 	83	 
	 5.22
	 	Ownership.	  	 	84	 
	 5.23
	 	ERISA.	  	 	84	 
	 5.24
	 	No Force Majeure	  	 	84	 
	 5.25
	 	Pari Passu	  	 	84	 
	 5.26
	 	Labor Matters	  	 	84	 
	 5.27
	 	Operating Arrangements	  	 	84	 
		
	 ARTICLE VI. AFFIRMATIVE COVENANTS
	  	 	85	 
			
	 6.01
	 	Financial Statements	  	 	85	 
	 6.02
	 	Certificates; Other Information	  	 	85	 
	 6.03
	 	Notices	  	 	88	 
	 6.04
	 	Payment of Obligations	  	 	89	 
	 6.05
	 	Preservation of Existence, Etc.	  	 	89	 
	 6.06
	 	Material Project Documents.	  	 	89	 
	 6.07
	 	Compliance with Laws	  	 	90	 
	 6.08
	 	Project Construction; Maintenance of Property.	  	 	90	 
	 6.09
	 	Insurance.	  	 	90	 
	 6.10
	 	Maintenance of Governmental Authorizations.	  	 	91	 
	 6.11
	 	Operation of the Project.	  	 	91	 
	 6.12
	 	Books and Records	  	 	91	 
	 6.13
	 	Inspection Rights	  	 	92	 
	 6.14
	 	Use of Proceeds	  	 	92	 
	 6.15
	 	Collateral Matters	  	 	93	 

  
 ii 

					
	 6.16
	 	Project Company LLC Agreement and Fundamental Matter Approval.	  	93
	 6.17
	 	Lenders’ Reliability Test.	  	93
	 6.18
	 	Further Assurances.	  	94
	 6.19
	 	Information Regarding Collateral	  	94
	 6.20
	 	Anti-Corruption Laws	  	94
	 6.21
	 	Distribution of Available Cash.	  	94
	 6.22
	 	Secured Hedge Agreements.	  	94
	 6.23
	 	Separateness.	  	95
	 6.24
	 	Delivery of Additional Project Documents.	  	95
	 6.25
	 	Pre-Existing Bank Account	  	95
	 6.26
	 	Payment of Fees	  	95
	 6.27
	 	Project Accounts.	  	96
		
	 ARTICLE VII. NEGATIVE COVENANTS
	  	96
			
	 7.01
	 	Liens	  	96
	 7.02
	 	Indebtedness	  	96
	 7.03
	 	Investments.	  	97
	 7.04
	 	Fundamental Changes	  	97
	 7.05
	 	Dispositions	  	98
	 7.06
	 	Restricted Payments	  	98
	 7.07
	 	Conduct of Business	  	100
	 7.08
	 	Transactions with Affiliates	  	100
	 7.09
	 	Burdensome Agreements	  	100
	 7.10
	 	Financial Covenant	  	100
	 7.11
	 	Amendments of Organization Documents	  	100
	 7.12
	 	Change in Fiscal Year	  	100
	 7.13
	 	Amendment, Etc. of Material Project Documents, and Indebtedness	  	100
	 7.14
	 	ERISA	  	101
	 7.15
	 	Swaps.	  	101
	 7.16
	 	Sale and Leasebacks.	  	101
	 7.17
	 	Other Accounts.	  	101
	 7.18
	 	Tax Status.	  	101
	 7.19
	 	Applicable Governmental Authorizations.	  	102
	 7.20
	 	Acceptance.	  	102
	 7.21
	 	Sanctions; Anti-Corruption Use of Proceeds.	  	102
		
	 ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES
	  	103
			
	 8.01
	 	Events of Default	  	103
	 8.02
	 	Remedies upon Event of Default	  	106
	 8.03
	 	Application of Funds	  	106
	 8.04
	 	Equity Cure Right	  	107
		
	 ARTICLE IX. ADMINISTRATIVE AGENT
	  	108
			
	 9.01
	 	Appointment and Authority	  	108

  
 iii 

							
	 9.02
	 	Rights as a Lender	  	 	108	 
	 9.03
	 	Exculpatory Provisions	  	 	108	 
	 9.04
	 	Reliance by Administrative Agent	  	 	110	 
	 9.05
	 	Delegation of Duties	  	 	110	 
	 9.06
	 	Resignation of the Administrative Agent	  	 	110	 
	 9.07
	 	Non-Reliance on Administrative Agent and Other Lenders	  	 	111	 
	 9.08
	 	No Other Duties, Etc.	  	 	111	 
	 9.09
	 	Administrative Agent May File Proofs of Claim; Credit Bidding	  	 	112	 
		
	 ARTICLE X. MISCELLANEOUS
	  	 	112	 
			
	 10.01
	 	Amendments, Etc.	  	 	112	 
	 10.02
	 	Notices; Effectiveness; Electronic Communications	  	 	114	 
	 10.03
	 	No Waiver; Cumulative Remedies; Enforcement	  	 	116	 
	 10.04
	 	Expenses; Indemnity; Damage Waiver	  	 	117	 
	 10.05
	 	Payments Set Aside	  	 	119	 
	 10.06
	 	Successors and Assigns	  	 	119	 
	 10.07
	 	Treatment of Certain Information; Confidentiality	  	 	123	 
	 10.08
	 	Right of Setoff	  	 	124	 
	 10.09
	 	Interest Rate Limitation	  	 	124	 
	 10.10
	 	Counterparts; Integration; Effectiveness	  	 	125	 
	 10.11
	 	Severability	  	 	125	 
	 10.12
	 	Replacement of Lenders	  	 	125	 
	 10.13
	 	Governing Law; Jurisdiction; Etc.	  	 	126	 
	 10.14
	 	WAIVER OF JURY TRIAL	  	 	127	 
	 10.15
	 	No Advisory or Fiduciary Responsibility	  	 	127	 
	 10.16
	 	Electronic Execution of Assignments and Certain Other Documents	  	 	128	 
	 10.17
	 	USA PATRIOT Act	  	 	128	 
	 10.18
	 	Acknowledgment and Consent to Bail-In of EEA Financial Institution	  	 	129	 
	 10.19
	 	Non-Recourse	  	 	129	 

  
 iv 

					
	SCHEDULES
	1.01(A)	  	Target Debt Balance
	1.01(B)	  	Lenders’ Reliability Test
	1.01(C)	  	Amortization Schedule
	2.01	  	Commitments
	5.03	  	Applicable Governmental Authorizations
	6.09	  	Required Insurance
	10.02	  	Administrative Agent’s Office, Certain Addresses for Notices

  

					
	EXHIBITS
	
	Form of
		
	A-1	  	Committed Loan Notice
	A-2	  	Notice of Conversion/Continuation
	A-3	  	Notice of Issuance
	B	  	Note
	C	  	Compliance Certificate
	D	  	Assignment and Assumption
	E	  	Borrower’s Construction Drawdown Certificate
	F	  	Lenders’ Technical and Environmental Consultant’s Certificate
	G	  	Forms of United States Tax Compliance Certificates
	H	  	Solvency Certificate
	I-1	  	Lenders’ Technical and Environmental Consultant’s Conversion Certificate
	I-2	  	Borrower’s Conversion Certificate
	J	  	Knowledge Parties
	K	  	Form of DSR Letter of Credit
	L	  	Subordination Terms

  
 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (“Agreement”) is entered into as of March 29, 2019, among NAVIGATOR ETHYLENE TERMINALS LLC, a
Delaware limited liability company (the “Borrower”), each lender from time to time party hereto, each Issuing Lender from time to time party hereto, and ING CAPITAL LLC, as Administrative Agent. 

PRELIMINARY STATEMENTS: 

WHEREAS, the Borrower has entered into a joint venture with Enterprise Products Operating LLC (“Enterprise”) pursuant to the
Amended and Restated Limited Liability Company Agreement of Enterprise Navigator Ethylene Terminal LLC (“Project Company”) to develop, construct and operate a new one million tons per annum ethylene export facility located in
Morgan’s Point, Harris County, Texas (the “Project”). 
 WHEREAS, the Borrower will use the proceeds of the Term Loans
to (i) make a capital contribution from the Borrower to the Project Company to be used solely for payment of Project Costs, (ii) pay Debt Service during construction, (iii) pay financing costs associated with the Transaction, and
(iv) fund the Debt Service Reserve Account in an amount up to the Debt Service Reserve Required Amount. 
 WHEREAS, the Borrower will
use the Issuing Commitments for issuances of DSR Letters of Credit. 
 NOW THEREFORE, in consideration of the mutual covenants and
agreements herein contained, the parties hereto covenant and agree as follows: 
 ARTICLE I. 

DEFINITIONS AND ACCOUNTING TERMS 

1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Acceptable Bank” means (a) a bank or other financial institution whose long-term unsecured and unguaranteed debt meets
two or more of the following ratings: (i) at least A- (or the equivalent) by S&P, (ii) at least A3 (or the equivalent) by Moody’s or (iii) at least
A- (or the equivalent) by Fitch and (b) with respect to the Issuance of a DSR Letter of Credit, ING Capital LLC. 

“Additional Offtake Agreement” means any Terminal Services Agreement for Export of Ethylene entered into by the Project
Company following the Closing Date. 
 “Additional Project Document” means each contract, instrument or agreement related
to the construction, testing, maintenance, repair, operation or use of, or sales of product from, the Project entered into by the Project Company and any other Person subsequent to the Closing Date, which, in each case, involves revenues or expenses
to the Project Company in excess of $1,000,000 per annum or $3,000,000 in the aggregate; provided that all related contracts, agreements, letters of intent, instruments and understandings entered into substantially concurrently with the same
counterparty shall be considered one contract for purposes of this definition; provided, further, that 

 
no contract, instrument or agreement shall constitute an Additional Project Document if it is: (a) entered into by the Project Company to provide for a committed term of one year or less, so
long as such contract, instrument or agreement does not result in any violation of any material term or provision of the Commitment Offtake Agreements or the Terminal Service Agreement, (b)(I) entered into by the Project Company (A) in the
ordinary course of business in connection with the furnishing of goods or the performance of services or (B) in the course of performing its obligations under any contract, instrument or agreement or undertaking of the sort described in clause
(a) and (II) can be readily replaced by other contracts, instruments or agreements having substantially similar terms and conditions, (c) a Permitted Swap Contract or (d) entered into in connection with (I) the incurrence of
permitted Indebtedness in accordance with Section 7.02 or (II) Disposition permitted hereunder, except that any such contract, instrument or agreement that would otherwise not constitute an Additional Project Document
by reason of clauses (a) or (b) of the foregoing proviso shall be an Additional Project Document if the transaction or series of related transactions contemplated thereby commits the Project Company to spend more than $1,000,000 per annum. 

“Administrative Agent” means ING Capital LLC in its capacity as administrative agent under any of the Loan Documents, or any
successor administrative agent. 
 “Administrative Agent’s Office” means the Administrative Agent’s address and,
as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form approved by the Administrative
Agent. 
 “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agent Parties” has
the meaning specified in Section 10.02(c). 
 “Aggregate Commitment” means $82,500,000. 

“Aggregate Term Loan Commitment” means $75,000,000. 

“Agreement” means this Credit Agreement, as the same may be amended, supplemented or otherwise modified from time to time in
accordance with Section 10.01. 
 “Applicable Governmental Authorization” means, at any time,
those Governmental Authorizations that are material and necessary at such time to the development, construction or operation of the Project to construct, test, operate, maintain, repair, own or use the Project as contemplated by the Transaction
Documents and the Material Project Documents, to enter into any Transaction Document or any Material Project Document or to consummate any transaction contemplated thereby. 

  
 2 

 “Applicable Percentage” means, as to any Lender at any time, (a) with
respect to the Term Loan Commitment, the percentage that such Lender’s Term Loan Commitment then constitutes of the Aggregate Term Loan Commitment, (b) with respect to the Letter of Credit Loan Commitment, the percentage that such
Lender’s Letter of Credit Loan Commitment then constitutes of the aggregate Letter of Credit Loan Commitment and (c) with respect to the Commitments collectively, the percentage that such Lender’s Term Loan Commitment and Letter of
Credit Loan Commitment then constitutes of the Aggregate Commitment. The initial Applicable Percentage of each Lender in respect of the Term Loan Commitment and the Aggregate Commitment is set forth opposite the name of such Lender on Schedule
2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 
 “Applicable
Rate” means, in respect of the Loans, (a) during the period commencing on the Closing Date and ending on the day immediately prior to the Conversion Date, a percentage equal to 1.50% per annum for Base Rate Loans and 2.50% per annum
for LIBO Rate Loans, (b) during the period commencing on the Conversion Date and ending on the third anniversary of the Conversion Date, a percentage equal to 1.75% per annum for Base Rate Loans and 2.75% per annum for LIBO Rate Loans, and
(c) during the period commencing on the day immediately following the third anniversary of the Closing Date and ending on the Maturity Date, a percentage equal to 2.00% per annum for Base Rate Loans and 3.00% per annum for LIBO Rate Loans. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arrangers” means, collectively,
ING Capital LLC and SG Americas Securities, LLC, in their capacities as joint lead arrangers and joint bookrunners. 
 “Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative
Agent, in substantially the form of Exhibit D or any other form (including electronic documentation generated by use of an electronic platform) approved by the Administrative Agent. 

“Availability Period” means the Term Loan Availability Period or the Letter of Credit Availability Period (as the context
requires). 
 “Bail-In Action” means the exercise of any Write-Down and Conversion
Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law
for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“Bankruptcy Code” means Title 11 of the United States Code. 

“Bankruptcy Event” has the meaning specified in Section 8.01(f). 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate
plus 1/2 of 1% (b) the rate of interest quoted in the print edition of The Wall Street Journal, Money Rates Section as the “prime rate” (currently defined as the base rate on corporate loans posted by at least 75% of the
nation’s 30 largest banks), as in effect from time to time and as determined by the Administrative Agent, and (c) the LIBO Rate plus 1.00%. 

  
 3 

 “Base Rate Loan” means a Loan that bears interest based on the Base Rate.

 “Benchmark Discontinuance Event” means the occurrence of one or more of the following events with respect to the LIBO
Rate: 
 (a) a public statement or publication of information by or on behalf of the administrator of the LIBO Rate
announcing that such administrator has ceased or will cease to provide the LIBO Rate, permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor administrator that will continue to provide the LIBO
Rate; 
 (b) a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO
Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the LIBO Rate, a resolution authority with jurisdiction over the administrator for the LIBO Rate or a court or an entity with similar
insolvency or resolution authority over the administrator for the LIBO Rate, which states that the administrator of the LIBO Rate has ceased or will cease to provide the LIBO Rate permanently or indefinitely, provided that, at the time of the
statement or publication, there is no successor administrator that will continue to provide the LIBO Rate; 
 (c) a LIBO Rate
is not published by the administrator of the LIBO Rate for five consecutive Business Days and such failure is not the result of a temporary moratorium, embargo or disruption declared by the administrator of the LIBO Rate or by the regulatory
supervisor for the administrator of the LIBO Rate; 
 (d) a public statement or publication of information by the
administrator of the LIBO Rate that it has invoked or will invoke, permanently or indefinitely, its insufficient submissions policy; or 

(e) a public statement by the regulatory supervisor for the administrator of the LIBO Rate or any Governmental Authority having
jurisdiction over the Administrative Agent announcing that the LIBO Rate is no longer representative or may no longer be used. 

“Benchmark Replacement Date” means (a) for purposes of clauses (a) and (b) of the definition of Benchmark
Discontinuance Event, the later of (i) the date of such public statement or publication of information and (ii) the date on which the administrator of the LIBO Rate permanently or indefinitely ceases to provide the LIBO Rate, (b) for
purposes of clause (c) of the definition of Benchmark Discontinuance Event, the first Business Day following such five consecutive Business Days, (c) for purposes of clause (d) of the definition of Benchmark Discontinuance Event, the
later of (i) the date of such public statement or publication of information and (ii) the date such insufficient submissions policy is invoked, and (d) for purposes of clause (e) of the definition of Benchmark Discontinuance
Event, the later of (i) the date of such public statement and (ii) the date as of which the LIBO Rate may no longer be used (or, if applicable, is no longer representative). 

  
 4 

 “Benchmark Transition Determination” means: 

(a) (i) the determination of the Administrative Agent (which determination shall be conclusive absent manifest error) or
(ii) the notification by the Borrower or Required Lenders to the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders, as applicable, have determined that one or more
Benchmark Discontinuance Events has occurred with respect to the LIBO Rate; or 
 (b) (i) the determination of the
Administrative Agent (which determination shall be conclusive absent manifest error) or (ii) the notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that
syndicated loans being executed at such time, or that include language similar to that contained in Section 3.08, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and
the Administrative Agent has, or the Required Lenders have, as applicable, elected in its or their discretion to make a Benchmark Transition Determination by written notice to the Borrower and the Lenders or to the Administrative Agent, Borrower and
Lenders, respectively. 
 “Benchmark Transition Start Date” means (a) for purposes of a Benchmark Discontinuance Event
pursuant to clause (a) of the definition of Benchmark Transition Determination, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Discontinuance Event is a statement or publication of a
prospective event, the 90th day prior to the expected date of such event as of such statement or publication (or if the expected date of such prospective event is fewer than 90 days after such statement or publication of information, the date of
such statement or publication of information) and (b) for purposes of clause (b) of the definition of Benchmark Transition Determination, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to
the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders. 
 “Benchmark
Unavailability Period” means the period (a) beginning at the time that either (i) a Benchmark Replacement Date has occurred or (ii) a LIBO Rate is not published by the administrator of the LIBO Rate, if, at any such time,
either (1) no amendment to this Agreement setting forth a Replacement Benchmark has been made effective or (2) in the determination of the Administrative Agent, adequate and reasonable means do not exist for determining the Replacement
Benchmark that has replaced the LIBO Rate pursuant to a then-effective amendment to this Agreement and (b) ending at the time that either (i) both (1) an amendment to this Agreement setting forth a Replacement Benchmark has been made
effective and (2) in the determination of the Administrative Agent, adequate and reasonable means exist for determining the Replacement Benchmark that has replaced the LIBO Rate pursuant to a then-effective amendment to this Agreement or
(ii) solely with respect to a period beginning pursuant to clause (a)(ii) of this definition, a LIBO Rate is published by the administrator of the LIBO Rate. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial
Ownership Regulation. 

  
 5 

 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Borrower” has the meaning specified in the introductory paragraph hereto. 

“Borrower Materials” has the meaning specified in Section 6.02. 

“Borrower Required Insurance” has the meaning specified in Section 6.09(c). 

“Borrowing” means a group of Term Loans of the same Type and, in the case of LIBO Rate Loans, having the same Interest Period
made by each of the Lenders pursuant to Section 2.01. 
 “Borrowing Date” has the meaning
specified in Section 4.02. 
 “Business Day” means any day other than a Saturday, Sunday or other
day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state of New York and, if such day relates to any LIBO Rate Loan, means any such day that is also a London Banking Day. 

“Cash Equivalents” means any of the following types of Investments, to the extent owned by the Borrower free and clear of all
Liens (other than Permitted Liens): 
 (a) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of
acquisition thereof; 
 (b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and
having, at such date of acquisition, the highest credit rating obtainable from a Credit Rating Agency; 
 (c) investments in
certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than $1,000,000,000; 

(d) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause
(a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and 

(e) money market funds that (i) comply with the criteria set forth in SEC Rule
2a-7 under the Investment Company Act of 1940, (ii) are rated AAA and Aaa (or equivalent rating) by at least two Credit Rating Agencies and (iii) have portfolio assets of at least $1,000,000,000. 

  
 6 

 “Cash Flow Available for Debt Service” means, with respect to any period,
an amount equal to (a) the amount of Revenue deposited (or, with respect to any future period, reasonably projected in good faith consistent with the assumptions underlying the Financial Model, to be deposited) into the Revenue Account during
such period minus (b) all amounts paid (or, with respect to any future period, reasonably projected in good faith consistent with the assumptions underlying the Financial Model, to be paid) during such period pursuant to clauses (A) and
(B) of Section 3.03(b)(i) of the Depositary Agreement. 
 “Change in Law” means the occurrence, after the date of this
Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that, notwithstanding anything herein to
the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives
promulgated by the Bank for International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed
to be a “Change in Law,” regardless of the date enacted, adopted or issued. 
 “Change of Control” means
(i) prior to the first anniversary of the Conversion Date, any reduction in the Borrower’s direct ownership of the Equity Interests in the Project Company below 50% or (ii) prior to the first anniversary of the Conversion Date, the
Sponsor fails to own and control, directly or indirectly, 100% of the Equity Interests in the Borrower. 
 “Closing Date”
means the date on which the conditions set forth in Section 4.01 are satisfied (or waived by the Administrative Agent with the consent of all Lenders). 

“Closing Date Financial Statements” means the financial statements delivered to the Administrative Agent pursuant to
Section 4.01(b)(iii). 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means all of the “Collateral” or other similar term referred to in the Collateral Documents and all of
the other property that is or is intended under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties. 

“Collateral Agent” means The Bank of New York Mellon, and includes each other Person appointed as the successor Collateral
Agent pursuant to the Intercreditor Agreement. 
 “Collateral Documents” means, collectively, the Security Agreement, the
Pledge Agreement, the Depositary Agreement and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured Parties. 

  
 7 

 “Commitment” means the Term Loan Commitment or the Letter of Credit Loan
Commitment (as the context requires). 
 “Commitment Availability” means the quantum of debt that provides a Projected Debt
Service Coverage Ratio of at least 1.15x at each Repayment Date through the Maturity Date based on Contracted Cash Flows under the Commitment Offtake Agreements then in effect, with a balloon payment that can be fully repaid from Contracted Cash
Flows under the Commitment Offtake Agreements then in effect expected to be received from the Maturity Date through the remaining tenor of such Commitment Offtake Agreements as demonstrated by an updated Financial Model reviewed by the Lenders’
Technical and Environmental Consultant and approved by each Lender (such approval not to be unreasonably withheld) and delivered to the Administrative Agent together with a certificate of a Responsible Officer of the Borrower stating that such
projections and supporting documents were prepared in good faith by the Borrower and are based upon assumptions which the Borrower considers to be reasonable. The Commitment Availability as of the Closing Date has been set by the Administrative
Agent and the Lenders and acknowledged by the Borrower as $23,000,000. 
 “Commitment Fee Rate” means, as of any date of
determination, a percentage equal to 35% of the Applicable Rate for LIBO Rate Loans 
 “Commitment Fees” has the meaning
specified in Section 2.10(c). 
 “Commitment Offtake Agreements” means the Marubeni TSA, the
Flint Hills TSA and each Increase Commitment Offtake Agreement. 
 “Committed Loan Notice” means a notice of a borrowing of
Loans, which notice shall be substantially in the form of Exhibit A-1 or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic
transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower. 

“Completion Reserve Account” has the meaning specified in the Depositary Agreement. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit C. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Construction Account” has the meaning specified in the Depositary
Agreement. 
 “Construction Budget and Schedule” means a reasonably detailed schedule of the development and construction
of the Project, a detailed total budget for the development and construction of the Project and an indicative monthly schedule for contemplated Construction Period Capital Contributions to be made under the Project Company LLC Agreement, each as
prepared by or on behalf of the Project Company, delivered on or before the Closing Date, and containing a detailed description of Project Costs incurred and expected to be incurred, in each case, for the period commencing on the date of such
Construction Budget and Schedule through the expected date of Final Completion. 

  
 8 

 “Construction Drawdown Certificate” means a certificate substantially in
the form of Exhibit E. 
 “Construction Management Agreement” means (a) the Construction Agreement, dated as of
January 30, 2018, between Enterprise and the Project Company or (b) any subsequent agreement entered into pursuant to Section 6.2 of the Project Company LLC Agreement. 

“Construction Manager” means the Material Project Party to the Construction Management Agreement. 

“Construction Period Capital Contributions” has the meaning specified in the Project Company LLC Agreement. 

“Construction Report” means any report delivered pursuant to Section 6.02(f), which shall set forth in reasonable
detail: (i) estimated dates on which Mechanical Completion, Final Completion and In-Service Date shall be achieved; (ii) the Borrower’s then-current estimate of anticipated Project Costs through
Final Completion as compared to the Construction Budget and Schedule and reasons for material variances, and in the event of a material variance, the reasons therefor, and such other information reasonably requested by the Lenders; (iii) any
occurrence of which the Borrower or Lenders’ Technical and Environmental Consultant is aware that could reasonably be expected to (A) increase the total aggregate Project Costs above those set forth in the Construction Budget and Schedule
or the Construction Budget (as defined in the Project Company LLC Agreement), (B) delay Final Completion beyond the Date Certain or (C) have a Material Adverse Effect; (iv) if Final Completion is not anticipated to occur on or before the
Date Certain, the reasons therefor (and a schedule recovery plan); (v) the status of construction of the Project, including progress under each of the EPC Contracts (and a description of any material defects or deficiencies with respect thereto) and
the proposed construction schedule for the following ninety (90) days, including a description, as compared with the Construction Budget and Schedule of engineering, procurement, construction, commissioning, and testing status (including actual
percentage complete versus planned percentage complete, document status, significant activities accomplished and planned and a summary of milestones planned and actually completed); (vi) the status of the Applicable Governmental Authorizations
necessary for the Project, including the dates of applications submitted or to be submitted and the anticipated dates of actions by Governmental Authorities with respect to such Applicable Governmental Authorizations; and (vii) a listing of
reportable environmental, health and safety incidents as well as any unplanned related impacts, events, accidents or issues that occurred during the report period and the compliance with Environmental Laws. 

“Contracted Cash Flows” means the aggregate of the product of Quarterly Quantity then in effect under each Commitment Offtake
Agreement and the Terminal Fee then in effect under such Commitment Offtake Agreement. 

  
 9 

 “Contractual Obligation” means, as to any Person, any provision of any
security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Conversion Date” has the meaning specified in Section 2.16. 

“Credit Rating Agencies” means S&P, Moody’s and Fitch. 

“Cure Amount” has the meaning assigned to such term in Section 8.04. 

“Cure Right” has the meaning assigned to such term in Section 8.04. 

“Date Certain” means December 31, 2020. 

“Debtor Relief Laws” means the Bankruptcy Code, as now or hereafter in effect, or any successor statute, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to
time in effect. 
 “Debt Service” means, for any period, the sum of (a) all agent fees, depositary bank fees,
commitment fees, letter of credit fees and all similar fees owed in connection with the Obligations, in each case, scheduled to become due and payable during such period, (b) interest on the Obligations scheduled to become due and payable
during such period, (c) principal payments of the Obligations scheduled to become due and payable during such period, and (d) ordinary course settlement amounts and termination payments payable by the Borrower under Permitted Swap
Contracts (without duplication of interest amounts payable under this Agreement), in each case net of amounts received by the Borrower thereunder during the relevant period.  

“Debt Service Coverage Ratio” means, with respect to any period, the ratio of: (a) Cash Flow Available for Debt Service
during such period to (b) Debt Service during such period. 
 “Debt Service Reserve Account” has the meaning assigned
to such term in the Depositary Agreement. 
 “Debt Service Reserve Required Amount” has the meaning assigned to such term
in the Depositary Agreement. 
 “Debt to Equity Ratio” means: (a) for the purposes of
Section 4.02(g), the ratio of (i) the aggregate principal amount of Loans outstanding as of the date of the proposed Borrowing (after giving effect to such Borrowing) to (ii) the aggregate amount of Equity
Contributions on or prior to the date of the first Borrowing of the Term Loans plus all Pre-Conversion Revenues received by the Borrower on or prior to the date of the proposed Borrowing and (b) for the
purposes of Sections 2.05(b)(x) and 2.16(u), the ratio of (i) the sum of the aggregate principal amount of Loans outstanding as of the Conversion Date (after giving effect to any prepayment made pursuant to
Section 2.05(b)(x)) to (ii) the aggregate amount of Equity Contributions on or prior to the date of the first Borrowing of the Term Loans plus all Pre-Conversion Revenues
received by the Borrower. 

  
 10 

 “Default” means any event or condition that constitutes an Event of Default
or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default Rate” means
an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate applicable to Base Rate Loans plus (iii) 2% per annum; provided that, with respect to a LIBO Rate Loan, the Default Rate shall be an interest
rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum. 

“Defaulting Lender” means any Lender that (a) has failed to (i) fund all or any portion of its Loans within two
(2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more
conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any
other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations
hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a
condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after
written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that, such Lender shall cease to
be a Defaulting lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, other than via an Undisclosed
Administration, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-in Action; provided that, a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof
by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or
more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender as of the date established therefor by the
Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower and each other Lender promptly following such determination. 

  
 11 

 “Depositary Agreement” has the meaning specified in
Section 4.01(a)(iv). 
 “Depositary Bank” has the meaning specified the Depositary Agreement.

 “Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the
subject of country-wide or territory-wide Sanctions (currently, Cuba, Iran, Sudan, Syria, North Korea, and the Crimea region of Ukraine). 

“Disbursement Date” has the meaning specified in Section 2.02(g). 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale
and leaseback transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts
receivable or any rights and claims associated therewith. 
 “Disruption Event” means either or both of: 

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

(b) the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury
or payments operations of a Party preventing that, or any other Party: 
 (i) from performing its payment obligations under
the Loan Documents; or 
 (ii) from communicating with other Parties in accordance with the terms of the Loan Documents, 

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

“Dollar” and “$” mean lawful money of the United States. 

“DSR Letter of Credit” means any letter of credit issued or continued by any Issuing Lender to the Collateral Agent, as
beneficiary, to fund the Debt Service Reserve Account and substantially in the form of Exhibit K. 
 “EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which
is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition
and is subject to consolidated supervision with its parent; 

  
 12 

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

“Eligible Assignee” means any Eligible Person (subject to such consents, if any, as may be required under
Section 10.06(b)(iii)) other than (a) the Sponsor, any Loan Party or any of their Affiliates, (b) any natural Person or (c) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a
Lender hereunder, would constitute any of the foregoing Persons described in this clause (c). 
 “Eligible Person” means
any bank, financial institution, multilateral agency, development financial institution, trust, Approved Fund, insurance company, investment or mutual fund or other entity that is an “accredited investor” (as defined in Regulation D under
the Securities Act) or any Lender or any Affiliate of a Lender or any other entity or Person, that in each case is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets
(including credit derivatives) in the ordinary course of business; provided that, in the case of trusts and funds that are not Approved Funds, such entity shall be experienced in the financing of energy and natural resource projects. 

“Enterprise” has the meaning specified in the Preliminary Statements. 

“Environment” means ambient air, indoor air, surface water, groundwater, drinking water, soil, surface and subsurface strata,
and natural resources such as wetlands, flora and fauna. 
 “Environmental Laws” means any and all applicable Laws relating
to pollution or the protection of the Environment or human health (to the extent related to exposure to Hazardous Materials) or worker safety, including those relating to Hazardous Materials. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of
any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or
imposed with respect to any of the foregoing. 
 “Environmental Permit” means any Governmental Authorization required under
any Environmental Law. 
 “EPC Contracts” means the Liquefaction EPC Contract and the Storage Tank EPC Contract. 

  
 13 

 “EPC Contractors” means the Material Project Parties who are counterparties
to the EPC Contracts. 
 “Equator Principles” means the principles named “The Equator Principles – A financial
industry benchmark for determining, assessing and managing environmental and social risk in projects” adopted by various financial institutions in the form dated June 2013. 

“Equity Contributions” means amounts that the Borrower has demonstrated were contributed to the Project Company pursuant to a
Call Notice that has been delivered to the Administrative Agent. 
 “Equity Interests” means, with respect to any Person,
all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit
interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person
of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination, but excluding debt convertible into or exchangeable for equity. 

“Equity Interest Disposition Prepayment Amount” has the meaning specified in Section 2.05(b)(viii).

 “Equity Percentage” means the ownership share in the Project Company of the Borrower, as established in Exhibit C of the
Project Company LLC Agreement and updated from time to time. 
 “ERISA” means the United States Employee Retirement Income
Security Act of 1974. 
 “ERISA Affiliate” means any Person, trade or business (whether or not incorporated) under common
control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code) or Section 4001(b) of ERISA. 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the failure by the Borrower or any
ERISA Affiliate to meet all applicable requirements under the Pension Funding Rules or the filing of an application for the waiver of the minimum funding standards under the Pension Funding Rules; (c) the incurrence by the Borrower or any ERISA
Affiliate of any liability pursuant to Section 4063 or 4064 of ERISA or a cessation of operations with respect to a Pension Plan within the meaning of Section 4062(e) of ERISA; (d) a complete or partial withdrawal by the Borrower or
any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization or insolvent (within the meaning of Title IV of ERISA); (e) the filing of a notice of intent to terminate a Pension Plan under, or
the treatment of a Pension Plan amendment as a termination under, Section 4041 of ERISA; (f) the institution by the PBGC of proceedings to terminate a Pension Plan; (g) any event or condition that constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to 

  
 14 

 
administer, any Pension Plan; (h) the determination that any Pension Plan is in at-risk status (within the meaning of Section 430 of the Code or
Section 303 of ERISA) or that a Multiemployer Plan is in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (i) the imposition or incurrence of any liability under Title IV
of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate; (j) the engagement by the Borrower or any ERISA Affiliate in a transaction that could be subject to
Section 4069 or Section 4212(c) of ERISA; (k) the imposition of a lien upon the Borrower pursuant to Section 430(k) of the Code or Section 303(k) of ERISA; or (l) the making of an amendment to a Pension Plan that could
result in the posting of bond or security under Section 436(f)(1) of the Code. 
 “Event of Default” has the meaning
specified in Section 8.01. 
 “Event of Loss” means a single insured event or a related series of
insured events causing any loss of, destruction of or damage to, or any condemnation or other taking of (including by eminent domain), all or any portion of the property or assets of the Project Company giving rise to an insurance claim or payment
of Net Cash Proceeds in excess of $1,000,000. 
 “Excluded Taxes” means any of the following Taxes imposed on or with
respect to a Recipient or required to be withheld or deducted from payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a
result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are
Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on
the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 10.12) or (ii) such Lender changes its Lending Office,
except in each case to the extent that pursuant to Section 3.01(a)(ii), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such
Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any Taxes imposed pursuant to FATCA. 

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

“FATCA” means: 

(a) Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official written interpretations thereof and any written agreements entered into pursuant to Section 1474(b)(1) of the Code; or 

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

  
 15 

 (c) any written agreement pursuant to the implementation of paragraphs
(a) or (b) above with the IRS, the U.S. government or any governmental or taxation authority in any other jurisdiction. 

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

“Fee Letters” means, collectively, (i) the fee letters, dated as of the date hereof, between the Borrower and each of
the Lenders and (ii) the fee letter, dated as of the date hereof, between the Borrower and the Administrative Agent. 
 “Fee
Payment Date” means (a) each March 31, June 30, September 30 and December 31, (b) the last day of the Availability Period and (c) the Maturity Date; provided that, if a Fee Payment Date is on a day
other than a Business Day, the payment shall be due on the next succeeding Business Day. 
 “Financial Covenant” means the
covenant set forth in Section 7.10. 
 “Final Completion” has the meaning assigned to such term
in the Liquefaction EPC Contract. 
 “Financial Model” means the financial model forecasting the revenues and expenditures
of the Project for time periods, and based upon assumptions and methodology agreed upon by the Borrower and the Lenders (including the terms of the Commitment Offtake Agreements and the report of the Market Consultant delivered pursuant to
Section 4.01(b)(v)) on the Closing Date, as attached as Exhibit O, updated as required pursuant to the definitions of “Projected Debt Service Coverage Ratio” and “Commitment Availability” and Sections
2.05(b)(viii), 2.16(s) and 4.03(b). 
 “First Repayment Date” means the date that is the earlier of
(i) the first March 31, June 30, September 30 or December 31 to occur at least ninety (90) days after the Conversion Date and (ii) March 31, 2021. 

“Fitch” means Fitch Ratings, and any successor thereto. 

“Flint Hills TSA” means the Terminal Services Agreement for Export of Ethylene, dated as of January 25, 2018, by and
between Flint Hills Resources LP and Enterprise Products Operating LLC. 

  
 16 

 “Foreign Lender” means a Lender that is not a U.S. Person. 

“FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government (including any supranational bodies such as the European Union or the European Central Bank). 
 “Governmental
Authorization” means any and all franchises, licenses, leases, permits, clearances, determinations, consents, filings, consultations (to the extent required under applicable Environmental Law), rights of way, approvals, notifications,
certifications, registrations, authorizations, exemptions, qualifications and other rights, privileges and approvals with, from or issued by or to a Governmental Authority under any Law (including any Environmental Law). 

“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having
the economic effect of guaranteeing any Indebtedness payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect,
(i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness of the
payment or performance of such Indebtedness, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to
pay such Indebtedness, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole
or in part), or (b) any Lien on any assets of such Person securing any Indebtedness of any other Person, whether or not such Indebtedness is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to
obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

  
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 “Hazardous Materials” means all explosive or radioactive substances or
wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, natural gas, natural gas liquids, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, toxic mold and
all other substances, wastes, chemicals, pollutants, contaminants or compounds of any nature in any form regulated pursuant to, or as to which liability may be imposed by, any Environmental Law. 

“Hedge Bank” means any Person that, at the time it enters into a Permitted Swap Contract, is a Lender or an Affiliate of a
Lender, in its capacity as a party to such Permitted Swap Contract. 
 “Holdings” means Navigator Terminal Invest Limited,
a private company limited by shares incorporated in England and Wales. 
 “ICA” means the portions of the Interstate
Commerce Act applicable to oil pipeline regulation, as published in 49 App. U.S.C. § 1, et seq. (1988). 

“Impacted Loans” has the meaning assigned to such term in Section 3.03. 

“Increase Commitment Offtake Agreement” means any Additional Offtake Agreement that (a) has a minimum tenor of five
(5) years, (b) has commercial terms no less favorable than those in the Marubeni TSA and Flint Hills TSA, in each case, taken as a whole, (c) is with a creditworthy counterparty (as determined at the reasonable discretion of the Required
Lenders) and (d) has been used to support an increase to the Commitment Availability. 
 “Indebtedness” means, as to
any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 

(a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes,
loan agreements or other similar instruments; 
 (b) the maximum amount of all direct or contingent obligations of such
Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 

(c) net obligations of such Person under any Swap Contract; 

(d) all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts
payable in the ordinary course of business and not past due for more than 90 days after the date on which such trade account was created); 

(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person
(including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

  
 18 

 (f) all obligations to pay rent or other amounts under a lease required to
be capitalized for financial reporting purposes (and the amount of such obligation shall be the capitalized amount thereof determined in accordance with GAAP); 

(g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity
Interest in such Person or any other Person or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus
accrued and unpaid dividends; and 
 (h) all Guarantees of such Person in respect of any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The
amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. 

“Indemnified Taxes” means (a) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitees” has the meaning specified in Section 10.04(b). 

“Indemnity Payments” means all indemnity or similar payments payable to the Borrower under any of the Material Project
Documents to which the Borrower is party. 
 “Indirect Project Company Obligations” has the meaning specified in
Section 5.23. 
 “Information” has the meaning specified in
Section 10.07. 
 “In-Service Date” has the meaning
assigned to the term “Ethylene Terminal Complex In-Service Date” (or other similar term) in the Commitment Offtake Agreements. 

“Insurance Consultant” means Aon Risk Services, or a successor insurance consulting firm of nationally recognized standing
reasonably acceptable to the Administrative Agent (acting at the direction of the Required Lenders). 
 “Insurance Consultant
Report” means Ethylene Terminal Insurance Requirements Insurance Due Diligence, dated March 27, 2019, updated as required pursuant to Section 6.09. 

“Intercreditor Agreement” means the Collateral Agency and Intercreditor Agreement, dated as of the Closing Date, among the
Borrower, the Administrative Agent, the Collateral Agent and each other Person that becomes a party thereto in accordance with its terms. 

  
 19 

 “Interest Payment Date” means, (a) as to any LIBO Rate Loan, the last
day of each Interest Period applicable to such Loan and the Maturity Date; provided that, if any Interest Period for a LIBO Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest
Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last day of each March, June, September and December, and the Maturity Date. 

“Interest Period” means, as to each LIBO Rate Loan, the period commencing on the date such LIBO Rate Loan is disbursed or
converted to or continued as a LIBO Rate Loan and ending on the date one, three or six months thereafter (in each case, subject to availability), as selected by the Borrower in its Committed Loan Notice; provided that: 

(i) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless, in the case of a LIBO Rate Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(ii) any Interest Period pertaining to a LIBO Rate Loan that begins on the last Business Day of a calendar month (or on a day
for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(iii) no Interest Period shall extend beyond the Maturity Date. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of
(a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or interest in,
another Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit or all or a substantial part of the business of, such Person. For purposes of
covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 

“IRS” means the United States Internal Revenue Service. 

“Issue” means, with respect to any DSR Letter of Credit, to issue, extend the expiration date of (whether automatically or
otherwise), increase the face amount of, or reduce or eliminate any scheduled decrease in the face amount of, such DSR Letter of Credit, or to cause any Person to do any of the foregoing. The terms “Issued” and
“Issuance” have correlative meanings. 
 “Issuing Commitment” means, for each Issuing Lender, the
commitment to Issue DSR Letters of Credit in accordance with the terms of this Agreement, expressed as such Issuing Lender’s maximum Letter of Credit Exposure at any time, as such commitment may be reduced or increased from time to time
pursuant to the terms of this Agreement. The initial amount of each Issuing Lender’s Issuing Commitment is set forth on Schedule 2.01. 

“Issuing Lender” means each Lender identified on Schedule 2.01 as an Issuing Lender, in each case in its capacity as
an issuer of DSR Letters of Credit hereunder and each other Person that acquires the rights and obligations of any Issuing Lender in accordance with Section 9.04. 

  
 20 

 “Knowledge” means, with respect to any of the Loan Parties, the Project
Company or the Sponsor, the actual knowledge of any Person holding any of the positions (or successor position to any such position) set forth in Exhibit J hereto; provided that each such Person shall be deemed to have knowledge of all events,
conditions and circumstances described in any notice delivered to the Borrower pursuant to the terms of this Agreement or any other Loan Document. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, common law,
regulations, rules, ordinances, codes and administrative or judicial precedents or authorities, and all applicable administrative orders, directed duties, requests and Governmental Authorizations. 

“Lease Agreement” means the Lease and Agreement, dated as of January 30, 2018, by and between Enterprise Products
Operating LLC, as landlord, and the Project Company, as tenant. 
 “Lender” means each Term Lender or each Issuing Lender
(as the context requires); provided that Sections 10.06 and 10.12 shall apply only to Term Lenders. 
 “Lenders’
Reliability Test” means the test designed to demonstrate the operational capabilities of the Project, per the testing procedures established and set forth on Schedule 1.01(B). 

“Lenders’ Technical and Environmental Consultant” means Arup USA Inc., or a successor engineering firm of nationally
recognized standing reasonably acceptable to the Administrative Agent (acting at the direction of the Required Lenders). 

“Lenders’ Technical and Environmental Consultant’s Certificate” means the certificate of the Lenders’
Technical and Environmental Consultant in the form of Exhibit F delivered in connection with each Borrowing. 
 “Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the
Administrative Agent, which office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such Affiliate. Unless the context otherwise requires each reference to a Lender shall include its applicable Lending
Office. 
 “Letter of Credit Availability Period” means the period from and including the Conversion Date to but excluding
the earlier of (a) the Maturity Date and (b) the date of the termination of the Letter of Credit Loan Commitments pursuant to the terms of this Agreement. 

“Letter of Credit Disbursement” means a payment made by any Issuing Lender pursuant to a DSR Letter of Credit. 

“Letter of Credit Documents” means each DSR Letter of Credit and, if required by the applicable Issuing Lender, the
application for each DSR Letter of Credit. 
 “Letter of Credit Exposure” means, with respect to any Issuing Lender, at any
time, the sum of (a) the aggregate undrawn amount of any DSR Letter of Credit at such time issued by such Issuing Lender plus (b) the aggregate amount of all Letter of Credit Disbursements of such Issuing Lender that have not yet
been reimbursed (through Letter of Credit Loans or otherwise) by or on behalf of the Borrower at such time. 

  
 21 

 “Letter of Credit Fee” has the meaning assigned to such term in
Section 2.10(d). 
 “Letter of Credit Loan” means a Loan made by the Issuing Lenders in respect
of a Letter of Credit Disbursement pursuant to Section 2.02(h). 
 “Letter of Credit Loan
Commitment” means with respect to each Issuing Lender, the commitment, if any, of such Issuing Lender to make Letter of Credit Loans following a Letter of Credit Disbursement, expressed as an amount representing the maximum aggregate amount
that such Lender agrees to make available as its Letter of Credit Loans, as such commitment may be reduced or increased from time to time pursuant to the terms of this Agreement. The initial amount of each Issuing Lender’s Letter of Credit Loan
Commitment is set forth on Schedule 2.01. The initial aggregate amount of all the Issuing Lenders’ Letter of Credit Loan Commitments is $7,500,000. 

“LIBO Rate” means: 

(a) for any Interest Period with respect to a LIBO Rate Loan, the rate per annum equal to the London Interbank Offered Rate
(“LIBOR”) or a comparable or successor rate (which comparable or successor rate is approved by the Administrative Agent in its reasonable discretion), as published on the applicable Bloomberg screen page (or such other commercially
available source providing such quotations as may be designated by the Administrative Agent from time to time in its reasonable discretion) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and 

(b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about
11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; 

provided that, (i) to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the
“LIBO Rate” shall be the sum of (x) the relevant Applicable Rate and (y) the Base Rate (not including clause (c) of the definition thereof) and (ii)(x) to the extent a comparable or successor rate is approved by the
Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice and (y) to the extent such market practice is not administratively feasible for the Administrative Agent, such approved
rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. In no event shall the LIBO Rate be deemed to be less than zero. 

“LIBO Rate Loan” means a Loan that bears interest at a rate based on clause (a) of the definition of “LIBO
Rate.” 

  
 22 

 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, easement, right-of-way or other encumbrance on title to real property, lien (statutory or other), charge, or preference, priority or other
security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, and any financing lease having substantially the same economic
effect as any of the foregoing). 
 “Liquefaction EPC Contract” means the Lump Sum Turnkey Engineering, Procurement and
Construction Agreement, dated as of July 10, 2018, by and between the Project Company and BPC Morgan’s Point. 

“Loan” means a Term Loan or an Letter of Credit Loan (as the context requires). 

“Loan Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) the Collateral Documents,
(d) the DSR Letters of Credit and (e) the Fee Letters. 
 “Loan Parties” means, collectively, the Borrower and
Holdings. 
 “London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in
the London interbank eurodollar market. 
 “Market Consultant” means Nexant, Inc., or a successor ethylene market
consulting firm of nationally recognized standing reasonably acceptable to the Administrative Agent (acting at the direction of the Required Lenders). 

“Market Consultant Report” means Enterprise Navigator Ethylene Terminal, dated March 2019. 

“Marubeni TSA” means the Terminal Services Agreement for Export of Ethylene, dated as of January 27, 2018, by and
between Marubeni America Corporations and Enterprise Products Operating LLC. 
 “Material Adverse Effect” means (a) a
material adverse change in, or a material adverse effect upon, the results of operations, assets, liabilities (actual or contingent) or condition (financial or otherwise) of the Borrower; (b) a material impairment of the rights and remedies of
the Administrative Agent or any Lender under any Loan Document, or of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding
effect or enforceability against any Loan Party of any Loan Document to which it is a party. 
 “Material Project
Documents” means each of the EPC Contracts, the Construction Management Agreement, the Operating Agreement, the Marubeni TSA, the Flint Hills TSA, the Lease Agreement, the Transportation Services Agreement, the Terminal Service Agreement,
any Increase Commitment Offtake Agreement, and Replacement Project Document, any Additional Project Document and any guarantees related to the foregoing. 

“Material Project Party” means each Person, other than the Project Company, party to any of the Material Project Documents,
each Person, other than the Project Company, party to an Additional Project Document and, in the event that the Material Project Document to which any such Person is or was a party has been replaced with a Replacement Project Document, the Person
(other than the Project Company) party to such Replacement Project Document. 

  
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 “Maturity Date” means the earliest to occur of (a) the date that is
five (5) years from the Conversion Date, (b) December 31, 2025 and (c) the date of acceleration of the Loans under Section 8.02. 

“Mechanical Completion” means “Mechanical Completion” as such term is defined in the Liquefaction EPC Contract and
the Storage Tank EPC Contract. 
 “Moody’s” means Moody’s Investors Service, Inc., and any successor thereto.

 “Multiemployer Plan” has the meaning set forth in Section 4001(a)(3) of ERISA. 

“Net Cash Proceeds” means: 

(a) in the case of any Disposition, the aggregate cash amount received by the Project Company in respect of such Disposition,
net of reasonable costs and expenses incurred by the Project Company in connection with the enforcement, negotiation, consummation, settlement, proceedings, administration or other activity related to such Disposition (including reasonable broker,
legal and accounting fees, expenses and commissions paid or payable as a result thereof) and net of any stamp, transfer, recording or similar taxes payable in connection with such Disposition; 

(b) in the case of any Event of Loss, the aggregate cash amount received by the Borrower or the Project Company in respect of
such Event of Loss (exclusive, in each case, of the proceeds of liability insurance, delay in start-up insurance and business interruption insurance and other payments for interruption of operations), net of
reasonable costs and expenses incurred by the Borrower or the Project Company in connection with the enforcement, negotiation, consummation, settlement, proceedings, administration or other activity related to the receipt or collection of such
amount (including reasonable legal and accounting fees and expenses paid or payable as a result thereof); and 
 (c) with
respect to the incurrence or issuance of any Indebtedness by the Borrower, the excess of (i) the sum of the cash received in connection with such incurrence or issuance over (ii) the underwriting discounts and commissions, and other
reasonable out-of-pocket fees, costs and expenses, incurred by the Borrower in connection therewith. 

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or
amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (b) has been approved by the Required Lenders. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting
Lender at such time. 

  
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 “Non-Material Document” means each
contract, instrument or agreement related to the construction, testing, maintenance, repair, operation or work of, or sales of product from, the Project entered into by the Project Company subsequent to the Closing Date that is not, an Additional
Project Document. 
 “Non-Recourse Persons” has the meaning assigned to such term
in Section 10.19. 
 “Note” means a promissory note made by the Borrower in favor of a Lender,
evidencing Loans made by such Lender, substantially in the form of Exhibit B. 
 “Notice of Conversion/Continuation”
has the meaning assigned to such term in Section 2.03(c). 
 “Notice of Issuance” means a request
by the Borrower for an Issuance of DSR Letters of Credit in accordance with Section 2.02. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising
under any Loan Document or otherwise with respect to any Loan or Secured Hedge Agreement, in each case, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter
arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of
whether such interest and fees are allowed claims in such proceeding. 
 “OFAC” means the Office of Foreign Assets Control
of the United States Department of the Treasury. 
 “Offtake Agreements” means the (a) Marubeni TSA, (b) Flint
Hills TSA and (c) Additional Offtake Agreements. 
 “Operating Agreement” means (a) the Operating Agreement,
dated as of January 30, 2018, between the Project Company and the Operator relating to the operation, maintenance and decommissioning of the Project or (b) any subsequent agreement entered into pursuant to Section 6.1 of the Project
Company LLC Agreement. 
 “Operating Budget” has the meaning specified for the term “Budget” in the Operating
Agreement. 
 “Operating Local Account” has the meaning specified the Depositary Agreement. 

“Operator” means Enterprise Products Operating LLC. 

“Organizational Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or
organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity. 

  
 25 

 “Other Connection Taxes” means, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Documents). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to any Loan Document, except any such Taxes that are
Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06). 

“Owner Parties” means, collectively, the Loan Parties and the Project Company. 

“Participant” has the meaning specified in Section 10.06(d). 

“Participant Register” has the meaning specified in Section 10.06(d). 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum funding standards and minimum required
contributions (including any installment payment thereof) to Pension Plans and Multiemployer Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302
of ERISA, each as in effect prior to the Pension Act and, thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 

“Pension Plan” means any defined benefit pension plan subject to Title IV of ERISA or Section 412 or 430 of the Code.

 “Performance Liquidated Damages” means the proceeds of any performance liquidated damages or buy-down amounts received by the Project Company pursuant to, or in connection with, any Material Project Document. 

“Permitted HoldCo Liens” means: 

(a) the Liens created pursuant to the Collateral Documents; 

(b) Liens imposed by any Governmental Authority for any Tax to the extent not yet past due or being contested in good faith and
by appropriate proceedings, so long as reserves consistent with GAAP have been established on the applicable Loan Party’s books; and 

  
 26 

 (c) Liens arising out of judgments or awards that do not otherwise
constitute an Event of Default so long as an appeal or proceeding for review is being prosecuted in good faith and for the payment of which reserves consistent with GAAP have been established on the applicable Loan Party’s books, or bonds or
other security acceptable to the Administrative Agent (acting at the direction of the Required Lenders) have been provided or are fully covered by insurance. 

“Permitted Liens” means (a) in the case of the Project Company, Permitted Project Company Liens and (b) in the case
of the Loan Parties, Permitted HoldCo Liens. 
 “Permitted Project Company Liens” means: 

(a) Liens imposed by any Governmental Authority for any Tax to the extent not yet past due or being contested in good faith and
by appropriate proceedings, so long as reserves consistent with GAAP have been established on the Project Company’s books; 

(b) mechanics’, warehousemen’s, carriers’, workers’, repairers’, landlords’, and other similar
liens arising or incurred in the ordinary course of business, either for amounts not yet past due or for amounts being contested in good faith and by appropriate proceedings, so long as (i) such proceedings shall not involve any substantial
danger of the sale, forfeiture or loss of any material part of the Project, as the case may be, title thereto or any interest therein, or (ii) a bond or other security (A) in an amount sufficient to repay the underlying obligation and
cover any penalties or enforcement costs, (B) from a sufficiently creditworthy counterparty and (C) in a form effective for release under applicable law has been posted or provided in such a manner and amount as to assure that any amounts
determined to be due will be promptly paid in full when such contest is determined, or other Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of
social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, trade contracts, leases, government contracts, performance and
return-of-money bonds and other similar obligations incurred in the ordinary course of business (exclusive of obligations in respect of the payment for borrowed money)
that do not in the aggregate materially impair the use or the value of the Property or assets of the Project Company; 
 (c)
Liens arising out of judgments or awards that do not otherwise constitute an Event of Default so long as an appeal or proceeding for review is being prosecuted in good faith and for the payment of which reserves consistent with GAAP have been
established on the Project Company’s books, or bonds or other security acceptable to the Administrative Agent (acting at the direction of the Required Lenders) have been provided or are fully covered by insurance; 

(d) Liens, deposits or pledges to secure mandatory statutory obligations or performance of bids, tenders, the Project
Company’s obligations under the Material Project Documents (other than for the repayment of borrowed money) or leases, or in the ordinary course of its business, not to exceed $1,000,000 million in the aggregate at any time; 

  
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 (e) Liens in connection with workers’ compensation, unemployment
insurance or other social security, old age pension or public liability obligations incurred in the ordinary course of business; 

(f) easements, restrictions, servitudes, permits, conditions, covenants, exceptions or reservations in any Property of the
Project Company for the purpose of roads, pipelines and transmission lines, transportation lines, distribution lines or for the joint or common use of real estate, rights of way, facilities and equipment, that do not secure any monetary obligations
and which in the aggregate do not materially impair the use of such Property for the purposes of which such Property is held by the Project Company or materially impair the value of such Property subject thereto; 

(g) encumbrances consisting of deed restrictions, zoning restrictions, and other similar restrictions on the use of the
Property of the Project Company, none of which, in the aggregate, materially impairs the use of such property by the Project Company in the operation of its business or materially detracts from the value of such properties, and none of which, in the
aggregate, is or shall be violated in any material respect by existing proposed operations; 
 (h) purported Liens evidenced
by the filing of UCC financing statements solely as a precautionary measure in connection with operating leases of personal property; 

(i) licenses of intellectual property, software and other intangible property, none of which, in the aggregate, materially
impair the operation of the business of the Project Company; 
 (j) Liens expressly contemplated under the Material Project
Documents or any Additional Project Documents; and 
 (k) Liens on assets (real or personal) of the Project Company to secure
obligations not in excess of $1,000,000 in the aggregate. 
 “Permitted Swap Contract” means an interest rate Swap Contract
intended to hedge the Borrower’s exposure to changes in interest rates on the Loans. 
 “Permitted Tax Distributions”
means: 
 (a) for any taxable period in which the Borrower is a member of a consolidated, combined or similar income tax
group of which a direct or indirect parent of Borrower is the common parent (a “Tax Group”), distributions by Borrower to such direct or indirect parent of Borrower to pay federal, foreign, state and local income Taxes of such Tax
Group that are attributable to the taxable income of the Borrower; provided that, for each taxable period, the amount of such payments made in respect of such taxable period in the aggregate shall not exceed the amount that the Borrower would
have been required to pay as a stand-alone Tax Group, reduced by any portion of such income Taxes directly paid by the Borrower; or 

  
 28 

 (b) with respect to any taxable year (or portion thereof) with respect to
which the Borrower is a partnership or disregarded entity for U.S. federal, state and/or local income tax purposes, distributions to the Borrower’s direct owner(s) to the extent necessary to enable the direct or indirect owners of the Borrower
to pay their actual U.S. federal, state and local income tax liability attributable to the net taxable income of the Borrower for such taxable year (or portion thereof), which net taxable income shall be determined by taking into account any basis
adjustments under Section 743(b) of the Code allocable to the Borrower or an entity of which the Borrower is considered a branch for U.S. federal income tax purposes, as applicable, and reduced by any cumulative net taxable loss with respect to
all prior taxable years (or portions thereof) beginning after the date hereof (determined as if all such periods were one period) to the extent such cumulative net taxable loss is of a character (ordinary or capital) that would permit such loss to
be deducted against the income of the taxable year in question (or portion thereof). 
 “Person” means any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Platform” has the meaning specified in Section 6.02. 

“Pledge Agreement” means the Pledge Agreement, dated as of the Closing Date, by and between Holdings and the Administrative
Agent. 
 “Pre-Conversion Revenues” means payments received by the Project Company
under any Offtake Agreement prior to the Conversion Date. 
 “Pre-Existing Bank
Account” the bank account in the name of the Borrower with Nordea Bank Abp, New York branch. 
 “Project” has the
meaning specified in the Preliminary Statements. 
 “Project Accounts” means all the accounts in the Borrower’s name
under the Depositary Agreement. 
 “Project Company” has the meaning specified in the Preliminary Statements. 

“Project Company LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of the Project Company,
effective as of January 30, 2018, among the Borrower, Enterprise and the Project Company. 
 “Project Company Required
Insurance” has the meaning specified in Section 6.09(a). 
 “Project Costs” the
aggregate capital, development, construction, engineering, procurement, installation, start-up and testing costs in respect of the Project and all other costs relating to the construction, development,
engineering, procurement, testing, commissioning and start-up requirements of the Project, including interest payable by the Borrower during construction, fees, expenses, funding of the Debt Service Reserve
Account and total contingency amount, such contingency amount as recommended by the Lenders’ Technical and Environmental Consultant. 

  
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 “Projected Debt Service Coverage Ratio” means, with respect to any
forecasted period, based on projections using the assumptions in the Financial Model but updated to reflect known operating and other conditions as of the time of such calculation, the ratio of: (a) Cash Flow Available for Debt Service during
such period to (b) Debt Service during such period. 
 “Prudent Industry Practice” means any of the practices, methods
and acts engaged in or approved by a significant portion of the ethylene industry during the relevant time period, or any of the practices, methods and acts which, in the exercise of reasonable judgment in light of the facts known at the time the
decision was made, could have been expected to accomplish the desired result at a reasonable cost consistent with good business practices, reliability, safety and expedition. Prudent Industry Practice is not intended to be any one of a number of the
optimum practices, methods, or acts to the exclusion of all others, but rather to be acceptable practices, methods, or acts generally accepted in the industry. 

“Public Lender” has the meaning specified in Section 6.02. 

“Quarterly Quantity” has the meaning given to such term or other similar term in the applicable Commitment Offtake Agreement.

 “Recipient” means the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account
of any obligation of any Loan Party hereunder. 
 “Register” has the meaning specified in
Section 10.06(c). 
 “Reimbursement Obligation” has the meaning specified in
Section 2.02(f)(i). 
 “Related Parties” means, with respect to any Person, such Person’s
Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Release” means any release, spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying,
injection, migration or leaching into or through the Environment, or into, from or through any building, structure or facility. 

“Relevant Governmental Body” means the Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Board and/or the Federal Reserve Bank of New York or any successor thereto. 
 “Repayment Date” means
the last day of each March, June, September and December commencing upon the First Repayment Date and ending on the Maturity Date. 

“Replacement Benchmark” has the meaning assigned to such term in Section 3.08. 

“Replacement Benchmark Conforming Changes” means, with respect to any proposed Replacement Benchmark, any conforming changes
to the definition of “Adjusted Base Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion
of the Administrative Agent in consultation with the Borrower, to reflect the adoption of such 

  
 30 

 
Replacement Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines
that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of the Replacement Benchmark exists, in such other manner of administration as the Administrative Agent
determines is reasonably necessary in connection with the administration of this Agreement). 
 “Replacement Benchmark
Spread” means, with respect to any replacement of the LIBO Rate with an alternate benchmark rate for each applicable Interest Period, a spread adjustment, or method for calculating or determining such spread adjustment, (which may be a
positive or negative value or zero) as may be agreed between the Administrative Agent and the Borrower, in each case giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit
facilities for such adjustments, which may include any selection, endorsement or recommendation by the Relevant Governmental Body with respect to such facilities for the applicable alternate benchmark rate. 

“Replacement Project Document” means any contract, agreement or other instrument entered into in accordance with
Section 6.06 in replacement of an existing Material Project Document (a) with (i) substantially similar or terms more economically favorable to the Project Company than the Material Project Document it replaces,
(ii) substantially similar or more favorable non-economic terms (taken as a whole) than the Material Project Document it replaces, as confirmed by the Administrative Agent (acting in consultation with the
Lenders’ Technical and Environmental Consultant) (such confirmation not to be unreasonably withheld, conditioned or delayed) and (iii) a replacement Material Project Party of a comparable or better standing than the Material Project Party
it replaces, as confirmed by the Administrative Agent (such confirmation not to be unreasonably withheld, conditioned or delayed) or (b) otherwise satisfactory to the Required Lenders. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30-day notice period has been waived. “Required Completion Reserve Amount” has the meaning assigned to such term in the Depositary Agreement. 

“Required Equity Contribution Amount” means an amount equal to (i) $164,901,425 minus (ii) the sum of (x)
$23,000,000 representing the Commitment Availability as of the Closing Date and (y) any increase to the Commitment Availability. 

“Required Hedge Amount” means at least seventy-five percent (75%), but no more than one hundred percent (100%) subject to
Section 2.03(d), of the aggregate notional principal amount of the Term Loans projected to be outstanding through the expected Maturity Date, as adjusted at each update of the Financial Model, to be provided under the
Secured Hedge Agreements in accordance with Section 6.22, on a pro rata basis to each Lender’s Term Loan Commitment as of the Closing Date. 

“Required Insurance” means the Project Company Required Insurance and the Borrower Required Insurance. 

  
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 “Required Lenders” means, at any time, Lenders holding more than 50% of the
sum of (a) the aggregate unused Term Loan Commitments at such time, (b) the aggregate principal amount of all Term Loans outstanding at such time and (c) the aggregate Letter of Credit Exposure at such time; provided that, the unused
Term Loan Commitments of, the portion of the outstanding Term Loans held or deemed held by, and the Letter of Credit Exposure of any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

“Responsible Financial Officer” means, with respect to the Borrower, a Responsible Officer that is the principal financial
officer of Sponsor or any of its Affiliates. 
 “Responsible Officer” means: (a) with respect to any Person that is a
corporation, the chairman, president, senior vice president, vice president, chief executive officer, chief financial officer, chief operating officer, treasurer, assistant treasurer,
attorney-in-fact, secretary, assistant secretary or other duly appointed officer of such Person, (b) with respect to any Person that is a partnership, the chairman,
president, managing director, senior vice president, vice president, chief executive officer, chief financial officer, chief operating officer, treasurer, assistant treasurer,
attorney-in-fact, secretary, assistant secretary or other duly appointed officer of such Person or a general partner of such Person and (c) with respect to any
Person that is a limited liability company, the chairman, president, managing director, senior vice president, chief executive officer, chief financial officer, chief operating officer, vice president, treasurer, assistant treasurer, attorney-in-fact, secretary, assistant secretary, financial planning & analysis manager or other duly appointed officer of such Person or the manager, the managing
member or a duly appointed officer of such Person. 
 “Restricted Payment” means any dividend or other distribution
(whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to any Person’s stockholders,
partners or members (or the equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or other distribution or payment. 

“Revenue” is defined in the Depositary Agreement. 

“Revenue Account” is defined in the Depositary Agreement. 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and
any successor thereto. 
 “Sanction(s)” means any sanction administered or enforced by the United States Government
(including OFAC), the United Nations Security Council, the European Union, or Her Majesty’s Treasury. 
 “Scheduled Repayment
Amount” means, with respect to the Loans, on each Repayment Date commencing with the First Repayment Date, the amount corresponding to such Repayment Date set forth on the Amortization Schedule set forth on Schedule 1.01(C), as
updated from time to time in connection with any adjustment to the Commitment Availability. 

  
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 “SEC” means the Securities and Exchange Commission, or any Governmental
Authority succeeding to any of its principal functions. 
 “Secured Hedge Agreement” means any Permitted Swap Contract that
is entered into by and between any Loan Party and any Hedge Bank. 
 “Secured Parties” means, collectively, the
Administrative Agent, the Lenders, the Hedge Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to
Section 9.05, and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents. 

“Security Agreement” has the meaning specified in Section 4.01(a)(iii). 

“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date
(a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is both (i) greater
than the total amount of liabilities, including contingent liabilities of such Person and (ii) greater than the amount that will be required to pay the probable liquidity of such Person’s then existing indebtedness if they become absolute
and matured, (c) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital, and (d) such Person is
able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the
facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Sponsor” means Navigator Holdings Ltd. 

“Storage Tank EPC Contract” means the Engineering, Procurement and Construction Agreement, dated as of July 17, 2018, by
and between the Project Company and Matrix Services Inc. 
 “Subject Party” means any Owner Party and any Material Project
Party other than the counterparty to an EPC Contract after the warranty period under such EPC Contract has expired or the counterparty to the Construction Management Agreement after the date of “Final Acceptance” (as such term is defined
in the Construction Management Agreement). 
 “Subsidiary” of a Person means a corporation, partnership, joint venture,
limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such
power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. 

  
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 “Swap Contract” means (a) any and all rate swap transactions, basis
swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward
bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement,
and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any
Master Agreement. 
 “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into
account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such
termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap
Contracts. 
 “Target Debt Balance” means for each Repayment Date, the amount set forth opposite such Repayment Date on
Schedule 1.01(A), as updated upon any increase in the Commitment Availability. 
 “Taxes” means all present or
future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Technical and Environmental Due Diligence Report” means the report produced by the Lenders’ Technical and Environmental
Consultant, dated as of February 15, 2019. 
 “Term Lender” means a Lender with a Term Loan Commitment or an
outstanding Term Loan. 
 “Term Loan” and “Term Loans” have the meanings specified in
Section 2.01. 
 “Term Loan Availability Period” means the period commencing on the Closing Date
and ending on the earliest of (a) the date the Term Loan Commitments are fully utilized or cancelled pursuant to this Agreement, (b) the date of acceleration of the Loans under Section 8.02, (c) the Conversion
Date or (d) the Date Certain. 
 “Term Loan Commitment” means with respect to each Lender, the commitment of such
Lender to make Loans, as set forth opposite the name of such Lender in the column entitled “Term Loan Commitment” in Schedule 2.01, or if such Lender has entered into one or more Assignment and Assumptions, set forth opposite the
name of such Lender in the Register maintained by the Administrative Agent pursuant to Section 10.06(c) as such Lender’s Term Loan Commitment, as the same may be reduced in accordance with
Section 2.04. 

  
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 “Term SOFR” means the forward-looking term SOFR rate, for a term equal to
the applicable Interest Period, that is selected, endorsed or recommended as the replacement for the LIBO Rate by the Relevant Governmental Body in each case as displayed on a screen or other information service that publishes such rate from time to
time as selected by the Administrative Agent in its reasonable discretion. 
 “Terminal Fee” means the rate applied to
calculate the “Terminal Fee” or other such similar term under the applicable Commitment Offtake Agreement. 
 “Terminal
Service Agreement” means the Terminal Service Agreement, dated as of January 30, 2018, between the Project Company and Enterprise Products Operating LLC. 

“Termination Payment” means a Cash payment by a counterparty to a Material Project Document, resulting from (a) the
termination or cancellation of, or the reduction of overall future payments, taken as a whole, payable to the Project Company under such Material Project Document, or (b) the reduction of the term of such Material Project Document. 

“Threshold Amount” means $1,500,000. 

“Transaction” means, collectively, (a) the entering into by the Loan Parties of the Loan Documents and other Transaction
Documents to which they are or are intended to be a party, (b) the borrowing of the Loans, (c) the granting of the Liens contemplated by the Collateral Documents, (d) making capital contributions to the Project Company to be used for
the design, construction, operation and maintenance of the Project and (d) the payment of the fees and expenses incurred in connection with the consummation of the foregoing. 

“Transaction Documents” means collectively the Project Company LLC Agreement and the Loan Documents. 

“Transportation Services Agreement” means the Transportation Services Agreement, dated as of January 30, 2018, between
the Project Company and HSC Pipeline Partnership, LLC 
 “Type” means, with respect to a Loan, its character as a Base Rate
Loan or a LIBO Rate Loan. 
 “UCC” means the Uniform Commercial Code as in effect in the State of New York; provided
that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than
the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 
 “Undisclosed Administration” means, in relation to a
Lender or its direct or indirect parent company, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian, or other similar official by a supervisory authority or regulator under or based on the law in
the country where such Lender or such parent company is subject to home jurisdiction, if applicable law requires that such appointment not be disclosed. 

  
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 “United States” and “U.S.” mean the United States of
America. 
 “U.S. Person” means any Person that is a “United States Person” as defined in
Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning specified in
Section 3.01(e)(ii)(B)(3). 
 “USA Patriot Act” means the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 10756, as amended or modified from time to time. 

“Withholding Agent” means the Borrower and the Administrative Agent, as relevant. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 1.02 Other Interpretive Provisions. With reference to this
Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 
 (a) The definitions of terms
herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires
otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such
Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan
Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law
and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

(b) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and
including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including.” 

  
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 (c) Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 
 (d) Any reference herein or any other
Loan Document to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a
limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale or transfer or similar term, as applicable to, of or with a separate Person. Any division
of a limited liability company shall constitute a separate Person hereunder and under any other Loan Document (and each division of any limited liability company that is a Subsidiary, Affiliate, joint venture or any other like term shall also
constitute such a Person or entity). 
 1.03 Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, except
as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrower shall be deemed
to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded. 

(b) Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such
change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the
Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or
requirement made before and after giving effect to such change in GAAP. 
 1.04 Rounding. Any financial ratios required to be
maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and
rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

1.05 Times of Day; Rates. Unless otherwise specified, all references herein to times of day shall be references to Eastern time
(daylight or standard, as applicable). 

  
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 The Administrative Agent does not warrant, nor accept responsibility, nor shall the
Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “LIBO Rate” or with respect to any comparable or successor rate thereto. 

ARTICLE II. 
 THE COMMITMENTS AND
BORROWINGS 
 2.01 The Loans. Subject to the terms and conditions hereof, each Term Lender severally agrees to make loans (each a
“Term Loan” and, collectively, the “Term Loans”) to the Borrower from time to time during the Term Loan Availability Period in an aggregate principal amount not exceeding its Applicable Percentage of the Aggregate
Term Loan Commitments, such Term Loans to be used for the purposes set forth in Section 6.14; provided that, after giving effect to the making of any Term Loans, the aggregate outstanding principal amount of all Term
Loans shall not exceed the lesser of (a) the Aggregate Term Loan Commitment or (b) the Commitment Availability. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed. 

2.02 DSR Letters of Credit. 

(a) DSR Letters of Credit. Subject to the terms and conditions set forth herein, the Borrower may request any Issuing Lender to Issue a
DSR Letter of Credit at any time and from time to time during the Letter of Credit Availability Period. 
 (b) Notice of Issuance,
Amendment, Renewal or Extension. To request the Issuance of a DSR Letter of Credit, the Borrower shall deliver (or transmit by electronic communication, if arrangements for doing so have been approved by the applicable Issuing Lender) to an
Issuing Lender selected by it and the Administrative Agent (no later than three Business Days prior to the requested date of Issuance) a Notice of Issuance in the form of Exhibit A-3
requesting the Issuance of a DSR Letter of Credit, and specifying the date of Issuance (which shall be a Business Day and shall comply with this Section 2.02), the date on which such DSR Letter of Credit is to expire (which
shall comply with clause (d) of this Section 2.02), the amount of such DSR Letter of Credit and such other information as shall be reasonably necessary to prepare or Issue such DSR Letter of Credit; provided
that no such Notice of Issuance shall be required in respect of an automatic extension of the expiry date of any DSR Letter of Credit pursuant to the terms and conditions of such DSR Letter of Credit. Subject to a final expiration date as specified
in clause (d)(ii) of this Section 2.02, each DSR Letter of Credit shall provide for the automatic extension of the expiry date thereof unless the applicable Issuing Lender gives notice in accordance with the DSR Letter
of Credit that such expiry date shall not be extended, and such Issuing Lender shall give such notice to the Borrower and the Administrative Agent in a notice given not more than 60 days, but not less than 45 days, prior to the
current expiry date of such DSR Letter of Credit; provided that any such notice may be sent by such Issuing Lender only if the conditions set forth in Section 4.04(b) are not satisfied as of such date or as required
by the applicable Issuing Lender’s internal policies (consistently applied) or any Applicable Law applicable to such Issuing Lender; provided further that, if any DSR Letter of Credit is outstanding on the last day of the
applicable Availability Period, the applicable Issuing Lender shall thereafter give such notice in accordance with the terms of such DSR Letter of Credit. If requested by the applicable Issuing Lender, the Borrower also

  
 38 

 
shall submit a letter of credit application on such Issuing Lender’s standard form in connection with any request for a DSR Letter of Credit. In the event of any inconsistency between the
terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, any Issuing Lender relating to any DSR Letter of
Credit, the terms and conditions of this Agreement shall control. 
 (c) Limitations on Amounts and Uses. A DSR Letter of Credit shall
be Issued only if (and upon Issuance of such DSR Letter of Credit, the Borrower shall be deemed to represent and warrant that), after giving effect to such Issuance, (i) the Issuing Lenders’ Letter of Credit Exposure shall not exceed its
Issuing Commitment, and (ii) the sum of (A) the total Letter of Credit Exposures and (B) the total outstanding principal amount of Letter of Credit Loans shall not exceed the total Letter of Credit Loan Commitments. Each DSR Letter of
Credit shall be Issued only to fund the Debt Service Reserve Account, as set forth in greater detail in the Depositary Agreement. 
 (d)
Expiration Date. Each DSR Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date twelve months after the date of the issuance of such DSR Letter of Credit (or, in the case of any renewal or
extension thereof, twelve months after the then-current expiration date of such DSR Letter of Credit) and (ii) the Maturity Date. 
 (e)
[Reserved.] 
 (f) Reimbursement Obligations Absolute. 

(i) If any Issuing Lender shall make any Letter of Credit Disbursement in respect of any applicable DSR Letter of Credit, the
Borrower shall reimburse such Letter of Credit Disbursement to the applicable Issuing Lender for its own account no later than the Business Day after such Letter of Credit Disbursement, in an amount equal to the full amount of such Letter of Credit
Disbursement plus accrued interest thereon from the Disbursement Date to the date of repayment of the Letter of Credit Disbursement at the rate of interest that would apply to a Base Rate Loan in accordance with
Section 2.10 (each, a “Reimbursement Obligation”), which obligation of the Borrower shall be unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement
under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of such DSR Letter of Credit, or any term or provision therein, (ii) any claim, set-off
right, defense or other right against a beneficiary or any transferee of any DSR Letter of Credit (or any Persons for whom any such transferee may be acting), any Issuing Lender, any Lender or any other Person that the Borrower or any Lender may
have, (iii) any draft or other document presented under such DSR Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iv) payment by the applicable
Issuing Lender under such DSR Letter of Credit against presentation of a draft or other document that does not substantially comply with the terms of such DSR Letter of Credit, (v) any breach of contract or dispute among or between Borrower, an
Issuing Lender, Administrative Agent, any Lender or any other Person, (vi) any non-application or misapplication by the beneficiary of a DSR Letter of Credit of the proceeds of any Letter of Credit
Disbursement or any other act or omission of such beneficiary in connection with such DSR Letter of Credit, (vii) failure to preserve 

  
 39 

 
or protect any Collateral, any failure to perfect or preserve the perfection of any Lien thereon, or the release of any of the Collateral securing the performance or observance of the terms of
this Agreement or any of the other Loan Documents, (viii) an adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of Borrower, (ix) the failure of any Lender to make a Letter of
Credit Loan as contemplated by clause (h) below, (x) a Default or Event of Default under this Agreement and (xi) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions
of this 2.02(f), constitute a legal or equitable discharge of the obligations of the Borrower hereunder, provided that, in each case, payment by the Issuing Lender shall not have constituted gross negligence or willful misconduct on
the part of the Issuing Lender. Notwithstanding the foregoing, failure of the Borrower to pay a Reimbursement Obligation in accordance with the immediately preceding sentence shall not constitute a Default or an Event of Default hereunder to the
extent such Reimbursement Obligation converts to a Letter of Credit Loan in accordance with 2.02(h). 
 (ii) Neither
the Administrative Agent, the Lenders nor any Issuing Lender, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any DSR Letter of Credit by any applicable
Issuing Lender or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft,
notice or other communication under or relating to any DSR Letter of Credit (including any document required to make a drawing thereunder), any failure of the beneficiary of any DSR Letter of Credit to comply fully with any conditions required in
order to be able to draw on such DSR Letter of Credit, any error in interpretation of technical terms or any consequence arising from causes beyond the control of the applicable Issuing Lender; provided that, after paying in full its
obligation to reimburse Letter of Credit Disbursements as provided in this 2.02(f), the foregoing shall not be construed to excuse any Issuing Lender from liability to the Borrower to the extent of any direct damages (as opposed to
consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable Law) suffered by the Borrower that are caused by such Issuing Lender’s gross negligence or willful misconduct as
determined in a non-appealable judgment by a court of competent jurisdiction when determining whether drafts and other documents presented under a DSR Letter of Credit comply with the terms thereof. In
furtherance of the foregoing, the parties hereto expressly agree that, in the absence of gross negligence or willful misconduct as determined in a non-appealable judgment by a court of competent jurisdiction
on the part of an Issuing Lender: 
 (A) such Issuing Lender may accept documents that appear on their face to be in
substantial compliance with the terms of an applicable DSR Letter of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on
their face to be in substantial compliance with the terms of such DSR Letter of Credit; 

  
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 (B) such Issuing Lender shall have the right, in its sole discretion, to
decline to accept such documents and to decline to make such payment if such documents are not in strict compliance with the terms of such DSR Letter of Credit; and 

(C) clauses (A) and (B) above shall establish the standard of care to be exercised by an Issuing Lender when
determining whether drafts and other documents presented under an applicable DSR Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by Applicable Law, any standard of care inconsistent with
the foregoing). 
 (g) Disbursement Procedures. An Issuing Lender for any applicable DSR Letter of Credit shall, promptly following
its receipt thereof, examine all documents purporting to represent a demand for an applicable Letter of Credit Disbursement under such DSR Letter of Credit. Such Issuing Lender shall promptly after such examination notify the Administrative Agent
and the Borrower by electronic communication of such demand for such Letter of Credit Disbursement and whether such Issuing Lender has made or will make such Letter of Credit Disbursement thereunder and the date (the “Disbursement
Date”) of such Letter of Credit Disbursement; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse (without duplication) such Issuing Lender with respect to
any such Letter of Credit Disbursement. 
 (h) Letter of Credit Disbursement and Borrowing. If any Issuing Lender shall make any
Letter of Credit Disbursement and in the event that the Borrower does not repay any Letter of Credit Disbursement on or before the Business Day following such Letter of Credit Disbursement as provided in Section 2.02(f)(i),
the Borrower shall automatically be deemed to have requested a borrowing of Letter of Credit Loans, as of the applicable Disbursement Date, in an amount equal to the Reimbursement Obligation applicable to such Letter of Credit Disbursement and such
Reimbursement Obligation shall become a Letter of Credit Loan made by the applicable Issuing Lender hereunder as of the applicable Disbursement Date and shall be deemed to be a borrowing of Letter of Credit Loans hereunder on such day and bear
interest in accordance with Section 2.09 from the applicable Disbursement Date. Each such Letter of Credit Loan shall initially be made as a Base Rate Loan and the Borrower shall have the right to convert such Base Rate
Loan to a LIBO Rate Loan in accordance with Section 2.02. Interest accrued pursuant to this paragraph and Section 2.09 shall be for account of the applicable Issuing Lender. Each such Letter of
Credit Loan shall be repaid in accordance with Section 2.08 and amounts prepaid or repaid in respect of such Letter of Credit Loans may be reborrowed. 

(i) Cash Collateralization. If (i) the maturity of the Loans has been accelerated upon the occurrence of an Event of Default,
(ii) an Event of Default shall occur and be continuing and the Borrower receives notice from the Administrative Agent that the Required Lenders demand the deposit of cash collateral pursuant to this paragraph or (iii) any Event of Default
with respect to any Owner Party described in Section 8.01(f) shall occur, the Borrower shall immediately deposit into an account established and maintained on the books and records of the Collateral Agent, which account
shall be a Securities Account in the name of the Collateral Agent and for the benefit of the Issuing Lenders, an amount in cash equal to 102% of the aggregate amount of all Letter of Credit Exposure as of such date (or any applicable amount required
by Section 2.08) 

  
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plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become
immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (f) of Section 8.01. Any deposit made pursuant to
this 2.02(i) shall be held by the Collateral Agent as collateral for the Letter of Credit Exposure under this Agreement and shall in the case of a Letter of Credit Disbursement in respect of any DSR Letter of Credit be applied to the payment
of the Borrower’s obligations in respect of the Loans arising as a result of such Letter of Credit Disbursement; provided that any failure or inability of the Collateral Agent or Administrative Agent for any reason to apply such amounts
shall not in any manner relieve any Issuing Lender of its obligations under 2.02(h). Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. For this purpose the Borrower
hereby grants a security interest to the Collateral Agent for the benefit of the Issuing Lenders in such collateral account and any “financial assets” (as defined in the UCC) or other property held therein. If the Borrower is required to
provide an amount of cash collateral hereunder, upon the expiration or termination of each DSR Letter of Credit, the amount (to the extent not applied as aforesaid) by which the cash collateral exceeds 102% of the aggregate amount of all Letter of
Credit Exposure as of such date plus any accrued and unpaid interest thereon shall be (i) first, applied to repay other obligations of the Borrower then due and payable under the Loan Documents as of such date and
(ii) second, returned to the Borrower. 
 (j) Replacement of an Issuing Lender. (i)Any Issuing Lender may be replaced or
an additional Acceptable Bank appointed as an Issuing Lender at any time by written agreement among the Borrower, a new Issuing Lender and the Administrative Agent (with notice to such replaced Issuing Lender); provided that, if the replaced Issuing
Lender so requests, any DSR Letter of Credit issued by such Issuing Lender shall be replaced and cancelled prior to the removal of such Issuing Lender and all fees and other amounts owed to such removed Issuing Lender shall be paid to it; provided,
further, that any Acceptable Bank that is to be appointed as a Issuing Lender pursuant to this Section 2.02(j) must also assume such Issuing Lenders Letter of Credit Loan Commitment. 

(i) At any time the unsecured senior debt obligations of an Issuing Lender (other than ING Capital LLC) cease to be rated at
least Baa1 by Moody’s and at least BBB+ by S&P or, if the unsecured senior debt obligations of an Issuing Lender (other than ING Capital LLC) are rated exactly Baa1 by Moody’s or BBB+ by S&P and such Issuing Lender is placed on
negative credit watch by S&P or Moody’s, or such Issuing Lender is a Defaulting Lender, then such Issuing Lender may be replaced at any time by written request of the Borrower; provided that the consent of the Administrative Agent (not to
be unreasonably withheld, conditioned or delayed) shall be required if an Event of Default has occurred and is continuing at the time such request is made. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing
Lender. At the time any such replacement shall become effective, the Borrower shall return or Cash Collateralize all issued and outstanding DSR Letters of Credit issued by the replaced Issuing Lender and, at the time any such replacement shall
become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Lender (to the extent required by the terms of this Agreement). 

  
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 (ii) From and after the effective date of any such replacement, (i) any
successor Issuing Lender shall have all the rights and obligations of an Issuing Lender under this Agreement with respect to DSR Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Lender” shall
be deemed to refer to such successor or to any previous Issuing Lender, or to such successor and all previous Issuing Lenders, as the context shall require. After the replacement of an Issuing Lender hereunder, the replaced Issuing Lender shall
remain a party hereto to the extent that DSR Letters of Credit issued by it remain outstanding and shall continue to have all the rights and obligations of an Issuing Lender under this Agreement with respect to DSR Letters of Credit issued by it
prior to such replacement, but shall not be required to issue additional DSR Letters of Credit. 
 2.03 Borrowings, Conversions and
Continuations of Loans. 
 (a) Each borrowing of Term Loans shall be made upon the Borrower’s irrevocable notice to the
Administrative Agent, which shall be given as a Committed Loan Notice. Each such Committed Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three (3) Business Days prior to the requested date of any
borrowing of LIBO Rate Loans, and (ii) on the requested date of any borrowing of Base Rate Loans; provided that, no more than one (1) Committed Loan Notice may be submitted in any calendar month. Each borrowing of LIBO Rate Loans
shall be in a principal amount of $2,500,000 or a whole multiple of $500,000 in excess thereof or the remaining available Commitment. Each borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple
of $100,000 in excess thereof or the remaining available Commitment. Each Committed Loan Notice shall specify (i) the requested date of the borrowing (which shall be a Business Day), (ii) the principal amount of Loans to be borrowed,
(iii) the Type of Loans to be borrowed, (iv) if applicable, the duration of the Interest Period with respect thereto, and (v) confirmation that all conditions precedent under Section 4.02 have been satisfied
as of the date of the requested borrowing. If the Borrower fails to specify a Type of Loan in a Committed Loan Notice, then the applicable Loans shall be made as (x) LIBO Rate Loans with an Interest Period of three months if the Commitment Loan
Notice was delivered not later than 11:00 a.m. three (3) Business Days prior to the requested date of the borrowing or (y) Base Rate Loans otherwise. If the Borrower requests a borrowing of LIBO Rate Loans in any such Committed Loan
Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of three months. 
 (b) Following
receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each applicable Lender of the amount of its Applicable Percentage of the applicable Term Loans. Each Lender that has a Term Loan Commitment shall make the amount of
its Term Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice, and upon satisfaction of the
applicable conditions set forth in Article IV, the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent transferring such funds to the Construction Account established
under the Depositary Agreement. 

  
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 (c) Each conversion of Loans from one Type to the other, and each continuation of LIBO Rate
Loans, shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which shall be in substantially the form of Exhibit A-2 (any such notice, a “Notice of
Conversion/Continuation”). Each such Notice of Conversion/Continuation must be received by the Administrative Agent not later than 11:00 a.m. three (3) Business Days prior to the requested date of any conversion to or continuation of
LIBO Rate Loans or of any conversion of LIBO Rate Loans to Base Rate Loans. Each conversion to or continuation of LIBO Rate Loans shall be in a principal amount of $2,500,000 or a whole multiple of $500,000 in excess thereof, unless all Base Rate
Loans outstanding as of such date and all LIBO Rate Loans with Interest Periods expiring immediately prior to such date are being converted or continued. Each conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole
multiple of $100,000 in excess thereof unless all LIBO Rate Loans with Interest Periods expiring immediately prior to such date are being converted. Each Notice of Conversion/Continuation shall specify (i) whether the Borrower is requesting a
conversion of Loans from one Type to the other, or a continuation of LIBO Rate Loans, (ii) the requested date of the conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be
converted or continued, (iv) the Type of Loans to which existing Loans are to be converted and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower requests a conversion to, or continuation of, LIBO
Rate Loans in any such Notice of Conversion/Continuation, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of three months. If the Borrower fails to give a timely notice requesting a continuation of
LIBO Rate Loans, such LIBO Rate Loans shall be continued with an Interest Period of three months. 
 (d) If no timely notice of a conversion
or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic continuation of LIBO Rate Loans described in Section 2.02(c). 

(e) Except as otherwise provided herein, a LIBO Rate Loan may be continued or converted only on the last day of an Interest Period for such
LIBO Rate Loan. During the continuance of an Event of Default, no Loans may be requested as, converted to or continued as LIBO Rate Loans without the consent of the Required Lenders. 

(f) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for LIBO
Rate Loans upon determination of such interest rate. 
 (g) After giving effect to all borrowings of Loans, all conversions of Loans from one
Type to the other, and all continuations of Loans as the same Type, there shall not be more than eight (8) Interest Periods in effect. 

2.04 Termination or Reduction of Commitments. 

(a) The Borrower shall have the right, upon not less than five (5) Business Days’ notice to the Administrative Agent, to terminate or
reduce, on a pro rata basis among Lenders, the Term Loan Commitments, from time to time; provided that no such termination or reduction shall be permitted if, after giving effect thereto and to any prepayments of the Term Loans made on
the effective date thereof, the Term Loans would exceed the Term Loan Commitments, as applicable. Any such reduction shall be in an amount equal to $2,500,000 or a whole multiple of $1,000,000 in excess thereof, and shall reduce permanently the Term
Loan Commitments. 

  
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 (b) In connection with any reduction or termination of the Term Loan Commitments pursuant to
Section 2.03(a), other than in connection with the simultaneous repayment of all Term Loans outstanding and termination of all of the Term Loan Commitments, the Borrower shall certify, with confirmation by the Lenders’
Technical and Environmental Consultant (based on the funds expended against the Construction Budget and Schedule as demonstrated in the reports provided by the Borrower pursuant to Section 6.02(f)), that, after giving
effect to such reduction in the Commitments, the Equity Contributions plus amounts on deposit in the Construction Account plus any remaining available Commitments are sufficient to pay the Borrower’s share of the estimated remaining Project
Costs and achieve the Conversion Date by the Date Certain. 
 (c) Term Loan Commitments reduced or terminated pursuant to this
Section 2.04 shall not be reinstated. 
 (d) The Borrower shall not be permitted to reduce or terminate any Issuing
Commitments or Letter of Credit Loan Commitments. 
 2.05 Prepayments. 

(a) Optional. The Borrower may, upon written notice to the Administrative Agent, at any time or from time to time voluntarily prepay
Loans in whole or in part without premium or penalty; provided that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m. three (3) Business Days prior to any date of prepayment; and (B) any
prepayment of LIBO Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof or, if less, the entire principal amount thereof then outstanding; provided that, for any partial prepayment of the Term
Loans prior to the Conversion Date, the Borrower shall certify, with confirmation by the Lenders’ Technical and Environmental Consultant (based on the funds expended against the Construction Budget and Schedule as demonstrated in the reports
provided by the Borrower pursuant to Section 6.02(f)), that, after giving effect to such prepayment of Term Loans, the Equity Contributions plus amounts on deposit in the Construction Account plus any remaining available
Commitments are sufficient to pay the Borrower’s share of the estimated remaining Project Costs and achieve the Conversion Date by the Date Certain. Each such notice shall be executed by a Responsible Officer of the Borrower and specify the
date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if LIBO Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice,
and of the amount of such Lender’s ratable portion of such prepayment (based on such Lender’s Applicable Percentage of the Loans being prepaid). If such notice is given by the Borrower, the Borrower shall make such prepayment and the
payment amount specified in such notice shall be due and payable on the date specified therein; provided that, any such notice may be revoked (it being understood that the Borrower shall be responsible for losses, costs and expenses in
connection therewith in accordance with Section 3.05). 
 (b) Mandatory. 

(i) Cash Sweep. On each Repayment Date, to the extent of any cash remaining in the Revenue Account after application of
clauses (A) through (F) of Section 3.03(b)(i) of the Depositary Agreement, the Borrower shall prepay the Term Loans then outstanding in an amount equal to the amount by which the aggregate principal amount of the Term Loans outstanding as
of such Repayment Date is greater than the then-applicable Target Debt Balance. 

  
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 (ii) Performance Liquidated Damages. In the event that the Project
Company receives Performance Liquidated Damages pursuant to any Material Project Document, the Borrower shall prepay the Loans in an amount equal to the amount distributed to the Borrower in accordance with the Project Company LLC Agreement in
respect of such Performance Liquidated Damages (which amounts received by the Borrower shall be deposited into the Prepayment Account, and withdrawn therefrom to make such mandatory prepayment, in each case, pursuant to Section 3.03(i) of the
Depositary Agreement). 
 (iii) Loss Proceeds. In the event that the Borrower receives Net Cash Proceeds in connection
with the occurrence of an Event of Loss, the Borrower shall prepay the Loans in an amount equal to the amount of such Net Cash Proceeds (which amounts received by the Borrower shall be deposited into the Prepayment Account, and withdrawn therefrom
to make such mandatory prepayment, in each case, pursuant to Section 3.03(i) of the Depositary Agreement). 
 (iv)
Termination Payments. In the event that the Project Company receives any Termination Payments, the Borrower shall prepay the Loans in an amount equal to the amount distributed to the Borrower in accordance with the Project Company LLC
Agreement in respect of such Termination Payments (which amounts received by the Borrower shall be deposited into the Prepayment Account, and withdrawn therefrom to make such mandatory prepayment, in each case, pursuant to Section 3.03(i) of
the Depositary Agreement). 
 (v) Dispositions by the Project Company. In connection with a Disposition by the Project
Company not otherwise permitted by Section 7.05, the Borrower shall prepay the Loans in an amount equal to the amount distributed to the Borrower in accordance with the Project Company LLC Agreement in respect of the Net
Cash Proceeds in connection with such Disposition (which amounts received by the Borrower shall be deposited into the Prepayment Account, and withdrawn therefrom to make such mandatory prepayment, in each case, pursuant to Section 3.03(i) of
the Depositary Agreement). The provisions of this Section 2.05(b)(v) do not constitute a consent to the consummation of any Disposition not permitted by Section 7.05. 

(vi) Debt Incurrence. Upon the incurrence or issuance by the Borrower or the Project Company of any Indebtedness (in
each case, other than Indebtedness expressly permitted to be incurred or issued pursuant to Section 7.02), the Borrower shall prepay the Loans in an amount equal to all Net Cash Proceeds received by the Borrower in
connection therewith (which in the case of any such Net Cash Proceeds received by the Project Company shall be the amount of such Net Cash Proceeds distributed to the Borrower under the Project Company LLC Agreement). All such Net Cash Proceeds
received by the Borrower shall be deposited into the Prepayment Account, and withdrawn therefrom to make such mandatory prepayment, in each case, pursuant to Section 3.03(i) of the Depositary Agreement. The provisions of this
Section 2.05(b)(vi) do not constitute a consent to the incurrence of any Indebtedness not permitted by Section 7.02. 

  
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 (vii) Suspended Distributions. The Borrower shall prepay the Loans to
the extent and in the amount required pursuant to Section 3.03(g)(ii) of the Depositary Agreement or Section 3.03(j)(ii) of the Depositary Agreement. 

(viii) Dispositions of Equity Interests in the Project Company. In connection with a Disposition by the Borrower of any
Equity Interests in the Project Company, the Borrower shall (A) prepare revised base case projections delivered as part of the Financial Model on the Closing Date, in form and substance reasonably satisfactory to the Administrative Agent giving
pro forma effect to such Disposition (and any corresponding reduction in projected distributions of “Available Cash” to be made to the Borrower under the Project Company LLC Agreement), (B) together with such revised base case
projections, deliver a certificate of a Responsible Officer of the Borrower to the Administrative Agent certifying the amount of the Loans that would need to be prepaid in order to satisfy the Target Debt Balance based on such revised base case
projections (such amount, the “Equity Interest Disposition Prepayment Amount”), such certificate to be in form and substance reasonably satisfactory to the Required Lenders, (C) prepay the Loans in an amount equal to the lesser
of (x) the amount distributed to the Borrower under the Project Company LLC Agreement in respect of such Net Cash Proceeds in connection with such Disposition (which amounts shall be deposited into the Prepayment Account, and withdrawn
therefrom to make such mandatory prepayment pursuant to Section 3.03(i) of the Depositary Agreement), and (y) the Equity Interests Disposition Prepayment Amount, and (D) in the event that the amount of the prepayment contemplated by
the foregoing clause (C) is less than the Equity Interests Disposition Prepayment Amount, prepay the Loans in accordance with Section3.03(i) of the Depositary Agreement until such time as the aggregate prepayments contemplated by the foregoing
clause (C) and by this clause (D) equals the Equity Interests Disposition Prepayment Amount. The provisions of this Section 2.05(b)(viii) do not constitute a consent to the consummation of any Disposition not
permitted by the Loan Documents. 
 (ix) Indemnity Payments. In the event that the Borrower receives Indemnity
Payments in excess of $500,000, individually or in the aggregate, pursuant to the Project Company LLC Agreement, the Borrower shall prepay the Loans in an amount equal to such Indemnity Payments, such prepayment to be made within three
(3) Business Days following the Borrower’s receipt of such Indemnity Payments. 
 (x) Conversion Date
Debt/Equity Ratio True-up. The Borrower shall prepay the Loans then outstanding, on the Conversion Date, to the extent of cash remaining in the Construction Account after application of clauses
(A) through (C) of Section 3.03(a)(ii) of the Depositary Agreement, to the extent required and in an amount such that, after giving effect to such withdrawals and transfers pursuant to Section 3.03(a)(ii) of the Depositary Agreement,
any Borrowings on the Conversion Date and such prepayment, the Debt to Equity Ratio (as determined pursuant to clause (b) of the definition thereof) shall be no greater than 50:50. No prepayment shall be required pursuant to the terms of this
Section 2.05(b)(x) if as of the Conversion Date (after giving effect to borrowings and equity contributions made on the Conversion Date), the Debt to Equity Ratio is not greater than 50:50. 

  
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 Each prepayment made pursuant to clauses (b)(ii) through
(b)(x) shall be applied pro rata to the Lenders and Hedge Banks first, to prepay the Term Loans, together with accrued interest thereon and any amount required by Section 3.05 (if applicable), and any Swap
Termination Value required pursuant to Section 2.06(c); second, to the prepayment of the Letter of Credit Loans, together with accrued interest thereon and any amount required by
Section 3.05 (if applicable); third, to Cash Collateralize any DSR Letters of Credit then outstanding and undrawn in an amount equal to in an amount equal to 102% of the Letter of Credit Exposure; and
fourth, any amount remaining may be retained by the Borrower. Each such mandatory prepayment of the Loans (other than under clause (b)(ii)) shall be applied in inverse order of maturities. Each such prepayment of loans under clause
(b)(ii) shall be applied pro rata to scheduled principal payments. Upon the Borrower’s prior written request, a prepayment of Borrowings of any Loans may be applied to prepay outstanding Base Rate Loans before any LIBO Rate Loans so
long as such application does not affect the right any Lender would otherwise have to receive pro rata prepayments of the Loans held by such Lender. 

2.06 Terms of Prepayments. 

(a) Each prepayment of the outstanding Term Loans pursuant to Section 2.05 shall be applied pro rata to the
principal repayment installments thereof or in inverse order of maturity, as directed by the Borrower. 
 (b) Upon the prepayment of any Loan
(whether such prepayment is an optional prepayment or a mandatory prepayment), the Borrower shall pay to the Administrative Agent for the account of each Lender which made such Loan (i) all accrued interest to the date of such prepayment owed
pursuant to the terms of this Agreement on the amount prepaid, (ii) all accrued fees to the date of such prepayment owed pursuant to the terms of this Agreement corresponding to the amount being prepaid (other than any annual administrative
agent or collateral agent fees), and (iii) any additional amounts required pursuant to Section 3.05. 
 (c) In
the event of any prepayment of Term Loans or any reduction or termination of Term Loan Commitments under this Agreement, such prepayment, reduction or termination shall be accompanied by a concurrent reduction by the Borrower of the notional amount
of the Secured Hedge Agreements (including the payment of any Swap Termination Value that becomes due and payable as a result thereof) then in effect, pro rata, to the extent that such a reduction is necessary so that after such prepayment
the aggregate notional amounts under such Secured Hedge Agreements would not exceed one hundred and five percent (105%) of all Term Loans outstanding. 

2.07 Termination of Commitments. Each Term Lender’s remaining unused Term Loan Commitments shall be reduced to zero and thereafter
terminated on the last Business Day of the Term Loan Availability Period. Each Issuing Lender’s remaining unused Letter of Credit Loan Commitments shall be reduced to zero and thereafter terminated on the last Business Day of the Letter of
Credit Availability Period. 

  
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 2.08 Repayment of Loans. The Borrower shall repay (i) principal of the Term
Loans on each Repayment Date starting with the First Repayment Date and on each Repayment Date thereafter in an amount equal to the applicable Scheduled Repayment Amount and (ii) all outstanding Term Loans on the earlier of (x) the
Maturity Date and (y) the date of acceleration of the Loans pursuant to the terms of this Agreement. The Borrower shall repay (i) the outstanding principal amount of Letter of Credit Loans on each applicable Repayment Date, in accordance
with Section 3.03(b)(i)(E) of the Depositary Agreement and (ii) to the extent not previously paid, all outstanding Letter of Credit Disbursements and Letter of Credit Loans on the earlier of (x) the Maturity Date and (y) the date
of acceleration of the Loans pursuant to the terms of this Agreement. 
 2.09 Interest. 

(a) Subject to the provisions of Section 2.09(b), (i) each LIBO Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the LIBO Rate for such Interest Period plus the Applicable Rate; and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof
from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 
 (b) (i) If an Event of
Default under Section 8.01(a) shall have occurred and be continuing, interest on the amount of that payment due and unpaid shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws until the date of actual payment of that amount. 
 (ii)
Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. 
 (c)
Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and
after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 
 2.10 Fees. 

(a) Fee Letters. On the earlier of the first borrowing of the Term Loans and the date that is thirty (30) days following the
Closing Date, the Borrower shall pay the fees set forth in each of the Fee Letters. Such fees may be paid out of the proceeds of the Loans. 

(b) Administrative Agency Fees. The Borrower shall pay to the Administrative Agent on the earlier of the first borrowing of the Term
Loans and the date that is thirty (30) days following the Closing Date and on each other date as specified in the applicable Fee Letter, solely for the account of the Administrative Agent, the amounts payable to the Administrative Agent at the
times set forth therein. Such amounts may be paid out of the proceeds of the Loans. 
 (c) Commitment Fees. The Borrower shall pay to
the Administrative Agent for the account of each applicable Lender a commitment fee in respect of the Commitments for the period from and including the date hereof to but excluding the last day of the applicable Availability Period, computed at the
Commitment Fee Rate on the average daily unused amount of the Commitments of such Lender during the period for which payment is made (the “Commitment Fees”), payable on each Fee Payment Date prior to and including the last day of
the applicable Availability Period (or, if the Commitments are cancelled or expire prior to a Fee Payment Date, on the date of such cancellation or expiration). For the purposes of this Section 2.10(c), Issuance of a DSR
Letter of Credit shall constitute utilization of the Letter of Credit Loan Commitment on a dollar-for-dollar basis. 

  
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 (d) Letter of Credit Fees. The Borrower agrees to pay to the Administrative Agent for
the account of each Issuing Lender (except as provided in Section 2.15) a fee with respect to its Issued DSR Letters of Credit (a “Letter of Credit Fee”) which shall accrue at a rate per annum equal to the
Applicable Rate applicable to interest on LIBO Rate Loans, on the average daily amount of the Issuing Lender’s Letter of Credit Exposure (excluding any portion thereof attributable to unreimbursed Letter of Credit Disbursements) during the
period from and including the Conversion Date to but excluding the later of the date on which such Issuing Lender’s Letter of Credit Loan Commitment terminates and the date on which such Issuing Lender ceases to have any Letter of Credit
Exposure. Letter of Credit Fees shall be due and payable in arrears on each Repayment Date and on the Maturity Date; provided, that any Letter of Credit Fees accruing after the date on which the Letter of Credit Loan Commitments terminate
shall be payable on demand. All Letter of Credit Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

2.11 Computation of Interest and Fees. All computations of interest for Base Rate Loans (excluding Base Rate Loans determined by
reference to the LIBO Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a
360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall
accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid. Each determination by the Administrative Agent of an interest rate or fee
hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 2.12 Evidence of Indebtedness. The Loans made by
each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be
conclusive absent manifest error of the amount of the Loans made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of
the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such
matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the
Administrative Agent) a Note in respect of its Commitment and Loans, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if
applicable), amount and maturity of its Loans and payments with respect thereto. 

  
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 2.13 Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any
counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at
the Administrative Agent’s Office in Dollars and in immediately available funds not later than 3:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in respect of the
relevant Loans (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 3:00 p.m. shall be deemed received
on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day,
and such extension of time shall be reflected on computing interest or fees, as the case may be. 
 (b) (i) Funding by Lenders;
Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of LIBO Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00
noon on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with Section 2.03 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.03) and may,
in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the
Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to
but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the
interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such
interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the
Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii) Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrower prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made
such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the applicable Lenders
severally agrees to repay to the Administrative Agent forthwith on 

  
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demand the amount so distributed to such Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall be
conclusive, absent manifest error. 
 (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative
Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Loan set
forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest. 

(d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Loans and to make payments pursuant to
Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan or to make any payment under Section 10.04(c) on any date required hereunder shall not relieve any other
Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or to make its payment under Section 10.04(c). 

(e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or
manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

(f) Insufficient Funds. Except as provided in Section 8.03, if at any time insufficient funds are received by
and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the
parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, toward payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal then due to such parties. 
 2.14 Sharing of Payments by Lenders. If any Lender shall, by exercising any right of
setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of
(i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on account
of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time or (b) Obligations owing (but not due and payable) to such Lender hereunder and under the other
Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the Obligations owing
(but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time) 

  
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of payment on account of the Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time then
the Lender receiving such greater proportion shall (A) notify the Administrative Agent of such fact, and (B) purchase (for cash at face value) participations in the Loans of the other Lenders, or make such other adjustments as shall be
equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of Obligations then due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may
be, provided that: 
 (i) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii) the provisions of this Section shall not be construed to apply to (A) any payment made by or on behalf of the
Borrower pursuant to and in accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant. 

The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of Borrower in the amount of such
participation. 
 2.15 Defaulting Lenders(a) . Notwithstanding anything to the contrary contained in this Agreement, if any Lender
becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Laws: 

(a) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in Section 10.01. 
 (b) Reallocation of Payments. Any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise, and including any amounts made available to the
Administrative Agent by such Defaulting Lender pursuant to Sections 2.10(c), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such
Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loans in respect of which such Defaulting Lender has failed to fund its
portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing
deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent
jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this 

  
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Agreement; fifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that, if (i) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the
Loans owed to all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans owed to such Defaulting Lender until such time as all Loans are held by the Lenders pro
rata in accordance with the Commitments. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by such
Defaulting Lender, and each Lender irrevocably consents hereto. 
 (c) Commitment Fees. No Defaulting Lender shall be entitled to
receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(d) Defaulting Lender Cure. If the Borrower and the Administrative Agent agree in writing in their sole discretion that a Defaulting
Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, such Lender will,
to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as Administrative Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders
in accordance with their Applicable Percentages, whereupon such Lender will cease to be a Defaulting Lender; provided that, no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the
Borrower while such Lender was a Defaulting Lender; and provided further that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to
Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender. 

2.16 Conversion. The “Conversion Date” shall be the date on which each of the following conditions has been satisfied
(unless waived in writing by the Administrative Agent (acting at the direction of the Required Lenders)): 
 (a) Each of Mechanical
Completion and Final Completion has occurred. 
 (b) To the extent required, the Borrower has made the mandatory prepayments of the Loans
required pursuant to Section 2.05(b)(x). 
 (c) The In-Service Date has
occurred in respect of each of the Commitment Offtake Agreements. 
 (d) All Applicable Governmental Authorizations required to have been
obtained from any Governmental Authority for the ownership, development, construction, and operation of the Project in accordance with the Material Project Documents have been issued and are in full force and effect, and to the Knowledge of the
Borrower, the Project Company and Enterprise are in material compliance with all such Applicable Governmental Authorizations. 

  
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 (e) Each of the Commitment Offtake Agreement shall be in full force and effect. 

(f) Unless such Material Project Document (other than the Commitment Offtake Agreements) has expired or been replaced with a Replacement
Project Document in accordance with Section 6.06, each Material Project Document (other than any Additional Project Document that is not also a Commitment Offtake Agreement to the extent its failure to be in full force and
effect could not reasonably be expected to have a Material Adverse Effect) shall be in full force and effect. 
 (g) All Loan Documents and
the Project Company LLC Agreement shall be in full force and effect. 
 (h) The Debt Service Reserve Account shall have been funded in
accordance with the terms of the Depositary Agreement. 
 (i) No Default or Event of Default shall have occurred and be continuing. 

(j) The Borrower shall have demonstrated, to the reasonable satisfaction of the Lenders in consultation with the Lenders’ Technical and
Environmental Consultant, that the Lenders’ Reliability Test has been completed with results reasonably satisfactory to the Lenders’ Technical and Environmental Consultant. 

(k) The Administrative Agent shall have received the initial Operating Budget in accordance with Section 6.02(d)(i).

 (l) The Lenders’ Technical and Environmental Consultant shall have delivered to the Administrative Agent a certificate in the form of
Exhibit I-1 dated the Conversion Date. 
 (m) The Borrower shall have
delivered to the Administrative Agent a certificate in the form of Exhibit I-2 dated the Conversion Date. 

(n) Each representation and warranty of the Loan Parties set forth in the Loan Documents is true and correct in all material respects (except
to the extent any such representation and warranty is qualified by materiality, “Material Adverse Effect” or similar qualifier, in which case, it shall, when repeated, be deemed to be true and correct in all respects) on and as of the
Conversion Date (or, if any representation or warranty is stated to have been made as of a specific date, in all material respects as of such specific date). 

(o) The Administrative Agent shall have received copies of any Additional Project Documents and Applicable Governmental Authorizations entered
into or obtained, transferred or required (whether because of the status of the construction or operation of the Project or otherwise) since the Closing Date to the extent not previously received. 

(p) [Reserved.] 

  
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 (q) Insurance complying with Section 6.09 shall be in full force
and effect and the Administrative Agent shall have received (A) with respect to any insurance required to be obtained and maintained by the Borrower pursuant to Section 6.09, the certificates signed by the insurer or
broker authorized to bind the insurer, and (B) a certificate from the Insurance Consultant, dated on or around the Conversion Date, confirming, among other things, that the relevant Persons have the insurance required by such
Section 6.09, and that all premiums then due and payable on such insurance have been paid, and otherwise in form and substance reasonably satisfactory to the Administrative Agent. 

(r) No Event of Loss shall have occurred and be continuing (i) the restoration of which is reasonably estimated to cost $3,000,000 or
more or (ii) that could reasonably be expected to have a Material Adverse Effect. 
 (s) The Administrative Agent shall have received
an updated Financial Model, together with a certificate of an Responsible Officer of the Borrower stating that such projections and supporting documents were prepared in good faith by the Borrower and are based upon assumptions which the Borrower
considers to be reasonable and a certificate of the Lenders’ Technical and Environmental Consultant confirming that, based on the information supplied by the Borrower, the technical assumptions underlying the Financial Model are reasonable.

 (t) The Completion Reserve Account will be funded in an amount up to the Required Completion Reserve Amount pursuant to and in accordance
with Section 3.02(i) of the Depositary Agreement. 
 (u) The Borrower shall have delivered to the Administrative Agent evidence that
the Debt to Equity Ratio (after giving effect to all Borrowings and all Restricted Payments made prior to and on the Conversion Date) does not exceed 50:50. 

ARTICLE III. 
 TAXES, YIELD
PROTECTION AND ILLEGALITY 
 3.01 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) Any and all payments by or on account of any obligation of the Borrower hereunder or under any Loan Document shall be made
without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of an applicable Withholding Agent) require the deduction or withholding of any Tax from any
such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below. 

(ii) If the applicable Withholding Agent shall be required by applicable Law to withhold or deduct any Taxes, then (A) the
applicable Withholding Agent shall withhold or make such deductions as are determined by such Withholding Agent to be required, (B) such Withholding Agent shall timely pay the full amount withheld or deducted to the

  
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relevant Governmental Authority in accordance with applicable Law, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the
Borrower shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01(a)) the applicable
Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 
 (b) Payment of
Other Taxes by the Borrower. Without limiting the provisions of subsection (a) above, the Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent
timely reimburse it for the payment of, any Other Taxes. 
 (c) Tax Indemnifications. 

(i) The Borrower shall, and does hereby, indemnify each Recipient, and shall make payment in respect thereof within ten
(10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01(c)(i)) payable or paid by
such Recipient or required to be withheld or deducted from a payment to such Recipient, and reasonable out-of-pocket expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the
Administrative Agent, or by the Administrative Agent on its own behalf) shall be conclusive absent manifest error. 
 (ii)
Each Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within ten (10) days after demand therefor, (A) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only
to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (B) the Administrative Agent against any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance of a Participant Register and (C) the Administrative Agent against any Excluded Taxes attributable to such Lender,
that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and
apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii). 

  
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 (d) Evidence of Payments. After any payment of Taxes by the Borrower to a
Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a
copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory the Administrative Agent. 

(e) Status of Lenders; Tax Documentation. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without
limiting the generality of the foregoing, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and the
Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B)
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business
profits” or “other income” article of such tax treaty; 

  
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 (2) executed copies of IRS Form
W-8ECI; 
 (3) in the case of a Foreign Lender claiming the benefits of the exemption
for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or
W-8BEN-E; or 
 (4) to the extent a Foreign
Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that, if the Foreign Lender is a partnership and one or
more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit
G-4 on behalf of each such direct and indirect partner; 
 (C) any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S.
federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent
at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement; and 

  
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 (E) the Administrative Agent shall deliver to the Borrower, on or prior to
the date on which it becomes a party to this Agreement, executed copies (in such number of copies as shall be requested by the Borrower) of (A) if it is a U.S. Person, a properly completed and duly executed Internal Revenue Service Form W-9 or (B) if it is not a U.S. Person, a properly completed and duly executed Internal Revenue Service Form W-8IMY (certifying that it is either a qualified intermediary
or a U.S. branch and the payments it receives for the account of others are not effectively connected with the conduct of its trade or business in the United States and it is using such form as evidence of its agreement with the Borrower to be
treated as a United States person with respect to payments under the Loan Documents), and, if required, a properly completed and duly executed Internal Revenue Service Form W-8ECI or W-8BEN-E with respect to any payment that it receives on its behalf under any Loan Document, in each case, with the effect that the Loan Parties can make payments to the
Administrative Agent without deduction or withholding of any Taxes imposed by the United States. 
 (iii) Each Lender agrees
that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower
and the Administrative Agent in writing of its legal inability to do so. 
 (f) Treatment of Certain Refunds. Unless required by
applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the
account of such Lender. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid
additional amounts pursuant to this Section 3.01, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this
Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such
Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the Recipient, agrees to repay the amount paid over to the
Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the
contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Borrower pursuant to this subsection the payment of which would place the Recipient in a less favorable net
after-Tax position than such Recipient would have been in if Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments
or additional amounts with respect to such tax had never been paid. This subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the
Borrower or any other Person. 
 (g) Survival. Each party’s obligations under this Section 3.01 shall
survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. 

  
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 3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that
any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the LIBO Rate, or to determine or charge interest rates based
upon the LIBO Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the
Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue LIBO Rate Loans or to convert Base Rate Loans to LIBO Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such
Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the LIBO Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality,
be determined by the Administrative Agent without reference to the LIBO Rate component of the Base Rate, in each case, until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no
longer exist. Upon receipt of such notice, (A) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all LIBO Rate Loans of such Lender to Base Rate Loans (the interest
rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBO Rate component of the Base Rate), either on the last day of the Interest Period
therefor, if such Lender may lawfully continue to maintain such LIBO Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such LIBO Rate Loans and (B) if such notice asserts the illegality of such Lender
determining or charging interest rates based upon the LIBO Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the LIBO Rate component thereof until the
Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the LIBO Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 3.05. 

3.03 Inability to Determine Rates. If in connection with any request for a LIBO Rate Loan or a conversion to or continuation thereof,
(a) the Administrative Agent determines that (i) Dollar deposits are not being offered to banks in the London Interbank Offered Rate (LIBOR) market for the applicable amount and Interest Period of such LIBO Rate Loan, or (ii) adequate
and reasonable means do not exist for determining the LIBO Rate for any requested Interest Period with respect to a proposed LIBO Rate Loan or in connection with an existing or proposed Base Rate Loan (in each case with respect to clause (a)(i)
above, “Impacted Loans”), or (b) the Administrative Agent or the Required Lenders determine that for any reason the LIBO Rate for any requested Interest Period with respect to a proposed LIBO Rate Loan does not adequately and
fairly reflect the cost to such Lenders of funding such LIBO Rate Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (A) the obligation of the Lenders to make or maintain LIBO Rate Loans shall be
suspended (to the extent of the affected LIBO Rate Loans or Interest Periods) and (B) in the event of a determination described in the preceding sentence with respect to the LIBO Rate component of the Base Rate, the utilization of the LIBO Rate
component in determining the Base Rate shall be suspended, in each case until the 

  
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Administrative Agent upon the instruction of the Required Lenders revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to
or continuation of LIBO Rate Loans (to the extent of the affected LIBO Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Committed Loan Notice of Base Rate Loans in the amount
specified therein. 
 Notwithstanding the foregoing, if the Administrative Agent has made the determination described in clause (a)(i) of
this Section 3.03, the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest
shall apply with respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (a) of the first sentence of this Section 3.03, (2)
the Administrative Agent or the Required Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any
Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to
such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the
Administrative Agent and the Borrower written notice thereof. 
 3.04 Increased Costs; Reserves on LIBO Rate Loans. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)); 

(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(iii) impose on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or LIBO
Rate Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing
or maintaining any Loan the interest on which is determined by reference to the LIBO Rate (or, in the case of clause (ii) above, any Loan), or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, or to
reduce the amount of any sum received or receivable by such Lender (whether of principal, interest or any other amount) then, upon request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such
Lender for such additional costs incurred or reduction suffered. 

  
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 (b) Capital Requirements. If any Lender determines that any Change in Law affecting
such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital
of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but
for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional
amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c)
Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this
Section 3.04 and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within fifteen (15) days after receipt thereof.

 (d) Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of
this Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that, the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions
of this Section 3.04 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or
reductions and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to
include the period of retroactive effect thereof). 
 (e) Reserves on LIBO Rate Loans. The Borrower shall pay to each Lender, as long
as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid
principal amount of each LIBO Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each
date on which interest is payable on such Loan, provided that, the Borrower shall have received at least ten (10) days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender
fails to give notice ten (10) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable ten (10) days from receipt of such notice. 

3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall
promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense (excluding loss of profit) incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

  
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 (b) any failure by the Borrower (for a reason other than the failure of such Lender to make
a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or 

(c) any assignment of a LIBO Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the
Borrower pursuant to Section 10.12; 
 excluding any loss of anticipated profits but including any loss or expense arising from the
liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in
connection with the foregoing. 
 For purposes of calculating amounts payable by the Borrower to the Lenders under this
Section 3.05, each Lender shall be deemed to have funded each LIBO Rate Loan made by it at the LIBO Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable
amount and for a comparable period, whether or not such LIBO Rate Loan was in fact so funded. 
 3.06 Mitigation Obligations; Replacement
of Lenders. 
 (a) Designation of a Different Lending Office. Each Lender may make any Loans to the Borrower through any Lending
Office, provided that, the exercise of this option shall not affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. If any Lender requests compensation under
Section 3.04, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if
any Lender gives a notice pursuant to Section 3.02, then at the request of the Borrower such Lender shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such
Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 (b) Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is
required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, and in each case, such Lender has declined or is unable to
designate a different lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 10.12. 

3.07 Survival. All of the Borrower’s obligations under this Article III shall survive termination of the Commitments,
repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 

  
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 3.08 Effect of Benchmark Discontinuance Event. 

(a) Notwithstanding anything to the contrary in this Agreement or any other Loan Document, at or promptly after a Benchmark Transition
Determination, the Administrative Agent and the Borrower may amend this Agreement to replace the LIBO Rate with an alternate benchmark rate (which may include Term SOFR, to the extent publicly available quotes of Term SOFR exist at the relevant
time), including any Replacement Benchmark Spread, in each case giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks and adjustments or
any selection, endorsement or recommendation by the Relevant Governmental Body with respect to such facilities (any such proposed rate, together with the Replacement Benchmark Spread, a (“Replacement Benchmark”), together with any
proposed Replacement Benchmark Conforming Changes. Such Replacement Benchmark shall be applied in a manner consistent with market practice or, to the extent such market practice is not administratively feasible for the Administrative Agent, in a
manner as otherwise reasonably determined by the Administrative Agent; provided that in no event shall such Replacement Benchmark be less than zero for purposes of this Agreement. 

(b) Any such amendment with respect to an event under clause (a) of the definition of Benchmark Transition Determination shall become
effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the
Administrative Agent written notice that such Required Lenders do not accept such amendment. Any such amendment with respect to an event under clause (b) of the definition of Benchmark Transition Determination shall become effective on the date
that Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment. No replacement of the LIBO Rate with a Replacement Benchmark pursuant to this Section 3.08
shall occur (i) prior to the applicable Benchmark Transition Start Date or (ii) prior to the effective date for such replacement, if any, specified in such amendment. 

(c) The Administrative Agent will promptly notify the Borrower and each Lender of the occurrence of any Benchmark Unavailability Period. The
Borrower may revoke any request for a Borrowing of LIBO Rate Loans, conversion to or continuation of LIBO Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, if no such revocation is timely sent by the
Borrower, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans (subject to the next sentence). During any Benchmark Unavailability Period, the LIBO Rate component shall not
be used in any determination of the Adjusted Base Rate. 
 ARTICLE IV. 

CONDITIONS PRECEDENT 
 4.01
Conditions Precedent to the Closing Date. The occurrence of the Closing Date is subject to the satisfaction by the Borrower of each of the following conditions (unless waived in writing by the Administrative Agent (acting at the direction of
all Lenders)): 

  
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 (a) The Administrative Agent’s receipt of the following, each of which shall be
originals or electronic copies (followed promptly following the Closing Date by originals if so specified), each properly executed by a Responsible Officer of the Borrower, each dated the Closing Date (or, in the case of certificates of governmental
officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the Lenders: 

(i) duly executed counterparts of this Agreement, with originals sufficient in number for distribution to the Administrative
Agent, each Lender and the Borrower; 
 (ii) an original Note executed by the Borrower in favor of each Lender requesting a
Note; 
 (iii) a pledge and security agreement (the “Security Agreement”), duly executed by the Borrower and
Collateral Agent, together with: 
 (A) a proper financing statement in form appropriate for filing under the UCC of the
State of organization of the Borrower, covering the Collateral described in the Security Agreement, 
 (B) with respect to
the Borrower and the Project Company, certified copies of a recent search, satisfactory to them, in respect of all effective UCC financing statements and fixture filings and all judgment and tax lien filings, in each of the jurisdictions where
assets of the Borrower or the Project Company are located, which have been made with respect to any personal or mixed property of the Borrower or the Project Company, together with copies of all such filings disclosed by such search, and such
searches shall reveal no Liens on any of the assets of the Borrower or the Project Company except for Permitted Liens or Liens discharged on or prior to the Closing Date pursuant to documentation satisfactory to the Lenders (including UCC
termination statements for filing in all applicable jurisdictions as may be necessary to terminate any effective UCC financing statements or fixture or real property filings disclosed in such search); and 

(C) evidence that all other actions, recordings and filings that the Administrative Agent may deem necessary or desirable in
order to perfect the Liens created under the Security Agreement has been taken; 
 (iv) a depositary agreement (the
“Depositary Agreement”), duly executed by the Borrower, the Collateral Agent and the Depositary Bank; 
 (v)
executed counterparts of the Pledge Agreement, duly executed by Holdings and the Collateral Agent, together with: 
 (A)
original certificates and instruments representing any certificated securities collateral referred to therein accompanied by undated stock powers or instruments of transfer executed in blank, 

  
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 (B) a proper financing statement in form appropriate for filing under the
UCC in the District of Columbia, covering the Collateral described in the Pledge Agreement, 
 (C) a statement of particulars
in the required format to register the security interests under the Pledge Agreement at Companies House in England and Wales, 

(D) with respect to Holdings, certified copies of a recent search, satisfactory to them, in respect of all effective Companies
House filing histories and UCC financing statements and fixture filings and all judgment and tax lien filings, in each of the jurisdictions where assets of Holdings are located, which have been made with respect to any personal or mixed property of
Holdings, together with copies of all such filings disclosed by such search, and such searches shall reveal no Liens on any of the assets of the Holdings except for Permitted HoldCo Liens or Liens discharged on or prior to the Closing Date pursuant
to documentation satisfactory to the Lenders (including UCC termination statements for filing in all applicable jurisdictions as may be necessary to terminate any effective UCC financing statements or fixture or real property filings disclosed in
such search); and 
 (E) evidence that all other actions, recordings and filings that the Administrative Agent may deem
necessary or desirable in order to perfect the Liens created under the Pledge Agreement has been taken (other than the filing of the statement of particulars described in clause (C) above, which shall be filed within ten (10) days after
the Closing Date); 
 (vi) a certificate from each of the Loan Parties, signed by a Responsible Officer of each such Person
and dated the Closing Date, attaching and certifying the following: 
 (A) such Loan Party’s (and in the case of the
Borrower, the Project Company’s) Organizational Documents (including a copy of the certificate of formation or other formation documents, including all amendments thereto, certified as of a recent date by the applicable Secretary of State or
other applicable Governmental Authority), and certifying that such documents are in full force and effect as of the Closing Date, no term or condition thereof has been amended from the form attached to such certificate; 

(B) a copy of one or more board or other resolutions or other authorizations from such Loan Party certified by a Responsible
Officer of such Loan Party as being in full force and effect on the Closing Date, authorizing the execution, delivery and performance of this Agreement (in the case of the Borrower’s certificate) and of each Transaction Document to which it is
a party and the consummation of the transactions contemplated therein and any instruments or agreements required hereunder or thereunder; 

  
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 (C) a certificate of incumbency including the names and true signatures of
the incumbent officers of such Loan Party authorized to sign the Transaction Documents to which such Loan Party is a party; 

(D) a certificate, certified as a recent date by the Delaware Secretary of State, certifying that the Borrower is validly
existing and in good standing in its jurisdiction of formation; 
 (E) a certificate, certified as a recent date by the Texas
Secretary of State, certifying that the Project Company is validly existing and in good standing in its jurisdiction of formation; and 

(F) a certificate of another officer as to the incumbency and specimen signature of the Responsible Officer executing the
certificate pursuant to this clause (vii); 
 (vii) the favorable opinions of Baker Botts LLP, New York, Delaware and
English counsel to the Loan Parties addressed to and in form and substance satisfactory to the Administrative Agent and each Lender; 

(viii) a certificate signed by a Responsible Officer of the Borrower certifying that (x) the conditions in
Section 4.01 are satisfied, or to the extent that documents are to be delivered to the Administrative Agent, that such documents have been delivered (without certifying that such documents are in form and substance
satisfactory to the Administrative Agent), (y) the representations and warranties made by it pursuant to Article V are true and correct and (z) the Borrower has not received written notice of, and has no Knowledge of, any Event of Loss
in respect of the Project; 
 (ix) a certificate signed by a Responsible Officer of Holdings certifying that the
representations and warranties made by it pursuant to the Pledge Agreement are true and correct; 
 (x) a certificate of the
Borrower attesting to the Solvency of the Borrower before and after giving effect to the Transactions contemplated to occur on the Closing Date, from a Responsible Financial Officer of the Borrower, substantially in the form of Exhibit H; and

 (xi) duly executed counterparts of the Intercreditor Agreement, with originals sufficient in number for distribution to
the Administrative Agent, Collateral Agent and the Borrower; 
 (b) The Administrative Agent’s receipt of the following, each in form
and substance satisfactory to the Administrative Agent and each of the Lenders: 
 (i) the Construction Budget and
Schedule (certified by a Responsible Officer of the Borrower as, to the Knowledge of the Borrower, based on reasonable assumptions as to the legal and factual matters material to the estimates set forth therein, and fairly representing the
Borrower’s expectations as to the financial performance of the Project over the term of the Loans); 

  
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 (ii) the Technical and Environmental Due Diligence Report favorably
reviewing (A) the technical and economic feasibility of the Project and the environmental compliance and environmental risks relating to the Project; (B) the reasonableness of the Construction Budget and Schedule, each of the EPC Contracts
and the assumptions related to the costs and operating performance of the Project; and (C) the reasonableness of the technical assumptions underlying the Financial Model; 

(iii) the unaudited financial statements of the Project Company, consisting of the balance sheet of the Project Company and the
related statements of income and cash flows as of February 28, 2019; 
 (iv) the Financial Model (satisfying the Target
Debt Balance and Debt Service Coverage Ratio); and 
 (v) copies of each of the Market Consultant Report and the Insurance
Consultant’s Report, in each case, together, if necessary, with reliance letters in respect of the same authorizing the Administrative Agent’s, the Arrangers’ and the Lenders’ reliance on such reports, dated the Closing Date.

 (c) With respect to the Material Project Documents, the Administrative Agent shall have received: 

(i) true, complete and correct copies of each Material Project Document as of the Closing Date and any existing supplements or
amendments thereto, and such documents shall have been duly authorized, executed and delivered by the Project Company and, to the Knowledge of the Borrower, the other parties thereto and shall be in full force and effect on the Closing Date and
shall be certified by a Responsible Officer of the Borrower as, to its Knowledge, being true, complete and correct copies and in full force and effect; 

(ii) a certificate from a Responsible Officer of the Borrower, satisfactory in form and substance to the Administrative Agent
and the Lenders, certifying that (A) all conditions precedent to the performance of the Project Company under each Material Project Document have been satisfied or waived (other than conditions precedent that are not required to be satisfied
until a later date); (B) all performance security required to be delivered under each Material Project Document as of the Closing Date has been so delivered and (C) no party to any such Material Project Document is, or but for the passage of
time or giving of notice or both will be, in breach of any obligation thereunder; 
 (iii) a certificate from the
Lenders’ Technical and Environmental Consultant confirming that (A) the Technical and Environmental Due Diligence Report and all informational materials contained therein are, as of the date of such Technical and Environmental Due
Diligence Report, and are, as of the Closing Date true, correct and complete in all material respects based upon the information furnished to the Lenders’ Technical and Environmental Consultant as of the Closing Date, (B) since the date of
the 

  
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Technical and Environmental Due Diligence Report, there has been no material change to the Technical and Environmental Due Diligence Report or to the conditions set forth therein other than as
disclosed to the Lenders in such certificate and (C) to the best of the Lenders’ Technical and Environmental Consultant’s knowledge, no act, event or condition has occurred that would make any information or statement contained in the
Technical and Environmental Due Diligence Report untrue, incorrect or misleading in any material respect. 
 (d) All Applicable Governmental
Authorizations for the ownership, development, construction, and operation of the Project in accordance with the Material Project Documents and required to have been obtained by the Closing Date from any Governmental Authority have been issued and
are in full force and effect, and to the Knowledge of the Borrower the Project Company and Enterprise are in material compliance with all such Applicable Governmental Authorizations. 

(e) The Administrative Agent shall have received copies of each Applicable Governmental Authorization. 

(f) [Reserved.] 
 (g) The
Administrative Agent shall have received at least five (5) Business Days prior to the Closing Date, all documentation and other information about each Loan Party required by regulatory authorities under applicable “know-your-customer”
rules and regulations, including the USA Patriot Act, to the extent such information has been requested at least ten (10) Business Days prior to the Closing Date. At least five (5) Business Days prior to the Closing Date, any Owner Party
that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall deliver a Beneficial Ownership Certification in relation to such Borrower Owner Party. 

(h) [Reserved.] 
 (i) No Default
or Event of Default shall have occurred and be continuing or would result from the initial funding of the Loans. 
 (j) No event, occurrence,
development or state of circumstances or facts that individually or in the aggregate has had, or would reasonably be expected to have, or result in, a Material Adverse Effect shall have occurred and be continuing. 

(k) Each representation and warranty of the Loan Parties set forth in the Loan Documents is true and correct in all material respects on and as
of the Closing Date (or, if any representation or warranty is stated to have been made as of a specific date, in all material respects as of such specific date). 

(l) [Reserved]. 
 (m) On the
Closing Date, after giving effect to the Transactions, Holdings and the Borrower shall have no Indebtedness for borrowed money or preferred equity except the initial Loans. 

  
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 (n) The Administrative Agent shall have received a certificate from a Responsible Officer of
the Borrower that (i) there are no actions, suits, proceedings, claims or disputes pending or, to the Knowledge of the Borrower, threatened in writing, before any Governmental Authority, by or against any Loan Party or, to the Knowledge of the
Borrower, the Project Company or against any of their properties or revenues that (A) purport to affect or pertain to this Agreement, any other Transaction Document, the consummation of the Transaction or, to the Knowledge of the Borrower, any
Material Project Document, or (B) either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect and (ii) the Borrower is not in breach or default under any order, writ, injunction or decree of any
Governmental Authority or arbitral tribunal, in each case, applicable to the Borrower. 
 (o) [Reserved]. 

(p) Enterprise shall have assigned the Marubeni TSA and the Flint Hills TSA to the Project Company. 

Without limiting the generality of the provisions of Section 9.03(e), for purposes of determining compliance with
the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder
to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

4.02 Conditions to Borrowings of Term Loans after the Closing Date. The obligation of the Term Lenders to make Term Loans on any date
subsequent to the Closing Date (any such date, “Borrowing Date”) is subject to the satisfaction of each of the following conditions: 

(a) As of such Borrowing Date, (i) unless such Material Project Document (other than the Commitment Offtake Agreements and the Terminal
Services Agreement) has expired in accordance with its terms or been replaced in accordance with Section 6.06, each such Material Project Document (other than any Additional Project Document that is not also a Commitment
Offtake Agreement to the extent its failure to be in full force and effect could not reasonably be expected to have a Material Adverse Effect) shall be in full force and effect and (ii) each Commitment Offtake Agreement, the Terminal Services
Agreement and the Loan Documents shall be in full force and effect. 
 (b) As of such Borrowing Date, neither the Borrower nor the Project
Company is in breach in any material respect of any obligation under any Material Project Document to which such Person is a party, except, in each case, to the extent such breach (i) does not and will not give rise to a termination right or
other material remedy thereunder, (ii) is cured within the applicable cure period therefor, (iii) remains subject to a cure period thereunder and the applicable breaching party is diligently pursuing a cure or (iv) has been waived
thereunder by the non-breaching party or parties. 
 (c) To the Knowledge of the Borrower, as of such
Borrowing Date, no party (other than the Project Company and the Borrower) to any Material Project Document is in breach in any material respect of any obligation thereunder, except, in each case, to the extent such breach (i) does not and will
not give rise to a termination right or other material remedy thereunder, (ii) is cured within the applicable cure period therefor, (iii) remains subject to a cure period thereunder and the applicable breaching party is diligently pursuing
a cure or (iv) has been waived thereunder by the non-breaching party or parties. 

  
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 (d) All Applicable Governmental Authorizations for the ownership, development, construction,
and operation of the Project in accordance with the Material Project Documents and required to have been obtained by such Borrowing Date from any Governmental Authority have been issued and are in full force and effect, and to the Knowledge of the
Borrower, the Project Company is in compliance with all such Applicable Governmental Authorizations, except to the extent any such non-compliance could not reasonably be expected to have a Material Adverse
Effect. 
 (e) No Default or Event of Default shall have occurred and be continuing or would result from the funding of the Loans on such
Borrowing Date. 
 (f) Each representation and warranty of the Loan Parties set forth in Article V hereof and in each of the other
Loan Documents is true and correct in all material respects (except to the extent any such representation and warranty is qualified by materiality, “Material Adverse Effect” or similar qualifier, in which case, it shall, when repeated, be
deemed to be true and correct in all respects) on and as of such Borrowing Date (or, if any representation or warranty is stated to have been made as of a specific date, all material respects as of such specific date). 

(g) The Borrower shall have delivered to the Administrative Agent evidence that the Debt to Equity Ratio (after giving effect to all Borrowings
and all Restricted Payments made prior to and on such date) does not exceed 50:50. 
 (h) The Borrower shall have delivered to the
Administrative Agent and the Lenders’ Technical and Environmental Consultant, at least eight (8) Business Days prior to the Borrowing Date the Borrower’s Construction Drawdown Certificate: (i) attaching a copy of the Call Notice
received by the Borrower pursuant to Section 3.3(a) of the Project Company LLC Agreement, (ii) attaching copies of the Construction Reports as to the Project from Enterprise, status reports from the counterparties to the Storage Tank EPC
Contract and the Liquefaction Facility, respectively, a breakdown and description of the Project Costs incurred by the Project Company as reported by the Construction Manager (including owner costs as outlined in Exhibit B of the Construction
Management Agreement and not paid pursuant to an EPC Contract), an updated Project Schedule in the form of a bar chart or table of milestones as reported by the Construction Manager highlighting the estimated Conversion Date and any material
deviations to the contractual schedule, status reports from Enterprise with respect to the “Permitting, Engineering, Procurement, and Construction” progress of the carrier pipeline referred to in the Transportation Services Agreement,
health and safety reports covering the period’s and year to date health and safety metrics, including, contractor and employer job hours, lost-time-incidents, recordables, fatalities, and a summary of the status of the Applicable Governmental
Authorizations necessary for the construction and operation of the Project, in each case that have not been previously delivered in connection with a Borrowing, and all other information received by the Borrower in support of such Call Notice,
(iii) describing the Project Costs incurred by the Project Company and allocated to the Borrower to date, (iv) describing the Project Costs to be paid with the proceeds from the requested Borrowing, (v) certifying that the
Borrower’s share of the remaining 

  
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Project Costs expected to be incurred to achieve the Conversion Date on or prior to the Date Certain are less than or equal to the undrawn Term Loan Commitment up to the then applicable
Commitment Availability plus amounts on deposit in the Construction Account, (vi) indicating when the Conversion Date is expected to occur, and (vii) describing the status of the Construction Budget and Schedule (including an update of the
status of the Construction Budget and Schedule showing the actual costs incurred for each budget line item, current draw request by line item, the estimated costs to complete by line item and a summary of the sources for each of the foregoing that
have been used and are available to cover the Project Costs and certifying that the progress of construction of the Project is in all material respects in accordance with the Construction Budget and Schedule and the requirements of the EPC
Contracts). 
 (i) The Administrative Agent shall have received (i) the Lenders’ Technical and Environmental Consultant’s
Certificate at least five (5) Business Days prior to the date of the Borrowing Date, pursuant to which the Lenders’ Technical and Environmental Consultant certifies (A) that the progress of construction of the Project is in all
material respects in accordance with the Construction Budget and Schedule and applicable requirements of the EPC Contracts, (B) that the estimated Conversion Date set forth in the Borrower’s Construction Drawdown Certificate is achievable
and the Conversion Date is reasonably likely to occur by the Date Certain, (C) the reasonableness of certain information and certifications provided in the Borrower’s Construction Drawdown Certificate based on the information provided in
support thereof and (D) that based on the Borrower’s report of funds expended against the Construction Budget and Schedule and assuming that Enterprise funds its share of Project Costs in accordance with the Project Company LLC Agreement
and based on the Borrower’s share of the remaining Project Costs expected to be incurred under the Construction Budget and Schedule, there are sufficient committed funds available to the Borrower pursuant to the Credit Agreement and funds on
deposit in the Construction Account to achieve the Conversion Date in accordance with the Material Project Documents on or before the Date Certain; and (ii) to the extent requested and received by the Lenders’ Technical and Environmental
Consultant, copies of all documentation required to be provided under the EPC Contracts to the Project Company or Construction Manager by the relevant contractor with respect to the Project Costs anticipated to be paid with the proceeds of the
requested Borrowing. 
 (j) The Borrower shall have taken or caused to be taken all actions reasonably requested by the Administrative Agent
in order that the Administrative Agent has a valid and perfected first priority security interest in the Collateral. 
 (k) (i) All fees
required to be paid to the Administrative Agent and the Arrangers on or before such Borrowing Date shall have been paid and (ii) all fees required to be paid to the Lenders on or before such Borrowing Date shall have been paid. 

(l) The Administrative Agent shall have received a certificate signed by a Responsible Officer of the Borrower certifying that (i) the
conditions specified in Section 4.02 are satisfied as of such Borrowing Date and (ii) the estimated Project Costs will not exceed funds committed by the Borrower and Enterprise under the Project Company LLC Agreement
to pay such Project Costs (determined as of such Borrowing Date). 

  
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 (m) With respect to the initial borrowing of the Term Loans, Equity Contributions shall
equal at least the Required Equity Contribution Amount, provided that, the Lenders acknowledge that as of the Closing Date Equity Contributions were equal to $72,500,000. 

(n) With respect to the initial borrowing of the Term Loans, the Lenders shall have received reasonably satisfactory regulatory opinions of
federal regulatory counsel to the Borrower and Texas regulatory and environmental counsel to the Borrower 
 (o) The Administrative Agent
shall have received a Committed Loan Notice in accordance with the requirements hereof. 
 (p) With respect to the initial borrowing of the
Term Loans, insurance complying with Section 6.09 shall be in full force and effect and the Administrative Agent shall have received a certificate from the Insurance Consultant, dated on or around the date of such
borrowing, confirming, among other things, that the Borrower has the insurance required to be obtained by the Borrower pursuant to Section 6.09, and that all premiums then due and payable on such insurance have been paid.

 4.03 Conditions to Commitment Availability Increases. Any increase to the Commitment Availability shall be subject to the
satisfaction by the Borrower of each of the following conditions (unless waived in writing by the Administrative Agent (acting at the direction of all Lenders)): 

(a) The Administrative Agent shall have received a request for an adjustment to the Commitment Availability stating the proposed Commitment
Availability Amount. 
 (b) The Administrative Agent shall have received an updated Financial Model approved by each Lender in consultation
with the Lenders’ Technical and Environmental Consultant (such approval not to be unreasonably withheld). 
 (c) The Administrative
Agent shall have received a certificate of the Financial Officer of the Borrower certifying that, as determined by the Borrower good faith based upon assumptions believed by the Borrower to be reasonable at the time, the Financial Model demonstrates
a Projected Debt Service Coverage Ratio of at least 1.15x at each Repayment Date through the Maturity Date based on Contracted Cash Flows under the Commitment Offtake Agreements then in effect, with a balloon payment that can be fully repaid from
Contracted Cash Flows under the Commitment Offtake Agreements then in effect expected to be received from the Maturity Date through the remaining tenor of such Commitment Offtake Agreements (and including all supporting calculations). 

(d) The Administrative Agent shall have received an updated Schedule 1.01(A) reasonably acceptable to all Lenders. 

(e) The Administrative Agent shall have received an updated Schedule 1.01(C) reasonably acceptable to all Lenders. 

  
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 4.04 Conditions to Issuance of each DSR Letter of Credit. The obligation of the
Issuing Lender to Issue any DSR Letter of Credit is subject to the receipt by the Administrative Agent of each of the following documents, and the satisfaction of the conditions precedent set forth below, each of which shall be reasonably
satisfactory in form and substance to the Administrative Agent and the Issuing Lender (unless waived by the Issuing Lender): 
 (a) Delivery
of a Notice of Issuance to the Administrative Agent in accordance with Section 2.02(b). 
 (b) (i) The representations and
warranties of the Borrower and Holdings set forth in each Loan Document shall be true and correct in all material respects on and as of the date of such Issuance (or, if any such representation or warranty is expressly stated to have been made as of
a specific prior date, such representation or warranty was true and correct in all material respects as of such specific prior date), both immediately prior to the proposed Issuance and after giving effect to such Issuance, and (ii) at the time
of and immediately after giving effect to such Issuance, no Default or Event of Default shall have occurred and be continuing; provided, however, that a representation or warranty that is qualified by materiality, Material Adverse
Effect or similar phrase shall be true and correct in all respects. 
 (c) All conditions precedent to the Conversion Date shall have
occurred or shall occur simultaneously with such Issuance. 
 ARTICLE V. 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Administrative Agent and the Lenders that: 

5.01 Existence, Qualification and Power. The Borrower and, to the Knowledge of the Borrower, the Project Company (a) is a limited
liability company duly organized, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its organization, (b) has all requisite power and authority and all requisite governmental licenses, permits,
authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Transaction Documents and the Material Project Documents to which it is a party
and consummate the Transaction, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification or license; except in each case referred to in clause (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

5.02 Authorization; No Contravention. The execution, delivery and performance by the Borrower of each Transaction Document to which it
is a party, and, to the Knowledge of the Borrower, by the Project Company of each Transaction Document and each Material Project Document to which the Project Company is a party, and the consummation of the components of the Transaction to which
such Person is a party have been duly authorized by all necessary corporate or other organizational action by such Person and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict
with or result in any breach or contravention of, or the creation of any Lien (other than a Lien created under the Loan Documents) under, or cause the acceleration of any payment to be made under (i) any Contractual Obligation to which such
Person is a party or by which it is bound or to which the properties of such Person are subject or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject;
or (c) violate any Law. 

  
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 5.03 Governmental Authorization; Other Consents. 

(a) No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other
Person is necessary or required to be obtained, taken or made by the Borrower or, to the Knowledge of the Borrower, the Project Company (as applicable) in connection with (a) the execution, delivery or performance by, or enforcement against,
the Borrower of any Transaction Document that the Borrower is a party, the execution, delivery or performance by, or enforcement against, the Project Company of any Material Project Document, any Transaction Document or for the consummation of the
Transaction, other than in the case of performance of any Transaction Document, such actions as are required to be taken under such Transaction Document, (b) the grant by the Borrower of the Liens granted by it pursuant to the Collateral
Documents, (c) the perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature thereof) or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan
Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except (i) approvals, consents, exemptions, authorizations, actions, notices and filings that has been obtained or made and are in full force and
effect, (ii) UCC filings required to be made pursuant to the Loan Documents, and (iii) in the case of exercise of remedies in respect of Equity Interests, approvals and all other actions required under the Project Company LLC Agreement for
any transfer of the Equity Interests. 
 (b) To the Knowledge of the Borrower, all applicable waiting or appeal periods in connection with
the Transaction have expired without any action having been taken by any Governmental Authority restraining, preventing or imposing materially adverse conditions upon the Transaction or the rights of the Borrower or its Subsidiaries freely to
transfer or otherwise dispose of, or to create any Lien on, any properties now owned or hereafter acquired by any of them. 
 (c) To the
Knowledge of the Borrower, there are no material Governmental Authorizations issued pursuant to or required under applicable Laws (including Environmental Laws) as the Project is currently designed and contemplated to be sited, constructed, owned,
maintained and operated, other than the Applicable Governmental Authorizations set forth on Schedule 5.03(a) and the Governmental Authorizations set forth on Schedule 5.03(b). 

(d) To the Knowledge of the Borrower, each Applicable Governmental Authorization that has been issued to the Project Company, Enterprise or a
Material Project Party that is an Affiliate of the Project Company or Enterprise (except as set forth on Schedule 5.03(c)), is in full force and effect and is not subject to any pending or threatened in writing legal proceeding (including
administrative or judicial appeal, permit renewals or modification) seeking material modification or revocation or to any unsatisfied condition (required to be satisfied as of date this representation and warranty is made) or that could reasonably
be expected to have a Material Adverse Effect, and if an appeal period is specified by an applicable Law under which such Applicable Governmental Authorizations were issued, all appeal periods with respect to the issuance of such Governmental
Authorizations have expired. 

  
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 (e) To the Knowledge of the Borrower, each of the Project Company, Enterprise and a Material
Project Party that is an Affiliate of the Project Company or Enterprise are in compliance with all Applicable Governmental Authorizations held in its name or applicable to the Project, except in each case such
non-compliance as could not reasonably be expected to have a Material Adverse Effect. 
 (f) As of
the Closing Date, other than as set forth on Schedule 5.03(c), each Governmental Authorization which has not yet been obtained is not yet an Applicable Governmental Authorization and is of a type that is reasonably expected to be timely
obtainable without material cost, difficulty, or delay prior to the time that it will become an Applicable Governmental Authorization, and, to the Knowledge of the Borrower, no facts or circumstances exist that make it reasonably likely that any
such Governmental Authorization will not be so obtainable. No facts or circumstances exist that make it reasonably likely that the Applicable Governmental Authorizations set forth on Schedule 5.03(c) will not be timely obtainable without
material cost, difficulty, or delay to the Construction Budget and Schedule or without causing the assumptions underlying the Financial Model to become unreasonable. 

(g) The Project, if constructed in accordance with the Construction Budget and Schedule and otherwise developed as contemplated by the Material
Project Documents, shall conform to and comply in all material respects with all material covenants, conditions, restrictions and reservations in the Applicable Governmental Authorizations and all applicable Laws as in effect as of the date this
representation is made and deemed repeated, except in each case such non-compliance as could not reasonably be expected to have a Material Adverse Effect. 

5.04 Binding Effect. This Agreement has been, and each other Transaction Document and each Material Project Document, when delivered
hereunder, will have been, duly executed and delivered by the Borrower if it is party thereto or, to the Knowledge of the Borrower, the Project Company if it is party thereto. This Agreement constitutes, and each other Transaction Document and each
Material Project Document when so delivered will constitute, a legal, valid and binding obligation of the Borrower or, to the Knowledge of the Borrower, the Project Company (as applicable), enforceable against each the Borrower or, to the Knowledge
of the Borrower, the Project Company (as applicable) in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’
rights and remedies generally and to general principles of equity. 
 5.05 Financial Statements; No Material Adverse Effect; No
Default. 
 (a) The Closing Date Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the
period covered thereby, except as otherwise expressly noted therein and; (ii) fairly present the financial condition of the Project Company as of the dates thereof and its respective results of operations and cash flows for the period covered
thereby in accordance with GAAP consistently applied throughout the periods covered thereby, except as otherwise expressly noted therein. 

(b) The projected balance sheets, statements of income and cash flows of the Borrower and, to the Knowledge of the Borrower, the Project
Company provided to the Lenders prior to the Closing Date were prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the Closing Date. 

  
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 (c) No event or circumstance, either individually or in the aggregate, that has had or could
reasonably be expected to have a Material Adverse Effect has occurred and is continuing. 
 (d) No Default or Event of Default has occurred
and is continuing or, as of the Closing Date, shall result from the consummation of all or any part of the Transaction. 
 5.06
Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the Knowledge of the Borrower, threatened, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or, to the
Knowledge of the Borrower, the Project Company or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement, any other Transaction Document or the consummation of the Transaction or (b)(i) purport to
affect or pertain to any Material Project Document and (ii) either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

5.07 Indebtedness. The Borrower and, to the Knowledge of the Borrower, the Project Company have not created, incurred, assumed or
suffered to exist or otherwise become liable with respect to any Indebtedness, other than Indebtedness permitted in accordance with Section 7.02. 

5.08 Nature of Borrower; Ownership of Property; Liens; Investments. 

(a) The Borrower is a Delaware limited liability company formed in December 2017, and has conducted no operations or activities other than the
entering into and performance of the Transaction Documents to which it is a party and activities necessary in connection therewith. 
 (b)
The Borrower does not own, lease, hold or operate any real property. 
 (c) The Borrower does not own or hold any assets (of any nature
whatsoever) except (i) cash and Cash Equivalents in the Project Accounts in which the Collateral Agent has a perfected security interest (subject to Permitted Liens), other than to the extent the failure to maintain such security interest is
the result of negligence of the Collateral Agent, (ii) the membership units in the Project Company and, following the Closing Date, any other Investments in the Project Company, (iii) its rights under the Transaction Documents to which it
is a party, (iv) the insurance as may be required to be maintained by it under Section 6.09, (v) cash in the Pre-Existing Bank Account and (vi) any other assets acquired in
the conduct of activities permitted by Section 7.07. The Borrower has no Subsidiaries and is not a general or limited partner in any partnership or a party to a joint venture (other than as a member of the Project Company).

 (d) To the Knowledge of the Borrower, the Project Company owns good and marketable title to the Project and has a valid leasehold interest
in all real property necessary for the development, construction and operation of the Project. The Borrower has a good and valid ownership interest in all property and assets (tangible and intangible) included in the Collateral under each Collateral
Document that has been executed as of the date this representation is made or deemed repeated. 

  
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 (e) To the Knowledge of the Borrower, the Project Company conducts no operations or
activities other than the entering into and performance of the Transaction Documents, the Material Project Documents and the Non-Material Documents to which it is a party and activities in connection
therewith. 
 (f) The Collateral Agent has a perfected first priority Lien and security interest in all assets of the Loan Parties
contemplated under the Security Documents to secure the Obligations (subject to Permitted Liens), except (i) to the extent the failure to maintain such security interest is the result of negligence of the Collateral Agent and (ii) in
respect of the Equity Interests of the Borrower in the Project Company. There are no Liens on any assets of the Borrower or, to the Knowledge of the Borrower, the Project Company, in each case, other than Permitted Liens. 

(g) The Obligations under the Loan Documents constitute senior secured and first priority (subject to Permitted Liens) Indebtedness of the
Borrower. 
 5.09 Environmental Compliance. Except for any matters which could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect: 
 (a) Neither the Borrower nor the Project Company has become subject to or received notice of
any claim, action or proceeding with respect to any Environmental Liability or knows of any basis for any Environmental Liability. 
 (b)
Neither the Borrower nor the Project Company is undertaking, or has completed, either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or
threatened Release of Hazardous Materials at, on, under, or from any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law; and all Hazardous Materials
generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by the Project Company have been disposed of in a manner which could not reasonably expected to result in material
liability to the Borrower or the Project Company. 
 (c) Each of the Borrower and the Project Company: (i) is, and within the period of
all applicable statutes of limitation have been, in compliance with all Environmental Laws; (ii) holds all Environmental Permits (each of which is in full force and effect) required for any of their current or intended operations or for any
property owned, leased, or otherwise operated by any of them; and (iii) is, and within the period of all applicable statutes of limitation has been, in compliance with all of their Environmental Permits. 

(d) There are no actions, omissions, circumstances, or conditions which could reasonably be expected to result in any Environmental Liability
of the Borrower or the Project Company. 
 5.10 Taxes. The Borrower and, to the Knowledge of the Borrower, the Project Company have
timely filed all federal, state and other material tax returns and reports required to be filed, and all such tax returns and reports are true, correct, and complete in all material respects, except as could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The Borrower and, to the Knowledge of the Borrower, the Project Company have timely 

  
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paid all federal, state and other material Taxes (whether or not shown on a tax return), including in their capacity as a withholding agent, levied or imposed upon them or their properties,
income or assets otherwise due and payable, except (i) those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP or (ii) as
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. As of the date hereof, there is no proposed material tax assessment or other claim against, and no material tax audit with respect to the Borrower
or, to the Knowledge of the Borrower, the Project Company. Neither the Borrower nor, to the Knowledge of the Borrower, the Project Company is party to any tax sharing agreement, tax allocation agreement or similar arrangement (including any
indemnity arrangement) pursuant to which the Borrower or the Project Company (as applicable) will be liable for any amounts of material Taxes. 

5.11 Margin Regulations; Investment Company Act. 

(a) Neither the Borrower nor, to the Knowledge of the Borrower, the Project Company is engaged or will engage, principally or as one of its
important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

(b) The Borrower is not required to register as an “investment company” under the Investment Company Act of 1940, as amended. 

5.12 Disclosure. 
 (a) The
Loan Parties have disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any other Loan Party or, to the Knowledge of the Borrower, the Project Company, is subject, and
all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate or other information furnished (whether in writing or orally) by
or on behalf of any Loan Party or, to the Knowledge of the Borrower, any other Owner Party to the Administrative Agent or any Lender in connection with the Transaction and the negotiation of this Agreement or delivered hereunder or under any other
Loan Document, at the time furnished (in the case of all reports, financial statements, certificates or other information), taken as a whole, contains any material misstatement of fact or omitted to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that, subject to clauses (b) and (c) below, with respect to projected financial information, the Borrower represents
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time, it being understood that such projections are not to be viewed as facts and are subject to uncertainties and contingencies, many of
which are beyond the control of the Borrower, that no assurance can be given that such projections will be realized, that actual results may differ and such differences may be material. 

(b) As of the Closing Date, the information included in the Beneficial Ownership Certification is true and correct in all respects. 

  
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 (c) The Construction Budget and Schedule and the Financial Model: 

(i) as of the Closing Date, are, to the Knowledge of the Borrower, based on reasonable assumptions as to the legal and factual
matters material to the estimates set forth therein, and fairly represent the Borrower’s expectations as to the financial performance of the Project over the term of the Loans; 

(ii) as of the Closing Date, are consistent with the provisions of the Transaction Documents and the Material Project
Documents; 
 (iii) indicate that the estimated Project Costs will not exceed funds committed by the Borrower and Enterprise
under the Project Company LLC Agreement to pay Project Costs; and 
 (iv) indicate that the Conversion Date shall be achieved
by no later than the Date Certain. 
 (d) As of the Closing Date, there are no material Project Costs that are not included in the
Construction Budget and Schedule and, to the Knowledge of the Borrower, development costs incurred by Enterprise and paid prior to the Closing Date are Project Costs and have been applied in accordance with the Construction Budget and Schedule. 

5.13 Compliance with Laws. The Borrower and, to the Knowledge of the Borrower, the Project Company, is in compliance in all material
respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being
contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

5.14 Solvency. As of the Closing Date, the Borrower, and to the Knowledge of the Borrower, the Project Company is, and upon the
occurrence of the Obligations and after giving effect to the Transaction will be, Solvent. 
 5.15 OFAC; FCPA; USA Patriot Act. 

(a) No Owner Party nor any director, officer or employee thereof, is an individual or entity that is, or is owned or controlled by any
individual or entity that is (i) currently the subject or target of any Sanctions or (ii) located, organized or resident in a Designated Jurisdiction. 

(b) The Owner Parties have conducted their activities in compliance with applicable anti-corruption laws and have instituted and maintain
policies and procedures designed to ensure continued compliance with applicable Sanctions, the FCPA and any other applicable anti-corruption laws. 

(c) No Owner Party nor any director, officer, employee or, to the Knowledge of the Borrower, any agent or any other person acting on behalf of
an Owner Party has (i) used any corporate funds of the Borrower for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign
or domestic government official or employee from corporate funds; or (iii) violated the Foreign Corrupt Practices Act of 1977, as amended. 

  
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 (d) Each of the Owner Parties is in compliance in all respects with all applicable financial
recordkeeping and reporting requirements, including the USA Patriot Act, and any other applicable anti-money laundering laws, and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving any of the Owner Parties with respect to such anti-money laundering laws is pending or, to the Knowledge of the Borrower, threatened. 

5.16 Intellectual Property. To the Knowledge of the Borrower, the Project Company has obtained and holds in full force and effect all
patents, trademarks, copyrights, trade secrets and other proprietary information and know-how, and other similar intellectual property rights, or adequate licenses or rights thereto, subject only to Liens
which are Permitted Liens, which intellectual property rights are necessary for the design, ownership, construction, operation and maintenance of the Project as of the date that this representation is made or deemed to be made, other than the
absence of which could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the Knowledge of the Borrower, no written notices of violation of third-party intellectual property rights (including offers
to license) have been received by the Project Company, and no litigation or other legal proceeding has been commenced with respect to such intellectual property rights against the Project Company, in each case other than which could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 5.17 Material Project Documents.
 
 (a) (i) Correct and complete copies of all the Material Project Documents in effect on the Closing Date have been delivered to the
Administrative Agent by the Borrower and (ii) to the Knowledge of the Borrower, none of the Material Project Documents has been amended, modified or terminated other than as provided to the Administrative Agent. 

(b) To the Knowledge of the Borrower, all representations and warranties made by the Project Company and each Material Project Party in the
Material Project Documents are true and correct in all material respects. 
 (c) All conditions precedent to the obligations of the Project
Company and, to the Knowledge of the Borrower, the other respective parties under the Material Project Documents that have been executed have been satisfied or waived except for such conditions precedent that need not be satisfied until a later
date. 
 (d) Except as otherwise permitted pursuant to the Loan Documents, the Borrower has not entered, and has not taken any action under
the Project Company LLC Agreement to permit or cause the Project Company to enter, into any agreements with Holdings or any of the Borrower’s Affiliates, other than the applicable Transaction Documents and the Material Project Documents, on
terms less favorable to the Borrower or the Project Company (as applicable) than the Borrower or the Project Company (as applicable) would obtain in a comparable arm’s-length transaction with a Person
that is not an Affiliate of the Borrower, the Project Company or Holdings. 

  
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 (e) To the Knowledge of the Borrower, all the Material Project Documents (other than any
Additional Project Document that is not also a Commitment Offtake Agreement to the extent its failure to be in full force and effect could not reasonably be expected to have a Material Adverse Effect) are in full force and effect and no default
under any of the Material Project Documents has occurred and is continuing, other than in each case those which could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(f) (i) As of the Closing Date, to the Knowledge of the Borrower, there are no material agreements, instruments or undertakings between the
Project Company and any Material Project Party relating to the Project Company and the Project other than the Material Project Documents, and (ii) as of any subsequent date on which this representation is made, to the Knowledge of the Borrower,
there are no material agreements, instruments or undertakings between the Project Company and any Material Project Party relating to the Project Company and the Project other than, as applicable, (w) the Transaction Documents, (x) the
Material Project Documents, and (y) any Non-Material Document. 
 (g) To the Knowledge of the
Borrower, the Transaction Documents, the Material Project Documents and the Applicable Governmental Authorizations, by their terms, create rights in the Project Company sufficient to enable the Project Company to own, construct, operate and maintain
the Project and to perform its obligations under the Transaction Documents and the Material Project Documents to which it is a party. 
 (h)
To the Knowledge of the Borrower, all utility services, means of transportation, facilities and other materials necessary for the construction and operation of the Project (including, as necessary, gas, electrical, water and sewage services and
facilities) are, or will be when needed, available to the Project and arrangements in respect thereof have been made on commercially reasonable terms, except as could not reasonably be expected to have a Material Adverse Effect. 

5.18 Required Insurance. To the Knowledge of the Borrower, all Required Insurance has been obtained and is in full force and effect and
all premiums currently due thereon have been paid in full. 
 5.19 Condemnation. No Event of Loss has occurred and is continuing. To
the Knowledge of the Borrower, there are no condemnation proceedings by or before any Governmental Authority now pending or threatened in writing with respect to the Project. 

5.20 Conversion Date. Consistent with the Construction Budget and Schedule, the Project is scheduled to achieve the Conversion Date no
later than the Date Certain. 
 5.21 Project Accounts. Except for the Operating Local Account and, prior to and on the date of the
first Borrowing of the Term Loans, the Pre-Existing Bank Account, the Borrower does not have any “account” with a “bank” (within the meaning of Sections 4-104(a)(1) and 4-105(1) of the UCC, respectively) or “securities
account” (within the meaning of Section 8-501(a) of the UCC) other than the Project Accounts. 

  
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 5.22 Ownership. As of the Closing Date, (a) Holdings owns directly 100% of the Equity
Interests of the Borrower, (b) the Borrower owns directly 50% of the Equity Interests of the Project Company, and (c) Enterprise owns directly 50% of the Equity Interests of the Project Company. There are no outstanding options, warrants or
other rights (including conversion or preemptive rights, preferential rights to purchase, and rights of first refusal) for any equity interests in any Loan Party or, to the Knowledge of the Borrower, the Project Company or relating to the transfer
or issuance of any such interests, except as set forth in the Project Company LLC Agreement. 
 5.23 ERISA. No Loan Party nor the
Project Company has any employees or former employees. No Loan Party nor the Project Company contributes to or has any liability (actual or contingent) under or with respect to any employee benefit plan (as defined in Section 3(3) of ERISA), other
than obligations of the Project Company to reimburse an Affiliate of a Loan Party or Enterprise pursuant to a services or other agreement for costs attributable to employees providing services to the Project Company, which obligations do not cause
the Project Company to be considered a contributing sponsor (within the meaning of Section 4001(15) of ERISA), participating employer, plan sponsor, plan administrator of any Pension Plan or to have obligation to contribute directly to such Pension
Plan or to have any liability to a Multiemployer Plan and which would have no potential risk of a lien upon the assets of the Project Company or any Loan Party (“Indirect Project Company Obligations”). Without limiting the
foregoing, no ERISA Affiliate of any Loan Party sponsors, maintains, participates in, has an obligation to contribute to or has any liability in respect of, and within the six (6) year period immediately preceding the date hereof, has not sponsored,
maintained, participated in, had an obligation to contribute to or any liability in respect of any Pension Plan or any Multiemployer Plan. 

5.24 No Force Majeure. To the Knowledge of the Borrower, no event of force majeure or other event or condition exists which
(a) provides any Material Project Party the right to cancel or terminate any Material Project Document to which it is a party in accordance with the terms thereof, which cancellation or termination could reasonably be expected to have a
Material Adverse Effect or (b) provides any Material Project Party the right to suspend its performance (or be excused of any liability) under any Material Project Document to which it is a party in accordance with the terms thereof, which
suspension (or excuse) could reasonably be expected to (x) result in the Project failing to achieve the Conversion Date by the Date Certain or (y) which suspension (or excuse) could reasonably be expected to have a Material Adverse Effect.

 5.25 Pari Passu. The Borrower’s obligations under this Agreement rank and will rank at least pari passu in priority of payment
and in all other respects with all other present or future unsecured and secured Indebtedness of the Borrower. 
 5.26 Labor Matters.
No strike, lockout or other labor dispute in connection with the Project or the business of the Borrower or, to the Knowledge of the Borrower, the Project Company exists or, to the Knowledge of the Borrower, is threatened, that could reasonably be
expected to result in a material liability to the Borrower or the Project Company. 
 5.27 Operating Arrangements. The management,
administration and operating-related responsibilities delegated to the Operator under the Operating Agreement constitute all of the management, administration and operating-related obligations of the Borrower pursuant to the Transaction Documents
and Material Project Documents. 

  
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 ARTICLE VI. 

AFFIRMATIVE COVENANTS 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other
than contingent indemnity obligations not due and payable), the Borrower shall: 
 6.01 Financial Statements. Deliver to the
Administrative Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders: 
 (a) as soon as
available, but in any event within 120 days after the end of each fiscal year of the Borrower and the Project Company (as applicable) (commencing with the fiscal year ending December 31, 2018, with respect to the Project Company, and
December 31, 2019, with respect to the Borrower), a balance sheet of the Borrower and the Project Company as at the end of its respective fiscal year, and their respective related statements of income or operations, changes in members’
equity, and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of
an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject
to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit other than, in the case of the Borrower, any such qualifications based on the scheduled maturity of the Loans; and

 (b) as soon as available, but in any event within the later of (i) 60 days after the end of each of the first three fiscal quarters of
each fiscal year of the Borrower and the Project Company (as applicable) (commencing with the fiscal quarter ended on March 31, 2019 for the Borrower and June 30, 2019 for the Project Company) and (ii) 15 Business Days after the Borrower
receives the Project Company’s financial statements, a balance sheet of the Borrower and the Project Company as at the end of its respective fiscal quarter, and the related statements of income or operations, changes in members’ equity,
and cash flows for such fiscal quarter and for the portion of the Borrower’s or the Project Company’s (as applicable) fiscal year then elapsed, setting forth, commencing with the fiscal quarter ending on March 31, 2019 for the
Borrower and June 30, 2019, in each case, in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, and, in the case of
the Borrower’s financial statements, certified by a Responsible Financial Officer of the Borrower as fairly presenting the financial condition, results of operations, members’ equity and cash flows of the Borrower in accordance with GAAP,
subject only to normal year-end audit adjustments and the absence of footnotes. 
 6.02
Certificates; Other Information. Deliver to the Administrative Agent and each Lender: 
 (a) concurrently with the delivery of the
financial statements referred to in Sections 6.01(a) and (b), a duly completed Compliance Certificate signed by a Responsible Financial Officer of the Borrower (which delivery may, unless the Administrative Agent, or a Lender requests
executed originals, be by electronic communication including email and shall be deemed 

  
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to be an original authentic counterpart thereof for all purposes); provided that, such Compliance Certificate shall (i) state that the financial statements referred to in Sections
6.01(a) and (b) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (ii) fairly present the financial condition of each of the
Borrower and the Project Company as of the dates thereof and its respective results of operations and cash flows for the period covered thereby in accordance with GAAP consistently applied throughout the periods covered thereby, except as otherwise
expressly noted therein; 
 (b) within five (5) Business Days following receipt by the Borrower, any amendments or waivers of,
supplements to, or material consents under, any of the Material Project Documents; 
 (c) promptly after any request by the Administrative
Agent or any Lender, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of any Loan Party or, to the extent received by the Borrower, the
Project Company by independent accountants in connection with the accounts or books of any Loan Party or the Project Company, as applicable, or any audit of any of them; 

(d) the following notices received by the Borrower under the applicable Material Project Document: 

(i) within five (5) Business Days following receipt, (1) each Construction Budget (as defined in the Operating
Agreement), each Operating Budget and each amendment thereof, (2) any action or proceeding against or of any non-compliance by the Project Company with any Environmental Law or Environmental Permit,
(3) any notice of a Release of Hazardous Materials that must be reported to a Governmental Authority pursuant to applicable Environmental Laws (except for any such Release which could not reasonably be expected to result in a material liability
or obligation), (4) each notice of dispute or claim of indemnity, (5) each notice of sale, assignment or other transfer of the equity interests in the Project Company (including grant of security interests in such equity interests), (6) each
notice of force majeure, Event of Loss, emergency, or failure to meet standards of care, (7) each notice of action by the Project Company provided to non-consenting members, (8) each notice of
termination, (9) each notice of key decisions under Section 5.2 of the Project Company LLC Agreement, (10) each notice of any amendment of, default under or termination of the Material Project Document or entry into an Additional
Project Document, Additional Offtake Agreement or Replacement Project Document, and (11) each receipt of proceeds or liquidated damages under the EPC Contracts; 

(ii) within two (2) Business Days following receipt, (1) each notice of a capital contribution required to be made,
(2) each notice of the Borrower’s failure to make a capital contribution; and (3) each notice of default by the Borrower, in each case under the Project Company LLC Agreement; and 

  
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 (e) promptly, (i) such additional information regarding the business, financial, legal
or corporate affairs of (x) the Borrower or compliance with the terms of the Loan Documents or (y) to the extent in the possession of the Borrower or reasonably obtainable, the Project Company, as the Administrative Agent or any Lender may
from time to time reasonably request or (ii) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” requirements under the PATRIOT
Act or other applicable anti-money laundering laws; 
 (f) (i) commencing April 30, 2019, as soon as available and in any event on the
last day of each month (or the next succeeding Business Day if the last day of a given month is not a Business Day), monthly Construction Reports as to the Project from Enterprise, status reports from the counterparties to the Storage Tank EPC
Contract and the Liquefaction Facility, respectively, a breakdown and description of the Project Costs incurred by the Project Company as reported by the Construction Manager (including owner costs as outlined in Exhibit B of the Construction
Management Agreement and not paid pursuant to an EPC Contract), an updated Project Schedule in the form of a bar chart or table of milestones as reported by the Construction Manager highlighting the estimated Conversion Date and any material
deviations to the contractual schedule, status reports from Enterprise with respect to the “Permitting, Engineering, Procurement, and Construction” progress of the carrier pipeline referred to in the Transportation Services Agreement,
health and safety reports covering the period’s and year to date health and safety metrics, including, contractor and employer job hours, lost-time-incidents, recordables, fatalities, and a summary of the status of the Applicable Governmental
Authorizations necessary for the construction and operation of the Project; and (ii) commencing on June 30, 2019, as soon as available and in any event within thirty (30) days following the end of each fiscal quarter (or the next
succeeding Business Day if the last day of a given month is not a Business Day), quarterly Construction Reports as to the Project from the Lenders’ Technical and Environmental Consultant. 

Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(c) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on
which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Borrower’s behalf
on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrower shall
deliver paper copies of such documents to the Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such
Lender and (ii) the Borrower shall notify the Administrative Agent and each Lender (by electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft
copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the
Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders materials
and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks, Debtdomain, SyndTrak, ClearPar, or another similar electronic system (the
“Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do 

  
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not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing,
and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that if at any time the Borrower is the issuer of any outstanding debt or equity securities that are
registered or issued pursuant to a private offering or is actively contemplating issuing any such securities it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders
and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking
Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arrangers and the Lenders to treat such Borrower Materials as not containing any material
non-public information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state securities Laws (provided,
however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made
available through a portion of the Platform designated “Public Side Information”; and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being
suitable only for posting on a portion of the Platform not designated “Public Side Information.” 
 6.03 Notices. Promptly
after the Borrower obtains Knowledge thereof, notify the Administrative Agent and each Lender of any of the following: 
 (a) the occurrence
of any Default or Event of Default; 
 (b) any matter that has resulted or could reasonably be expected to result in a Material Adverse
Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation of any Loan Party or breach or non-performance by the Project
Company or any Material Project Party of, or any default under, any Material Project Document; (ii) any dispute, litigation, investigation, proceeding or suspension between any Loan Party and any Governmental Authority or the Project Company
and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding against any Loan Party or the Project Company, including pursuant to any Environmental Laws; 

(c) any material change in accounting policies or financial reporting practices by the Borrower or the Project Company; 

(d) the (i) occurrence of any Disposition of property or assets for which the Borrower is required to make a mandatory prepayment pursuant
to Section 2.05(b)(v), (ii) occurrence of any sale of capital stock or other Equity Interests for which the Borrower is required to make a mandatory prepayment pursuant to Section 2.05(b)(viii),
(iii) incurrence or issuance of any Indebtedness for which the Borrower is required to make a mandatory prepayment pursuant to Section 2.05(b)(vi) and (iii) any other event (including any Event of Loss) for
which the Borrower is required to make a mandatory prepayment pursuant to Section 2.05; and 

  
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 (e) any change in the information provided in the Beneficial Ownership Certification that
would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification. 
 Each notice pursuant
to Section 6.03 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take
with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document, if any, that have been breached; provided that, failure to describe a breached
provision shall not constitute a separate Default or Event of Default. 
 6.04 Payment of Obligations. (a) Pay and discharge, and
cause the Project Company to pay and discharge, as the same shall become due and payable, all its obligations and liabilities, including (i) all material Tax liabilities upon it or its properties or assets, unless the same are being contested
in good faith by appropriate proceedings diligently conducted (which proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien) and adequate reserves in accordance with GAAP are being
maintained by the Borrower or the Project Company (as applicable); (ii) all lawful claims which, if unpaid, would by law become a Lien upon its property, unless being contested in good faith and for which adequate reserves in accordance with GAAP
are being maintained by the Borrower or the Project Company (as applicable); and (iii) all Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such
Indebtedness; and (b) timely file, and cause the Project Company to timely file, all material tax returns required to be filed. 
 6.05
Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect, and cause the Project Company to preserve, renew and maintain in full force and effect, its legal existence and good standing under the Laws of
the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary in the
normal conduct of its business, and cause the Project Company to take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary in the normal conduct of its business, except to the extent that failure to do
so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew, and cause the Project Company to preserve or renew, all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect. 
 6.06
Material Project Documents. Cause the Project Company to, perform and observe all material terms and provisions of each Material Project Document to be performed or observed by it, maintain each such Material Project Document to which it is a
party in full force and effect (it being understood that the Project Company shall not be required to maintain in full force and effect any agreement that expires in accordance with its terms), and enforce each such Material Project Document in
accordance with its material terms. If, notwithstanding the foregoing, any Material Project Document is terminated or canceled except by expiration in accordance with its terms, the Borrower shall cause the Project Company to enter into a
Replacement Project Document within 60 days after the termination and shall deliver such Replacement Project Document to the Administrative Agent; provided that, any Replacement Project Document entered into following the termination or cancellation
of (i) a Commitment Offtake Agreement shall also satisfy the requirements of an Increase Commitment Offtake Agreement or (ii) the Terminal Service Agreement shall be reasonably acceptable to the Required Lenders. 

  
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 6.07 Compliance with Laws. Comply, and cause the Project Company to comply, in all
material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or
decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. The Borrower shall, and shall cause the Project
Company to, take all actions reasonably requested by Lenders to permit Lenders to be in compliance in all material respects with the requirements of the Equator Principles. 

6.08 Project Construction; Maintenance of Property. 

(a) Cause the Project Company to construct and complete the Project and cause the Project to be constructed, as applicable, consistent with
Prudent Industry Practices and consistent in all material respects with Applicable Governmental Authorizations, Environmental Laws, the EPC Contracts, the Construction Budget and Schedule, the other Material Project Documents, and in accordance with
the requirements for maintaining the effectiveness of the material warranties of the EPC Contractors and each subcontractor thereof (including equipment manufacturers) 

(b) Cause the Project Company to (i) keep and maintain the Project and other property useful and necessary in its business in good working
order and condition, ordinary wear and tear excepted, in accordance with Prudent Industry Practice, (ii) maintain and operate the Project in accordance with all Applicable Governmental Authorizations and all applicable Laws in all material
respects, and (iii) maintain good title to the Project’s properties. 
 6.09 Insurance. 

(a) Within ninety (90) days after the Closing Date, cause insurance complying with this Section 6.09 and
required to be in place to be in full force and effect and the Administrative Agent shall have received (i) with respect to any insurance required to be obtained and maintained by the Borrower pursuant to
Section 6.09(d), the certificates signed by the insurer or broker authorized to bind the insurer, and (B) a certificate from the Insurance Consultant, confirming, among other things, that the relevant Persons have the
insurance required by this Section 6.09 and all premiums then due and payable on such insurance have been paid or otherwise in form and substance reasonably satisfactory to the Required Lenders. 

(b) Provide to the Insurance Consultant, information to enable the Insurance Consultant to deliver an updated Insurance Consultant Report and
Schedule 6.09 (which shall amend and replace the existing Schedule 6.09 in its entirety with no further action by any party hereto) to the Lenders within thirty (30) days after the Closing Date. 

(c) Within ninety (90) days after the Closing Date cause the Project Company to obtain and maintain, the types and amounts of insurance
required to be obtained by the Project Company, as listed and described in the Project LLC Agreement and the Material Project Documents, in accordance with the terms and provisions set forth in the Project LLC Agreement and the Material

  
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Project Documents (the “Project Company Required Insurance”); provided that, if such Required Insurance is unavailable on commercially reasonable terms, the Borrower may,
with the concurrence of the Insurance Consultant, cause the Project Company to reduce or eliminate the Project Company Required Insurance coverage or otherwise adjust the terms of insurance to what is available on commercially reasonable terms. 

(d) Within ninety (90) days after the Closing Date, obtain and maintain, the types and amounts of insurance required to be obtained by the
Borrower, as listed and described in Schedule 6.09 (the “Borrower Required Insurance”) to the extent not otherwise demonstrated as having been obtained by the Project Company; provided that, if such Borrower Required
Insurance is unavailable on commercially reasonable terms, the Borrower may, with the concurrence of the Insurance Consultant, reduce or eliminate the Borrower Required Insurance coverage or otherwise adjust the terms of insurance to what is
available on commercially reasonable terms. 
 6.10 Maintenance of Governmental Authorizations. Cause the Project Company to obtain,
renew and maintain in full force and effect, and comply with, all Applicable Governmental Authorizations under existing rules of a Governmental Authority (including Environmental Laws) that are required to be obtained by or on behalf of the Project
Company for the ownership, operation and maintenance of the Project. 
 6.11 Operation of the Project.  

(a) Cause the Project Company to cause the Project to be kept and operated, in good operating condition consistent with the applicable
standards set forth in Section 7.0 of the Operating Agreement, all Applicable Governmental Authorizations and all Laws and all applicable requirements of the Material Project Documents, and make or cause to be made all repairs (structural and non-structural, extraordinary or ordinary) necessary to keep and operate the Project in such condition. 

(b) Cause the Project Company to replace or consent to the replacement of the Operator if the Operator is in default of the Operating
Agreement, upon receipt of notice from the Administrative Agent to the effect that, in the reasonable opinion of the Required Lenders and in consultation with the Lenders’ Technical and Environmental Consultant after consultation with the
Borrower, the Operator has failed to perform any material obligations set forth therein. 
 (c) Cause the Project Company to adopt and put in
place a final Operating Budget or Default Budget (as defined in the Operating Agreement) prior to the Conversion Date and prior to the beginning of each calendar year following the Conversion Date and a draft Operating Budget 90 days prior to the
beginning of each calendar year following the Conversion Date; provided that, without the approval of the Required Lenders, the Borrower shall not vote in favor of accepting an Operating Budget pursuant to Section 5.2(a)(xx) of the Project
Company LLC Agreement. 
 6.12 Books and Records. (a) Maintain and cause the Project Company to maintain proper books of record
and account, in which full, true and correct entries in conformity with GAAP consistently applied, in all material respects, shall be made of all financial transactions and matters involving the assets and business of the Loan Parties or the Project
Company (as applicable) and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Loan Parties or the Project Company (as
applicable). 

  
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 6.13 Inspection Rights. 

(a) Permit representatives and independent contractors of the Administrative Agent and each Lender to examine its corporate, financial and
operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of the Borrower and at such reasonable times
during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided that, such inspection right shall not be exercised more than once per year and not more than three
(3) Business Days per inspection unless an Event of Default is then continuing; provided that, when an Event of Default is continuing the Administrative Agent or any Lender (or any of their respective representatives or independent
contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice. 

(b) Use commercially reasonable efforts to procure access for representatives and independent contractors (including the Lenders’
Technical and Environmental Consultant) of the Administrative Agent to visit and inspect the properties of the Project Company, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss
its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of the Borrower during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the
Project Company; provided that, such inspection right shall not be exercised more than once per year (or four (4) times per year in the case of the Lenders’ Technical and Environmental Consultant) and not more than three
(3) Business Days per inspection (in each case, not including any inspection rights necessary or desirable in connection with the Lenders’ Reliability Test) unless an Event of Default is then continuing. 

6.14 Use of Proceeds. 
 (a)
Use the proceeds of the Term Loans solely to (i) make a capital contribution from the Borrower to the Project Company to be used solely for payment of Project Costs, (ii) pay Debt Service during construction, (iii) pay financing costs
associated with the Transaction, (iv) fund the Debt Service Reserve Account in an amount up to the Debt Service Reserve Required Amount, and (v) on the Conversion Date, apply such proceeds in accordance with the Depositary Agreement. 

(b) Not use or permit the use of the proceeds of any Loan to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or
to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose. 

  
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 6.15 Collateral Matters. 

(a) Unless otherwise prohibited by the Project Company LLC Agreement, upon the acquisition of any property by any Loan Party, if such property
shall not already be subject to a perfected first priority security interest in favor of the Collateral Agent for the benefit of the Secured Parties, then such Loan Party shall, at the Borrower’s expense: 

(i) within ten (10) days after such acquisition, furnish to the Administrative Agent a description of the property so
acquired in detail satisfactory to the Required Lenders, 
 (ii) within twenty (20) days after such acquisition, cause
the applicable Loan Party to take whatever action (including the filing of UCC Code financing statements) may be necessary or advisable in the opinion of the Administrative Agent and Collateral Agent to vest in the Collateral Agent (or in any
representative of the Collateral Agent designated by it) valid and subsisting Liens on such property, enforceable against all third parties and (y) deliver to the Administrative Agent, upon the request of the Administrative Agent in its sole
discretion, a signed copy of a favorable opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties reasonably acceptable to the Required Lenders as to the matters contained in clause
(ii) above. 
 (b) At any time upon request of the Administrative Agent or Collateral Agent, promptly execute and deliver any and all
further instruments and documents and take all such other action as the Administrative Agent or Collateral Agent may reasonably request to perfect and preserve the Liens, of the Collateral Documents. 

(c) Maintain the Project Accounts and deposit all Revenues and other amounts received into the Project Accounts, in accordance with the
Depositary Agreement. 
 6.16 Project Company LLC Agreement and Fundamental Matter Approval. 

(a) Obtain and act in accordance with the Required Lenders’ approval with respect to (i) all fundamental matters listed in
Section 5.2 of the Project Company LLC Agreement or (ii) electing to participate in a Capital Project pursuant to Section 12.1 of the Project Company LLC Agreement. 

(b) Perform and observe all material terms and provisions of the Project Company LLC Agreement to be performed or observed by it and maintain
the Project Company LLC Agreement in full force and effect, and enforce its rights under the Project Company LLC Agreement in accordance with its material terms. 

6.17 Lenders’ Reliability Test. (a) No later than Mechanical Completion (as defined in the Liquefaction EPC
Contract and the Storage Tank EPC Contract), deliver to the Administrative Agent and the Lenders’ Technical and Environmental Consultant the corresponding commissioning procedures for the Project, specific procedures for conducting, and minimum
performance standards for, each of the three stages of the Lenders’ Reliability Test and (b) within ten (10) days following the completion of each stage of the Lenders’ Reliability Test, deliver to the Administrative Agent and
the Lenders’ Technical and Environmental Consultant the results of the applicable stage of the Lenders’ Reliability Test. 

  
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 6.18 Further Assurances. Promptly upon request by the Administrative Agent, or any
Lender through the Administrative Agent do, execute, acknowledge, deliver, record, re-record, file, re-file, register and
re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from time to
time in order to (i) to the fullest extent permitted by applicable law, subject any Loan Party’s properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Collateral Documents and
(ii) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder. 

6.19 Information Regarding Collateral. Not affect any change (i) in any Loan Party’s legal name, (ii) in any Loan
Party’s identity or organizational structure or (iii) in any Loan Party’s jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or
organizing in any other jurisdiction), until (A) it shall have given the Administrative Agent and Collateral Agent not less than 30 days’ prior written notice (in the form of certificate signed by a Responsible Officer), or such lesser
notice period agreed to by the Administrative Agent, of its intention so to do, clearly describing such change and providing such other information in connection therewith as the Administrative Agent or Collateral Agent may reasonably request and
(B) it shall have taken all action reasonably satisfactory to the Collateral Agent to maintain the perfection and priority of the security interest of the Collateral Agent for the benefit of the Secured Parties in the Collateral, if applicable.
Each Loan Party agrees to promptly provide the Administrative Agent and Collateral Agent with certified Organization Documents reflecting any of the changes described in the preceding sentence. 

6.20 Anti-Corruption Laws. (a) Conduct its businesses in compliance with applicable anti-corruption laws, Sanction laws and the USA
Patriot Act and other applicable anti-money laundering laws and (b) ensure that the proceeds of any Loans are not (i) used, directly or indirectly, for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977,
as amended, or other similar legislation in other jurisdiction. 
 6.21 Distribution of Available Cash. Cause the Project Company to
distribute the Equity Percentage of the Available Cash (as defined under the Project Company LLC Agreement) to the Borrower, and not cause the Project Company to subject Available Cash to any restrictions on distribution. 

6.22 Secured Hedge Agreements. Enter into, or be assigned, Secured Hedge Agreements for at least the Required Hedge Amount within
forty-five (45) days of the Closing Date with one or more Hedge Banks on terms and conditions reasonably satisfactory to the Required Lenders. Thereafter, until the Maturity Date, the Borrower shall maintain Secured Hedge Agreements in full
force and effect for not less than the Required Hedge Amount. The Borrower shall partially terminate one or more Secured Hedge Agreements in a proportionate amount equal to any voluntary or mandatory prepayment or other reduction in Commitments
pursuant to Section 2.04, subject to Section 2.06(c). 

  
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 6.23 Separateness. Comply with the following:  

(a) maintain accounts separate from those of any Affiliate of the Sponsor with commercial banking institutions and not commingle its funds with
those of the Sponsor or any other Affiliate of the Sponsor; 
 (b) act solely in its name and through its duly authorized officers, managers,
representatives or agents in the conduct of its businesses and not identify itself as a department or division of any other entity; 
 (c)
conduct its business solely in its own name, in a manner not misleading to other Persons as to its identity (without limiting the generality of the foregoing, all oral and written communications (if any), including invoices, checks, purchase orders,
and contracts) and correct any known misunderstanding regarding its separate identity; 
 (d) obtain proper authorization from member(s),
director(s) and manager(s) as required by its limited liability company agreement for all of its limited liability company actions; and 

(e) maintain accurate books and records separate from any other Person; 

(f) pay its own liabilities out of its own funds; 

(g) allocate fairly and reasonably any overhead for shared expenses; and 

(h) comply with the terms of its limited liability company agreement. 

6.24 Delivery of Additional Project Documents. After the entry into any Additional Project Document, Additional Offtake Agreement or
Replacement Project Document and receipt of a copy of such by the Borrower, deliver a copy of such Additional Project Document, Additional Offtake Agreement or Replacement Project Document to the Administrative Agent. 

6.25 Pre-Existing Bank Account. Close the Pre-Existing Bank Account on or prior to the first
Borrowing of the Term Loans and, upon closing the Pre-Existing Bank Account, transfer all funds on deposit therein into the Construction Account. 

6.26 Payment of Fees. On the earlier of the first disbursement of the Term Loans or the date 30 days following the Closing Date: 

(a) (i) All fees required to be paid to the Administrative Agent and the Arrangers on or before the such date shall have been paid,
(ii) all fees required to be paid to the Lenders on or before such date shall have been paid and (iii) all other fees required to be paid on or before such date in accordance with any Fee Letter shall have been paid. 

(b) Without duplication of the fees contemplated by the preceding clause (a), the Borrower shall have paid all fees, charges and disbursements
of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) and all other costs and expenses then due and payable by the Borrower pursuant to this Agreement and the Fee Letters, to the extent invoiced
at least three (3) Business Days prior to such date, plus such additional amounts of such fees, charges and disbursements of such counsel as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be
incurred by it through the date of such Borrowing (provided that, such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent). 

  
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 6.27 Project Accounts. Cause the Project Accounts to be established within thirty
(30) days following the Closing Date. 
 Notwithstanding anything to the foregoing in this Article VI, with respect to any
affirmative covenants that seek to require actions of Project Company (including any such actions that require an agreement to be in form and substance satisfactory to the Required Lenders), the Borrower’s obligation shall be to vote its
interest in the Project Company to cause such actions, but it shall not be a violation of such covenant by the Borrower if such actions cannot be required to be taken by the Project Company due to the Borrower’s inability to exercise its voting
rights or inability to cause such action under the Project Company LLC Agreement. 
 ARTICLE VII. 

NEGATIVE COVENANTS 
 So long as
any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than contingent indemnity obligations not due and payable): 

7.01 Liens. 
 (a) The
Borrower shall not create, assume or suffer to exist any Lien upon any of its property, real or personal, whether now owned or hereafter acquired, except Permitted HoldCo Liens. 

(b) The Borrower shall not cause or permit the Project Company to create, assume or suffer to exist any Lien upon any of its property, whether
now owned or hereafter acquired, real or personal, whether now owned or hereafter acquired, except Permitted Project Company Liens. 
 7.02
Indebtedness. 
 (a) The Borrower shall not create, incur, assume or suffer to exist any Indebtedness, except: 

(i) Indebtedness under the Loan Documents and other Obligations (including Secured Hedge Agreements); 

(ii) to the extent constituting Indebtedness, obligations under the Material Project Documents; and 

(iii) intercompany Indebtedness subordinated on terms and conditions set forth in Exhibit L or otherwise satisfactory to
the Required Lenders.  

  
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 (b) The Borrower shall not cause or permit the Project Company to create, incur, assume or
suffer to exist any Indebtedness, except: 
 (i) to the extent constituting Indebtedness, obligations under the Material
Project Documents or any Non-Material Documents; 
 (ii) to the extent constituting
Indebtedness, any derivative contract required pursuant to Indebtedness permitted pursuant to Section 7.02(b)(i); and 

(iii) trade indebtedness incurred in the ordinary course of developing the Project and operating the Project (but not for
borrowed money) and not more than ninety (90) days past due; and 
 (iv) to the extent constituting Indebtedness,
obligations in an aggregate amount not exceeding $10,000,000, pursuant to Section 5.2(a)(xviii) of the Project Company LLC Agreement. 

7.03 Investments. 
 (a) The
Borrower shall not make or hold any Investments, except:  
 (i)
Investments held by the Borrower in the Project Accounts in the form of Cash Equivalents; 
 (ii) Investments by the Borrower
in the Project Company pursuant to the Project Company LLC Agreement; and 
 (iii) to the extent constituting Investments,
Permitted Swap Contracts; 
 (b) The Borrower shall not cause or permit the Project Company to make any Investments held by the Project
Company in the Project, except: 
 (i) Investments in the ordinary course of business; 

(ii) Investments contemplated by the Operating Budget; 

(iii) Investments in connection with an Emergency (as defined in the Operating Agreement); 

(iv) any deposit and securities accounts (if any); and 

(v) Investments not to exceed $1,000,000 in any year. 

7.04 Fundamental Changes. The Borrower shall not, and shall not cause or permit the Project Company to, merge, dissolve, liquidate,
consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person. 

  
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 7.05 Dispositions. 

(a) The Borrower shall not make any Disposition, except: 

(i) Dispositions constituting Investments permitted by Section 7.03(a) to the extent required by
Section 6.22; and 
 (ii) Dispositions constituting Restricted Payments permitted by
Section 7.06; and 
 (b) The Borrower shall not cause or permit the Project Company to make any Disposition,
except: 
 (i) Dispositions pursuant to the Offtake Agreements in the ordinary course of business; 

(ii) Dispositions constituting Restricted Payments under Section 7.06; 

(iii) Dispositions in connection with an Emergency (as defined in the Operating Agreement); 

(iv) Dispositions constituting Investments permitted by Section 7.03(b); 

(v) Dispositions, in the aggregate less than $1,500,000, that are: 

(A) contemplated by Section 12.1 of the Operating Agreement; and 

(B) surplus, obsolete, worn out or replaced personal property not used or useful in the construction or operation of the
Project at fair market value (provided that in any fiscal year the Project Company may rely on this clause (v) only in respect of dispositions of such assets having aggregate proceeds of up to $1,000,000 and, in
respect of any such dispositions in excess of such permitted amount, such excess disposition shall require confirmation from the Lenders’ Technical and Environmental Consultant that such assets are not required for the continued operation of
the Project; and 
 (vi) Dispositions other than in respect of clauses (i) through (v) above, not to exceed $3,000,000
in any year. 
 7.06 Restricted Payments. 

(a) The Borrower shall not declare or make, directly or indirectly, any Restricted Payment, unless each of the following conditions has been
satisfied at the time of the making of such Restricted Payment: 
 (i) the Conversion Date has occurred and the Scheduled
Repayment Amount on the First Repayment Date has been made; 
 (ii) no Default or Event of Default has occurred and is
continuing or would occur as a result of making such Restricted Payment; 

  
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 (iii) the Debt Service Reserve Account has been fully funded in accordance
with the Depositary Agreement; 
 (iv) (A) the then applicable Target Debt Balance has been achieved, (B) the Debt
Service Coverage Ratio is greater than or equal to 1.20:1 for the preceding twelve months from the applicable Repayment Date (or such shorter number of months, if applicable, from the Conversion Date) and (C) the Projected Debt Service Coverage
Ratio based on Contracted Cash Flows for the succeeding twelve months from the applicable Repayment Date shall be greater than or equal to 1.20:1; 

(v) all mandatory prepayments (if any) have been made in accordance with Section 2.05(b); 

(vi) any such Restricted Payment is made from funds on deposit in the Distribution Account in accordance with the Depositary
Agreement; and 
 (vii) the Completion Reserve Account has been fully funded in an amount at least equal to the then
applicable Required Completion Reserve Amount (if any) less any amounts withdrawn from the Completion Reserve Account pursuant to Section 3.03(h) of the Depositary Agreement; 

(viii) the Borrower shall have delivered to the Administrative Agent a certificate of a Responsible Officer certifying that the
conditions set forth in clauses (a)(i) through (a)(vii) have been satisfied as of the date of any such Restricted Payment (including relevant supporting calculations in respect of clause (a)(iv) above). 

(b) Notwithstanding the foregoing, in accordance with Section 3.03(j)(i) of the Depositary Agreement, the Borrower shall be permitted to
make Permitted Tax Distributions so long as (i) no Default or Event of Default has occurred and is continuing or would occur as a result of making such Restricted Payment and (ii) the Borrower shall have delivered to the Administrative
Agent a certificate of a Responsible Officer certifying as to the matters contemplated in the foregoing clause (i) and setting forth applicable supporting calculations as to the amount of any such Permitted Tax Distribution. 

(c) The Borrower shall not permit the Project Company to declare or make, directly or indirectly, any Restricted Payment to or in favor of any
Person other than the Borrower, Enterprise and any other members of the Project Company, except in accordance with the Project Company LLC Agreement. 

(d) [Reserved]. 
 (e)
Notwithstanding the foregoing, in accordance with Section 3.03(a)(ii)(E) of the Depositary Agreement, the Borrower shall be permitted to make a Restricted Payment on the Conversion Date so long as (i) no Default or
Event of Default has occurred and is continuing or would occur as a result of making such Restricted Payment, (ii) after giving effect to such Restricted Payment, the Debt to Equity Ratio does not exceed 50:50 and (iii) the Borrower shall
have delivered to the Administrative Agent a certificate of a Responsible Officer certifying as to the matters contemplated in the foregoing clauses (i) and (ii). 

  
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 7.07 Conduct of Business. The Borrower shall not engage in any business or activity
other than (i) ownership of the Equity Interests issued by the Project Company and activities reasonably related thereto, including exercise of its rights and performances of its obligations under the Project Company LLC Agreement,
(ii) entering into the Loan Documents and performance of its obligations thereunder and (iii) activities incidental to the business or activities described in the foregoing clauses (i) and (ii). The Borrower shall not form or hold any
Subsidiary, become a general or limited partner in any partnership or become a party to a joint venture (other than as a member of the Project Company). The Borrower will not own any assets other than as indicated in
Section 5.08(c). The Borrower shall not permit the Project Company to engage in any business or activity other than design, construction, operation and maintenance of the Project, and any activities reasonably related
thereto, including (i) exercise of its rights and performances of its obligations under the Material Project Documents and (ii) any other business that is permitted in accordance with the Project Company LLC Agreement. 

7.08 Transactions with Affiliates. The Borrower shall not, and shall not permit or cause the Project Company to enter into any
transaction of any kind with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Borrower as would be obtainable by the Borrower at the time in a
comparable arm’s length transaction with a Person other than an Affiliate; provided that the foregoing restriction shall not prohibit Restricted Payments permitted by Section 7.06. 

7.09 Burdensome Agreements. The Borrower shall not, and shall not permit or cause the Project Company to enter into or permit to exist
any Contractual Obligation that limits the ability of any Loan Party to create, incur, assume or suffer to exist Liens to secure the Obligations or any refinancings or replacements thereof. 

7.10 Financial Covenant. At the end of each fiscal quarter following the Conversion Date, the Borrower shall not permit the Debt Service
Coverage Ratio for the period of the prior 12 months (or the number of months since the Conversion Date, if less) or the Projected Debt Service Coverage for the next 12 months to be less than 1.10:1; provided that, such financial covenant
shall not be tested until the second full fiscal quarter of the Borrower following the Conversion Date. 
 7.11 Amendments of Organization
Documents. The Borrower shall not, and shall not permit or cause the Project Company to amend any of its Organization Documents in a manner materially adverse to the Lenders. 

7.12 Change in Fiscal Year. The Borrower shall not, and shall not permit or cause the Project Company to make any change in
(i) fiscal year or (ii) its accounting or financial reporting policies, in each case, other than as permitted in accordance with GAAP or as required by applicable law. 

7.13 Amendment, Etc. of Material Project Documents, and Indebtedness. Except to the extent permitted under
Section 6.06, the Borrower shall not, and shall not permit or cause the Project Company to (a) cancel, suspend or terminate or permit the termination of, or cause or permit the Project Company to cancel, suspend or
terminate or permit the termination of, any Material Project Document, or any other document entered in connection therewith (including the 

  
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Operating Budget) or consent to, or accept any cancellation, suspension or termination thereof or (b) amend, modify or change, or cause or permit the Project Company to amend, modify or
change, in any manner any term or condition of any Material Project Document or any other document entered in connection therewith (including the Operating Budget) or give any consent, waiver or approval thereunder (except as may be expressly
permitted in the Operating Agreement). The Borrower shall not permit the Project Company to enter into or become a party to any Additional Project Document, Additional Offtake Agreement or Replacement Project Document, except (i) with the prior
written consent of the Required Lenders, not to be unreasonably withheld, conditioned or delayed, (ii) in the name of the Project Company and (iii) upon delivery to the Administrative Agent of the documents required pursuant to
Section 6.24. If the Borrower is not permitted to vote on entry into an Additional Offtake Agreement but is permitted to provide comments pursuant to Section 4.9.1 of the Operating Agreement or otherwise and such
Additional Offtake Agreement will not be an Increase Commitment Offtake Agreement, the Borrower’s comments shall recommend that the Offtake Agreement provides that the counterparties to Commitment Offtake Agreements receive priority with
respect to loading and berthing and that the Additional Offtake Agreement does not otherwise result in any violation of any material term or provision of the Commitment Offtake Agreements. 

7.14 ERISA. No Loan Party shall become an ERISA Affiliate of the Project Company. No Loan Party or the Project Company shall contribute
to or has any liability (actual or contingent) under or with respect to any employee benefit plan (as defined in Section 3(3) of ERISA, including without limitation any Pension Plan or Multiemployer Plan of a Loan Party, the Project Company or
any ERISA Affiliate of the Loan Party or Project Company, other than Indirect Project Company Obligations. 
 7.15 Swaps. The Borrower
shall not enter into any Swap Contract, except for any Secured Hedge Agreement in accordance with Section 6.22.  

7.16 Sale and Leasebacks. The Borrower shall not, and shall not permit the Project Company to, enter into any arrangement with any
Person providing for the leasing by the Project Company of real or personal property that has been or is to be sold or transferred by the Project Company to such Person or to any other Person to whom funds have been or are to be advanced by such
Person on the security of such property or rental obligations of the Project Company. 
 7.17 Other Accounts. 

(a) The Borrower shall not open or maintain, or permit or instruct any other Person to open or maintain on its behalf, or use or be the
beneficiary of any account other than the Project Accounts, the Operating Local Account and the Pre-Existing Bank Account. 

(b) The Borrower shall not change the name or account number of any of the Project Accounts without the prior written consent of the
Administrative Agent and the Collateral Agent. 
 7.18 Tax Status. The Borrower shall not take any affirmative action (including the
filing of an IRS Form 8832 electing to be classified as an association taxable as a corporation) to be treated as other than a partnership or disregarded entity for U.S. federal, state or local income tax purposes. 

  
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 7.19 Applicable Governmental Authorizations. 

(a) The Borrower shall not take, and shall not permit the Project Company to take, any action or inaction that would reasonably be expected to
result in a material violation of any necessary Applicable Governmental Authorization or subject the Project, the Project Company, the Borrower, or any of its Affiliates to material liabilities thereunder. 

(b) The Borrower shall not, and shall not cause the Project Company to, take any action or fail to act in any manner that would cause the
Administrative Agent, the Collateral Agent, or the Lenders or any Affiliate of any of them to become, solely as a result of design, construction, operation and maintenance of the Project or the delivery or performance of any Loan Document or any
transaction contemplated therein, subject to regulation under the ICA or Texas laws or any regulations promulgated thereunder, except to the extent required by the exercise of remedies under the Loan Documents. 

(c) The Borrower shall not take, and shall not cause the Project Company to take, any action or fail to act in any manner that would subject it
or the Project Company to or cause it or the Project Company to not otherwise be exempt from, regulation as a “common carrier” under the ICA or any similar term under any Texas laws or any regulations promulgated under any of the
foregoing. 
 7.20 Acceptance. The Borrower shall not, and shall not permit the Project Company to, accept or approve (i) Final
Acceptance (as defined in the Liquefaction EPC Contract) under the Liquefaction EPC Contract, (ii) the results of any performance test under any EPC Contract or (iii) the procedures for conducting any performance tests under any EPC Contract, in
each case, without the approval of the Required Lenders (acting in consultation with the Lenders’ Technical and Environmental Consultant); provided such approval shall not be unreasonably withheld, conditioned or delayed. 

7.21 Sanctions; Anti-Corruption Use of Proceeds. No Loan or DSR Letter of Credit, nor the proceeds from any Loan or DSR Letter of
Credit, has been or will be used by the Borrower (A) to lend, contribute to, provide financing for or otherwise fund any activity or business in any Designated Jurisdiction, (B) to fund any activity or business of any Person organized or
residing in any Designated Jurisdiction or who is the subject of any Sanctions, or (C) in any other manner that will result in any violation by any party to any Loan Document (including any Lender, the Arrangers or the Administrative Agent) of
Sanctions. 
 Notwithstanding anything to the foregoing in this Article VII, with respect to any negative covenants that seek to
prohibit certain actions of Project Company, the Borrower’s obligation shall be to vote its interest in the Project Company to prohibit such actions, but it shall not be a violation of such covenant by the Borrower if such actions are taken by
the Project Company due to the Borrower’s inability to exercise its voting rights or inability to prohibit such action under the Project Company LLC Agreement. 

  
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 ARTICLE VIII. 

EVENTS OF DEFAULT AND REMEDIES 

8.01 Events of Default. Any of the following shall constitute an Event of Default: 

(a) Non-Payment. The Borrower fails to (i) pay when and as required to be paid herein, any
amount of principal of any Loan or (ii) pay within three (3) Business Days after the same becomes due, any interest on any Loan, any fee due hereunder or any other amount payable hereunder or under any other Loan Document; or 

(b) Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of
Section 6.03(a), 6.05 (as to legal existence), 6.09, 6.14, 6.16, or Article VII; or 

(c) Other Defaults. Any Loan Party fails to perform or observe any covenant or agreement not specified in
Section 8.01(a) or (b) above contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of notice from the Administrative Agent or actual
knowledge of any Loan Party; provided that such initial cure period specified above shall be extended to such date not to exceed ninety (90) days in the aggregate to the extent necessary for such Person (acting diligently) to cure such
failure; or 
 (d) Representations and Warranties. Any representation, warranty, certification or statement of fact made by any Loan
Party herein, in any other Loan Document or in any document delivered in connection herewith or therewith shall be materially inaccurate when made and such inaccuracy has not been cured within 45 days after the earlier of notice from the
Administrative Agent or actual knowledge of any Loan Party; provided that such initial cure period specified above shall be extended to such date not to exceed sixty (60) days in the aggregate to the extent necessary for such Person
(acting diligently) to cure such breach; or 
 (e) Cross-Default. (i) Any Loan Party or the Project Company (A) fails to
make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise and after giving effect to any applicable period of grace) in respect of any Indebtedness (other than Indebtedness hereunder) having an
aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform
any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, and as a consequence of such failure to perform such Indebtedness has become, or has been
declared, due and payable before its stated maturity; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which a
Loan Party is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Loan Party is an Affected Party (as so defined) and, in either event, the Swap Termination
Value owed by such Loan Party as a result thereof is greater than the Threshold Amount; or 

  
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 (f) Insolvency Proceedings, Etc. (i) Any Subject Party (A) files a petition
or otherwise commences, authorizes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or (B) applies for or consents to the appointment of any receiver, trustee,
custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; (ii) any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed with
respect to any Subject Party without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or (iii) any proceeding under any Debtor Relief Law relating to any Subject Party or to
all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; (iv) any Subject Party becomes
unable or admits in writing its inability or fails generally to pay its debts as they become due; or (v) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of
any Subject Party and is not released, vacated or fully bonded within 60 days after its issue or levy (any of the events contemplated in this clause (f), with respect to any such Person, a “Bankruptcy Event”); provided that,
no Event of Default shall occur as a result of such circumstance in respect of a Subject Party that is a Material Project Party to the extent that the Material Project Party shall have entered into a Replacement Material Project Document in
accordance with the requirements set forth in Section 6.06 with an alternative Subject Party, in each case, within 90 days after the commencement of such involuntary proceeding or petition; provided further
that, no Event of Default shall occur as a result of such circumstance in respect of a Subject Party, other than the Project Company, that is a party to an Additional Project Document (to the extent that such circumstance could not reasonably be
expected to have a Material Adverse Effect); or 
 (g) Judgments. There is entered against any Loan Party or the Project Company
(i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the
insurer is rated at least “A” by A.M. Best Company, has been notified of the potential claim and has not issued a written notice disputing coverage), or (ii) any one or more non-monetary final
judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or
(B) there is a period of 60 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

(h) Invalidity of Transaction Documents or Security Interest. (i) Any material provision of any Transaction Document, at any time
after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any Affiliate thereof contests
in any manner the validity or enforceability of any provision of any Transaction Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Transaction Document, or purports to revoke, terminate
or rescind any provision of any Transaction Document or (ii) any Collateral Document shall for any reason (other than pursuant to the express terms thereof) cease to create a valid and perfected Lien in any material respect, with the priority
required by the Collateral Documents, or the Collateral Agent shall cease to have a valid, perfected, first priority (except Permitted Liens or except as a result of the failure of the Collateral Agent to maintain possession of certificates actually
delivered to it representing securities or negotiable instruments pledged under the Collateral Documents which does not arise 

  
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from a breach by a Loan Party of its obligations under the Transaction Documents) security interest in any material respect in or Lien on any Collateral; provided that, for the
avoidance of doubt, any economic dilution of the Borrower’s Equity Interests in the Project Company in accordance with the Project Company LLC Agreement shall not constitute a Default or Event of Default; or 

(i) Change of Control. Any Change of Control occurs; or 

(j) Conversion Date. The Conversion Date has not occurred by the Date Certain; or 

(k) ERISA. An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or is reasonably be expected to
result in liability of the Borrower to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount that could reasonably be expected to have a Material Adverse Effect; or 

(l) Failure to Make Capital Contributions. The Borrower shall have failed to make capital contributions to the Project Company when and
as required by the Project Company LLC Agreement, except where there is a good faith dispute with respect to such capital contribution under the Project Company LLC Agreement; 

(m) Rejection or Modification of an Applicable Governmental Authorization. Any Applicable Governmental Authorization required for the
Project is rejected or modified, except to the extent the Borrower demonstrates to the reasonable satisfaction of the Required Lenders, within 60 days of such rejection or modification, that either (i) such rejection or modification could not
reasonably be expected to have material adverse effect on the ownership, operation, business, assets, liabilities, results of operations, financial condition or value of the Project Company, taken as a whole, or (ii) such Applicable
Governmental Authorization has expired in accordance with its terms, is no longer necessary or has been replaced; provided, that such 60-day period may be extended until the date that is 105 days
following such rejection or modification so long as (A) the Project Company is diligently appealing (or causing to be appealed) such modification or rejection; (B) the Project Company can demonstrate to the reasonable satisfaction of the
Required Lenders that such Applicable Governmental Authorization can be replaced within 105 days following such modification or rejection or such other reasonable time period acceptable to the applicable Governmental Authority in relation to such
Applicable Governmental Authorization (including a circumstance under which such applicable Governmental Authority allows the Project to continue to be constructed or operate pending issuance of such replacement Applicable Governmental
Authorization); (C) the Project Company continues to construct or operate the Project otherwise in compliance with other Laws, including the Environmental Laws; and (D) and such extension could not reasonably be expected to have a Material
Adverse Effect; or 
 (n) Project Abandonment. (i) Abandonment of all or substantially all of the activities related to the
Project for a period of 90 consecutive days, other than (x) as a result of a force majeure event (as defined under the relevant Material Project Document) or (y) in connection with any scheduled maintenance, repairs, forced or scheduled
outages; or (ii) a formal, public announcement by the Project Company of a decision to abandon the Project; or (iii) any filing by the Project Company with a Governmental Authority giving notice of the intent or requesting authority to
abandon the Project for any reason; or (iv) the suspension of construction of the Project for a period of 90 consecutive days, other than (x) as a result of a force majeure event (as defined under the relevant Material Project Document) or
(y) in connection with any scheduled maintenance, repairs, forced or scheduled outages; or 

  
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 (o) Material Project Documents Termination. Any Material Project Document (other than
any Additional Project Document to the extent its failure to be valid, binding, or in full force and effect could not reasonably be expected to have a Material Adverse Effect) shall cease to be valid, binding or in full force and effect, and such
cessation continues for 60 consecutive days following the earlier of notice from the Administrative Agent or Knowledge of the Borrower of such cessation, unless such Material Project Document (other than the Terminal Services Agreement) is no longer
necessary, has expired under its own terms or has been replaced within such 60 day period by a Replacement Project Document in accordance with Section 6.06; provided that, such initial cure period of 60 days shall be
extended by an additional 45 days (for an aggregate period of 105 days) to the extent the Loan Parties or the Project Company are acting diligently to cure such cessation and such extension could not reasonably be expected to have a Material Adverse
Effect; or 
 (p) Event of Loss. The occurrence of any Event of Loss affecting all or substantially all of the Project Company’s
property without fair value being paid therefor such as to allow prepayment in full of all Obligations then outstanding. 
 8.02 Remedies
upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 

(a) declare the commitment of each Lender to make Loans to be terminated, whereupon such commitments and obligation shall be terminated; 

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or
payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; and 

(c) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents; 

provided that, upon the occurrence of an Event of Default under Section 8.01(f) with respect to the Borrower, the obligation
of each Lender to make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each case without further act of the
Administrative Agent or any Lender. 
 8.03 Application of Funds. After the exercise of remedies provided for in
Section 8.02 (or after the Loans have automatically become immediately due and payable as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall be
applied by the Administrative Agent in the following order: 
 First, to payment of that portion of the Obligations
constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

  
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 Second, to payment of that portion of the Obligations constituting
fees, indemnities and other amounts (other than principal and interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders (including fees and time charges for attorneys who may be employees of any
Lenders)) arising under the Loan Documents and amounts payable under Article III, ratably among them in proportion to the respective amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and other
Obligations arising under the Loan Documents, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and other Obligations
then owing under the Loan Documents, ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by them; and 

Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required
by Law. 
 8.04 Equity Cure Right. Notwithstanding anything to the contrary contained in Section 8.01, in
the event that the Borrower fails to comply with the Financial Covenant, after the end of the applicable fiscal quarter and on or prior to the day that is ten (10) Business Days after the day on which the Compliance Certificate is required to
be delivered pursuant to Section 6.02(a), the Borrower shall have the right to apply the amount of the proceeds of any common equity contributions made to the Borrower to increase Revenues with respect to the applicable
fiscal quarter of the Borrower (the “Cure Right”); provided that (a) such proceeds are actually received by the Borrower after the end of the applicable fiscal quarter and on or prior to the day which is ten
(10) Business Days after the date on which the Compliance Certificate is required to be delivered pursuant to Section 6.02(a), (b) such proceeds do not exceed the aggregate amount necessary to cure (by addition to
Revenues) (the “Cure Amount”) the breach of the Financial Covenant for the applicable period, (c) the Cure Right shall not be exercised more than three (3) times in the aggregate during the term of this Agreement and
(d) in each period of four consecutive fiscal quarters of the Borrower there shall be at least two (2) fiscal quarters during which the Cure Right is not exercised. The parties hereby acknowledge that this Section may not be relied on for
purposes of calculating any financial ratios other than as applicable to the Financial Covenant and shall not result in any adjustments to any amounts, other than the amount of Revenues referred to in the immediately preceding sentence. 

  
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 ARTICLE IX. 

ADMINISTRATIVE AGENT 
 9.01
Appointment and Authority. Each of the Lenders hereby irrevocably appoints ING Capital LLC to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such
actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article IX are
solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor Holdings shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term
“agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable Law. Instead, such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity
for and generally engage in any kind of business with the Borrower or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein
and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 

(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents); provided that, the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary
to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may affect a forfeiture, modification or termination of property of a
Defaulting Lender in violation of any Debtor Relief Law; provided further that the Administrative Agent shall not be liable for exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection
with, any Loan Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Loan Document, other than by reason of its gross negligence or willful misconduct; 

  
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 (c) shall not, except as expressly set forth herein and in the other Loan Documents, have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its
Affiliates in any capacity; 
 (d) shall not be liable for any action taken or not taken by it (i) with the consent or at the request of
the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10.01 and
8.02) or (ii) in the absence of its own gross negligence or willful misconduct, as determined by a court of competent jurisdiction by a final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of
any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent by the Borrower or a Lender; 

(e) shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in
connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any
of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan
Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction
of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent; 

(f) shall not be liable, including, without limitation, for negligence or any other category of liability whatsoever (but not including any
claim based on the fraud of the Administrative Agent) arising as a result of (i) any act, event or circumstance not reasonably within its control or (ii) the general risks of investment in, or the holding of assets in, any jurisdiction,
including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalization, expropriation or other governmental actions; any regulation, currency restriction, devaluation or
fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or
systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action; 
 (g) shall not be
liable for any delay (or any related consequences) in crediting an account with an amount required under the Loan Documents to be paid by the Administrative Agent if the Administrative Agent has taken all necessary steps as soon as reasonably
practicable to comply with the regulations or operating procedures of any recognized clearing or settlement system used by the Administrative Agent for that purpose; and 

(h) shall not be liable for any action taken by it under or in connection with Section 3.01(e). 

  
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 9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to
rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the
proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may
presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may
be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder
or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may
perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article IX shall apply to any such sub-agent and
to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well
as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents and no Party (other than the Administrative Agent) may take any
proceedings against any officer, employee or agent of the Administrative Agent in respect of any claim it might have against the Administrative Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to
any Loan Document and any officer, employee or agent of the Administrative Agent may rely on this clause. 
 9.06 Resignation of the
Administrative Agent. 
 (a) The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower.
Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the Borrower’s consent (which consent shall not be unreasonably withheld or delayed and shall not be required during an Event of Default), to
appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the
retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall
become effective in accordance with such notice on the Resignation Effective Date. 

  
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 (b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause
(d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower, appoint
a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal
Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

(c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (i) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the
retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed
Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a
successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of
the retiring (or removed) Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the
Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already
discharged therefrom as provided above in this Section 9.06). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
Borrower and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article IX and Section 10.04 shall
continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring or removed Administrative Agent was acting as Administrative Agent. 
 9.07
Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related
Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
 9.08 No Other
Duties, Etc. Anything herein to the contrary notwithstanding, none of the Arrangers listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its
capacity, as applicable, as the Administrative Agent or a Lender hereunder. 

  
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 9.09 Administrative Agent May File Proofs of Claim; Credit Bidding. 

(a) In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to the Borrower, the
Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower)
shall be entitled and empowered, by intervention in such proceeding or otherwise: 
 (i) to file and prove a claim for the
whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and
the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Sections 2.10 and 10.04) allowed in such judicial proceeding; and 
 (ii) to collect
and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to
the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other
amounts due the Administrative Agent under Sections 2.10 and 10.04. 
 (b) Nothing contained herein shall be deemed to
authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the
Administrative Agent to vote in respect of the claim of any Lender or in any such proceeding. 
 ARTICLE X. 

MISCELLANEOUS 
 10.01
Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the
Required Lenders and the Borrower or the applicable Loan Party, or signed by the Administrative Agent acting with the consent of the Required Lenders, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 

  
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 (a) waive any condition set forth in Section 4.01,
Section 4.03 or the definition of “Commitment Availability” without the written consent of each Lender; 

(b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated or reduced pursuant to
Section 2.04, 2.07 or 8.02) without the written consent of such Lender; 
 (c) postpone any date
fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without the written
consent of each Lender entitled to such payment; 
 (d) reduce the principal of, or the rate of interest specified herein on, any Loan or any
fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender entitled to such amount; provided that, only the consent of the Required Lenders shall be necessary to amend the definition of
“Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate; 
 (e) change any provision of this
Section 10.01 or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of each Lender; 
 (f) (i) approve the release of the Lien over any
Equity Interests of the Borrower or (ii) the release of substantially all of the Collateral, in each case, in any transaction or series of related transactions, without the written consent of each Lender; 

(g) release any Loan Party from the Loan Documents, without the written consent of each Lender; 

(h) amend, modify or waive any provision of Section 2.13 without the written consent of each Lender; 

(i) impose any greater restriction on the ability of any Lender to assign any of its rights or obligations hereunder without the written
consent of the Required Lenders; or 
 (j) amend or modify the definition of “Commitment Availability” or “Target Debt
Balance” without the written consent of each Lender; 
 and provided further that, (i) no amendment, waiver or consent shall, unless
in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document and (ii) each Fee Letter may be amended, or
rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder
(and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of
any Defaulting Lender may not be increased or 

  
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extended without the consent of such Lender, (y) the principal of, or the rate of interest specified herein on, any Loan or any fees or other amounts payable hereunder or under any other
Loan Document may not be reduced without the consent of such Lender and (z) any waiver, amendment or modification that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the
consent of such Defaulting Lender. Notwithstanding anything herein to the contrary, the Loan Parties and the Administrative Agent may (but shall not be obligated to) amend or supplement any Loan Document without the consent of any Lender (1) to
cure any ambiguity, defect or inconsistency which is not material, (2) to make any change that would provide any additional rights or benefits to the Lenders, (3) to make, complete or confirm any grant of Collateral permitted or required
by any of the Collateral Documents, including to secure any Indebtedness permitted under Section 7.02 that may be secured by a Permitted HoldCo Lien on the Collateral, or any release of any Collateral that is otherwise
permitted under the terms of this Agreement and the Collateral Documents, (4) to revise any schedule to reflect any change in notice information, (5) to revise the account numbers for each of the Project Accounts as may be necessary to
reflect the replacement of the Administrative Agent or as may be required by internal procedures of the Administrative Agent or the Depository Bank or (6) to revise the name of the Collateral Agent on any UCC financing statement or other
Collateral Document as may be necessary to reflect the replacement of the Administrative Agent. 
 If any Lender does not consent to a
proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent of each Lender and that has been approved by the Required Lenders, the Borrower may replace such
Non-Consenting Lender in accordance with Section 10.12; provided that, such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by
such Section 10.12 (together with all other such assignments required by the Borrower to be made pursuant to this paragraph). 

10.02 Notices; Effectiveness; Electronic Communications. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or
electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to Holdings, the Borrower, or the Administrative Agent, to the address, facsimile number, electronic mail address or
telephone number specified for such Person on Schedule 10.02; and 
 (ii) if to any other Lender, to the address,
facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect
for the delivery of notices that may contain material non-public information relating to the Borrower). 

  
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 Notices and other communications sent by hand or overnight courier service, or mailed by certified or
registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below shall be effective as
provided in such subsection (b). 
 (b) Electronic Communications. (i) Notices and other communications to the Lenders hereunder
may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that, the foregoing
shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article II by electronic communication. The Administrative Agent
or the Borrower may each, in its discretion, agree to accept notices and other communications delivered or furnished to it hereunder by electronic communication pursuant to procedures approved by it; provided that, approval of such procedures
may be limited to particular notices or communications. 
 (ii) Unless the Administrative Agent otherwise prescribes, (A) notices and
other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), and (B) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the
intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor;
provided that, for both clauses (A) and (B), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening
of business on the next Business Day for the recipient. 
 (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS
AVAILABLE.” THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY
KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE
BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to Holdings, the Borrower,
any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of
Borrower Materials or notices through the Platform, any other electronic messaging service, or through the Internet. 

  
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 (d) Change of Address, Etc. Each of Holdings, the Borrower and the Administrative
Agent may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other
communications hereunder by notice to the Borrower and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at
least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its
delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public
Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities
Laws. 
 (e) Reliance by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act
upon any notices (including telephonic notices and Committed Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed
by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Administrative Agent, each Lender and the Related Parties of each of
them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to and other telephonic communications with the Administrative
Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 
 10.03 No Waiver;
Cumulative Remedies; Enforcement. No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as
a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege, or any abandonment or discontinuance of steps to enforce such a right remedy, power or privilege, hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by law. 
 Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to
enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and
maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders; provided that, the foregoing shall not prohibit (a) the Administrative Agent from
exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with
Section 10.08 (subject to the terms of Section 2.13), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding
relative to any Loan Party under any Debtor Relief Law; and provided further that, if 

  
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at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the
Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any Lender
may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

10.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of one counsel for the Administrative Agent and one
local counsel in any appropriate jurisdiction), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or
any amendments, modifications or waivers of the provisions hereof or thereof (whether or not they became effective or the transactions contemplated hereby or thereby shall be consummated); and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the reasonable and documented fees, charges and disbursements of one counsel for the
Administrative Agent and one law firm for all Lenders, taken as a whole (and, in the case of an actual or reasonably perceived conflict of interest, of another firm of counsel for all affected Lenders) and one local counsel in any appropriate
jurisdiction) in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section 10.04, or (B) in connection
with Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any
sub-agent thereof), each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and
all losses, claims, damages, liabilities and related expenses (including the reasonable and documented fees, charges and disbursements of one law firm for all Indemnitees, taken as a whole, and if appropriate, by a single firm of local counsel in
each appropriate jurisdiction for all such Indemnitees, taken as a whole (and, in the case of an actual or reasonably perceived conflict of interest, of another firm of counsel for all affected Indemnitees)), incurred by any Indemnitee or asserted
against any Indemnitee by any Person (including the Borrower or any other Loan Party but excluding such Indemnitee and its Related Parties) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or
thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any Loan or the use
or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or Release of Hazardous Materials at, on, under or emanating from the Project or any property owned, leased or operated by the Borrower or the Project Company, or
any Environmental Liability related to the Borrower or the Project Company or their respective properties, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating

  
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to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or Holdings or any of the Borrower’s or Holdings’
directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or
related expenses are determined by a court of competent jurisdiction in a final and nonappealable judgment to have resulted from the fraud, gross negligence or willful misconduct of such Indemnitee. Each Indemnitee pursuant to this
Section 10.04(b), within thirty (30) days after the receipt by it of notice of any claim for which indemnity may be sought by it or by any Person controlling it from the Borrower on account of the agreements contained in this
Section 10.04(b), shall notify the Borrower in writing of the commencement thereof; provided, that failure to so notify shall not prejudice any claim for which indemnity may be sought except to the extent that the
Borrower is harmed thereby Without limiting the provisions of Section 3.01(c), this Section 10.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims and
damages arising from any non-Tax claim. 
 (c) Reimbursement by Lenders. To the extent that
the Borrower for any reason fails to pay any amount required under subsection (a) or (b) of this Section 10.04(b) to be paid by it to the Administrative Agent (or any sub-agent
thereof) or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s pro
rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the outstanding Loans and unused Commitments at such time) of such unpaid amount (including any such
unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage of the Aggregate Commitment (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought); provided further that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent
(or any such sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in
connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d). 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no party hereto shall assert, and each
party hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee or other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof.
Subject to Section 10.07, no Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by others of any information or other materials distributed to such party by such
Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 

(e) Payments. All amounts due under this Section 10.04 shall be payable thirty (30) days after receipt of
demand therefor. 

  
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 (f) Survival. The agreements in this Section 10.04 and the
indemnity provision of Section 10.02(e) shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Aggregate Commitment and the repayment, satisfaction or discharge of
all the other Obligations. 
 10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the
Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party for any reason, in connection with any proceeding under any
Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall automatically be reinstated and continued in full force and effect as if such payment had not been
made or such setoff had not occurred and the Borrower shall pay the Lenders on demand all reasonable and documented costs and expenses (including reasonable and documented fees, expenses and disbursements of one counsel for all the Lenders) incurred
by the Lenders in connection with the return of such funds by the Lenders, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid
by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under clause (b) of
the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 
 10.06 Successors and
Assigns. 
 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor Holdings may assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without
the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of
Section 10.06(b), (ii) by way of participation in accordance with the provisions of Section 10.06(d), or (iii) by way of pledge or assignment of a security interest in accordance with
Section 10.06(e) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 10.06(d) and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b)
Assignments by Lenders. Any Lender may at any time assign to an Eligible Assignee all or a portion of its rights and obligations under this Agreement (including all or a portion of its Loans); provided that, any such assignment shall
be subject to the following conditions: 
 (i) Minimum Amounts. 

  
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 (A) in the case of an assignment of the entire remaining amount of the
assigning Lender’s Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in subsection (b)(i)(A) of this Section 10.06, the aggregate amount of
the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if
“Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower
otherwise consents (each such consent not to be unreasonably withheld, conditioned or delayed). 
 (ii) Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans assigned; 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by subsection
(b)(i)(B) of this Section 10.06 and, in addition: 
 (A) prior to the Conversion Date, the consent
of the Borrower shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; 

(B) following the Conversion Date, the consent of the Borrower (such consent not to be unreasonably withheld, conditioned or
delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that, the Borrower
shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; and 

(C) the consent of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed) shall be
required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender. 

(iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided that, the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any
assignment; and provided further that, such fee shall not apply to any transfers under Section 9.09. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire and all applicable tax forms required pursuant to Section 3.01. 

  
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 (v) Subject to acceptance and recording thereof by the Administrative Agent
pursuant to subsection (c) of this Section 10.06, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released
from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to
be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly
agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrower (at its expense)
shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with Section 10.06(d). 
 (c)
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in
electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and, with respect to its interests only, any Lender, at any reasonable time and from time to time upon reasonable prior
notice. 
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative
Agent, sell participations to any Eligible Person (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans);
provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be
responsible for the indemnity under Section 10.04(c) without regard to the existence of any participation. 

  
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 Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that, such agreement or instrument may provide that such Lender
will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in clauses (b) through (h) and (j) in the first proviso to Section 10.01 that
affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to subsection (b) of this Section 10.06 (it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation);
provided that, such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 10.12 as if it were an assignee under paragraph (b) of this Section 10.06 and (B) shall not
be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent
such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use
reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 10.08 as though it were a Lender; provided that, such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall,
acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and, stated interest) of each Participant’s interest in the Loans or other
obligations under the Loan Documents (the “Participant Register”); provided that, no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or
any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such
commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be
conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the
avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(e) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that, no such pledge or assignment shall release such Lender from
any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (f) Notwithstanding any
other provisions of this Section 10.06, no transfer or assignment of the interests or obligations of any Lender or any grant of participations therein shall be permitted if such transfer, assignment or grant would require the Loan Parties to
file a registration statement with the SEC or to qualify the Loans under the “Blue Sky” laws of any state. 

  
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 10.07 Treatment of Certain Information; Confidentiality. Each of the Administrative
Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to a Federal Reserve Bank or other central bank (whether in the United States or any other jurisdiction)
and to the extent required or requested by any regulatory authority having jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners) (in which case
such Person agrees (except with respect to any audit or examination conducted by bank accountants or any regulatory authority exercising examination or regulatory authority of such Person), to the extent practicable and not prohibited by applicable
law, to inform the Loan Parties promptly thereof), (c) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or regulation or as requested by a
governmental authority (in which case such disclosing Person agrees (except with respect to any audit or examination conducted by bank accountants or any regulatory authority exercising examination or regulatory authority of such Person), to the
extent practicable and not prohibited by applicable law, to inform the Loan Parties promptly thereof), (d) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this
Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (e) subject to an agreement containing provisions substantially the same as those of this Section 10.07 and subject to the
acknowledgement and acceptance by such party or prospective party or assignee or participant or prospective assignee or participant that such information is being disseminated on a confidential basis in accordance with the standard syndication
processes of the Arrangers or customary market standards for dissemination of such type of information, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this
Agreement or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder,
(f) on a confidential basis to (i) any sub-agent insurance broker, provider of credit protection, (ii) any rating agency in connection with rating the Borrower or the credit facilities provided
hereunder or (iii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers of other market identifiers with respect to the credit facilities provided hereunder, (g) with the prior
written consent of the Borrower or (h) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section 10.07 or (B) becomes available to the Administrative
Agent, any Lender or any of their respective Affiliates from a third party that is not, to such Person’s knowledge, subject to confidentiality obligations to the Sponsor, the Loan Parties, the Project Company or any of their respective
Affiliates. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors and similar service providers to the Administrative Agent, Depositary Bank
and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments. 
 For purposes of
this Section, “Information” means all information received from the Sponsor, the Loan Parties or the Project Company relating to such Persons or any of their respective businesses, other than any such information that is available
to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Sponsor, the Loan Parties or the Project Company. Any Person required to maintain the confidentiality of Information as provided in this
Section 10.07 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own
confidential information. 

  
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 Each of the Administrative Agent and the Lenders acknowledges that (a) the Information
may include material non-public information concerning the Sponsor, the Loan Parties or the Project Company, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities
Laws. 
 10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of their respective
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any
time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under
this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be unmatured or are
owed to a branch or office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that, in the event that any Defaulting Lender shall exercise any such right
of setoff, (a) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.14 and, pending such payment, shall be segregated
by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (b) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in
reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender and its Affiliates under this Section 10.08 are in addition to other rights and
remedies (including other rights of setoff) that such Lender or its Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that, the failure to give
such notice shall not affect the validity of such setoff and application. 
 10.09 Interest Rate Limitation. Notwithstanding anything
to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the
“Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law,
(a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal
parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

  
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 10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents and any
separate letter agreements with respect to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. There are no unwritten oral agreements among the parties. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this
Agreement by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. 

10.11 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable,
(a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.11, if and to the extent that the enforceability of any provisions in this
Agreement relating to Defaulting Lenders shall be limited by bankruptcy Laws, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited. 

10.12 Replacement of Lenders. If the Borrower is entitled to replace a Lender pursuant to the provisions of
Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as
a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in, and consents required by, Section 10.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this
Agreement and related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 

(a) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in
Section 10.06(b); 
 (b) such Lender shall have received payment of an amount equal to the outstanding principal of
its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 
 (c) in the case of any such
assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or
payments thereafter; 

  
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 (d) such assignment does not conflict with applicable Laws; and 

(e) in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the
applicable assignee shall have consented to the applicable amendment, waiver or consent. 
 A Lender shall not be required to make any such
assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

10.13 Governing Law; Jurisdiction; Etc. 

(a) GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN
CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) SUBMISSION TO JURISDICTION. EACH PARTY HERETO
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER PARTY HERETO, OR ANY RELATED
PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES
DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT
OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH
ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE
ADMINISTRATIVE AGENT, ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR HOLDINGS OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

  
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 (c) WAIVER OF VENUE. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT
REFERRED TO IN PARAGRAPH (b) OF THIS SECTION 10.13. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT. 
 (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

10.14 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.14. 

10.15 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Borrower and Holdings acknowledges and agrees that: (i)(A) the arranging and other services regarding this Agreement provided by the
Administrative Agent, the Arrangers and the Lenders are arm’s-length commercial transactions between the Borrower, Holdings and their respective Affiliates, on the one hand, and the Administrative Agent,
the Arrangers and the Lenders, on the other hand, (B) each of the Borrower and Holdings has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the Borrower and Holdings
is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii)(A) the Administrative Agent, the Arrangers and the Lenders each is and has been
acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower, Holdings or any of their respective Affiliates, or any
other Person and (B) neither the Administrative Agent, the Arrangers nor any Lender has any obligation to the Borrower, Holdings or any of their respective Affiliates with respect to the transactions

  
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contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers, the Lenders and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, Holdings and their respective Affiliates, and neither the Administrative Agent, the Arrangers nor any Lender has any obligation
to disclose any of such interests to the Borrower, Holdings or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrower and Holdings hereby waives and releases any claims that it may have against the
Administrative Agent, the Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

10.16 Electronic Execution of Assignments and Certain Other Documents. The words “execution,” “execute,”
“signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including Assignment and Assumptions, amendments or other
Committed Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act;
provided that, notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative
Agent pursuant to procedures approved by it. 
 10.17 USA PATRIOT Act. Each Lender that is subject to the USA Patriot Act and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which
information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the USA Patriot Act. The Borrower shall,
promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know
your customer” and anti-money laundering rules and regulations, including the USA Patriot Act, in each case at least five days prior to the Closing Date. For the avoidance of doubt, nothing in this Agreement shall oblige the Administrative
Agent to carry out (i) any “know-your-customer” or other checks in relation to any person or (ii) any check on the extent to which any transaction contemplated by this Agreement might be lawful for any Lender, in each case, on
behalf of any Lender. Each Lender confirms to the Administrative Agent that it is solely responsible for any such checks it is required to carry out and that such Lender may not rely on any statement in relation to such checks made by the
Administrative Agent. At least five days prior to the Closing Date, if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulations, it shall deliver a Beneficial Ownership Certification to the
Administrative Agent. 

  
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 10.18 Acknowledgment and Consent to Bail-In of
EEA Financial Institution. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial
Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and (b) the effects
of any Bail-in Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such
liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership
will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and
Conversion Powers of any EEA Resolution Authority. 
 10.19 Non-Recourse. Notwithstanding
anything to the contrary in this Agreement, any other Loan Document, any Secured Hedge Agreement or any other document, certificate or instrument executed, furnished or delivered by the Loan Parties or the Sponsor pursuant hereto or thereto,
(a) none of the Secured Parties shall have any claims with respect to any Loan Document or any of the transactions contemplated by the Loan Documents or the Secured Hedge Agreements against any of the Affiliates of the Borrower (except
Holdings, to the extent expressly set forth in the Loan Documents to which Holdings is party), any present or future holders (direct or indirect) of equity interests in the Borrower (except, in each case, as set forth under the Loan Documents to
which any such direct or indirect holder of equity interests is a party), or any shareholders, partners, members, officers, directors, employees, representatives, controlling persons, executives or agents of the Borrower or any of its Affiliates
(other than Holdings, to the extent expressly set forth in the Loan Documents to which Holdings is a party) or any of the foregoing (collectively, the “Non-Recourse Persons”), such claims
against such Non-Recourse Persons (including as may arise by operation of law) being expressly waived hereby, (b) no judgment for any deficiency upon the obligations hereunder or under the other Loan
Documents shall be obtainable by any Secured Party against the Non-Recourse Persons, (c) none of the Secured Parties shall have any claims with respect to any Loan Document or any of the transactions
contemplated by the Loan Documents or the Secured Hedge Agreements against Holdings (except to the extent of Holdings’ ownership interest in the Borrower and any claims that may arise against Holdings under the Pledge Agreement to the extent
expressly set forth in the Pledge Agreement), (d) without limiting the preceding clause (c), Holdings’ liability in respect of its obligations under the Pledge Agreement shall be limited to the Holdings Collateral (as defined in the
Pledge Agreement), including any proceeds arising from the sale thereof upon the Administrative Agent’s exercise of rights and remedies under the Pledge Agreement, and no recourse shall be had against Holdings or any of Holdings’ assets
other than such Holdings Collateral (whether now owned or hereafter acquired) for the payment of the Obligations or otherwise in satisfaction of Holdings’ obligations under the Pledge Agreement, including the payment of any deficiency arising
following the disposition of the Holdings Collateral and (e) except as set forth in the preceding clauses (c) and (d), no judgment for any deficiency upon the obligations under the other Loan Documents shall be obtainable by
any Secured Party against Holdings; provided that the foregoing provisions of this Section 10.19 

  
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shall not (i) constitute a waiver, release or discharge (or otherwise impair the enforceability) of any of the Obligations, or of any of the terms, covenants, conditions, or provisions of
this Agreement or any other Loan Document or any Secured Hedge Agreement and the same shall continue (but without personal liability of the Non-Recourse Persons) until fully paid, discharged, observed or
performed, (ii) constitute a waiver, release or discharge of any lien or security interest purported to be created pursuant to the Collateral Documents (or otherwise impair the ability of any Secured Party to realize or foreclose upon any
Collateral), (iii) limit or restrict the right of the Administrative Agent or any other Secured Party (or any assignee, beneficiary or successor to any of them) to name the Borrower as a defendant in any action or suit for a judicial foreclosure or
for the exercise of any other remedy under or with respect to any Loan Document or any Secured Hedge Agreement, or for injunction or specific performance, so long as no judgment in the nature of a deficiency judgment shall be obtainable against any Non-Recourse Person, (iv) release any Non-Recourse Person from liability (to the extent it would otherwise be liable) for its own intentional fraud (which, for the
avoidance of doubt, shall not include innocent or negligent misrepresentation), (v) limit the right of any Secured Party to name any Non-Recourse Party as a party to any action to the extent necessary to
enforce this Agreement, any other Loan Document, any Secured Hedge Agreement or any Lien or security interest in the Collateral, so long as no judgment in the nature of a deficiency judgment shall be enforced against any Non-Recourse Person, or (vi) release the Borrower from its obligations under this Agreement or any other Loan Document. The limitations on recourse set forth in this Section 10.19
shall survive the repayment in full of the Obligations, the termination of any Commitments hereunder and the earlier termination of this Agreement. 

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

			
	 NAVIGATOR ETHYLENE TERMINALS LLC,

	as Borrower
		
	By:	 	Navigator Terminal Invest Limited, its sole member
		
	By:	 	 /s/ Niall Nolan

	Name:	 	Niall Nolan
	Title: Chief Financial Officer
		
	By:	 	 /s/ Kamaran Jomah

	Name: Kamaran Jomah
	Title: Financial Planning & Analysis Manager

 
			
	ING CAPITAL LLC,
	as Administrative Agent
		
	By:	 	 /s/ Hans Beekmans

	Name:Hans Beekmans
	Title: Director
		
	By:	 	 /s/ Subha Pasumarti

	Name:Subha Pasumarti
	Title:Managing Director

 
			
	 ING CAPITAL LLC,

	 as a Term Lender and Issuing Lender

		
	By:	 	 /s/ Hans Beekmans

	Name: Hans Beekmans
	Title: Director
		
	By:	 	 /s/ Subha Pasumarti

	Name:	 	Subha Pasumarti
	Title:	 	Managing Director

 
			
	 SG Americas Securities LLC,

	 as a Term Lender

		
	By:	 	 /s/ Roberto S Simon

	Name:	 	Roberto S Simon
	Title:	 	Managing Director

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