Document:

EX10.18

 Exhibit 10.18 

Execution Version 
 Framework Agreement 

in relation to the sale of VLCC vessels 
 dated
7 July 2014 
 between 
 Maersk Tankers Singapore Pte
Ltd 
 as Sellers 
 and 

Euronav NV or a nominated company (fully guaranteed by Euronav NV) 

as Buyers 
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 Contents 
  

							
	 1
	 	 DEFINITIONS
	  	 	3	  
	 2
	 	 SALE OF THE VESSELS
	  	 	4	  
	 3
	 	 ACCEDING BUYERS
	  	 	4	  
	 4
	 	 PURCHASE PRICE AND DEPOSIT
	  	 	5	  
	 5
	 	 DELIVERY OF THE VESSELS
	  	 	6	  
	 6
	 	 THE CHARTER PARTIES
	  	 	7	  
	 7
	 	 GENERAL DEFAULT PROVISION
	  	 	7	  
	 8
	 	 BUYERS’ DEFAULT
	  	 	8	  
	 9
	 	 SELLERS’ DEFAULT
	  	 	9	  
	 10
	 	 MISCELLANEOUS DEFAULT PROVISION
	  	 	9	  
	 11
	 	 SIGNING
	  	 	10	  
	 12
	 	 CONDITIONS
	  	 	10	  
	 13
	 	 GOVERNMENTAL APPROVALS
	  	 	10	  
	 14
	 	 INTEREST
	  	 	11	  
	 15
	 	 ASSIGNMENT
	  	 	11	  
	 16
	 	 CONFIDENTIALITY
	  	 	11	  
	 17
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	12	  
	 18
	 	 INTERPRETATION
	  	 	12	  
	 19
	 	 COSTS AND EXPENSES
	  	 	13	  
	 20
	 	 CONFLICT BETWEEN PROVISIONS
	  	 	13	  
	 21
	 	 NOTICES
	  	 	13	  
	 22
	 	 GOVERNING LAW AND JURISDICTION
	  	 	14	  
	 23
	 	 LIST OF APPENDICES
	  	 	14	  
	 24
	 	 COUNTERPARTS
	  	 	14	  

  
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 This framework agreement (the “Agreement”) is entered into on 7 July 2014 between 

 

	(1)	Maersk Tankers Singapore Pte Ltd, 200 Cantonment Road, 10-00 Southpoint, 089763, Singapore (the “Sellers”); and 

 

	(2)	Euronav NV, 20 De Gerlachekaai, 2000 Antwerp, Belgium or a company to be nominated, such nominee to be fully guaranteed by Euronav NV (“Euronav”). 

WHEREAS: 
  

	A.	The Sellers or their affiliated entities are the bareboat charterers of 4 VLCC vessels (as more particularly defined below, the “Vessels” and individually, a “Vessel”), and the Sellers
have agreed to purchase the Vessels from their current owners. 

  

	B.	The Sellers have agreed to sell and the Buyers (as defined below) have agreed to buy the Vessels on an en bloc basis for a total price of USD 342,000,000 (United States Dollars Three Hundred and Forty TwoMillion) made
up of each Allocated Purchase Price and otherwise on the terms and conditions set out in this Agreement and in the MOAs (as each expression is defined below). 

  

	C.	Three of the Vessels are on time charters to Euronav or its affiliates. The remaining Vessel (“Maersk Hakata”) is currently on time charter to another charterer (Cosmo Oil), and it is the intention to transfer
the Vessel upon completion of the time charter. 

  

	D.	The Parties have agreed that each of the Vessels will be delivered separately to the Buyers and that the delivery date for each Vessel will be nominated by the Sellers in accordance with the provisions set out below and
in the MOAs. 

 IT IS AGREED as follows: 
  

	1	Definitions 

  

	1.1	In this Agreement the following terms and expressions shall have the meaning set out below: 

“Acceding Buyer” shall have the meaning set out in Clause 3.1. 

“Allocated Deposit” shall have the meaning set out in Clause 4.3. 

“Allocated Purchase Price” shall have the meaning set out in Clause 4.2. 

“Buyers” means Euronav and, upon the accession by an Acceding Buyer, that Acceding Buyer in relation to the relevant Vessel.

 “Banking Days” means days on which banks are open in New York, Singapore, London, Antwerp and Copenhagen. 

“Cancelling Date” means 150 days after the Effective Date. 

“Charter Parties” means each of the time charter parties for the Vessels as listed in Appendix 5. 

“Delivery Port” means any area or port worldwide, excluding any area or port within (i) the jurisdiction of the West
Coast of the United States of America; and (ii) any nation prohibited under the laws of the United States of America, the United Nations or the European Union. 

  
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 “Delivery Window” means the dates set out against the name of each Vessel in
Appendix 2. 
 “Deposit” shall have the meaning set out in Clause 4.3. 

“Effective Date” means the date upon which (i) the Buyers have confirmed in writing to the Sellers that the conditions in
Clause 12.1 have been satisfied or waived; and (ii) the Sellers have confirmed in writing to the Buyers that the conditions in Clause 12.3 have been satisfied or waived. 

“Escrow Agreement” means the escrow agreement entered into on the same date as this Agreement between the Sellers, the Buyers
and the Escrow Bank attached hereto as Appendix 4. 
 “Escrow Bank” means Nordea Bank Finland Plc, London Branch or such
other bank to be mutually agreed. 
 “Escrow Funds” means the Deposit paid to and held by the Escrow Bank from time to time,
in accordance with Clause 4.3 of the Agreement. 
 “Escrow Payment Letter” means an escrow payment letter to be given by the
Sellers and the Buyers in accordance with Clause 4.3 of the Agreement and the Escrow Agreement. 
 “MOA” means the Norwegian
Saleform 2012 Memorandum of Agreement with amendments for the sale of each Vessel made on the date of this Agreement between the Sellers and the Buyers in each case, in the forms attached as Appendices 1-A to 1-D inclusive to this Agreement. 

“Parties” means each party to this Agreement and any Acceding Buyer nominated by the Buyers in accordance with Clause 3 of
this Agreement. 
 “Purchase Price” shall have the meaning set out in Clause 4.1. 

“Vessels” means the 4 VLCC vessels listed in Appendix 2 to this Agreement and individually, a “Vessel”. 

 

	2	Sale of the Vessels 

  

	2.1	The Sellers hereby agree to sell by way of an en bloc sale, and the Buyers agree to buy, the Vessels on the terms set out in this Agreement, including but not limited to the terms and conditions of the MOAs.

  

	2.2	The Sellers hereby confirm to Euronav that as from the date of this Agreement, the Sellers shall not sell or charter out or agree to sell or charter out any of the Vessels. 

 

	3	Acceding Buyers 

  

	3.1	Any wholly owned subsidiary of the Buyers may accede to this Agreement (an “Acceding Buyer”) by way of (i) executing and delivering to the Sellers an accession deed in the form set out in Appendix
3 and (ii) delivering to the Sellers a copy of its certificate of incorporation and memorandum and articles of association, or equivalent constitutional documents. Upon execution and delivery of an accession deed by any Acceding Buyer and
delivery of such constitutional documents, Euronav may nominate that Acceding Buyer as “Buyers” under a particular MOA in relation to the purchase of an individual Vessel on the terms and conditions of that MOA. 

  
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	3.2	Each MOA shall stand alone and the relevant Acceding Buyer shall be fully responsible to the Sellers only for the relevant obligations under this Agreement and the MOA in respect of the Vessel to be acquired by that
Acceding Buyer. 

  

	3.3	Upon accession, each Acceding Buyer in respect of a Vessel’s classification records which have been inspected by Euronav, shall be deemed to have instructed Euronav to carry out such inspection on its behalf and
the Acceding Buyer shall thus have the same rights and obligations as if the Acceding Buyer itself had inspected the Vessel’s classification records. It is noted that Euronav (on the Buyers’ behalf) have inspected and accepted the
Vessels’ classification records. The Buyers have waived their right to physically inspect the Vessels and as a consequence the Buyers accept that the sale is outright and definite, subject only to the terms and conditions of this Agreement and
each MOA. 

  

	3.4	Notwithstanding any nomination of an Acceding Buyer for one or more individual Vessel(s) pursuant to Clause 3.1, Euronav shall remain fully responsible for any and all the obligations of each of the Acceding Buyers
under this Agreement and each MOA. In consideration of the Sellers entering into this Agreement and the MOAs, Euronav unconditionally and irrevocably guarantees and agrees to guarantee (as primary obligor and not as surety only) the performance of
any Acceding Buyer’s obligations under this Agreement and the purchase of the individual Vessel under the relevant MOA. As a separate continuing obligation, Euronav indemnifies and agrees to indemnify the Sellers from and against any and all
losses which the Sellers may suffer or incur as a consequence of the failure of an Acceding Buyer to fully perform all of its respective obligations under the relevant MOA in accordance with the terms thereof. The obligations of Euronav under this
Clause shall remain in full force and effect notwithstanding (i) any intermediate settlement of the guaranteed or indemnified obligations, (ii) any amendment of this Agreement or any MOA, (iii) any event described in clause 7.1
affecting of any Acceding Buyer or (iv) any other event or matter whatsoever. 

  

	4	Purchase price and deposit 

  

	4.1	The total purchase price for all the Vessels is USD 342,000,000 (United States Dollars Three Hundred and Forty Two Million) (the “Purchase Price”). 

 

	4.2	The allocated purchase price for each of the Vessels is set out in Appendix 2 (each, an “Allocated Purchase Price”). 

 

	4.3	As security for the correct fulfilment of this Agreement Euronav shall pay on its own behalf and on behalf of the Acceding Buyers a deposit of 10% (ten per cent) of the Purchase Price, equal to USD 34,200,000 (United
States Dollars Thirty Four Million Two Hundred Thousand) no later than 2 (two) Banking Days after the Effective Date (the “Deposit”). The Deposit shall be paid to the Escrow Bank no later than 2 (two) Banking Days after the
Effective Date. This Deposit shall be placed as Escrow Funds with the Escrow Bank and held by it in an account in the name of the Sellers in accordance with the Escrow Agreement between the Sellers, the Buyers and the Escrow Bank attached hereto as
Appendix 4 and the relevant part of the Deposit (being 10% (ten per cent) of the Allocated Purchase Price for that Vessel, each an “Allocated Deposit”) is to be released upon the Buyers and Sellers signing a protocol of delivery and
acceptance in respect of that relevant Vessel or released as otherwise provided in this Agreement or the Escrow Agreement. Simultaneously with signing the protocol of delivery and acceptance the Sellers and the Buyers shall also be obliged to sign
an Escrow Payment Letter under the Escrow Agreement thereby releasing the relevant Allocated Deposit. Interest on the Deposit, if any, shall be credited to the Buyers upon delivery of each Vessel by reference to the Allocated Deposit. Any fee
charged for holding the Deposit shall be borne equally by the Sellers and the Buyers. 

  

	4.4	The remaining part of the Allocated Purchase Price (i.e. 90% (ninety per cent)) for a Vessel plus any other amount due under the relevant MOA shall be paid in full free of bank charges by way of conditional payments
using SWIFT messages MT202 and MT199 to the Escrow Bank on delivery of the relevant Vessel or, subject to the consent of the Buyers’ financing bank, 1 (one) Banking Day prior to delivery. 

  
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	4.5	When the Vessel is in every respect physically ready for delivery in accordance with the terms of the relevant MOA, the Sellers shall give the Buyers a written Notice of Readiness for delivery in accordance with the
terms of this Agreement and the relevant MOA. The Buyers shall then take delivery of the Vessel promptly but not later than 3 (three) Banking Days after the date that the Notice of Readiness has been given. The Allocated Deposit shall be released
from the Escrow Funds in accordance with Clause 4.3 and paid to the Sellers for the relevant Vessel, and the Buyers and Sellers shall jointly instruct the Escrow Bank to release this amount by sending the Escrow Payment Letter simultaneously with
the release of the payment of the remainder of the Allocated Purchase Price by the Buyers. 

  

	4.6	The Allocated Purchase Price of each Vessel and any other amounts due from the Buyers to the Sellers under this Agreement or each MOA shall be paid by the Buyers to the Sellers in full without any set-off, counterclaim,
deduction or withholding unless such right of set-off, counterclaim, deduction or withholding is specified in this Agreement or the MOA. 

  

	5	Delivery of the Vessels 

  

	5.1	Each Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage at the Vessel’s Delivery Port which is to be nominated by the Sellers in accordance with the terms of this
Clause 5 and the relevant MOA. 

  

	5.2	Notwithstanding Clause 5.1, if the intended location of a Delivery Port entails a risk of an adverse tax effect for the Buyers or the Sellers as a result of the transfer of title to a Vessel, the Sellers and the Buyers
shall be obliged to postpone submission of a Notice of Readiness and the transfer of title of such Vessel until the Vessel is in such location where there is no risk of such adverse tax effects. The Sellers and the Buyers shall cooperate in this
respect, including evaluating the possibility of a transfer of title of the Vessel in international waters. 

  

	5.3	Subject to the other provisions of this Clause 5, delivery of the Vessels shall take place within the Delivery Window for each Vessel. At the time of delivery each Vessel shall be free from all encumbrances, taxes,
mortgages and maritime liens and any other debts whatsoever, and shall not be subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against the consequences of claims made against the Vessel
which have been incurred prior to the time of delivery. 

  

	5.4	The Sellers shall nominate an estimated delivery date and time for each of the Vessels in the Sellers’ absolute discretion by giving the Buyers 20, 15, 10, 5 and 3 days’ notice of the estimated time of arrival
at the anticipated Delivery Port or other place of delivery nominated by the Sellers in accordance with this Clause 5. 

  

	5.5	All Vessels shall be delivered (i) not earlier than 6 weeks after the Effective Date (for the Buyers’ financing purposes) and (ii) after completion of the upcoming voyage(s) of the relevant Vessel
following the expiry of the aforementioned 6 weeks but delivery shall in all circumstances be effected no later than the Cancelling Date with the exception of Maersk Hakata which will be delivered upon completion of the Cosmo Charter. Latest four
(4) weeks after the Effective Date Sellers will provide Buyers with a non-binding tentative delivery overview specifying current known schedule of each Vessel and identifying the upcoming voyage(s) for the purposes of (ii) above. As 3 of
the Vessels are on time charters to Euronav or Euronav affiliates entities it is agreed that the abovementioned delivery process shall be conducted in good cooperation between the Parties. If Buyers have difficulty providing the technical management
required to take Delivery of one or more Vessels, Sellers will use all reasonable efforts to offer technical management services for any or all of the 4 Vessels for a period up to 6 months from Delivery of the relevant Vessel(s) on each relevant
Vessel against Buyers informing Sellers of the relevant Vessels no later than 10 days after receiving the non-binding tentative overview and with the Parties being obliged to co-operate in good faith should such notice provide a challenge to the
Sellers. Such services will be provided at actual cost plus USD 20,000 in administration fee per month per Vessel as per executed Shipman agreed between the parties no later than 30 days after the Effective Date. The form of Shipman shall reflect
that the Buyers shall not be responsible for Severance Costs or post-termination Management Fees, but the Buyers are responsible for pro rata Crew Support Costs in accordance with ordinary Maersk principles. 

  
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	5.6	In order to assist a smooth delivery of the Vessels as set out in this Clause 5 the Parties agree to cooperate in good faith (as may be reasonably required) in connection with the delivery of the Vessels.

  

	5.7	As of the date of this Agreement and until delivery of the Vessels, the Sellers undertake not to employ the Vessels in contradiction with any sanctions against any sovereign nation issued by the European Union, United
States of America or United Nations. 

  

	5.8	The Parties acknowledge that the Sellers are exiting the VLCC sector and that all spare parts and spare equipment relating to the Vessels are included in the sale. If any such spare parts and equipment are fleet spares
and are not allocated to any specific Vessel they shall not be sold or otherwise disposed of during the currency of this Agreement and shall be delivered to the Buyers, immediately if required for a delivered Vessel’s operation, and in any case
not later than 180 days after the Effective Date. The Sellers shall provide to the Buyers a list of critical spares and all spares as per vessel Planned Maintenance System and any other information reasonably requested in relation to spare parts and
equipment and their location. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not required to replace spare parts taken out of spare and used as replacement on one of the Vessels prior to delivery of that Vessel.

  

	5.9	The Sellers agree that spares shall be maintained at normal operating levels, properly stored and maintained or repaired (as necessary) until the time of delivery. 

 

	5.10	In respect of each Vessel where the Sellers are also the technical manager, notwithstanding any other provision to the contrary in this Agreement or any prior technical management agreement between Sellers and Buyers,
it is agreed that in the period following the Effective Date until expiry or termination of the relevant technical management agreement, the Sellers are required to seek Buyers’ prior written approval to the quantity and price of any supply of
lubricating or hydraulic oils or greases on the Vessels. 

  

	6	The Charter Parties 

  

	6.1	In respect of the Charter Parties for Maersk Hakone, Maersk Hirado and Maersk Hojo which are entered into with Euronav or Euronav affiliated entities, the Parties agree that these Charters shall either be cancelled or
novated to the relevant Buyers and in both instances without any further approval from or compensation to the relevant charterers and/or Buyers save as provided in the relevant cancellation or novation agreement with regard to obligations,
liabilities and claims accrued on account of the Sellers in their capacity as owners under the Charter Parties up to the effective date and time of cancellation or novation. In case a novation is required the Buyers shall have the right to request
technical management in accordance with Clause 5.5. The Buyers shall assist with a suitable place for delivery in order to assist the Sellers with the delivery of the Vessels. 

 

	6.2	Maersk Hakata shall be delivered upon the completion of the Cosmo Charter Party. Maersk Hakata is due for special survey and dry dock in beginning of 2015 (around 1 March 2015) and any expense in this connection is
to be for Buyers’ account. 

  

	7	General default provision 

  

	7.1	Without prejudice to any rights that have accrued under this Agreement or any of its rights or remedies, either Party may terminate this Agreement with immediate effect by giving notice to the other Party if:

  

	7.1.1	the other Party suspends payment of its debts, or is unable to pay its debts as they fall due or admits inability to pay its debts, or is deemed unable to pay its debts within the meaning of section 123 of the English
Insolvency Act 1986; or 

  
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	7.1.2	the other Party defaults under any indebtedness for borrowed money, which default (a) is caused by a failure to pay principal of, or interest or premium, if any, on such indebtedness prior to the expiration of the
grace period provided in such indebtedness (“payment default”) or (b) results in the acceleration of such indebtedness prior to the maturity date on which the payment of principal is due and payable (excluding any contingent
obligations to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof); and, in each case, (i) the principal amount of any such indebtedness, together with the principal amount of any other
such indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates USD 20.0 million or more; and (ii) such circumstances reasonably impact upon the ability of the Party in default to
perform their obligations under this Agreement or any of the MOAs; or 

  

	7.1.3	a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with the winding up of that other Party, and that petition, notice, resolution or order is not discharged within
14 (fourteen) days; or 

  

	7.1.4	an application is made to court, or an order is made, for the appointment of an administrator, or if a notice of intention to appoint an administrator is given or if an administrator is appointed, over the other Party,
and that application, order, notice or appointment is not discharged within 14 (fourteen) days; or 

  

	7.1.5	a person becomes entitled to appoint a receiver over the assets of the other Party or a receiver is appointed over the assets of the other Party; or 

 

	7.1.6	the other Party is the subject of a bankruptcy petition or order, and that petition or order is not discharged within 14 (fourteen) days; or 

 

	7.1.7	the other Party fails to pay final judgments aggregation in excess of USD 20 million (net of any amounts that a reputable and creditworthy insurance company has acknowledged liability for in writing) which
judgments are not paid, discharged or stayed for a period of 60 days and such circumstances reasonably impact upon the ability of the Party in default to perform their obligations under this Agreement or any of the MOAs; or 

 

	7.1.8	the other Party suspends or ceases carrying on all or a substantial part of its business. 

 For
the purposes of this Clause 7.1, the Sellers constitute one Party and the Buyers constitutes the other Party. 
  

	7.2	Should the Deposit not be paid in accordance with Clause 4.3, the Sellers shall have the right to terminate this Agreement with immediate effect by giving notice to the Buyers. 

 

	7.3	The remedies available to the Sellers in the case of the Buyers’ default under this Clause are set out in Clause 8, and the remedies available to the Buyers in case of the Sellers default under this Clause are set
out in Clause 9. 

  

	8	Buyers’ default 

  

	8.1	Should the Allocated Purchase Price for a Vessel not be paid in accordance with this Agreement and the terms and conditions of the MOA, the Sellers have the right to either: 

 

	8.1.1	terminate the MOA for the Vessel, in which case the full amount of the Allocated Deposit remaining in the escrow account (as per Clause 4.3) together with interest earned shall be forfeited and immediately released to
the Sellers. If the Sellers’ losses exceed the amount received in this way, the Sellers shall be entitled to claim further compensation from the Buyers for their losses in relation to that Vessel; or 

 

	8.1.2	 terminate this Agreement (which for the avoidance of doubt include all of the MOAs relating to Vessels which have not been delivered) in which case
the aggregate of (i) the Allocated Deposit in relation to that Vessel, and (ii) 30% of the balance of all of the remaining Escrow 

  
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Funds after deduction of such Allocated Deposit together with interest earned, shall be forfeited and immediately released to the Sellers in full and final settlement of any claims which the
Sellers might otherwise have against the Buyers under this Agreement and/or any of the MOAs (relating to Vessels which have not been delivered) and the remaining balance of the Escrow Funds together with any interest accrued thereon shall be
immediately returned to the Buyers. 

  

	8.2	Should the Sellers terminate this Agreement under the provisions of Clause 7 (other than Clause 7.2), the full amount of the Escrow Funds (if any) together with interest earned shall be forfeited and immediately
released to the Sellers. If the Sellers’ losses exceed any amount received in this way, the Sellers shall be entitled to claim compensation for their losses. 

 

	8.3	Should the Sellers terminate this Agreement under the provisions of Clause 7.2 (being a result of the Buyers not having paid the Deposit in accordance with the terms of this Agreement), the Sellers shall be entitled to
claim compensation for their losses. 

  

	9	Sellers’ default 

  

	9.1	Should any Vessel become an actual, constructive or compromised total loss (in each case, as so determined by the Vessel’s insurers) before it has been delivered to the Buyers in accordance with this Agreement and
the relevant MOA, such Vessel shall be excluded from the sale of the Vessels to the Buyers and the Purchase Price shall be reduced by the relevant Allocated Purchase Price. The Allocated Deposit for the Vessel shall promptly be released to the
Buyers together with interest earned in relation to that Vessel and the relevant Acceding Buyers shall be fully and finally released by the Sellers from all of their obligations under this Agreement and the relevant MOA in relation to the relevant
Vessel. Otherwise, this Agreement shall not be affected in any way. The Buyers shall not be entitled to terminate this Agreement or to bring any other claim whatsoever against the Sellers for this reason (except for a breach by the Sellers of this
Clause 9.1) and likewise the Sellers shall not be entitled to bring any claim against the Buyers in such a total loss situation. 

  

	9.2	Subject to the provisions of Clause 9.1, should the Sellers fail to give Notice of Readiness in accordance with the terms and conditions of the MOA for any Vessel, or fail to be ready to validly complete a legal
transfer of any Vessel by the Cancelling Date the Buyers shall have the option of terminating the MOA for any such Vessel. If, after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically
ready for delivery and is not made physically ready again in every respect and a new Notice of Readiness given within the Cancelling Date the Buyers shall retain their option to terminate the MOA for the Vessel. The Sellers shall indemnify the
Buyers in respect of any losses arising from the withdrawal of a Notice of Readiness under this Clause 9.2. 

  

	9.3	Should the Buyers terminate the sale of a Vessel pursuant Clause 9.2 such Vessel shall be excluded from the sale of the Vessels to the Buyers and the Purchase Price shall be reduced by the relevant Allocated Purchase
Price. The Allocated Deposit for the Vessel shall promptly be released to the Buyers together with interest earned in relation to that Vessel. Otherwise, this Agreement shall not be affected in any way. The Buyers shall not be entitled to terminate
this Agreement or to bring any other claim whatsoever against the Sellers for this reason and likewise the Sellers shall not be entitled to bring any claim against the Buyers in such a situation. 

 

	9.4	Without prejudice to Clause 9.2, should the Buyers terminate this Agreement under the provisions of Clause 7, the full remaining balance of the Escrow Funds (together with interest earned thereon) shall be released to
them immediately and the Buyers shall be entitled to claim further compensation for their losses. 

  

	10	Miscellaneous default provision 

  

	10.1	Apart from the right to terminate this Agreement as set out in the provisions of Clauses 7, 8, 9, the termination provisions of Clause 13 and the conditions of Clause 12, neither Party shall be entitled to terminate
this Agreement for any reason whatsoever. 

  

	10.2	The termination of this Agreement for any reason whatsoever shall have no retrospective effect on the rights and obligations of the Parties in respect of any Vessels which have been delivered at such time.

  
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	11	Signing 

  

	11.1	At the signing of this Agreement, the Sellers have delivered to the Buyers: 

  

	11.1.1	documentary evidence from relevant corporate bodies of the Sellers authorising the signing of this Agreement and the consummation of the transactions contemplated under this Agreement. 

 

	11.2	At the signing of this Agreement, the Buyers have delivered to the Sellers: 

  

	11.2.1	documentary evidence from relevant corporate bodies of the Buyers authorising the signing of this Agreement and the consummation of the transactions contemplated under this Agreement. 

 

	12	Conditions 

  

	12.1	Euronav’s obligation to consummate the transactions contemplated in this Agreement are subject to Euronav confirming to the Sellers in writing that the conditions set out in Clauses 12.1.1 are satisfied.

  

	12.1.1	Euronav’s board approval The necessary approvals to the transactions contemplated by this Agreement have been obtained from Euronav’s board of directors. 

 

	12.2	If the Buyers have not confirmed to the Sellers in writing on or prior to 11 July 2014, 1200 hours CET that the conditions set out in Clause 12.1 have been satisfied or waived, this Agreement shall, unless
otherwise agreed between the Parties, be null and void and of no further effect and without any liability on either Party. 

  

	12.3	The Sellers’ obligations to consummate the transactions contemplated by this Agreement are subject to the Sellers confirming to the Buyers in writing that the conditions set out in Clause 12.3.1 are satisfied.

  

	12.3.1	Sellers’ board approval The necessary approvals to the transactions contemplated by this Agreement have been obtained from the Sellers’ executive committees and/or board of directors. 

 

	12.4	If the Sellers have not confirmed to the Buyers in writing on or prior to 7 July 2014, that the condition set out in Clause 12.3 has been satisfied, this Agreement shall, unless otherwise agreed between the
Parties, be null and void and of no further effect and without any liability on either Party. 

  

	13	Governmental Approvals 

  

	13.1	The Buyers confirm they have made customary and reasonable inquiries to investigate if the consummation of the transactions contemplated by this Agreement and the MOAs require notification to or approval/clearance by
any regulatory or competition authority in any jurisdiction. Should any notifications or approvals/clearances be required the Buyers are solely responsible for taking any and all steps necessary for obtaining any clearance(s) required by the Buyers
and/or the Sellers under any antitrust or competition law to consummate the transactions under this Agreement and the MOA’s in accordance with the agreed delivery dates. 

 

	13.2	If relevant, the Buyers shall prepare and submit relevant submissions, filings, etc. as soon as reasonably practicable provided the Sellers have adequately and timely provided the Buyers with information and documents
reasonably requested by the Buyers to fulfill their obligations. The Buyers and the Sellers shall cooperate in this respect and the Sellers shall be given reasonable time to comment on any submissions, filings, etc. and the Buyers shall take the
reasonable comments of the Sellers into account. 

  
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	13.3	If the Buyers are not able or willing to consummate the transactions set forth herein due to lack of any required clearance or due to any other governmental approval related issue the Sellers shall be entitled to
terminate this Agreement and the full amount of the Escrow Funds together with interest earned shall be forfeited and immediately released to the Sellers. If the Sellers’ losses exceed any amount received in this way, the Sellers shall be
entitled to claim (further) compensation for their losses, however, up to a maximum amount of the amount of the Purchase Price not then received by the Sellers (after deduction of the Escrow Funds (if any) released to the Sellers).

  

	14	Interest 

  

	14.1	If a Party fails to make any payment due to another Party under this Agreement by the due date for payment, then the defaulting Party shall pay interest on the overdue amount at the rate of 3% (three per cent) per annum
above 3 months LIBOR as such is fixed on the date on which such failure to make payment occurs. Such interest shall accrue on a daily basis from the due date until actual payment of the overdue amount, whether before or after judgment. The
defaulting Party shall pay the interest together with the overdue amount. 

  

	15	Assignment 

  

	15.1	Except for accession of an Acceding Buyer under Clause 3, neither Party shall assign, novate, transfer, mortgage, charge, subcontract or deal in any other manner with any of its rights and obligations under this
Agreement without the prior written consent of the other Party. 

  

	16	Confidentiality 

  

	16.1	Each Party undertakes that it shall not at any time during this Agreement, disclose the commercial terms of this Agreement and the MOAs or any information which should reasonably be considered to be private or
confidential concerning the business (including, without limitation, any customer or suppliers) of the other Party to any person which is not (i) an employee, (ii) professional advisor, (iii) representative or (iv) director or
officer of such Party and any agents or affiliates of such Party (on a need to know basis) (v) potential financing parties (and then only on a need to know basis) or except as may be required by law, court order or any governmental or
regulatory authority. 

  

	16.2	No Party shall make, or permit any person to make, any public announcement, communication or circular (announcement) concerning this Agreement without the prior written consent of the other Party (such consent not to be
unreasonably withheld or delayed). The parties shall consult together on the timing, contents and manner of release of any announcement, but it is expressly agreed that no announcements shall be made prior to the date and time referred to in Clause
16.5 herein. 

  

	16.3	Where an announcement is required by law or any governmental or regulatory authority (including, without limitation, any relevant securities exchange), or by any court or other authority of competent jurisdiction, the
Party required to make the announcement shall promptly notify the other Party. The Party concerned shall make all reasonable attempts to agree the contents of the announcement with the other Party before making it. 

 

	16.4	This Clause 16 shall apply whether or not the Effective Date occurs. 

  

	16.5	The Parties may issue a press release/stock exchange announcement after 1800 hours CET on 11 July 2014 and shall use reasonable endeavours to agree the wording of such press release/stock exchange announcement with
the other Party. If the Buyer is obliged by the rules of the relevant stock exchange to make such announcement, it may do so, but shall use reasonable endeavours to agree the wording of such press release/stock exchange announcement with the other
Party. 

  
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 11 

	17	Representations and warranties 

  

	17.1	Each of the Parties represents and warrants to the other as follows: 

  

	17.1.1	it is a corporation duly established and existing under the laws of the place of its incorporation and has full power and authority to carry on its business as now conducted and no authorisations, consents or approvals
are required in connection with this Agreement; 

  

	17.1.2	it has full power, authority and legal right to execute, deliver and perform the terms of this Agreement; 

  

	17.1.3	this Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding obligations (subject to insolvency and other laws affecting creditors’ rights generally); and

  

	17.1.4	it is not aware of any pending actions or proceedings before any court of administrative agency which might materially affect its ability to perform its obligations under this Agreement. 

 

	17.2	The representations and warranties in this Clause shall survive execution and delivery of this Agreement and shall be deemed to be repeated by the Buyers at the time of accession of any Acceding Buyer to this Agreement
and by both Parties on the date of delivery of each Vessel. 

  

	18	Interpretation 

  

	18.1	This Agreement and the MOAs constitute the entire agreement and understanding between the Parties and supersede and extinguish all previous drafts, agreements, arrangements, discussions, exchanges and understandings
between them, whether written or oral, relating to its subject matter. 

  

	18.2	Each Party acknowledges that in entering into this Agreement and the MOAs it has not and does not rely on, and shall have no right or remedies in respect of, any statement, representation, assurance or warranty (whether
made innocently or negligently) that is not expressly set out in this Agreement or any MOA. 

  

	18.3	Any terms implied into this Agreement or the MOAs by any applicable statute or law are hereby excluded to the extent that such exclusion can legally be made. Nothing in this Agreement shall limit or exclude any
liability for fraud or for death or personal injury caused by the negligence of a Party to the extent not permitted by law. 

  

	18.4	No failure or delay by a Party to exercise any right or remedy provided under this Agreement or any MOA or by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the
further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy. 

 

	18.5	Without prejudice to the rights of any Acceding Buyer under this Agreement and the relevant MOA, no term of this Agreement or any MOA shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 (or
otherwise) by any party who is not a Party to this Agreement. 

  

	18.6	Each of the Parties undertakes with the other to use its reasonable endeavours to do and perform such other and further acts and execute and deliver any and all other instruments as may be required by law or reasonably
required by the other Party in order to establish, maintain and protect the rights and remedies of the other Party and to carry out and effect the intent and purpose of this Agreement. 

 

	18.7	The Parties shall use reasonable endeavours to satisfy, in a timely manner, their other obligations under this Agreement. 

  

	18.8	This Agreement may be executed in counterparts each of which will constitute one and the same document. 

  
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 12 

	19	Costs and expenses 

  

	19.1	Whether or not the Effective Date occurs, each of the Parties shall bear their own costs and expenses including (i) fees with respect to their external advisors, including auditors and lawyers and (ii) public
charges of any nature. 

  

	20	Conflict between provisions 

  

	20.1	The Appendices attached to the Agreement shall form an integrated part hereof. In case of any ambiguity or conflict between the provisions of this Agreement (excluding the ambiguous or conflicting Appendix) and the
provisions of any Appendix (including, without limitation, any MOA), the terms of this Agreement (excluding the ambiguous or conflicting Appendix) shall prevail. 

 

	21	Notices 

  

	21.1	Any communication to be made under or in connection with this Agreement shall be made in writing and, unless otherwise stated, may be made by letter (by courier/hand delivery) or E-mail as follows: 

If to Maersk Tankers Singapore Pte Ltd: 

c/o Maersk Tankers A/S 

Esplanaden 50 
 1098 Copenhagen K

 Denmark 
 For the attention
of: Head of Business Development 
 Email: claus.gronborg@maersk.com 

cc 
 For the attention of: Head of
Legal 
 Email: anette.ryde@maersktankers.com 

If to the Buyers: 
 Euronav NV

 20 De Gerlachekaai 
 2000
Antwerp 
 Belgium 
 For the
attention of: Chief Executive Officer 
 Email: management@euronav.com 

cc 
 For the attention of: General
Counsel 
 Email: legal@euronav.com 

or any substitute address or Email-address or department or officer as any Party may notify to the other Party. 

 

	21.2	The receipt of any notices or other communication from a Party made by E-mail shall also be forwarded by letter (by courier/hand delivery) unless the E-mail is confirmed as received by the other Party.

  
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 13 

	22	Governing law and jurisdiction 

  

	22.1	This Agreement or any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this
Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 

 

	22.2	The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced. 

 

	22.3	The reference shall be to three arbitrators. A Party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other Party requiring the other Party to
appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and gives notice that it has done so within the 14 days
specified. If the other Party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the Party referring a dispute to arbitration may, without the requirement of any further prior notice to the other
Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole arbitrator shall be binding on both Parties as if he had been appointed by agreement. 

 

	22.4	In the event that there are multiple claimants and/or multiple respondents, the reference shall be to three arbitrators. Two of these shall be appointed by the Parties as defined in this Agreement: one by the Sellers
for their party in the dispute (either the claimants or the respondents), and one by the Buyers (which shall include any Acceding Buyer) for their party in the dispute. Otherwise, the appointment of arbitrators shall follow the procedure set out in
Clause 22.3. 

  

	22.5	Nothing herein shall prevent the Parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. 

 

	22.6	In cases where neither the claim nor any counterclaim exceeds the sum of USD 50,000 (or such other sum as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure
current at the time when the arbitration proceedings are commenced. 

  

	23	List of Appendices 

  

	23.1	The following Appendices are attached to this Agreement: 

  

			
	Appendix 1-A to 1-D:	  	MOAs for the sale of each Vessel
		
	Appendix 2:	  	List of the Vessels and Delivery Windows
		
	Appendix 3:	  	Form of Accession Deed
		
	Appendix 4:	  	Escrow Agreement
		
	Appendix 5:	  	List of Time Charters

  

	24	Counterparts 

  

	24.1	This Agreement and each of the MOAs may be executed in any number of counterparts, each of which shall constitute an original, but all counterparts shall together constitute one and the same instrument.

  
 1224538 

 
 14 

 This Agreement has been entered into on the date stated at the beginning of it. 

 

			
	For and on behalf of
	 Maersk Tankers Singapore Pte Ltd

as Sellers

		
	By:	 	 /s/ Claus Gronborg

		
	Name:	 	 Claus Gronborg

		
	Title:	 	 Attorney-in-fact

	
	For and on behalf of
	 Euronav NV
 as Buyers and
Guarantor

		
	By:	 	 /s/ Hugo De Stoop

		
	Name:	 	Hugo De Stoop
		
	Title:	 	CFO
		
	By:	 	 /s/ Egied Verbeeck

		
	Name:	 	Egied Verbeeck
		
	Title:	 	General Counsel

  
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 15 

 Appendix 1 – MOA for the sale of each Vessel 

  
 1224538 

 
 16 

 Appendix 2 – List of the Vessels 

List of the Vessels 
  

					
	 Name of Vessel
	  	 Allocated Purchase Price
	  	 Delivery Window

	Maersk Hakata	  	USD 80,000,000 (United States Dollars Eighty Million)	  	As nominated by the Sellers in accordance with Clause 5
			
	Maersk Hakone	  	USD 80,000,000 (United States Dollars Eighty Million)	  	As nominated by the Sellers in accordance with Clause 5
			
	Maersk Hirado	  	USD 86,000,000 (United States Dollars Eighty Six Million)	  	As nominated by the Sellers in accordance with Clause 5
			
	Maersk Hojo	  	USD 96,000,000 (United States Dollars Ninety six Million)	  	As nominated by the Sellers in accordance with Clause 5

  
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 17 

 Appendix 3 – Form of Accession Deed 

 

			
	To:	  	Maersk Tankers Singapore Pte Ltd
		
	Cc:	  	[—]
		
	From:	  	[                    ], as Acceding Buyer
		
	Dated:	  	[                    ]

 Dear Sirs, 
 Framework
Agreement in relation to the sale of VLCC vessels – Accession Deed 
 We refer to the Framework Agreement dated 7 July 2014 (the
“Agreement”), as amended, supplemented and restated from time to time, and amongst others made between Maersk Tankers Pte Ltd, as Sellers and Euronav NV as Buyers. 

This is an accession deed. 
 Terms defined in the Agreement
shall, unless otherwise defined therein, have the same meaning when used herein. 
  

	1.	[                    ] is a limited company duly incorporated under the laws of
[                    ] with company registration number
[                    ], having its address at
[                                    ]. 

 

	2.	We confirm that we are a wholly owned subsidiary of Euronav NV; and 

  

	3.	We agree that we shall become a Party to the Agreement as Acceding Buyer immediately upon signing this accession deed. 

  

	4.	The provisions in Clause 22 of the Agreement in respect of choice of law and jurisdiction shall apply to this accession deed as if set out in full herein. 

  
 1224538 

 
 18 

 THIS ACCESSION DEED has been executed by the parties mentioned below as a DEED and is delivered on the
date stated above. 
  

			
	[Acceding Buyer]	  	
		
	[EXECUTED as a DEED	  	]
	By: [Acceding Buyer]	  	)
		
	  
	  	Director
		
	  
	  	Director/Secretary
		
	OR	  	
		
	[EXECUTED as a DEED	  	
	By: [Acceding Buyer]	  	
		
	  
	  	Signature of Director
		
	  
	  	Name of Director
		
	in the presence of	  	
		
	  
	  	Signature of witness
		
	  
	  	Name of witness
		
	  
	  	Address of witness
		
	  
	  	
		
	  
	  	
		
	  
	  	
		
	  
	  	Occupation of witness

  
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 19 

			
	Acknowledged by Euronav NV	  	
	as Guarantor	  	
		
		  	Signature of Director
		
	  
	  	Name of Director
		
	  
	  	

  
 1224538 

 
 20 

 Appendix 4 – Escrow Agreement 

Execution Version 
 Maersk Tankers Singapore Pte
Ltd 
 as Sellers 
 and 

Euronav NV 
 as Buyers 

and 
 Nordea Bank Finland Plc, London Branch 

as Escrow Agent 
 Escrow Agreement 

July 2014 
  

  
 21 

			
	This Escrow Agreement is made on	  	7 July 2014    

 Between: 
  

	 	(1)	Maersk Tankers Singapore Pte Ltd, having its registered office at 200 Cantonment Road, 10-00 Southpoint, 089763, Singapore as sellers (the “Sellers”); 

 

	 	(2)	Euronav NV, having its registered office at 20 De Gerlachekaai, 2000 Antwerp, Belgium; (the “Buyers”); and 

  

	 	(3)	Nordea Bank Finland Plc, London Branch, having its registered office at 8th Floor City Place House, 55 Basinghall Street, London EC2V 5NB, United Kingdom (the
“Escrow Agent”), 

 together the parties. 

Whereas: 
  

	(A)	Sellers and Buyers entered into a Framework Agreement regarding the sale of 4 VLCC vessels on 7 July 2014 (the “Agreement”) pursuant to which it was agreed that the parties would sign this Escrow
Agreement and abide by its terms in relation to the payment of certain funds under the Agreement. 

  

	(B)	Pursuant to the Agreement the Sellers and the Buyers entered into four Memoranda of Agreement in respect of the 4 VLCC vessels which constitute an integrated part of the Agreement. 

 

	(C)	Nordea Bank Finland Plc, London Branch wishes to agree to act as escrow agent as aforesaid on the terms and subject to the conditions of this Escrow Agreement. 

It is agreed as follows: 
  

	1	Definitions and Interpretation 

  

	1.1	Definitions 

 In this Escrow Agreement, capitalised terms shall have the meanings ascribed to
them below: 
 Escrow Account means the escrow account opened in the name of the Sellers and to be established by the Escrow Agent for
the purposes of holding monies pursuant to the terms of this Escrow Agreement and the Agreement; 
 Escrow Agent Fee means the amount
of USD 5,000 for each delivery of a Vessel to be paid with 50% by the Sellers and 50% by the Buyers to the Escrow Agent in accordance with Clause 3.3; 

Escrow Funds means the amount of funds (as set out in Clause 4.3 of the Agreement) held in the Escrow Account from time to time pursuant
to the terms of this Escrow Agreement, including any accrued interest thereon; 

  
 22 

 Escrow Payment Letter means the payment instructions to the Escrow Agent by the Sellers
and the Buyers in the form set out in Part A of the Schedule to this Escrow Agreement; 
 Escrow Agreement means the agreement herein
entered into. 
  

	1.2	In this Escrow Agreement (except where the context otherwise requires): 

  

	 	(a)	Unless otherwise stated, words and expression defined in the Agreement shall have the same meaning in this Escrow Agreement; 

  

	 	(b)	words in the singular include the plural and vice versa and words importing any gender include every gender; 

  

	 	(c)	references to persons include individuals, firms, partnerships, limited liability partnerships, companies, bodies corporate, corporations, unincorporated associations, governments, authorities, agencies and trusts (in
each case, whether or not having separate legal personality) wherever situated; 

  

	 	(d)	any phrase introduced by the term including, include, in particular or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding that term; 

 

	 	(e)	references to liabilities are to all liabilities of any nature whatsoever, including actual or contingent liabilities and unquantified or disputed liabilities (and liability shall be construed accordingly);

  

	 	(f)	references to costs include costs, charges and expenses of every description; 

  

	 	(g)	any reference to a document being in the agreed form means a document in the form agreed, and signed or initialled for the purposes of identification only, by or on behalf of each of the parties, with such alterations
(if any) as may subsequently be agreed by or on behalf of each of the parties; 

  

	 	(h)	references to documents being signed by an authorised signatory of a party shall mean that such documents are to be signed by a person notified to Escrow Agent as being an authorised signatory on behalf of such party,
such notice not to be effective unless it is served in accordance with the provisions of Clause 8 and includes the specimen signature of the relevant authorised signatory; 

 

	 	(i)	references to Clauses are to Clauses of this Escrow Agreement; and 

  

	 	(j)	any reference to any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than
England, be deemed to include a reference to what most nearly approximates in that jurisdiction to the English legal term. 

  

	2	Obligations of the parties 

  

	2.1	Escrow deposits 

 The Buyers shall deposit the Escrow Funds into the Escrow Account in
such amounts and at such times as required under Clause 4.3 of the Agreement. 
  

	3	Appointment as Escrow Agent 

  

	3.1	Nordea Bank Finland Plc, London Branch is hereby instructed by the other parties to this Escrow Agreement on the terms of this Escrow Agreement and agrees to hold the Escrow Funds as escrow agent for their benefit and
to accept payments in, make payments from and otherwise operate the Escrow Account as specified in this Escrow Agreement. 

  
 23 

	3.2	The Escrow Agent is instructed as soon as reasonably practicable following the date of this Escrow Agreement to: 

  

	 	(a)	open an interest-bearing Escrow Account at the best available rate offered by the Escrow Agent; and 

  

	 	(b)	notify the Sellers and the Buyers of the account details of the Escrow Account in accordance with the provisions of Clause 8 (Notices). 

 

	3.3	Each of the Sellers and Buyers agree to pay the Escrow Agent, in advance of each delivery of a Vessel, 50% of the full amount of the Escrow Agent Fee (being USD 5,000) in consideration for acting as escrow agent
pursuant to this Escrow Agreement. 

  

	3.4	The term of this Escrow Agreement shall commence on the date of this Escrow Agreement and shall continue until the release of the entire amount of the Escrow Funds to the Sellers or the Buyers (as the case may be in
accordance with the provisions of this Escrow Agreement), 

 provided that Clauses 5 to 10 (inclusive) shall remain in full
force and effect. 
  

	3.5	Sellers and Buyers acknowledge and agree that the Escrow Agent shall have the right to request such documents and evidence as it may require in order to comply with applicable laws and regulations to validate the
identity of the Sellers and Buyers and identity and authority of the individuals signing this request and any other instructions on behalf of either the Sellers and/or the Buyers. 

 

	3.6	Interest on the Escrow Funds shall be credited to the Escrow Account in accordance with the Escrow Agent’s usual practices. 

  

	3.7	The Escrow Agent does not have any interest in the Escrow Funds but merely holds the Escrow Funds as escrow agent pursuant to the terms of this Escrow Agreement. 

 

	4	Release of Escrow Funds 

  

	4.1	Payments during the term of the Agreement or on termination of the Agreement 

  

	4.1.1	The Escrow Agent is hereby irrevocably authorised by each of the Buyers and the Sellers to pay and, subject to receipt of the monies payable by the Buyers into the Escrow Account pursuant to and in accordance with the
Agreement, the Escrow Agent hereby irrevocably undertakes, as soon as practicable following the receipt of an Escrow Payment Letter duly signed by both the Sellers and the Buyers, to pay such amount as is referred to in the relevant Escrow Payment
Letter to the following bank account of the Sellers or the Buyers (as the case may be): 

 Sellers: 

BANK USD: 
 Bank Name: The
Hongkong and Shanghai Banking Corporation 
 Branch name: COLLYER QUAY BRANCH 

Address: 21 COLLYER QUAY, #02-00 HSBC BUILDING, SINGAPORE 049320 

Swift Code: HSBCSGSG 
 Bank Code:
7232 
 USD current account no.: 260-772280-178 

Favouring: Maersk Tankers Singapore Pte Ltd 

  
 24 

 Buyers: 

BANK USD: 
 Bank name: Nordea Bank
Norge ASA 
 Swift Code: NDEANOKK 

IBAN: NO0660190443909 
  

	4.1.2	In the event the Agreement provides that all or any portion of the Escrow Funds are to be released to Sellers or the Buyers, the Sellers and the Buyers shall as soon as reasonably practicable, and in any event within 7
days of the incurrence of such right, sign an Escrow Payment Letter instructing the Escrow Agent to pay all or the applicable portion of the Escrow Funds to the Sellers’ or Buyers’ account (as the case may be). 

 

	4.2	Dispute Over Release of Escrow Funds 

  

	4.2.1	If the Sellers and the Buyers are in dispute of which party is entitled to the Escrow Funds, then a resolution of any such dispute shall be determined in accordance with Clause 22 of the Agreement. After the resolution
of such a dispute, the Sellers and the Buyers shall, as soon as reasonably practicable, and in any event within 7 days of the resolution of such dispute sign an Escrow Payment Letter instructing the Escrow Agent to pay the Escrow Funds into the
Sellers’ or Buyers’ bank account. 

  

	4.2.2	In case the Sellers and the Buyers do not deliver to the Escrow Agent an Escrow Payment Letter as per Clause 4.2.1 above, the Escrow Agent is hereby irrevocably authorised by each of the Buyers and the Sellers to pay
and the Escrow Agent hereby irrevocably undertakes (as soon as reasonably practicable) to pay the relevant amount of the Escrow Funds to the Sellers or the Buyers (as the case may be) in accordance with a final and non-appealable decision rendered
pursuant to Clause 22 of the Agreement. The Escrow Agent shall be obligated to make such payment as soon as reasonably practicable following receipt by the Escrow Agent of such final and non-appealable decision, but in any event within seven
(7) days after receipt thereof. In such case payments by the Escrow Agent shall be made to the accounts of the Sellers or the Buyers (as the case may be) set forth in Section 4.1.1. 

 

	4.3	Escrow Payment Letter 

  

	4.3.1	The Escrow Payment Letter shall be valid if it has been signed: 

  

	 	(a)	in the case of the Sellers, on their behalf by each of the authorised signatories specified in Part B of the Schedule, an example of whose signature in each case appears beside their name; 

 

	 	(b)	in the case of the Buyers, on their behalf by each of the authorised signatories specified in Part C of the Schedule, an example of whose signature in each case appears beside their name, 

  
 25 

 or such other person(s) as the Sellers or the Buyers shall notify to the Escrow Agent in writing
as an authorised signatory, such notice not to be effective unless it includes the specimen signature of the new authorised signatory. 
  

	4.4	Payment instructions made in accordance with this Escrow Agreement shall be deemed to be a full and adequate discharge by each of the Sellers and the Buyers of their respective obligations to procure payments under the
terms of this Escrow Agreement. 

  

	4.5	Any payment by the Escrow Agent under this Agreement shall be made without any deduction or withholding for or on account of any tax unless such deduction or withholding is required by applicable law. 

 

	4.6	If the Escrow Agent is required by law to make a deduction or withholding, it will not pay an additional amount in respect of that deduction or withholding to the relevant Party. 

 

	4.7	The Escrow Agent confirms that it will not release any of the Escrow Funds or interest accrued on it otherwise than in accordance with this Escrow Agreement. 

 

	5	Warranties and undertakings 

  

	5.1	Each party to this Escrow Agreement warrants to each of the other parties that: 

  

	 	(a)	it has the power and authority to enter into and perform its obligations under this Escrow Agreement, 

  

	 	(b)	when executed, its obligations under this Escrow Agreement will be binding on it; and 

  

	 	(c)	execution and delivery of, and performance by it of its obligations under this Escrow Agreement will not result in any breach of applicable law. 

 

	6	Duties and indemnity 

  

	6.1	Subject to the Escrow Agent’s receipt of the Escrow Funds paid by the Buyers pursuant to the Agreement, the Escrow Agent shall hold such amounts on the terms and conditions of this Escrow Agreement.

  

	6.2	Payments made by the Escrow Agent to the Sellers’ or Buyers’ accounts as set forth above shall be deemed to be a full and adequate discharge by the Escrow Agent of its obligations to make or procure payments
under the terms of this Escrow Agreement. 

  

	6.3	The Escrow Agent may assume that any statement made in any written instruction given pursuant to this Escrow Agreement is correct and it shall not be liable for any loss occasioned to any party by virtue of any such
statement being incorrect. The Escrow Agent shall be entitled to rely on any such statement and on any communication reasonably believed by it to be genuine and to have been signed by persons duly authorised to do so. 

 

	6.4	If the Escrow Agent receives: 

  

	 	(a)	two communications both appearing to be in conformity with this Escrow Agreement which, in its opinion, conflict with one another; or 

 

	 	(b)	any communication purporting to conform with this Escrow Agreement which, in its opinion, fails so to conform, 

the Escrow Agent shall not be obliged to take any action whatsoever until all parties jointly instruct the Escrow Agent in writing (signed by
the authorised signatory of each party) in relation thereto. 

  
 26 

	6.5	The Escrow Agent undertakes to perform only such duties as are expressly set out in this Escrow Agreement. 

  

	6.6	The parties other than the Escrow Agent agree, except in respect of any liabilities resulting from the Escrow Agent’s own gross negligence, bad faith, fraud or wilful misconduct: 

 

	 	(a)	that the Escrow Agent will not be liable to any of them for; and 

  

	 	(b)	jointly and severally to indemnify and hold harmless the Escrow Agent against, 

 any and all
liabilities (including, without limitation, in respect of any bank charges) arising out of or in connection with this Escrow Agreement or the Escrow Account. 
  

	6.7	In consideration of the Escrow Agent’s agreement to hold and to deal with the Escrow Funds and the interest accruing thereon in accordance with this Escrow Agreement, each of the parties (other than the Escrow
Agent) (together the Indemnitors): 

  

	 	(a)	agrees that the Escrow Agent’s only duty pursuant to this Escrow Agreement is to hold and to deal with the Escrow Funds and the interest accruing thereon and, save insofar as specified in this Escrow Agreement, the
Escrow Agent owes no duty (whether of care or otherwise) to any Indemnitor; 

  

	 	(b)	agrees that the Escrow Agent’s obligations in relation to payment of the Escrow Funds in accordance with this Escrow Agreement shall be fully discharged when it, to the extent it is legally able to do so, has
transferred the amounts of such payments to the appropriate accounts of the Buyers or Sellers (as the case may be) in accordance with this Escrow Agreement, whereupon the Escrow Agent shall be released in full from all undertakings and obligations
undertaken by it under the terms of this Escrow Agreement with respect to such payments; 

  

	 	(c)	agrees that the Escrow Agent shall, not be, except in the case of any gross negligence, bad faith, fraud or wilful misconduct on its part: 

 

	 	(i)	in any circumstances, under any duty or obligation to check whether any notice or instruction, or any signature thereon, or the content thereof, is correct, genuine or valid or has been made on the correct basis and the
Escrow Agent may rely conclusively upon any notice (including, for the avoidance of doubt, a facsimile of electronic version thereof) which it receives and believes to be genuine and the Escrow Agent may assume that the same has been properly signed
by a duly authorised person (whether or not this is the case) without liability for the consequences of such reliance provided that the signature conforms prima facie with the specimen signature provided to the Escrow Agent and it shall be
conclusively presumed in the Escrow Agent’s favour (but not, for the avoidance doubt, for purposes of any dispute between the Buyers and Sellers) that any amount stated to be due or payable in the same is, in fact, so due or payable;

  

	 	(ii)	obliged to pay any monies to any person except to the extent of the Escrow Funds (and any interest accrued thereon) held by the Escrow Agent in the Escrow Account from time to time; 

 

	 	(iii)	 held in any way responsible to account for any loss which any Indemnitor may incur as a result of anything which the Escrow Agent does or purports or
omits to do in good faith in connection with this Escrow Agreement or any notice which the Escrow Agent receives and which it believes to be authorised under the terms of this Escrow Agreement or within its rights or powers under the terms of this

  
 27 

	 	
Escrow Agreement, or as a result of anything which the Escrow Agent does or purports or omits to do in good faith (including in accordance with the advice of solicitors or legal counsel (who may
be of the Escrow Agent’s own choosing), or as a result of any mistake of fact or error of judgement or for any acts or omissions of any kind; 

  

	 	(iv)	required to begin or defend any legal proceedings of any kind in connection with this Escrow Agreement and that the Escrow Agent is expressly authorised to comply with and obey all and any orders, judgements or decrees
of any court or any liquidator or other insolvency practitioner having jurisdiction over any of the Escrow Funds and/or any of the parties hereto and in the event that the Escrow Agent shall obey or comply with any such order, judgement or decree
the Escrow Agent shall not be liable to any person whatsoever for such compliance; and 

  

	 	(d)	undertakes, jointly and severally with each other Indemnitor, to indemnify and hold the Escrow Agent free and harmless from and against any and all claims, costs, (including any costs incurred pursuant to payment of the
Escrow Funds into, or the transfer of all or part of the Escrow Funds out of, the Escrow Account and reasonable legal fees, including the Escrow Agent’s own legal costs using its usual charging rates for its solicitors), damages, expenses,
losses and liabilities (other than arising out of the Escrow Agent’s gross negligence, bad faith, fraud or wilful misconduct) which may be brought against or imposed upon or incurred by the Escrow Agent in connection with its acting as escrow
agent in relation to the Escrow Funds or any sum held or dealt with under the terms of this Escrow Agreement or which would not have been brought against, imposed upon or incurred by the Escrow Agent but for the Escrow Agent acting in such capacity
under this Escrow Agreement, including any litigation or other proceeding of any kind connected with this Escrow Agreement or the arrangements contemplated thereby, whether or not the same arise as a consequence of any Indemnitor’s actions and
whether brought by any Indemnitor or otherwise. 

  

	 	(e)	Notwithstanding the Escrow Agent’s other obligations and duties under this letter, the Escrow Agent may refrain from doing anything which would in its reasonable opinion: 

 

	 	(i)	be contrary to English law or any other relevant jurisdiction (including in any place where the Escrow Agent has an office or carries on the practice of law); 

 

	 	(ii)	be contrary to any requirement of any court of competent jurisdiction or any supervisory or regulatory authority; or 

  

	 	(iii)	otherwise render the Escrow Agent liable to any other person. 

  

	 	(f)	Each Indemnitor undertakes to each other and to the Escrow Agent to do, and to use reasonable efforts to procure that any necessary third party shall do, all such things, sign all such documents and give promptly all
such notices as shall be required under this Escrow Agreement. 

  

	6.8	[Intentionally Omitted] 

  

	6.9	The Escrow Agent shall be entitled to be indemnified in accordance with the provisions of this Escrow Agreement in respect of any costs properly incurred by the Escrow Agent in obtaining legal advice reasonably
necessary to enable it to perform its duties under this Escrow Agreement. For the avoidance of doubt, the forgoing does not include costs arising out of the Escrow Agent’s gross negligence, bad faith, fraud or wilful misconduct.

  
 28 

	6.10	Sellers and Buyers acknowledge and agree that the Escrow Agent does not accept any responsibility for the authenticity, regularity, validity or value of documents handled by the Escrow Agent on our behalf nor does it
accept any responsibility for the correctness of any translation or the interpretation of any terms appearing in such documents. However, the Escrow Agent shall be required to exercise due care in accordance with standard banking practice.

  

	6.11	Sellers and Buyers acknowledge and agree that the Escrow Agent does not accept responsibility for any loss or delay arising from any communication systems or external clearing systems or other reasons beyond its
control, suffered in connection with the carrying out of the instructions hereunder or if, for any reason beyond its control or as a result of any applicable law, it is not able or permitted to perform its obligations or carry out the instructions
pursuant to the terms of this letter including the repayment of the Escrow Funds or credit balance, provided that such loss is not caused by the Escrow Agent’s gross negligence, bad faith, fraud or willful misconduct. 

 

	6.12	Sellers and Buyers represent and warrant that the information set out in this Escrow Agreement is correct, and that the resolution (or other appropriate authorisation) forwarded to the Escrow Agent by Sellers and Buyers
has not been amended or revoked and remains in force. 

  

	6.13	Sellers and Buyers hereby consent to the Escrow Agent disclosing any information concerning Sellers and Buyers to any of the banking companies in the Nordea group of companies if such disclosure is necessary for the
purposes of the transactions contemplated or referred to in this letter. 

  

	6.14	[Intentionally Omitted] 

  

	6.15	The Sellers and Buyers, acting together, may at any time replace the Escrow Agent by giving written notice to such effect, and the details of a successor Escrow Agent, to the Escrow Agent. Within 5 Business Days of
receipt of such notice and details, the Escrow Agent shall transfer the Escrow Funds to the successor Escrow Agent. In the event that the Escrow Agent is replaced, the Buyer and Seller will pay to the Escrow Agent 50% of the total Escrow Agent Fee.

  

	7	Entire Agreement 

  

	7.1	This Escrow Agreement and the Agreement set out the whole agreement between the parties with respect to the escrow arrangements set out herein. No party shall have any claim or remedy in relation to such escrow
arrangements in respect of any statement, representation, warranty or undertaking made by or on behalf of another party which is not expressly set out or referred to in this Escrow Agreement or the Agreement. Except for any liability in respect of
breach of this Escrow Agreement or the Agreement, no party shall owe any duty of care or have any liability in tort or otherwise to another party in relation to such escrow arrangements. This Clause shall not exclude any liability for, or any remedy
in respect of, fraudulent misrepresentation. 

  

	8	Notices 

  

	8.1	Any notice in connection with this Escrow Agreement shall be in writing, in English and delivered by hand, email, fax, registered post or courier using an internationally recognised courier company. A notice shall be
effective upon receipt and shall be deemed to have been received (i) at the time of delivery, if delivered by hand, registered post or courier or (ii) at the time of receipt by the sender of a transmission report showing the communication
to have been sent in its entirety, if delivered by fax, provided that in either case, where delivery occurs on a day that is not a Business Day or after 4.00pm on a Business Day, notice shall be deemed to have been received at 9.00am on the next
following Business Day. 

  
 29 

	8.2	The addresses and fax numbers of the parties for the purpose of Clause 8.1 are: 

 The
Sellers 
 Maersk Tankers Singapore Pte Ltd 

C/O Maersk Tankers A/S 

Esplanaden 50 
 1263 Copenhagen K

 Denmark 
 For the attention
of: Head of Business Development 
 Email: claus.gronborg@maersktankers.com 

cc 
 For the attention of: Head of
Legal 
 Email: anette.ryde@maersktankers.com 

or such other address as the Sellers may notify to each party hereto by not less than five clear Business Days notice. 

The Buyers 
 Euronav NV

 20 De Gerlachekaai 
 2000
Antwerp 
 Belgium 
 For the
attention of: Chief Executive Officer 
 Email: management@euronav.com 

cc 
 For the attention of: General
Counsel 
 Email: legal@euronav.com 

or such other address as the Buyers may notify to each party hereto by not less than five clear Business Days notice. 

The Escrow Agent 
 Nordea
Bank Finland Plc, London Branch 
 8th Floor City Place House 

55 Basinghall Street 
 London EC2V
5NB 
 United Kingdom 
 For the
attention of: Jesper Hansen 
 Email: jesper.hansen@nordea.com 

Fax: +44 (0) 20 7726 9186 

or such other address as the Escrow Agent may notify to each party hereto by not less than five clear Business Days notice. 

 

	9	Counterparts 

 This Escrow Agreement may be executed in any number of separate
counterparts, each of which is an original but all of which together shall constitute one and the same instrument. 

  
 30 

	10	Governing law and jurisdiction 

 This Escrow Agreement shall be governed by and construed
in accordance with English law and the parties submit to the exclusive jurisdiction of the English Courts to settle any dispute arising hereunder. 

  
 31 

 Schedule 1 

PART A 
 Escrow Payment Letter 

To: 
 Nordea Bank Finland Plc, London Branch 

8th Floor City Place House 

55 Basinghall Street 
 London EC2V 5NB 

United Kingdom 
 Dear Sirs 

Escrow Payment Letter re Framework Agreement between Maersk Tankers Singapore Pte Ltd and Euronav NV entered into on 7 July 2014 (the
“Agreement”) 
 We refer to the escrow agreement dated 7 July 2014 between Maersk Tankers Singapore Pte Ltd, Euronav NV, Nordea Bank
Finland Plc, London Branch relating to the Agreement (the “Escrow Agreement”). 
 In accordance with clause 4 of the Escrow Agreement we
hereby give you notice to pay 
  

	(i)	to [Sellers]/[Buyers] the amount of USD[—] out of the Escrow Account referred to in the Escrow Agreement in relation to [vessel], or [all monies
credited to the Escrow Account]; and 

  

	(ii)	to [Sellers]/[Buyers] the interest (if any) accrued on the above amount 

 in each case to such accounts as set
out in the Escrow Agreement (or subsequently notified to you as Escrow Agent in accordance with the provisions of the Escrow Agreement). 
  

					
	On behalf of	 		 	
			
	Euronav NV, as Buyers	 		 	
			
	  
	 		 	  

			
	On behalf of	 		 	
			
	Maersk Tankers Singapore Pte Ltd, as Sellers	 		 	
			
	  
	 		 	  

			
	  
	 		 	  

  
 32 

					
	Authorised signatories	 		 	
			
	Part B: The Sellers’ authorised signatories	 		 	
			
	Name	 		 	Signature
			
	Part C: The Buyers’ authorised signatories	 		 	
			
	Name	 		 	Signature

  
 33 

 Execution page 

Escrow Agreement 
 In witness of which this document
has been executed by the parties Agreement and delivered on the date set out at the beginning of this Escrow Agreement. 
  

							
	 Executed by
 Euronav
NV,
	 		 		 	
				
		 		 	sign here:	 	

		 		 	  

		 		 	[name and title of authorised signatory]
				
		 		 	print name:	 	Hugo De Stoop
		 		 	  

		 		 		 	CFO
				
		 		 	sign here:	 	

		 		 	  

		 		 	[name and title of authorised signatory]
				
		 		 	print name:	 	EGIED VERBEECK
		 		 	  

		 		 		 	General Counsel
				
	Executed by	 		 		 	
	Maersk Tankers Singapore Pte Ltd,	 		 		 	
				
		 		 	sign here:	 	

		 		 	  

		 		 	[name and title of authorised signatory]
				
		 		 	print name:	 	 CLAUS GRONBORG
 VICE PRESIDENT

		 		 	  

				
		 		 	sign here:	 	
		 		 	  

		 		 	[name and title of authorised signatory]
				
		 		 	print name:	 	
		 		 	  

  
 34 

							
	 Signed
 on behalf of

Nordea Bank Finland Plc, London Branch
	 		 		 	
				
		 		 	sign here:	 	
		 		 	  

		 		 	[name and title of authorised signatory]
				
		 		 	print name:	 	
		 		 	  

				
		 		 	sign here:	 	
		 		 	  

		 		 	[name and title of authorised signatory]
				
		 		 	print name:	 	
		 		 	  

  
 35 

 Appendix 5 – List of Charter Parties 

List of the Vessels 
  

					
	 Name of Vessel
	  	 Date
	  	 Charterer

	Maersk Hakata	  	“Maersk Hakata – CP 25 Jan 2013”	  	Cosmo Oil Co., Ltd
			
	Maersk Hakone	  	5 February 2014	  	Tara Transport Corporation (liberia), guaranteed by Carras Ltd
			
	Maersk Hirado	  	5 February 2014	  	Euronav NV
			
	Maersk Hojo	  	5 February 2014	  	Euronav NV

  
 1224538 

 
 36EX-10.20

 Exhibit 10.20 

Execution version 
 Date 13
October 2014 
 EURONAV NV 

as Borrower 
 – and –

 THE BANKS AND FINANCIAL INSTITUTIONS 

listed in Schedule 1 
 as
Lenders 
 – and – 

THE BANKS AND FINANCIAL INSTITUTIONS 

listed in Schedule 2 
 as
Swap Banks 
 – and – 

ING BANK N.V. 
 CITIBANK
NA, LONDON BRANCH 
 DANISH SHIP FINANCE A/S (DANMARKS SKIBSKREDIT A/S) 

DNB BANK ASA, LONDON BRANCH 

KBC BANK NV 
 as Mandated
Lead Arrangers 
 – and – 

BELFIUS BANK SA/NV 
 BNP
PARIBAS FORTIS SA/NV 
 DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT 

ITF INTERNATIONAL TRANSPORT FINANCE SUISSE AG 

as Lead Arrangers 
 – and
– 
 ING BANK N.V. 

as Bookrunner 
 – and –

 ING BANK N.V. 
 as
Agent 
 and as Security Trustee 

LOAN AGREEMENT 
 relating to
a loan facility of $340,000,000 comprising: 
 (i) a term loan facility of US$192,000,000; and 

(ii) a revolving credit facility of US$148,000,000 
  

 

 INDEX 
  

							
	Clause	  	Page	 
			
	1	    	 Interpretation
	  	 	1	 
	2	    	 Facility
	  	 	22	 
	3	    	 Position of the Lenders and Swap Banks
	  	 	22	 
	4	    	 Drawdown
	  	 	23	 
	5	    	 Interest
	  	 	25	 
	6	    	 Interest Periods
	  	 	27	 
	7	    	 Default Interest
	  	 	28	 
	8	    	 Reduction, Repayment, Prepayment and Cancellation
	  	 	30	 
	9	    	 Conditions Precedent
	  	 	33	 
	10	    	 Representations and Warranties
	  	 	34	 
	11	    	 General Undertakings
	  	 	38	 
	12	    	 Corporate Undertakings
	  	 	42	 
	13	    	 Insurance
	  	 	45	 
	14	    	 Ship Covenants
	  	 	49	 
	15	    	 Security Cover
	  	 	53	 
	16	    	 Payments and Calculations
	  	 	55	 
	17	    	 Application of Receipts
	  	 	57	 
	18	    	 Application of Earnings
	  	 	58	 
	19	    	 Events of Default
	  	 	58	 
	20	    	 Fees and Expenses
	  	 	62	 
	21	    	 Indemnities
	  	 	64	 
	22	    	 No Set-Off or Tax Deduction
	  	 	66	 
	23	    	 Illegality, etc.
	  	 	70	 
	24	    	 Increased Costs
	  	 	71	 
	25	    	 Set-Off
	  	 	73	 
	26	    	 Transfers and Changes in Lending Offices
	  	 	73	 
	27	    	 Variations and Waivers
	  	 	79	 
	28	    	 Notices
	  	 	80	 
	29	    	 Supplemental
	  	 	82	 
	30	    	 Law and Jurisdiction
	  	 	83	 
	
	 Schedules
	  

		
	Schedule 1 Lenders and Commitments	  	 	85	 
	Schedule 2 Swap Banks	  	 	92	 
	Schedule 3 Drawdown Notice	  	 	93	 
	Schedule 4 Condition Precedent Documents	  	 	94	 
	 Part A
	  	 	94	 
	 Part B
	  	 	95	 
	 Part C
	  	 	97	 
	Schedule 5 Transfer Certificate	  	 	99	 
	Schedule 6 Details of Ships	  	 	103	 
	 Part A Existing ShipS
	  	 	103	 
	 Part B Acquisition Ships
	  	 	103	 
	Schedule 7 Designation Notice	  	 	104	 
	Schedule 8 Form of Certificate of Compliance	  	 	105	 
	Schedule 9 Mandatory Cost Formula	  	 	107	 
	
	 Execution
	  

		
	Execution Pages	  	 	109	 

 THIS AGREEMENT is made on 13 October 2014 

BETWEEN 
  

	(1)	EURONAV NV, as Borrower 

  

	(2)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1 (Lenders and Commitments), as Lenders 

  

	(3)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 2 (Swap Banks), as Swap Banks 

  

	(4)	ING BANK N.V., CITIBANK NA, LONDON BRANCH, DANISH SHIP FINANCE A/S (DANMARKS SKIBSKREDIT A/S), DNB BANK ASA, LONDON BRANCH and KBC BANK NV, as Mandated Lead Arrangers

  

	(5)	BELFIUS BANK SA/NV, BNP PARIBAS FORTIS SA/NV, DEUTSCHE BANK AG FILIALE DEUTSCHLANDGESCHÄFT and ITF INTERNATIONAL TRANSPORT FINANCE SUISSE AG, as Lead Arrangers 

 

	(6)	ING BANK N.V., as Bookrunner 

  

	(7)	ING BANK N.V., as Agent 

  

	(8)	ING BANK N.V., as Security Trustee 

 BACKGROUND 

 

	(A)	The Lenders have agreed to make available to the Borrower a loan facility of $340,000,000 comprising a term loan facility of US$192,000,000 and a revolving credit facility of US$148,000,000 for the purposes of
(i) part financing the acquisition cost of the Acquisition Ships, (ii) refinancing certain existing indebtedness in relation to the Existing Ships and (iii) thereafter, providing the Borrower with funds for general corporate purposes.

  

	(B)	The Swap Banks may agree to enter into interest rate swap transactions with the Borrower from time to time to hedge its exposure under this Agreement to interest rate fluctuations. 

 

	(C)	The Lenders and the Swap Banks have agreed to share in the security to be granted to the Security Trustee pursuant to this Agreement on the terms described herein. 

IT IS AGREED as follows: 

INTERPRETATION 

Definitions 
 Subject to
Clause 1.5 (General Interpretation), in this Agreement: 
 “Account Pledge” means a deed or pledge creating security
in respect of the Earnings Account to be executed by the Borrower in favour of the Security Trustee in the Agreed Form. 

“Acquisition Ship” means each of the four very large crude oil carrier type vessels listed in Part B of Schedule 6 (Details
of Ships) which are each to be acquired by the Borrower. 
 “Advance” means each Term Advance and each Revolving
Advance. 
 “Affected Lender” has the meaning given in Clause 5.7 (Market disruption). 

 “Agency and Trust Deed” means the agency and trust deed dated the same date as
this Agreement and entered into between the same parties as are parties to this Agreement. 
 “Agent” means ING Bank N.V.,
acting in such capacity through its office at Bijlmerplein 888, 1102 MG, Amsterdam, The Netherlands, or any successor of it appointed under clause 5 of the Agency and Trust Deed. 

“Agreed Form” means in relation to any document, that document in a form agreed in writing by the Agent (acting on the
instructions of the Lenders or, if agreed in the Finance Documents, the Majority Lenders), or if otherwise approved in accordance with any other procedure specified in the relevant provision of any Finance Document. 

“Approved Classification Society” means any of DNV GL Group, Bureau Veritas, Lloyds Register of Shipping, American Bureau of
Shipping, Nippon Kaiji Kyokai or such other classification society which the Agent has approved or selected (with the authorisation of the Majority Lenders). 

“Approved Flag” means Belgian, French, Greek, Hong Kong and Marshall Islands flags and any other flag approved by the Agent
(acting on the instructions of the Majority Lenders). 
 “Approved Manager” means: 

 

	 	(a)	in relation to the technical management of each Ship: 

  

	 	(i)	Euronav Ship Management (Hellas) Ltd of 69 Akti Miaouli, 18537 Piraeus, Greece; or 

  

	 	(ii)	Euronav Ship Management SAS, of Immeuble les Salorges 1, 15 quai Ernest Renaud, 44000 Nantes, France; and 

  

	 	(b)	in relation to the commercial management of each Ship: 

  

	 	(i)	the Borrower; or 

  

	 	(ii)	any wholly owned subsidiary of the Borrower, 

 or, in each case, any other company which the
Agent may, with the authorisation of the Majority Lenders, approve from time to time as the technical or commercial manager of that Ship (such approval not to be unreasonably withheld). 

“Approved Shipbroker” means Arrow Sale & Purchase (UK) Limited, H. Clarkson & Co. Ltd., Braemar Seascope
Limited, Fearnleys, R.S. Platou Shipbrokers A.S., Maersk Broker K/S or such other independent sale and purchase shipbrokers which the Agent has approved or selected (with the authorisation of the Majority Lenders) and the Borrower may agree. 

“Arrangers” means, together, the Mandated Lead Arrangers and the Lead Arrangers. 

“AWV” means the German foreign trade ordinance call Aussenwirtschaftsverordnung. 

“Availability Period” means 
  

	 	(a)	for the Revolving Credit Facility, the period commencing on the date of this Agreement and ending on: 

  

	 	(i)	the Maturity Date; or 

  

	 	(ii)	if earlier, the date on which the Total Commitments relating to the Revolving Credit Facility are fully cancelled or terminated, 

  
 2 

 and 
  

	 	(b)	for the Term Facility, the period commencing on the date of this Agreement and ending on: 

  

	 	(i)	with respect to the Term Advances relating to the Existing Ships, 31 October 2014 (or such later date as the Agent may, with the authorisation of all the Lenders, agree with the Borrower); or 

 

	 	(ii)	with respect to each Term Advance relating to an Acquisition Ship, the earlier of (A) the date falling two weeks after the date on which such Acquisition Ship is acquired by the Borrower pursuant to the relevant
MOA and (B) 30 June 2015; or 

  

	 	(iii)	in each case, if earlier, the date on which the Total Term Commitments are fully borrowed, cancelled or terminated. 

“Available Commitment” means, in relation to a Lender and at any time, its Commitment less its Contribution at that time. 

“Available Revolving Commitment” means, in relation to a Lender and at any time, its Revolving Commitment less its Revolving
Contribution at that time. 
 “Available Term Commitment” means, in relation to a Lender and at any time, its Term
Commitment less its Term Contribution at that time. 
 “Basel III” 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”. 

“Borrower” means Euronav NV, a company incorporated in Belgium whose registered office is at de Gerlachekaai 20, B-2000
Antwerp, Belgium. 
 “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 relation to 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 London interbank market for a period starting on
the Business Day following receipt or recovery and ending on the last day of the current Interest Period. 

  
 3 

 “Business Day” means a day on which banks are open in London, Amsterdam, Antwerp
and, in respect of a day on which a payment is required to be made under a Finance Document, also in New York City. 
 “Change of
Control” means if 2 or more persons acting in concert or any individual person other than the Permitted Holders: 
  

	 	(a)	acquires legally and/or beneficially, and either directly or indirectly, in excess of 50 per cent. of the issued share capital or voting rights of the Borrower; or 

 

	 	(b)	has the right or the ability to control, either directly or indirectly, the affairs or composition of the majority of the board of directors (or equivalent) of the Borrower. 

“Code” means the United States Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated
and rulings issued thereunder. 
 “Commitment” means, in relation to a Lender, the aggregate of its Revolving Commitment and
its Term Commitment. 
 “Confidential Information” means all information relating to the Borrower, the Euronav Group, the
Finance Documents or the Loan of which a Creditor Party becomes aware in its capacity as, or for the purpose of becoming, a Creditor Party or which is received by a Creditor Party in relation to, or for the purpose of becoming a Creditor Party
under, the Finance Documents or the Loan from either: 
  

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

  

	 	(b)	another Creditor Party, if the information was obtained by that Creditor Party directly or indirectly from any member of the Euronav 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 26.13 (Disclosure of information); or 

 

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

  

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

 “Confidentiality Undertaking” means a confidentiality undertaking in substantially the
appropriate form recommended by the LMA from time to time or in any other form agreed between the Borrower and the Agent. 

“Confirmation”, in relation to any continuing Designated Transaction, has the meaning given in the relevant Master Agreement.

  
 4 

 “Contractual Currency” has the meaning given in Clause 21.4 (Currency
indemnity). 
 “Contribution” means, in relation to a Lender, the part of the Loan which is owing to that Lender. 

“CRD IV” means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the
activity of credit institutions and the prudential supervision of credit institutions and investment firms. 
 “Creditor
Party” means the Agent, the Security Trustee, the Arrangers, any Lender or any Swap Bank, whether as at the date of this Agreement or at any later time. 

“CRR” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms. 
 “Deed of Covenant” means, in relation to each Ship and where
(in the opinion of the Agent) it is appropriate in the context of the relevant Approved Flag, a deed of covenant collateral to the Mortgage on that Ship to be executed by the Borrower in favour of the Security Trustee in the Agreed Form. 

“Defaulting Lender” means any Lender: 
  

	 	(a)	which has failed to make available the relevant proportion of its Commitment in respect of any Advance or has given notice to the Agent that it will not make such amount available by the relevant Drawdown Date pursuant
to Clause 4.3 (Notification to Lenders of receipt of a Drawdown Notice); or 

  

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

  

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

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

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

 payment is made within 5 Business Days of its due date; or 

 

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

“Designated Transaction” means a Transaction which fulfils the following requirements: 

 

	 	(a)	it is entered into by the Borrower pursuant to a Master Agreement with a Swap Bank; 

  

	 	(b)	its purpose is the hedging of the exposure of the Borrower under this Agreement to fluctuations in LIBOR arising from the funding of the Loan (or any part thereof) for a period expiring no later than the Maturity Date;
and 

  

	 	(c)	it is designated by the Borrower and/or by the relevant Swap Bank, by delivery by the Borrower and/or that Swap Bank to the Agent of a notice of designation in the form set out in Schedule 7 (Designation Notice),
as a Designated Transaction for the purposes of the Finance Documents. 

  
 5 

 “Disruption Event” means either or both of: 

 

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

 

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

 

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

  

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

and which (in each case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 

“Dollars” and “$” means the lawful currency for the time being of the United States of America. 

“Drawdown Date” means, in relation to an Advance, the date requested by the Borrower for the Advance to be made, or (as the
context requires) the date on which the Advance is actually made. 
 “Drawdown Notice” means a notice in the form set out in
Schedule 3 (Drawdown Notice) (or in any other form which the Agent approves or reasonably requires). 
 “Earnings”
means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Borrower and which arise out of the use or operation of that Ship, including (but not limited to): 

 

	 	(a)	all freight, hire and passage moneys, compensation payable to the Borrower in the event of requisition of that Ship for hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for
breach (or payments for variation or termination) of any charterparty or other contract for the employment of that Ship; 

  

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

  

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

 “Earnings Account” means an account in the name of
the Borrower with the Agent in Amsterdam with account number NL09 INGB 0020 1282 31 designated “Euronav USD340m - Earnings Account”, or any other account (with that or another office of the Agent or with a bank or financial institution
other than the Agent) which is agreed by the Agent and the Borrower as the Earnings Account for the purposes of this Agreement. 

  
 6 

 “Environmental Claim” means: 

 

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

 

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

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

“Environmental Incident” means: 
  

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

  

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

  

	 	(c)	any other incident in which Environmentally Sensitive Material is released otherwise than from a Ship and in connection with which a Ship is actually or reasonably likely to be arrested and/or where the Borrower and/or
any operator or manager of a Ship is at fault or allegedly at fault or is reasonably likely to be subject to any legal or administrative action. 

“Environmental Law” means any law relating to pollution or protection of the environment, to the carriage of Environmentally
Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material. 
 “Environmentally Sensitive
Material” means oil, oil products and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous. 

“Euronav Group” means the Borrower and each of its subsidiaries. 

“Event of Default” means any of the events or circumstances described in Clause 19.1 (Events of Default). 

“Existing Ships” means each of the four suezmax tanker type vessels listed in Part A of Schedule 6 (Details of Ships)
which are owned by the Borrower. 
 “Facility” means the total loan facility of up to $340,000,000 made or to be made
available to the Borrower by the Lenders pursuant to the terms of this Agreement and comprising both the Revolving Credit Facility and the Term Facility. 

“Fair Market Value” means, in relation to a Ship, a valuation of its market price as determined in accordance with
Clause 15.3 (Valuation of Ships). 

  
 7 

 “FATCA” means 

 

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

  

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

  

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

 “FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by or
under FATCA. 
 “FATCA Exempt Party” means a party to a Finance Document that is entitled to receive payments free from any
FATCA Deduction. 
 “FATCA FFI” means a foreign financial institution as defined in section 1471(d)(4) of the Code which
could be required to make a FATCA Deduction. 
 “FATCA Non-Exempt Lender” means any Lender who is not a FATCA Exempt Party.

 “Finance Documents” means: 
  

	 	(a)	this Agreement; 

  

	 	(b)	the Agency and Trust Deed; 

  

	 	(c)	the Mortgages;] 

  

	 	(d)	the Deeds of Covenant; 

  

	 	(e)	the General Assignments; 

  

	 	(f)	the Account Pledge; 

  

	 	(g)	the Master Agreement Assignments; 

  

	 	(h)	the Manager’s Undertakings; and 

  

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

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

 

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

  

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

  

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

  
 8 

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

 

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

  

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

 “Framework Agreement” means the agreement dated 7 July 2014 entered into between
the Seller and the Borrower in relation to the sale of the Ships by the Seller to, and purchase of the Ships by, the Borrower as amended by an Addendum No. 1 dated 29 August 2014. 

“General Assignment” means, in relation to each Ship, a deed to be executed by the Borrower in favour of the Security Trustee
creating security in respect of the Earnings, the Insurances and any Requisition Compensation relating to that Ship and any charter in excess of, or capable by virtue of any optional extension of exceeding, 24 months in relation to that Ship and any
guarantee of such charter in the Agreed Form. 
 “IFRS” means International Financial Reporting Standards in effect from
time to time save that all accounting terms relating to operating leases shall be construed in accordance with IFRS as at the date of this Agreement. 

“Impaired Agent” means the Agent at any time when: 
  

	 	(a)	it has failed to make (or has notified a party to a Finance Document that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment; 

 

	 	(b)	the Agent otherwise rescinds or repudiates a Finance Document; 

  

	 	(c)	(if the Agent is also a Lender), it is a Defaulting Lender under paragraph (a) or (b) of the definition of “Defaulting Lender”; or 

 

	 	(d)	an Insolvency Event has occurred and is continuing with respect to the Agent; 

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

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

  

	 	(ii)	payment is made within 10 Business Days of its due date; or 

  

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

“Insolvency Event” in relation to a Lender means that Lender: 

 

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

  
 9 

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

 

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

  

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

  

	 	(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is
presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in 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,
for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph (d) above); 

 

	 	(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 (h) above; or

  

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

“Insurances” means, in relation to a Ship: 
  

	 	(a)	all policies and contracts of insurance, including entries of that Ship in any protection and indemnity or war risks association, which are effected in respect of that Ship, its Earnings or otherwise in relation to it;
and 

  

	 	(b)	all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium. 

  
 10 

 “Interest Period” means a period determined in accordance with Clause 6
(Interest Periods). 
 “ISM Code” means the International Safety Management Code (including the guidelines on its
implementation), adopted by the International Maritime Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time to time (and the terms “safety management system”,
“Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code). 

“ISPS Code” means the International Ship and Port Facility Security Code constituted pursuant to resolution A.924(22) of the
International Maritime Organisation (“IMO”) adopted by a Diplomatic conference of the IMO on Maritime Security on 13 December 2002 and now set out in Chapter XI-2 of the Safety of Life at Sea Convention (SOLAS) 1974 (as
amended) to take effect on 1 July 2004. 
 “ISSC” means a valid and current International Ship Security Certificate
issued under the ISPS Code. 
 “Lead Arrangers” means Belfius Bank SA/NV, BNP Paribas Fortis SA/NV, Deutsche Bank AG Filiale
Deutschlandgeschäft and ITF International Transport Finance Suisse AG. 
 “Lender” means a bank or financial
institution listed in Schedule 1 (Lenders and Commitments) and acting through its branch indicated in Schedule 1 (Lenders and Commitments) (or through another branch notified to the Borrower under Clause 26.14 (Change of lending
office) or its transferee, successor or assign. 
 “LIBOR” means, for an Interest Period: 

 

	 	(a)	the rate per annum equal to the offered quotation for deposits in Dollars for a period equal to, or as near as possible equal to, the relevant Interest Period which appears on Reuters Page Libor 01 at or about 11.00
a.m. (London time) on the Quotation Date for that Interest Period (and, for the purposes of this Agreement, “Reuters Page Libor 01” means the display designated as “Page Libor 01” on the Reuters Service or such other page as may
replace Page Libor 01 on that service for the purpose of displaying rates comparable to that rate or on such other service as may be nominated by ICE Benchmark Administration Limited for the purpose of displaying ICE Benchmark Administration Limited
Settlement Rates for Dollars); or 

  

	 	(b)	if no rate is quoted on Reuters Page Libor 01, the rate per annum determined by the Agent to be the arithmetic mean (rounded upwards, if necessary, to the nearest one sixteenth of one per cent.) of the rates per annum
notified to the Agent by each Reference Bank as the rate at which deposits in Dollars are offered to that Reference Bank by leading banks in the London Interbank Market at that Reference Bank’s request at or about 11.00 a.m. (London time) on
the Quotation Date for that Interest Period for a period equal to that Interest Period and for delivery on the first Business Day of it, 

and if any such rate is below zero, LIBOR will be deemed to be zero. References above to ICE Benchmark Administration Limited shall be
construed to include any other person who takes over the administration of the London interbank offered rate. 
 “Loan”
means the principal amount for the time being outstanding under this Agreement. 
 “Major Casualty” means, in relation to a
Ship, any casualty to that Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $5,000,000 or the equivalent in any other currency. 

  
 11 

 “Majority Lenders” means: 

 

	 	(a)	before any Advance has been made, Lenders whose aggregate Commitments total at least 66 2⁄3 per cent. of the Total
Commitments; and 

  

	 	(b)	after the first Advance has been made, Lenders whose aggregate Contributions total at least 66 2⁄3 per cent. of the Loan.

 “Manager’s Undertaking” means, in relation to a Ship, the undertaking to be given by the Approved
Manager in favour of the Security Trustee in the Agreed Form. 
 “Mandated Lead Arrangers” means ING Bank N.V., Citibank NA,
London Branch, Danish Ship Finance A/S (Danmarks Skibskredit A/S), DNB Bank ASA, London Branch and KBC Bank NV. 
 “Mandatory
Cost” means the percentage rate per annum calculated by the Agent in accordance with Schedule 9. 
 “Margin” means
2.25 per cent. per annum. 
 “Master Agreement” means each master agreement (on the 1992 or 2002 (as the case may be)
ISDA (Multicurrency-Crossborder) form) in an Agreed Form made or to be made between the Borrower and a Swap Bank and includes all Designated Transactions from time to time entered into and Confirmations from time to time exchanged under such master
agreement. 
 “Master Agreement Assignment” means an assignment or assignments of the Borrower’s rights under each of
the Master Agreements executed by the Borrower in favour of the Security Trustee in Agreed Form. 
 “Maturity Date” means
the earlier of (a) the seventh anniversary of the date of this Agreement and (b) 30 September 2021. 
 “MOA”
means, in relation to an Acquisition Ship, the Memorandum of Agreement entered into between the relevant Seller and the Borrower pursuant to the Framework Agreement in respect of the sale of that Ship. 

“Mortgage” means, in relation to each Ship, a first priority or preferred (as the case may be) mortgage on that Ship in the
form appropriate to the relevant Approved Flag in each case executed by the Borrower in favour of the Security Trustee (and/or such other Creditor Parties as may be appropriate in the opinion of the Agent and in the context of the relevant Approved
Flag), each such mortgage to be in the Agreed Form and, where the relevant Approved Flag is Belgian or French flag, the amount secured by such mortgage shall be limited to 125 per cent. of the Fair Market Value of the relevant Ship as at the
date of the relevant mortgage. 
 “Non-Consenting Lender” means any Lender which does not and continues not to consent or
agree to: 
  

	 	(a)	a request of the Borrower or the Agent (at the request of the Borrower) to give a consent in relation to, or to agree to a waiver or amendment of, any provision of the Finance Documents; 

 

	 	(b)	the consent, waiver or amendment in question requires the approval of all of the Lenders; and 

  

	 	(c)	Lenders whose commitments aggregate more than 66 2⁄3 per cent. of the
Total Commitments have consented or agreed to such waiver or amendment. 

  
 12 

 “Notifying Lender” has the meaning given in Clause 23.1 (Illegality) or
Clause 24.1 (Increased costs) as the context requires. 
 “Payment Currency” has the meaning given in Clause 21.4
(Currency indemnity). 
 “Permitted Holders” means each of Saverco, Victrix and Tanklog (and (in each case) any
parallel vehicle thereof and their respective alternative investment vehicles) and their affiliates. 
 “Permitted Security
Interests” means: 
  

	 	(a)	Security Interests created by the Finance Documents; 

  

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

  

	 	(c)	liens for salvage; 

  

	 	(d)	liens arising by operation of law for not more than 2 months’ prepaid hire under any charter in relation to 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 Borrower in good faith by appropriate steps); 

 

	 	(f)	any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom such action is brought as security for costs and expenses where the Borrower is prosecuting or
defending such proceedings or arbitration in good faith by appropriate steps provided such Security Interest does not (and is not likely to) result in any sale, forfeiture or loss of a Ship; and 

 

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

 “Pertinent Document” means: 

 

	 	(a)	any Finance Document; 

  

	 	(b)	any Master Agreement; 

  

	 	(c)	any policy or contract of insurance contemplated by or referred to in Clause 13 (Insurance) or any other provision of this Agreement or another Finance Document or Master Agreement; 

 

	 	(d)	any other document contemplated by or referred to in any Finance Document; and 

  

	 	(e)	any document which has been or is at any time sent by or to a Servicing Bank in contemplation of or in connection with any Finance Document or Master Agreement or any policy, contract or document falling within
paragraphs (c) or (d). 

 “Pertinent Jurisdiction” in relation to a company, means: 

 

	 	(a)	England and Wales; 

  

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

  
 13 

	 	(c)	a country in which the company has the centre of its main interests or in which the company’s central management and control is or has recently been exercised; 

 

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

  

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

  

	 	(f)	a country the courts of which have jurisdiction to make a winding up, administration or similar order in relation to the company, whether as main or territorial or ancillary proceedings or which would have such
jurisdiction if their assistance were requested by the courts of a country referred to in paragraphs (b) or (c). 

“Pertinent Matter” means: 
  

	 	(a)	any transaction or matter contemplated by, arising out of, or in connection with a Pertinent Document; or 

  

	 	(b)	any statement relating to a Pertinent Document or to a transaction or matter falling within paragraph (a); 

and covers any such transaction, matter or statement, whether entered into, arising or made at any time before the signing of this Agreement or
on or at any time after that signing. 
 “Potential Event of Default” means an event or circumstance which, with the giving
of any notice, the lapse of time, a reasonable determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default. 

“Qualifying Notes” means the fixed rate bonds issued by the Borrower with: 

 

	 	(a)	issue date 17 January 2014; 

  

	 	(b)	principal paying agent and domiciliary agent BNP Paribas Securities Services; 

  

	 	(c)	trustee BNP Paribas Trust Corporation UK Ltd London; and 

  

	 	(d)	an aggregated principal amount of $235,500,000, 

 Provided that such notes are
subordinated notes that: 
  

	 	(a)	are non-amortizing; 

  

	 	(b)	have a maturity date no earlier than 3 months after the Maturity Date; 

  

	 	(c)	have a coupon not exceeding: 

  

	 	(i)	5.95 per cent. during the period from the date of issue of such notes to the first anniversary of their date of issue; 

  

	 	(ii)	8.50 per cent. from the first anniversary of the date of issue of such notes to the third anniversary of their date of issue; 

  

	 	(iii)	10.20 per cent. from the third anniversary of the date of issue of such notes to the seventh anniversary of their date of issue; 

  
 14 

	 	(d)	in relation to which interest is payable semi-annually in arrears; and 

  

	 	(e)	which contain subordination provisions with respect to senior secured credit facilities (including the Loan) acceptable to the Agent. 

“Quotation Date” means, in relation to any Interest Period (or any other period for which an interest rate is to be determined
under any provision of a Finance Document), 2 Business Days before the first day of that period or the day on which quotations would ordinarily be given by leading banks in the London Interbank Market for deposits in the currency in relation to
which such rate is to be determined for delivery on the first day of that Interest Period or other period. 
 “Reference
Banks” means, subject to Clause 26.16 (Replacement of Reference Bank), each of DNB Bank ASA and ING Bank N.V., or such other bank or banks as may be appointed by the Agent in consultation with the Borrower. 

“Relevant Person” has the meaning given in Clause 19.9 (Relevant Persons). 

“Repayment Date” means a Revolving Repayment Date or a Term Repayment Date as the context may require. 

“Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event such as is referred
to in paragraph (b) of the definition of “Total Loss”. 
 “Restricted Party” means a person: 

 

	 	(a)	that is listed on or owned or controlled by a person listed on any Sanctions List (whether designated by name or by reason of being included in a class of person); or 

 

	 	(b)	with whom any member of the Euronav Group is prohibited from dealing or otherwise engaging with in a transaction by any Sanctions; or 

 

	 	(c)	that is directly or indirectly owned by or controlled by a person referred to in (a) and/or (b) above; or 

  

	 	(d)	who owns or controls a person referred to in (a) and/or (b) above; or 

  

	 	(e)	that is otherwise the target of Sanctions. 

 “Revolving Advance” means the
principal amount of each borrowing of a portion of the Revolving Credit Facility under this Agreement. 
 “Revolving
Commitment” means, in relation to a Lender, the amount set opposite its name in the fourth column of Schedule 1 (Lenders and Commitments), or, as the case may require, the amount specified in the relevant Transfer Certificate, as
that amount may be reduced, cancelled or terminated in accordance with this Agreement, including, for the avoidance of doubt, pursuant to Clause 4.2(c). 

“Revolving Contribution” means, in relation to a Lender, the part of the Revolving Advances which is owing to that Lender.

 “Revolving Credit Facility” means the revolving loan facility in the maximum amount of $148,000,000 made or to be made
available to the Borrower by the Lenders pursuant to the terms of this Agreement. 

  
 15 

 “Revolving Repayment Date” means, in relation to a Revolving Advance, the last
day of the Interest period applicable to that Revolving Advance selected by the Borrower in the relevant Drawdown Notice (or otherwise determined in accordance with the provisions of Clause 6.1 (Commencement, duration and consolidation of
revolving Interest Periods)). 
 “Samsung Seller’s Credit” means the seller’s credit provided by Samsung Heavy
Industries Co. Ltd. to (inter alia) the Borrower pursuant to an agreement dated 9 January 2012. 
 “Sanctioned Country”
means any country or territory which is subject to general trade, economic or financial sanctions embargoes imposed, administered or enforced by a Sanctions Authority. 

“Sanctions” means the economic or financial sanctions laws and/or regulations or trade embargoes imposed by any Sanctions
Authority or any law or regulation enacted, promulgated or issued by any Sanctions Authority after the date of this Agreement. 

“Sanctions Authority” means the Norwegian State, the United Nations, the European Union (or its member states including the
United Kingdom), the United States of America, the Monetary Authority of Singapore and the Hong Kong Monetary Authority and any authority acting on behalf of any of them in connection with Sanctions or any other relevant governmental or regulatory
authority, institution or agency which administers economic of financial sanctions. 
 “Sanctions List” means any list of
persons or entities published in connection with Sanctions by or on behalf of any Sanctions Authority as amended, supplemented or substituted from time to time. 

“Saverco” means Saverco NV, a company incorporated in Belgium whose registered office is at de Gerlachekaai 20, B-2000
Antwerp, Belgium. 
 “Secured Liabilities” means all liabilities which the Borrower, the Security Parties or any of them
have, at the date of this Agreement or at any later time or times, under or in connection with any Finance Document or any Designated Transactions under the Master Agreements or any judgment relating to any Finance Document or any Designated
Transactions under the Master Agreements; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation,
arrangement or other procedure under the insolvency laws of any country. 
 “Security Interest” means: 

 

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

  

	 	(b)	the security rights of a plaintiff under an action in rem; and 

  

	 	(c)	any arrangement entered into by a person (A) the effect of which is to place another person (B) in a position which is similar, in economic terms, to the position in which B would have been had he held a
security interest over an asset of A; but this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial institution. 

“Security Party” means any person other than the Borrower (except a Creditor Party) who, as a surety or mortgagor, as a party
to any subordination or priorities arrangement, or in any similar capacity, executes a document falling within the last paragraph of the definition of “Finance Documents”. 

  
 16 

 “Security Period” means the period commencing on the date of this Agreement and
ending on the date on which the Agent notifies the Borrower, the Security Parties and the other Creditor Parties that: 
  

	 	(a)	all amounts which have become due for payment by the Borrower or any Security Party under the Finance Documents and the Master Agreements have been paid; 

 

	 	(b)	no amount is owing or has accrued (without yet having become due for payment) under any Finance Document or the Master Agreements and all Commitments have terminated; 

 

	 	(c)	neither the Borrower nor any Security Party has any future or contingent liability under Clause 20 (Fees and Expenses), Clause 21 (Indemnities) or Clause 22 (No Set-Off or Tax Deduction) or any
other provision of this Agreement or another Finance Document or a Master Agreement; and 

  

	 	(d)	the Agent, the Security Trustee and the Majority Lenders, acting reasonably, consider that there is no significant risk that any payment or transaction under a Finance Document or a Master Agreement would be set aside,
or would have to be reversed or adjusted, in any present or possible future bankruptcy of the Borrower or a Security Party or in any present or possible future proceeding relating to a Finance Document or a Master Agreement or any asset covered (or
previously covered) by a Security Interest created by a Finance Document. 

 “Security Trustee” means ING Bank
NV, acting in such capacity through its office at Bijlmerplein 888, 1102 MG, Amsterdam, The Netherlands, or any successor of it appointed under clause 5 of the Agency and Trust Deed. 

“Servicing Bank” means the Agent or the Security Trustee. 

“Seller” means Maersk Tankers Singapore Pte. Ltd., a company incorporated in Singapore with its registered office at 200
Cantonment Road, 10-00 Southpoint, 089763, Singapore. 
 “Ships” means the Existing Ships and the Acquisition Ships. 

“Swap Bank” means a bank or financial institution listed in Schedule 2 (Swap Banks) and acting through its branch
indicated in that Schedule. 
 “Swap Counterparty” means, at any relevant time and in relation to a continuing Designated
Transaction, the Swap Bank which enters into that Designated Transaction. 
 “Tankers International Pool” means the Tankers
International tanker pool governed by a pooling agreement entered into in January 2000 (as amended and supplemented from time to time) made between the participants in the pool and Tankers International LLC of Libra Tower, 23 Olympion Street, 3306
Limassol, Cyprus. 
 “Tanklog” means Tanklog Holdings Ltd., a company incorporated in Cyprus whose registered office is at 1
C. Pantelides Avenue, Nicosia 1010, Cyprus. 
 “Term Advance” means the principal amount of each borrowing of a portion of
the Term Facility under this Agreement. 
 “Term Advance Drawdown Amount” means, in relation to the Term Advance in respect
of each Ship, the amount listed in the fifth column of Schedule 6 (Details of Ships) as such amount may be reduced in accordance with Clause 4.2(c). 

“Term Commitment” means, in relation to a Lender, the amount set opposite its name in the third column of Schedule 1
(Lenders and Commitments), or, as the case may require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement. 

  
 17 

 “Term Contribution” means, in relation to a Lender, the part of the Term
Facility which is owing to that Lender. 
 “Term Facility” means the term loan facility in the maximum amount of
$192,000,000 made or to be made available to the Borrower by the Lenders pursuant to the terms of this Agreement. 
 “Term Repayment
Date” means a date on which a repayment is required to be made under Clause 8.2 (Repayment). 
 “Total Available
Commitments” means the aggregate of the Available Commitments of all the Lenders. 
 “Total Available Revolving
Commitments” means the aggregate of the Available Revolving Commitments of all the Lenders. 
 “Total Available Term
Commitments” means the aggregate of the Available Term Commitments of all the Lenders. 
 “Total Commitments” means
the aggregate of the Commitments of all the Lenders. 
 “Total Loss” means, in relation to a Ship: 

 

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

  

	 	(b)	any expropriation, confiscation, requisition or acquisition of that Ship, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is
effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an
extension) unless it is within 90 days redelivered to the Borrower’s full control; 

  

	 	(c)	any condemnation of that Ship by any tribunal or by any person claiming to be a tribunal; and 

  

	 	(d)	any arrest, capture, seizure or detention of that Ship (including piracy or theft) unless it is within 90 days redelivered to the Borrower’s (as the case may be) full control. 

“Total Loss Date” means, in relation to a Ship: 
  

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

 

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

  

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

  

	 	(ii)	the date of any compromise, arrangement or agreement made by or on behalf of the Borrower with that Ship’s insurers in which the insurers agree to treat that Ship as a total loss; and 

 

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

  
 18 

 “Total Revolving Commitments” means the aggregate of the Revolving Commitments
of all the Lenders. 
 “Total Term Commitments” means the aggregate of the Term Commitments of all the Lenders. 

“Transaction” has the meaning given in each Master Agreement. 

“Transfer Certificate” has the meaning given in Clause 26.2 (Transfer by a Lender). 

“Trust Property” has the meaning given in clause 3.1 of the Agency and Trust Deed. 

“Unpaid Sum” means any sum due and payable but unpaid by the Borrower under the Finance Documents. 

“US Tax Obligor” means 
  

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

  

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

“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.

 “Victrix” means Victrix NV, a company incorporated in Belgium whose registered office is at Le Grellelei
20, 2600 Berchem, Belgium. 
 Construction of certain terms 

In this Agreement: 

“administration notice” means a notice appointing an administrator, a notice of intended appointment and any other notice
which is required by law (generally or in the case concerned) to be filed with the court or given to a person prior to, or in connection with, the appointment of an administrator. 

“approved” means, for the purposes of Clause 13 (Insurance), approved in writing by the Agent acting with the
authorisation of the Majority Lenders (which authorisation shall not be unreasonably withheld). 
 “asset” includes every
kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment. 

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

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

  
 19 

 “contingent liability” means a liability which is not certain to arise and/or
the amount of which remains unascertained. 
 “document” includes a deed; also a letter or fax. 

“excess risks” means, in relation to a Ship, the proportion of claims for general average, salvage and salvage charges not
recoverable under the hull and machinery policies in respect of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose of such claims. 

“expense” means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value
added or other tax. 
 “law” includes any order or decree, any form of delegated legislation, any treaty or international
convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council. 

“legal or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or
investigation. 
 “liability” includes every kind of debt or liability (present or future, certain or contingent), whether
incurred as principal or surety or otherwise. 
 “months” shall be construed in accordance with Clause 1.3 (Meaning of
“month”). 
 “obligatory insurances” means, in relation to a Ship, all insurances effected, or which the
Borrower is obliged to effect or procure are effected, under Clause 13 (Insurance) or any other provision of this Agreement or another Finance Document. 

“parent company” has the meaning given in Clause 1.4 (Meaning of “subsidiary”). 

“person” includes any company; any state, political sub-division of a state and local or municipal authority; and any
international organisation. 
 “policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or
other document evidencing the contract of insurance or its terms. 
 “protection and indemnity risks” means the usual risks
covered by a protection and indemnity association including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason
of the incorporation in them of clause 6 of the International Hull Clauses (01/11/02 or 01/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/11/1995 or 1/10/83) or the Institute Amended Running Down Clause (1/10/71) or any equivalent
provision. 
 “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. 

“subsidiary” has the meaning given in Clause 1.4 (Meaning of “subsidiary”). 

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

  
 20 

 “war risks” includes the risk of mines and all risks excluded by clause 29 of
the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83). 

Meaning of “month” 

A period of 1 or more “months” ends on the day in the relevant calendar month numerically corresponding to the day of the
calendar month on which the period started (“the numerically corresponding day”), but: 
  

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

  

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

 and “month” and “monthly” shall be construed accordingly. 

Meaning of “subsidiary” 

A company (S) is a subsidiary of another company (P) if: 
  

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

  

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

  

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

  

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

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

General Interpretation 

In this Agreement: 
  

	(a)	references in Clause 1.1 (Definitions) to a Finance Document or any other document being in an “agreed form” are to the form agreed between the Agent (acting with the authorisation of each of the
other Creditor Parties) and the Borrower; 

  

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

 

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

 

	(d)	words denoting the singular number shall include the plural and vice versa; 

  

	(e)	Clauses 1.1 (Definitions) to 1.5 (General Interpretation) apply unless the contrary intention appears; and 

  

	(f)	an Event of Default or Potential Event of Default is “continuing” if it has not been remedied or waived. 

  
 21 

 Headings 

In interpreting a Finance Document or any provision of a Finance Document, all clause, sub-clause and
other headings in that and any other Finance Document shall be entirely disregarded. 
 FACILITY 

Amount of facility 

Subject to the other provisions of this Agreement, the Lenders shall make available to the Borrower: 

 

	(a)	a term loan facility in an amount of up to $192,000,000; and 

  

	(b)	a revolving credit facility in an amount of up to $148,000,000. 

 Lenders’
participations 
 Subject to the other provisions of this Agreement, each Lender shall participate in each Advance in the proportion
which, as at the relevant Drawdown Date, its Commitment bears to the Total Commitments. 
 Purpose of Advances 

The Borrower undertakes with each Creditor Party to use each Advance only for the purposes stated in the preamble to this Agreement. 

POSITION OF THE LENDERS AND SWAP BANKS 

Interests several 
 The
rights of the Lenders and the Swap Banks under this Agreement are several. 
 Individual right of action 

Each Lender and each Swap Bank shall be entitled to sue for any amount which has become due and payable by the Borrower to it under a Finance
Document or a Master Agreement without joining the Agent, the Security Trustee, any Arranger, any other Lender or any other Swap Bank as additional parties in the proceedings. 

Proceedings requiring Majority Lender consent 

Except as provided in Clause 3.2 (Individual right of action), no Lender and no Swap Bank may commence proceedings against the Borrower
or any Security Party in connection with a Finance Document or a Master Agreement without the prior consent of the Majority Lenders. 

Obligations several 
 The
obligations of the Lenders under this Agreement and of the Swap Banks under the Master Agreement to which it is a party are several; and a failure of a Lender to perform its obligations under this Agreement or a failure by a Swap Bank to perform its
obligations under the Master Agreement to which it is a party shall not result in: 
  

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

  
 22 

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

and in no circumstances shall a Lender or a Swap Bank have any responsibility for a failure of another Lender or another Swap Bank to perform
its obligations under this Agreement or the Master Agreement to which it is a party. 
 Security Trustee as joint and several creditor

  

	(a)	The Borrower and each of the Creditor Parties agrees that the Security Trustee shall be the joint creditor (“hoofdelijke schuldeiser”) together with each other Creditor Party of each liability and
obligation of the Borrower towards any Creditor Party under any Finance Document or any Master Agreement (including Designated Transactions), and that accordingly the Security Trustee will have its own independent right to demand performance by the
Borrower of those liabilities and obligations. However, any discharge of any liability or obligation of the Borrower to the Security Trustee or another Creditor Party shall, to the same extent, discharge the corresponding liability or obligation
owing to the others. 

  

	(b)	Without limiting or affecting the Security Trustee’s rights against the Borrower (whether under this paragraph or under any other provision of the Finance Documents), the Security Trustee agrees with each other
Creditor Party (on a several and separate basis) that, subject as set out in the next sentence, it will not exercise its rights as a joint creditor with a Creditor Party except with the consent of the relevant Creditor Party. However, for the
avoidance of doubt, nothing in the previous sentence shall in any way limit the Security Trustee’s right to act in the protection or preservation of rights under or to enforce any Finance Document (or to do any act reasonably incidental to any
of the foregoing). 

  

	(c)	Subject to the provisions of this Clause 3.5 (Security Trustee as joint and several creditor), the Security Trustee holds any security created by a Finance Document in its name and the Security Trustee shall have
full and unrestricted title to and authority in respect of that security, subject always to the terms of the Finance Documents and the Master Agreements. 

DRAWDOWN 
 Request for
Advance 
 Subject to the following conditions, the Borrower may request that an Advance be made by ensuring that the Agent receives a
completed Drawdown Notice not later than 11.00 a.m. (London time) 3 Business Days prior to the intended Drawdown Date. 
 Availability

 The conditions referred to in Clause 4.1 (Request for Advance) are that: 

 

	(a)	in the case of a Term Advance: 

  

	 	(i)	the Drawdown Date has to be a Business Day during the Availability Period for the Term Facility; 

  

	 	(ii)	a Term Advance shall not exceed the Term Advance Drawdown Amount; 

  

	 	(iii)	the aggregate amount of the Term Advances shall not exceed the Total Term Commitments; 

  

	 	(iv)	there shall be eight Term Advances, one in respect of each Ship; and 

  

	 	(v)	the Term Advance in relation to each Acquisition Ship may be drawn down on different dates, but all four Term Advances relating to the Existing Ships shall be advanced on the same Drawdown Date; 

  
 23 

	(b)	in the case of a Revolving Advance: 

  

	 	(i)	the Drawdown Date has to be a Business Day during the Availability Period for the Revolving Credit Facility; 

  

	 	(ii)	each Revolving Advance shall not be less than $5,000,000, shall be an integral multiple of $1,000,000 and shall not exceed the Available Revolving Commitment for that Ship; 

 

	 	(iii)	the aggregate amount of the Revolving Advances shall not exceed the Total Revolving Commitments; 

  

	 	(iv)	there shall be up to eight Revolving Advances outstanding at any one time; and 

  

	 	(v)	no Revolving Advance for a Ship can be drawn down unless the Term Advance relating to that Ship has been drawn down, or will be drawn down at the same time as that Revolving Advance; and 

 

	(c)	before the Drawdown Date for each Term Advance, the Agent shall assess the Fair Market Value of the Ship to which such Term Advance relates on the basis of the valuations provided under the relevant Part of Schedule 2
and if, based on those valuations, the aggregate of the Term Advance Drawdown Amount and the Revolving Commitment for that Ship would exceed 60 per cent. of the Fair Market Value of that Ship, then the Term Advance Drawdown Amount and the
Revolving Commitment for that Ship shall be permanently reduced pro rata and the Term Commitments and the Revolving Commitments of each Lender shall be reduced pro rata. 

Notification to Lenders of receipt of a Drawdown Notice 

The Agent shall promptly notify the Lenders that it has received a Drawdown Notice and shall inform each Lender of: 

 

	(a)	the amount and nature of the Advance (whether it is a Revolving Advance or a Term Advance), the Drawdown Date and, in the case of a Term Advance, the Ship to which the Advance relates; 

 

	(b)	the amount of that Lender’s participation in the Advance; and 

  

	(c)	the duration of the first Interest Period for the Advance. 

 Drawdown Notice irrevocable

 A Drawdown Notice must be signed by a duly authorised person on behalf of the Borrower; and once served, a Drawdown Notice cannot be
revoked without the prior consent of the Agent, acting with the authorisation of the Majority Lenders. 
 Lenders to make available
Contributions 
 Subject to the provisions of this Agreement, each Lender shall, on and with value on each Drawdown Date, make available
to the Agent for the account of the Borrower the amount due from that Lender on that Drawdown Date under Clause 2.2 (Lenders’ participations). 

  
 24 

 Disbursement of Advances 

Subject to the provisions of this Agreement, the Agent shall on each Drawdown Date pay to the Borrower the amounts which the Agent receives
from the Lenders under Clause 4.5 (Lenders to make available Contributions); and that payment to the Borrower shall be made to the account which the Borrower specifies in the Drawdown Notice. 

Disbursement of Advances to third party 

A payment by the Agent under Clause 4.6 (Disbursement of Advances) shall constitute the making of the relevant Advance and the Borrower
shall thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s Revolving Contribution or that Lender’s Term Contribution (as the case may be). 

INTEREST 
 Payment of
normal interest 
 Subject to the provisions of this Agreement, interest on each Advance in respect of an Interest Period shall be paid
by the Borrower on the last date of that Interest Period. 
 Normal rate of interest 

Subject to the provisions of this Agreement, the rate of interest on each Advance in respect of an Interest Period shall be the aggregate of
the Margin, Mandatory Costs (if any) and LIBOR for that Interest Period. 
 Payment of accrued interest 

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

The Agent shall notify the Borrower and each Lender of each rate of interest as soon as practicable after each is determined. 

Obligation of Reference Banks to quote 

A Lender which is a Reference Bank shall use all reasonable efforts to supply any quotation required of it for the purposes of fixing a rate of
interest under this Agreement. 
 Quotations by Reference Banks 

If any Reference Bank fails to supply a quotation when required, the Agent shall determine the relevant LIBOR on the basis of the mean of the
quotations supplied by the other Reference Bank or Banks; but if less than 2 Reference Banks provide a quotation, the relevant rate of interest shall be set in accordance with the following provisions of this Clause 5 (Interest). 

Market disruption 
 The
following provisions of this Clause 5 (Interest) apply if: 
  

	(a)	no rate is quoted on Reuters Page Libor 01 and 2 or more of the Reference Banks do not, before 1.00 p.m. (London time) on the Quotation Date for an Interest Period, provide quotations to the Agent in order to fix LIBOR;
or 

  
 25 

	(b)	at least 1 Business Day before the start of an Interest Period, Lenders having Commitments amounting to more than 50 per cent. of the Total Commitments notify the Agent that LIBOR fixed by the Agent would not
accurately reflect the cost to those Lenders of funding their respective Contributions (or any part of them) during the Interest Period in the London Interbank Market at or about 11.00 a.m. (London time) on the Quotation Date for the Interest
Period; or 

  

	(c)	at least 1 Business Day before the start of an Interest Period, the Agent is notified by a Lender (the “Affected Lender”) that for any reason it is unable to obtain Dollars in the London Interbank
Market in order to fund its Contribution (or any part of it) during that Interest Period. 

 Notification of market
disruption 
 The Agent shall notify the Borrower and each of the Lenders stating the circumstances falling within Clause 5.7 (Market
disruption) which have caused its notice to be given. 
 Suspension of drawdown 

If the Agent’s notice under Clause 5.8 (Notification of market disruption) is served before an Advance is to be made the
Lenders’ obligations to make or participate in that Advance (as the case may be) shall be suspended while the circumstances referred to in the Agent’s notice continue. 

Negotiation of alternative rate of interest 

If the Agent’s notice under Clause 5.8 (Notification of market disruption) is served after an Advance has been made, the Borrower,
the Agent and the Lenders or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within the 15 days after the date on which the Agent serves its notice under Clause 5.8 (Notification of market disruption) (the
“Negotiation Period”), an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution during the relevant
Interest Period concerned. 
 Application of agreed alternative rate of interest 

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

If an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing
at the end of the Negotiation Period, then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period and interest rate representing the cost of funding of the Lenders or (as the case may
be) the Affected Lender in Dollars or in any available currency of their or its Contribution plus the Margin and any Mandatory Costs; and the procedure provided for by this Clause 5.12 (Alternative rate of interest in absence of agreement)
shall be repeated if the relevant circumstances are continuing at the end of the interest period so set by the Agent. 
 Notice of
prepayment 
 If the Borrower does not agree with an interest rate set by the Agent under Clause 5.12 (Alternative rate of interest in
absence of agreement), the Borrower may give the Agent not less than 10 Business Days’ notice of its intention to prepay the relevant Advance at the end of the interest period set by the Agent. 

  
 26 

 Prepayment 

A notice under Clause 5.13 (Notice of prepayment) shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may
require) the Affected Lender of the Borrower’s notice of intended prepayment; and on the last Business Day of the interest period set by the Agent, the Borrower shall prepay (without premium or penalty) the relevant Advance, together with
accrued interest thereon at the applicable rate (including the Mandatory Cost) plus the Margin. 
 Application of prepayment 

The provisions of Clause 8 (Reduction, Repayment, Prepayment and Cancellation) shall apply in relation to the prepayment. 

INTEREST PERIODS 

Commencement, duration and consolidation of revolving Interest Periods 

There shall be a single Interest Period for each Revolving Advance which shall be notified by the Borrower to the Agent in the Drawdown Notice
for that Revolving Advance, shall commence on the Drawdown Date relating to that Revolving Advance and, subject to Clauses 6.4 (Duration of term Interest Periods for repayment instalments), 6.5 (No Interest Period to extend beyond Maturity
Date) and 6.6 (Non-availability of matching deposits for Interest Period selected), shall be: 
  

	(a)	1, 3 or 6 months as notified by the Borrower to the Agent in the Drawdown Notice for that Revolving Advance; or 

  

	(b)	in the case of the Interest Period applicable to the second and any subsequent Revolving Advance and if the Borrower notifies the Agent in the Drawdown Notice for such Revolving Advance, a period ending on the last day
of the Interest Period applicable to the Revolving Advance then current, whereupon that Revolving Advance and the Revolving Advance then current shall be consolidated and treated as a single Revolving Advance and if more than one Revolving Advance
has been made at the time the Borrower notifies the Agent that it wishes to consolidate the Interest Periods of the Revolving Advances, the relevant Interest Periods shall be consolidated with the Interest Period applicable to the first Revolving
Advance so that the Interest Period for that Revolving Advance expires on the same date as the Interest Period for the Revolving Advance then current; or 

  

	(c)	if the Borrower notifies the Agent in the Drawdown Notice for a Revolving Advance that it wishes to consolidate a Revolving Advance or Revolving Advances with the Term Advances, the Interest Period for that Revolving
Advance or those Revolving Advances shall be of the same duration as the Interest Period then current for the Term Advances in accordance with Clause 6.3 (Duration of normal term Interest Periods); or 

 

	(d)	3 months, if the Borrower fails to notify the Agent in the Drawdown Notice for that Revolving Advance; or 

  

	(e)	such other period as the Agent may, with the authorisation of all the Lenders, agree with the Borrower. 

Commencement of term Interest Periods 

The first Interest Period applicable to a Term Advance shall commence on the Drawdown Date relating to that Term Advance and each subsequent
Interest Period shall commence on the expiry of the preceding Interest Period applicable to such Term Advance. 

  
 27 

 Duration of normal term Interest Periods 

Subject to Clauses 6.4 (Duration of term Interest Periods for repayment instalments), 6.5 (No Interest Period to extend beyond
Maturity Date) and 6.6 (Non-availability of matching deposits for Interest Period selected) each Interest Period shall be: 
  

	(a)	1, 3 or 6 months as notified by the Borrower to the Agent not later than 11.00 a.m. (London time) 3 Business Days before the commencement of the Interest Period; or 

 

	(b)	in the case of the first Interest Period applicable to the second and any subsequent Term Advance and if the Borrower notifies the Agent not later than 11.00 a.m. (London time) 5 Business Days before the commencement of
that Interest Period, a period ending on the last day of the Interest Period applicable to the Term Advance then current, whereupon that Term Advance and the Term Advance then current shall be consolidated and treated as a single Term Advance and if
more than one Term Advance has been made at the time the Borrower notifies the Agent that it wishes to consolidate the Interest Periods of the Term Advances, the relevant Interest Periods shall be consolidated with the Interest Period applicable to
the first Term Advance on the expiry of the relevant Interest Period so that the next Interest Period for that Term Advance expires on the same date as the Interest Period for the Term Advance then current; 

 

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

  

	(d)	such other period as the Agent may, with the authorisation of all the Lenders, agree with the Borrower. 

Duration of term Interest Periods for repayment instalments 

In respect of an amount due to be repaid under Clause 8.2 (Repayment) on a particular Term Repayment Date, an Interest Period shall end
on that Term Repayment Date. 
 No Interest Period to extend beyond Maturity Date 

No Interest Period shall end after the Maturity Date and any Interest Period which would otherwise extend beyond the Maturity Date shall
instead end on the Maturity Date. 
 Non-availability of matching deposits for Interest Period selected 

If, after the Borrower has selected and the Lenders have agreed an Interest Period longer than 3 months, any Lender notifies the Agent by 11.00
a.m. (London time) on the second Business Day before the commencement of that Interest Period that it is not satisfied that deposits in Dollars for a period equal to that Interest Period will be available to it in the London Interbank Market when
that Interest Period commences, that Interest Period shall be of 3 months unless otherwise agreed by the Agent (acting on the instructions of the Lenders) and the Borrower. 

DEFAULT INTEREST 

Payment of default interest on overdue amounts 

The Borrower shall pay interest in accordance with the following provisions of this Clause 7 (Default Interest) on any amount payable by
the Borrower under any Finance Document which the Agent, the Security Trustee or the other designated payee does not receive on or before the relevant date, that is: 
  

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

  
 28 

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

  

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

Default rate of interest 

Interest shall accrue on an overdue amount from (and including) the relevant date until the date of actual payment (as well after as before
judgment) at the rate per annum determined by the Agent to be 2 per cent. above: 
  

	(a)	in the case of an overdue amount of principal, the higher of the rates set out at Clauses 7.3(a) and 7.3(b); or 

  

	(b)	in the case of any other overdue amount, the rate set out at Clause 7.3(b). 

 Calculation of
default rate of interest 
 The rates referred to in Clause 7.2 (Default rate of interest) are: 

 

	(a)	the rate applicable to the overdue principal amount immediately prior to the relevant date (but only for any unexpired part of any then current Interest Period applicable to it); 

 

	(b)	the aggregate of the Margin and the Mandatory Costs (if any) plus, in respect of successive periods of any duration (including at call) up to 3 months which the Agent may select from time to time: 

 

	 	(i)	LIBOR; or 

  

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

 Notification of interest periods and default rates 

The Agent shall promptly notify the Lenders and the Borrower of each interest rate determined by the Agent under Clause 7.3 (Calculation of
default rate of interest) and of each period selected by the Agent for the purposes of paragraph (b) of that Clause; but this shall not be taken to imply that the Borrower is liable to pay such interest only with effect from the date of the
Agent’s notification. 
 Payment of accrued default interest 

Subject to the other provisions of this Agreement, any interest due under this Clause 7 (Default Interest) shall be payable on demand;
and the payment shall be made to the Agent for the account of the Creditor Party to which the overdue amount is due. 
 Compounding of
default interest 
 Any such interest which is not paid on demand shall thereupon be compounded. 

  
 29 

 REDUCTION, REPAYMENT, PREPAYMENT AND CANCELLATION 

Reduction and repayment of Revolving Credit Facility 
  

	(a)	The total available Revolving Credit Facility shall be permanently reduced by one single reduction in an amount of $16,000,000 on the date falling six months after the final Term Repayment Date. 

 

	(b)	The Borrower shall ensure that at all times the aggregate outstanding amount of the Revolving Advances is not greater than the then applicable available Revolving Credit Facility and, without prejudice to the generality
of the foregoing, the Borrower shall if required pursuant to this Clause 8.1 prepay some or all of the outstanding Revolving Advances so that the aggregate outstanding amount of the Revolving Advances does not exceed the available Revolving Credit
Facility as reduced pursuant to paragraph (a) of this Clause 8.1 (Reduction and repayment of Revolving Credit Facility). For the avoidance of doubt, any amounts prepaid pursuant to this Clause 8.1(b) may not be reborrowed.

  

	(c)	Subject to the foregoing provisions of this Clause 8.1 (Reduction and repayment of Revolving Credit Facility), each Revolving Advance shall be repaid in full on the Revolving Repayment Date applicable to it.

 Repayment of Term Facility 

The Borrower shall repay the Term Facility by 12 equal consecutive six-monthly instalments of $16,000,000 each. 

Term Repayment Dates 
 The
first repayment instalment for the Term Facility shall be paid on the date falling 9 months after the date of this Agreement and the last instalment shall be paid on the date falling 66 months after the first Term Repayment Date. 

Maturity Date 
 On the
Maturity Date, the Borrower shall additionally pay to the Agent for the account of the Creditor Parties all sums then accrued or owing under any Finance Document, including (but not limited to) any outstanding amounts of principal due under this
Agreement. 
 Voluntary prepayment 

Subject to the following conditions in Clauses 8.6 (Conditions for voluntary prepayment), 8.7 (Effect of notice of prepayment)
and 8.8 (Notification of notice of prepayment), the Borrower may prepay the whole or any part of the Loan. 
 Conditions for
voluntary prepayment 
 The conditions referred to in Clause 8.5 (Voluntary prepayment) are that: 

 

	(a)	a partial prepayment shall be $1,000,000 or a higher integral multiple of $1,000,000; 

  

	(b)	the Agent has received from the Borrower at least 3 Business Days’ prior written notice specifying the amount to be prepaid and the date on which the prepayment is to be made; and 

 

	(c)	the Borrower has provided evidence satisfactory to the Agent that any consent required by the Borrower or any Security Party in connection with the prepayment has been obtained and remains in force, and that any
requirement relevant to this Agreement which affects the Borrower or any Security Party has been complied with. 

  
 30 

 Effect of notice of prepayment 

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

Notification of notice of prepayment 

The Agent shall notify the Lenders promptly upon receiving a prepayment notice, and shall provide any Lender which so requests with a copy of
any document delivered by the Borrower under paragraph (c) of Clause 8.6 (Conditions for voluntary prepayment). 
 Mandatory
prepayment and cancellation on sale or Total Loss 
 The Borrower shall be obliged to prepay the relevant amount of the Loan and the
relevant amount of the Total Available Revolving Commitments shall terminate if a Ship is sold or becomes a Total Loss: 
  

	(a)	in the case of a sale, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or 

  

	(b)	in the case of a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date and the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss (but the
relevant amount of the Total Available Revolving Commitments shall in any event terminate on the Total Loss Date). 

 In this
Clause 8.9 (Mandatory prepayment and cancellation on sale or Total Loss), “relevant amount” means the amount of the Loan or the amount of the Total Available Revolving Commitments multiplied by a fraction where:

  

	 	(i)	the numerator is the Fair Market Value of the Ship (determined as at the date of the most recent appraisal and not more than 3 months prior to the date of the sale or Total Loss) which is to be sold or (as the case may
be) the subject of Total Loss; and 

  

	 	(ii)	the denominator is the aggregate of the most recently determined Fair Market Value of the Ships (determined on the same basis) mortgaged pursuant to this Agreement immediately prior to the sale or Total Loss.

 If any Revolving Advance (or part thereof) is prepaid pursuant to this Clause 8.9 (Mandatory prepayment and cancellation
on sale or Total Loss), then that amount may not be reborrowed and the Total Revolving Commitments will be permanently reduced by the amount of the prepayment of the Revolving Advance. 

This Clause 8.9 (Mandatory prepayment and cancellation on sale or Total Loss) is without prejudice to the provisions of Clause 15.1
(Minimum required security cover). 
 Mandatory prepayment and cancellation on Change of Control 

If there is a Change of Control, the Borrower shall be obliged to prepay the Loan in full and the Commitments shall terminate not later than 60
days following the occurrence of the Change of Control. 
 Mandatory prepayment and cancellation on breach of financial covenants

 If the Borrower is not in compliance with the financial covenants in Clause 12.5 (Financial Covenants) at any time during the
Security Period, the Borrower shall be obliged to repay the Loan in full (and the Commitments shall be cancelled) not later than 5 days following a request in writing from the Agent (acting on the instructions of the Majority Lenders) to the
Borrower to repay the Loan. 

  
 31 

 Amounts payable on prepayment 

A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 (Indemnities) or otherwise) in
respect of the amount prepaid and, if the prepayment is not made on the last day of an applicable Interest Period, together with any sums payable under Clause 21.1(b) but without premium or penalty. 

Application of partial prepayment 

Each partial prepayment shall be applied pro-rata against the repayment instalments specified in Clauses 8.1 (Reduction and repayment of
Revolving Credit Facility) and 8.2 (Repayment). 
 Reborrowing 

 

	(a)	No amount of the Term Facility Loan repaid or prepaid may be reborrowed. 

  

	(b)	Subject to the terms of this Agreement, any amount of the Revolving Credit Facility repaid or prepaid may be reborrowed. 

Voluntary cancellation of Commitments 

Subject to the following conditions, the Borrower may cancel the whole or any part of the Total Available Commitments. 

Conditions for cancellation of Commitments 

The conditions referred to in Clause 8.15 (Voluntary cancellation of Commitments) are that: 

 

	(a)	a partial cancellation shall be $1,000,000 or a higher integral multiple of $1,000,000; and 

  

	(b)	the Agent has received from the Borrower at least 3 Business Days’ prior written notice specifying the amount of the Total Commitments to be cancelled and the date on which the cancellation is to take effect.

 Effect of notice of cancellation 

The service of a cancellation notice given under Clause 8.16 (Conditions for cancellation of Commitments) shall cause the amount of the
Total Commitments specified in the notice to be permanently cancelled and any partial cancellation shall be applied against the Commitment of each Lender pro rata and also on a pro rata basis as between the Total Commitments relating to the
Revolving Credit Facility and the future instalments of the Term Facility repayable pursuant to Clause 8.2 (Repayment). 
 Maximum
hedging amount 
 At the time a Designated Transaction is entered into pursuant to any Master Agreement, the maximum aggregate notional
amount shall not exceed 100 per cent. of the Loan. 
 Unwinding of Designated Transactions 

On or prior to any repayment or prepayment of the Loan under this Clause 8 (Reduction, Repayment, Prepayment and Cancellation) or any
other provision of this Agreement, the Borrower shall at its sole discretion have the right to wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions so

  
 32 

 
that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the
amount of the Loan as reducing from time to time thereafter pursuant to Clauses 8.1 (Reduction and repayment of Revolving Credit Facility) and 8.2 (Repayment). 

CONDITIONS PRECEDENT 

Documents, fees and no default 

Each Lender’s obligation to contribute to an Advance is subject to the following conditions precedent: 

 

	(a)	that, on or before the date of this Agreement, the Agent receives the documents and fees described in Part A of Schedule 4 (Condition Precedent Documents) in form and substance satisfactory to the Agent and its
lawyers; 

  

	(b)	that, on or before the Drawdown Date in relation to any Advance in respect of an Existing Ship, the Agent receives the documents described in Part B of Schedule 4 (Condition Precedent Documents) in form and
substance satisfactory to the Agent and its lawyers; 

  

	(c)	that, on or before the Drawdown Date in relation to any Advance in respect of an Acquisition Ship, the Agent receives the documents described in Part C of Schedule 4 (Condition Precedent Documents) in form and
substance satisfactory to the Agent and its lawyers; 

  

	(d)	that both at the date of each Drawdown Notice and at each Drawdown Date: 

  

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

 

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

  

	 	(iii)	none of the circumstances contemplated by Clause 5.7 (Market disruption) has occurred and is continuing; 

  

	 	(iv)	during the period from 30 June 2014 to the date of the Drawdown Notice and the relevant Drawdown Date, nothing shall have occurred (and neither the Agent nor any of the Lenders shall have become aware of any
condition or circumstance not previously known to it or them) which the Agent or the Lenders shall determine has had, or could reasonably be expected to have, a material adverse effect (A) on the rights or remedies of the Lenders, (B) on
the performance of the Borrower and its subsidiaries of their respective obligations to the Lenders, (C) with respect to the Loan or (D) on the property, assets, nature of assets, operations, liabilities or condition (financial or
otherwise) of the Borrower and its subsidiaries; 

  

	(e)	that, if the ratio set out in Clause 15.1 (Minimum required security cover) were applied on the basis of the most recently provided valuations and immediately following the making of the relevant Advance, the
Borrower would not be obliged to provide additional security or prepay part of the Loan under that Clause; and 

  

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

  
 33 

 Waiver of conditions precedent 

If the Majority Lenders, at their discretion, permit an Advance to be borrowed before certain of the conditions referred to in Clause 9.1
(Documents, fees and no default) are satisfied, the Borrower shall ensure that those conditions are satisfied within 5 Business Days after the relevant Drawdown Date (or such other period as the Agent may, with the authorisation of the
Majority Lenders, specify). 
 REPRESENTATIONS AND WARRANTIES 

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

 

	(a)	The Borrower is duly incorporated, validly existing and in good standing under the laws of, and has the centre of its main interests in, Belgium. 

 

	(b)	The Borrower is not a FATCA FFI or a US Tax Obligor. 

 Corporate power 

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

 

	(a)	to enter into the Framework Agreement and the MOAs and for the Borrower to purchase the Ships pursuant thereto; 

  

	(b)	to execute the Finance Documents and the Master Agreements; and 

  

	(c)	to borrow under this Agreement, to enter into Designated Transactions under the Master Agreements and to make all the payments contemplated by, and to comply with, the Finance Documents and the Master Agreements.

 Consents in force 

All the consents referred to in Clause 10.3 (Corporate power) remain in force and nothing has occurred which makes any of them liable to
revocation. 
 Legal validity; effective Security Interests 

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

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

 

	(b)	create legal, valid and binding Security Interests enforceable in accordance with their respective terms over all the assets to which they, by their terms, relate; 

subject to any relevant insolvency laws affecting creditors’ rights generally and to general equity principles. 

  
 34 

 No third party Security Interests 

Without limiting the generality of Clause 10.5 (Legal validity; effective Security Interests), at the time of the execution and delivery
of each Finance Document and each Master Agreement: 
  

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

 

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

 No conflicts 

The execution by the Borrower of each Finance Document and each Master Agreement and the borrowing by the Borrower of the Loan, and the
Borrower’s compliance with each Finance Document and each Master Agreement will not involve or lead to a contravention of: 
  

	(a)	any law or regulation; or 

  

	(b)	its constitutional documents; or 

  

	(c)	any contractual or other obligation or restriction which is binding on the Borrower or any of its subsidiaries or any of their respective assets. 

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

All information which has been provided in writing by or on behalf of the Borrower or any Security Party to the Arrangers or any other Creditor
Party in connection with any Finance Document satisfied the requirements of Clause 11.4 (Information provided to be accurate); all audited and unaudited accounts which have been so provided satisfied the requirements of Clause 11.6 (Form
of financial statements); and there has been no material adverse change in the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower and its subsidiaries since 30 June 2014. 

No litigation 
 No
litigation, arbitration or administrative proceedings (including, but not limited to, investigative proceedings) involving the Borrower has been commenced or taken or, to the Borrower’s knowledge, is likely to be commenced or taken which, in
any case, would be likely to have a material adverse effect on the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower and its subsidiaries or on the ability of the Borrower to perform
its obligations under the Finance Documents. 
 Validity and completeness of Framework Agreement and MOAs 

Each of the Framework Agreement and MOAs constitutes valid, binding and enforceable obligations of the parties to it respectively in accordance
with its terms and: 
  

	(a)	the copy of the Framework Agreement and each MOA delivered to the Agent before the date of this Agreement is a true and complete copy; and 

 

	(b)	no material amendments or additions to the Framework Agreement or any MOA have been agreed nor has either party to the Framework Agreement or any MOA waived any of their respective rights under the Framework Agreement
or that MOA. 

  
 35 

 No rebates etc. 

There is no agreement or understanding to allow or pay any rebate, premium, commission, discount or other benefit or payment (howsoever
described) to the Borrower, the Seller or a third party in connection with the purchase by the Borrower of any of the Ships, other than as disclosed to the Lenders in writing on or prior to the date of this Agreement. 

Compliance with certain undertakings 

At the date of this Agreement, the Borrower is in compliance with Clauses 11.2 (Title; negative pledge) and 11.13 (Principal place of
business). 
 Taxes paid 

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

No money laundering 

Without prejudice to the generality of Clause 2.3 (Purpose of Advances), in relation to the borrowing by the Borrower of the Loan, the
performance and discharge of the Borrower’s obligations and liabilities under the Finance Documents, and the transactions and other arrangements effected or contemplated by the Finance Documents, the Borrower confirms that it is acting for its
own account and that the foregoing will not involve or lead to contravention of any law, official requirement or other regulatory measure or procedure implemented to combat “money laundering” (as defined in Article 1 of the Directive
(205/60/EEC) of the European Parliament and of the Council of the European Union of 26 October 2005). 
 ISM Code and ISPS Code
compliance 
 All requirements of the ISM Code and the ISPS Code as they relate to the Borrower, the Approved Manager and the Ships have
been, or will be, complied with at the time of the Drawdown Date relating to each Ship. 
 Sanctions 

 

	(a)	The Borrower and its directors, officers, employees, agents or representatives and each member of the Euronav Group has been and is in compliance with all Sanctions. 

 

	(b)	Neither the Borrower nor any of its subsidiaries, nor any of its or their directors, officers, employees, agents or representatives: 

 

	 	(i)	is a Restricted Party, is owned or controlled by a Restricted Party or is involved in any transaction through which it could reasonably become a Restricted Party; 

 

	 	(ii)	has received notice of or is aware of any claim, action, suit, proceeding or investigation against it with respect to Sanctions; or 

  

	 	(iii)	owns or controls a Restricted Party. 

 Neither the Borrower nor any member of the Euronav Group
(i) is using or will use the proceeds of the Loan for the purpose of financing or making funds available directly or indirectly to any person or entity which is, or is owned or controlled by or acting on behalf of

  
 36 

 
a person or entity which is, currently listed on any Sanctions List or currently located in or incorporated under the laws of a Sanctioned Country, to the extent such financing or provision of
funds would be prohibited by Sanctions or would otherwise cause any person to be in breach of Sanctions, or (ii) is contributing or will contribute or otherwise make available the proceeds of the Loan to any other person or entity for the
purpose of financing the activities of, or for the benefit of, any person or entity which is, or is owned or controlled by or acting on behalf of a person or entity which is, currently listed on a Sanctions List or currently located (or ordinarily
resident) in or incorporated under the laws of any Sanctioned Country, to the extent such contribution or provision of proceeds would currently be prohibited by Sanctions or would otherwise cause any person to be in breach of Sanctions. 

German Resident Finance Party 
  

	(a)	To the extent a Creditor Party is resident in Germany (“Inländer”) within the meaning of Section 2 Paragraph 15 of the German foreign trade and payment act (AWG Außenwirtschaftsgesetz)
and therefore, subject to Section 7 of the AWV, would not be permitted to accept a representation or an undertaking that is made or is to be made or is granted or is to be granted by the Borrower with respect to Sanctions under this Agreement,
such Creditor Party shall not, in the event of a breach by the Borrower of any such representation or undertaking be entitled to invoke or declare an Event of Default or vote for a cancellation of the Total Commitments and immediate repayment of the
Loan in accordance with Clause 19.2 (Actions following an Event of Default). 

  

	(b)	The representations in Clause 10 (Representations and Warranties) given by, and the undertakings in Clause 14.9 (Compliance with laws etc.) of, the Borrower to any Creditor Party resident in Germany
(“Inländer”) within the meaning of Section 2 Para. 15 of the AWV are granted only to the extent that such Creditor Party itself would be permitted to receive such representations or undertakings pursuant to Section 7
of the AWV. 

  

	(c)	On any matter referred to in paragraph (a) above in respect of which the Lenders or the Majority Lenders are to vote but in respect of which a German-resident Lender to whom paragraph (a) above applies shall
not vote in accordance with such paragraph: 

  

	 	(i)	for the purposes of determining whether approval of the Majority Lenders is obtained, the references in the definition of “Majority Lenders” to 66 2/3 per cent. of the Total Commitments and to 66
2/3 per cent. of the Loan shall for this purpose be construed to refer to 66 2/3 per cent. of the Total Commitments or, as the case may be, the Loan only taking account of the Commitments of, or as the case may be, the participation in the
Loan of, the other Lenders and ignoring the Commitment of or, as the case may be, the participation in the Loan of, the German-resident Lender; and an action taken by the Majority Lenders as such definition is modified by this paragraph
(c) shall be valid in the applicable circumstances and binding all parties; and 

  

	 	(ii)	for the purposes of determining whether the approval of all Lenders is obtained, all Lenders shall be construed to mean the other Lenders ignoring the German-resident Lender and an action taken by all Lenders as
modified by this paragraph (c) shall be valid in the applicable circumstances and binding on all parties. 

Anti-corruption law 
 The
Borrower has conducted its business in compliance with applicable anti-corruption laws, including but not limited to the U.S. Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and all other applicable anti-bribery and corruption laws,
and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws. 

  
 37 

 GENERAL UNDERTAKINGS 

General 
 The Borrower
undertakes with each Creditor Party to comply with the following provisions of this Clause 11 (General Undertakings) at all times during the Security Period except as the Agent may, in respect of Clause 11.21(b) with the authorisation of all
the Lenders, and otherwise with the authorisation of the Majority Lenders, otherwise permit. 
 Title; negative pledge 

The Borrower shall hold the legal title to, and own the entire beneficial interest in each Ship, its Earnings and Insurances, free from all
Security Interests and other interests and rights of every kind, except for those created by the Finance Documents and the effect of assignments contained in the Finance Documents and except for Permitted Security Interests. 

Disposal of assets 
 The
Borrower will not transfer, lease or otherwise dispose of all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not except in the usual course of its business and for fair market value.

 Information provided to be accurate 

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

 The Borrower will send to the Agent: 
  

	(a)	as soon as possible, but in no event later than 120 days after the end of each financial year of the Borrower from and including the financial year ending 31 December 2013, the audited consolidated accounts of the
Euronav Group and audited individual accounts of the Borrower; 

  

	(b)	as soon as possible, but in no event later than 75 days after the end of each financial half-year of the Borrower (which half-year end shall, for the avoidance of doubt, occur annually), the audited consolidated
financial statements of the Euronav Group certified as to its correctness by the chief financial officer of the Borrower; 

  

	(c)	as soon as possible, but in no event later than 60 days after the end of each financial quarter of the Borrower and provided that these documents have not been published on the Borrower’s website or sent to the
Lenders in the form of a press release, unaudited consolidated income statements of the Euronav Group certified as to their correctness by the chief financial officer of the Borrower; 

 

	(d)	as soon as possible, but not later than 120 days after the end of each financial year of the Borrower, a financial projection for the Euronav Group for the next 3 years in a format which is acceptable to the Agent; and

  

	(e)	 together with the annual audited consolidated accounts and with each balance sheet of the Euronav Group referred to in paragraphs (a) and (b), a
compliance certificate (together with supporting schedules, if any) signed by the chief financial officer of the Borrower in the form attached as Schedule 8 (Form of Certificate of Compliance) (or in any other format which the Agent may
approve and with such other information as the Agent may require) evidencing 

  
 38 

	 	
compliance with the financial undertakings in Clause 12.5 (Financial Covenants) and also listing the Fair Market Value of each of the Ships which are subject to a Mortgage at that time.

 Form of financial statements 

The audited accounts delivered under Clause 11.5 (Provision of financial statements) will: 

 

	(a)	be prepared in accordance with all applicable laws and IFRS consistently applied; 

  

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

  

	(c)	fully disclose or provide for all significant liabilities of the Euronav Group (or the Borrower, as the case may be). 

Provision of further information 
  

	(a)	The Borrower will, as soon as practicable after receiving a request from the Agent provide the Agent with such additional financial information in relation to the Euronav Group which may be reasonably requested by the
Agent or any Lender through the Agent. 

  

	(b)	The Borrower shall supply to the Agent, promptly upon becoming aware of them, the details of any claim, action, suit, proceeding or investigation with respect to Sanctions against it, any of its direct or indirect
owners, subsidiaries or any of their respective directors, officers, employees, agents or representatives. 

 Creditor
notices 
 The Borrower will send the Agent, at the same time as they are despatched, copies of all material communications which are
despatched to all of the Borrower’s shareholders or creditors or to the whole of any class of them. 
 Consents 

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

	(a)	for the Borrower to perform its obligations under any Finance Document and any Master Agreement; 

  

	(b)	for the validity or enforceability of any Finance Document and any Master Agreement; 

 and the
Borrower will comply with the terms of all such consents. 
 Maintenance of Security Interests 

The Borrower will: 
  

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

 

	(b)	without limiting the generality of paragraph (a), at its own cost, promptly register, file, record or enrol any Finance Document with any court or authority in all Pertinent Jurisdictions, pay any stamp, registration or
similar tax in all Pertinent Jurisdictions in respect of any Finance Document, give any notice or take any other step which, in the reasonable opinion of the Majority Lenders, is or has become necessary for any Finance Document to be valid,
enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates. 

  
 39 

 No amendment to Framework Agreement or MOAs. 

The Borrower will not agree to any material amendment or supplement to, or waive or fail to enforce, any of the Framework Agreement or the MOAs
or any of their material provisions. 
 Notification of litigation 

The Borrower will provide the Agent with details of any legal or administrative action involving the Borrower, any Security Party or any Ship
as soon as such action is instituted or it becomes apparent to the Borrower that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be considered material in the context of any Finance Document. 

Principal place of business 

The Borrower will notify the Agent if it has a place of business in any jurisdiction which would require a Finance Document to be registered,
filed or recorded with any court or authority in that jurisdiction or if the centre of its main interests changes. 
 Notification of
default 
 The Borrower will notify the Agent as soon as it becomes aware of: 

 

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

  

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

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

 Access to books and records 

The Borrower shall permit one or more representatives of the Agent, at the request of the Agent, to have reasonable access to its books and
records and to inspect the same during normal business hours at its offices upon reasonable prior written notice. 
 Press releases

 The Borrower will send to the Agent, at the same time as they are dispatched, copies of all press releases which are issued by it.

 Notification of flag 

The Borrower shall advise the Agent on which Approved Flag each Ship will be registered following its delivery under the relevant MOA not later
than 10 Business Days before the relevant Drawdown Date. 
 Pari passu ranking 

The Borrower’s payment obligations under this Agreement and any other Finance Document and any Master Agreement shall rank at least pari
passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 

  
 40 

 Application of FATCA 

The Borrower shall not become a FATCA FFI or a US Tax Obligor. 
  

	11.19	Know your customer requirements 

 Promptly upon the Agent’s request the Borrower
will supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent in order for each Creditor Party to carry out and be satisfied with the results of all necessary “know your client” or
other checks which it is required to carry out in relation to the transactions contemplated by the Finance Documents and to the identity of any parties to the Finance Documents (other than Creditor Parties) and their directors and officers. 

 

	11.20	Use of proceeds; no money laundering 

  

	(a)	No proceeds of any Advance of the Loan shall be made available, directly or indirectly, to or for the benefit of a Restricted Party nor shall they be otherwise directly or indirectly, applied in a manner or for a
purpose prohibited by Sanctions. 

  

	(b)	The Borrower shall act for its own account in respect of the Finance Documents and any Master Agreements and shall not contravene any law, official requirement or other regulatory measure or procedure implemented to
combat “money laundering” (as defined in Article 1 of the Directive (205/60/EEC) of the European Parliament and of the Council of the European Union of 26 October 2005. 

 

	(c)	The Borrower shall provide the Agent with such information, certificates and any documents as may be reasonably required by the Lenders to ensure compliance with any law, official requirement or other regulatory measure
or procedure implemented to combat money laundering. 

  

	(d)	The Borrower shall notify the Agent as soon as it becomes aware of any matters evidencing that a breach of any law, official requirement or other regulatory measure or procedure implemented to combat money laundering
may or is about to occur or that the person(s) who have or will receive the commercial benefit of this Agreement have changed from the date hereof. 

Anti-corruption law 
  

	(a)	Neither the Borrower nor any Security Party shall 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. 

  

	(b)	The Borrower and each Security Party shall: 

  

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

  

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

  

	11.22	Documents to be provided following execution of a Master Agreement 

 Following the
execution of each Master Agreement, the Borrower shall procure that promptly following the execution of such Master Agreement the Agent has received the following documents in form and substance satisfactory to the Agent and its lawyers: 

 

	(a)	a duly executed original of the Master Agreement Assignment in relation to that Master Agreement (and of each document required to be its terms); 

  
 41 

	(b)	if required by the Agent and in the case of each Mortgage an amendment or addenda to that Mortgage specifying such consequential amendments to that Mortgage as may be required as a consequence of the entry by the
Borrower and the relevant Swap Bank into the Master Agreement; 

  

	(c)	in each case if required for the provisions of the legal opinions referred to in paragraph (f), copies of the resolutions of the directors and shareholders of the Borrower authorising the execution of the Master
Agreement Assignment referred to in paragraph (a) and the Mortgage amendments and addenda referred to in paragraph (b); 

  

	(d)	the original of any power of attorney under which any of the Master Agreement Assignment referred to in paragraph (a) and the Mortgage amendments and addenda referred to in paragraph (b) are to be executed on
behalf of the Borrower; 

  

	(e)	documentary evidence that the Mortgage amendments and addenda referred to in paragraph (b) have been duly registered against that Ship as valid amendment or addenda to the Mortgage in accordance with the laws of
the relevant Approved Flag; 

  

	(f)	if required by the Agent, favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of England, Belgium, the country where the Ship is registered following such transfer, Norway
(in relation to the first such transfer) and such other relevant jurisdictions as the Agent may require; and 

  

	(g)	if the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent. 

CORPORATE UNDERTAKINGS 

General 
 The Borrower also
undertakes with each Creditor Party to comply with the following provisions of this Clause 12 (Corporate Undertakings) at all times during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise
permit. 
 Maintenance of status 

The Borrower will maintain its separate corporate existence under the laws of, and the centre of its main interests in, Belgium and shall
maintain its listing on the First Market of Euronext Brussels, the New York Stock Exchange or such other reputable international stock exchange approved by the Agent (acting on the instructions of the Majority Lenders) in writing, such approval not
to be unreasonably withheld or delayed. 
 No change of business 

The Borrower will not operate outside the scope of its Articles of Association as at the date of this Agreement. 

No merger etc. 
 The
Borrower will not, and will procure that none of its subsidiaries will, enter into any form of merger, sub-division, amalgamation or other reorganisation which may, in the reasonable opinion of the Majority Lenders, have a material adverse effect on
the financial position the Borrower. 

  
 42 

 Financial Covenants 

The Borrower will ensure that the consolidated financial position of the Euronav Group shall at all times during the Security Period be such
that: 
  

	(a)	Consolidated Working Capital shall not be less than $0; 

  

	(b)	Free Liquid Assets are not less than the higher of: 

  

	 	(i)	$50,000,000; 

  

	 	(ii)	5 per cent. of Total Indebtedness; 

  

	(c)	the amount of Cash shall equal or exceed US$30,000,000; and 

  

	(d)	the ratio of Stockholders’ Equity to Total Assets is not less than 30 per cent. 

 In
this Clause 12.5 (Financial Covenants): 
 “Cash” means, at any date of determination under this Agreement, the
aggregate value of the Euronav Group’s credit balances on any deposit, savings or current account and cash in hand with recognised and reputable banks or financial institutions but excluding any such credit balances and cash subject to a
Security Interest at any time; 
 “Consolidated Current Assets” means, at any date of determination under this Agreement,
the amount of the current assets of the Euronav Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet and including any amounts available under committed credit lines and revolving credit
facilities having remaining maturities of more than 12 months; 
 “Consolidated Current Liabilities” means, at any date of
determination under this Agreement, the amount of the current liabilities of the Euronav Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet; 

“Consolidated Working Capital” means Consolidated Current Assets less Consolidated Current Liabilities; 

“Free Liquid Assets” means, at any date of determination under this Agreement, the aggregate amount of cash and cash
equivalents of the Euronav Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet but excluding any of those assets subject to a Security Interest (other than a Security Interest in favour of the
Security Trustee pursuant to this Agreement) at any time and, for the avoidance of doubt, “cash and cash equivalents” include any amounts available under committed credit lines and revolving credit facilities having remaining maturities of
more than 6 months; 
 “Latest Balance Sheet” means, at any date, the consolidated balance sheet of the Euronav Group most
recently delivered to the Agent pursuant to Clause 11.5 (Provision of financial statements) and/or most recently made publicly available; 

“Stockholders’ Equity” means, at any date of determination under this Agreement, the amount of the capital and reserves
of the Euronav Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet; 
 “Total
Assets” means, at any date of determination under this Agreement, the amount of the total assets of the Euronav Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet; and 

“Total Indebtedness” means, at any date of determination under this Agreement, the amount of long-term loans (including
finance leases, banks loans and other long-term loans) and short-term loans of the Euronav Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet. 

  
 43 

 Change in IFRS 

If, at any time after the date of this Agreement, any mandatory change is made to IFRS or any applicable law relating to the financial
reporting (including but not limited to accounting bases, policies, practices and procedures or reference periods) of the Euronav Group generally or any member of the Euronav Group individually and the effect of complying with that change would
result in the value for “Cash”, “Consolidated Current Assets”, “Consolidated Current Liabilities”, “Consolidated Working Capital”, “Free Liquid Assets”, “Stockholders’ Equity”,
“Total Assets” and/or “Total Indebtedness” being materially different from its value if calculated in accordance with IFRS and all applicable laws in effect at the date of this Agreement and of which the Lenders would reasonably
expect to have been informed, the Borrower shall immediately notify the Agent of that change and procure that, as soon as reasonably practicable thereafter, the Borrower’s auditors deliver to the Agent: 

 

	(a)	a description of the change and what adjustments would need to be made to the financial statements of the Euronav Group following that change in order to reverse the effects of that change so that the values of
“Cash”, “Consolidated Current Assets”, “Consolidated Current Liabilities”, “Consolidated Working Capital”, “Free Liquid Assets”, “Stockholders’ Equity”, “Total Assets” and/or
“Total Indebtedness” will be the same as if calculated in accordance with IFRS and all applicable laws in effect at the date of this Agreement; and 

  

	(b)	such information, in form and substance acceptable to the Agent, as may be required: 

  

	 	(i)	to enable the Lenders to determine whether there is a breach of any of the financial covenants in respect of the Euronav Group set out in Clause 12.5 (Financial Covenants) (based on IFRS and all applicable laws
in effect at the date of this Agreement); and 

  

	 	(ii)	to assist the Lenders in making an accurate comparison between the financial position of the Euronav Group indicated in the financial statements prepared following the change and those prepared prior to it.

 In the event that the Lenders are satisfied that, based on the information provided by the Borrower’s auditors, the
financial covenants in Clause 12.5 (Financial Covenants) have been complied with, the Lenders and the Borrower shall enter into discussions with a view to agreeing amendments to this Agreement so as to mitigate the effect of the change. 

Change of accounting period 

The Borrower shall not change its fiscal year end date being 31 December. 

Restrictions on dividends 

The Borrower may only pay a dividend or make a distribution and/or buy-back its own common stock subject to the following conditions: 

 

	(a)	no Event of Default has occurred and is continuing or would result upon payment of the proposed dividend or distribution; and 

  

	(b)	the payment of such dividend or distribution would not cause any breach of any of the financial covenants set out in Clause 12.5 (Financial Covenants). 

Payment of taxes 
 The
Borrower shall pay when due all taxes applicable to, or imposed on or in relation to the Borrower, its business or any Ship. 

  
 44 

 Negative undertakings 

The Borrower will not: 
  

	(a)	change its legal name, type of organisation or jurisdiction of incorporation; and 

  

	(b)	provide any form of credit or financial assistance to any person or enter into any transaction with or involving any person or company on terms which are, in any respect, less favourable to the Borrower than those which
it could obtain in a bargain made at arms’ length. 

  

	(c)	provide any form of credit or financial assistance to any other person other than loans in relation to which that other person’s rights have been fully subordinated to those of the Creditor Parties.

 Restrictions on repayment of Qualifying Notes 

The Borrower will not make any repayment of principal pursuant to the Qualifying Notes except with: 

 

	(a)	proceeds from an initial public offering or other equity offering; 

  

	(b)	proceeds from other subordinated debt; or 

  

	(c)	cash from the Borrower’s operations Provided that cash and cash equivalents of the Borrower will exceed $150,000,000 immediately following such repayment, 

and the Borrower shall not make any such repayment of principal pursuant to the Qualifying Notes if an Event of Default has occurred and is
continuing or would result from such repayment of the Qualifying Notes except with the consent of the Agent, acting with the authorisation of the Majority Lenders. 

Sanctions 
 The Borrower
shall ensure that neither it nor any of its subsidiaries, nor any of its or its subsidiaries’ directors, officers, employees, agents or representatives or any other persons acting on its or their behalf, is a person listed on any Sanctions
List. 
  

	12.13	Incurring of Financial Indebtedness 

 The Borrower shall not, without the prior consent
of the Majority Lenders, incur any Financial Indebtedness or grant any guarantee in respect of Financial Indebtedness if, as a result of incurring that Financial Indebtedness or incurring the contingent liability under that guarantee (as assessed in
accordance with IFRS), an Event of Default would occur, or one or more of the financial covenants in respect of the Borrower set out in Clause 12.5 (Financial covenants) would be breached, on the date of the incurring of such Financial
Indebtedness. 
 INSURANCE 

General 
 The Borrower also
undertakes with each Creditor Party to comply with the following provisions of Clause 13 (Insurance) at all times during the Security Period (in the case of each Acquisition Ship after the Drawdown Date applicable to it) except as the Agent
may, with the authorisation of the Majority Lenders, otherwise permit. 

  
 45 

 Maintenance of obligatory insurances 

The Borrower shall keep each Ship insured at its expense against: 
  

	(a)	fire and usual marine risks and war risks (including hull and machinery, hull and freight interest, piracy, terrorism, missing vessel cover, blocking and trapping and confiscation); and 

 

	(b)	protection and indemnity risks (including pollution risks), on “full entry terms”. 

Terms of obligatory insurances 

The Borrower shall, effect such insurances in respect of each Ship: 
  

	(a)	in Dollars; 

  

	(b)	in the case of fire and usual marine risks and war risks (including coverage for war protection and indemnity with a separate limit for the same amounts insured under war hull and including blocking and trapping risks),
in an amount on an agreed value basis at least the greater of (i) when aggregated with such insurances on the other Ships which are subject to a Mortgage, 125 per cent. of the Loan and (ii) the Fair Market Value of that Ship;

  

	(c)	in the case of hull and machinery insured values of each Ship in an amount not less than 70 per cent. of the total insured value of that Ship; 

 

	(d)	in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry with a protection and indemnity
association belonging to the International Group of Protection and Indemnity Associations; 

  

	(e)	in relation to protection and indemnity risks in respect of the Ship’s full tonnage on full entry terms; 

  

	(f)	on approved terms; and 

  

	(g)	through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

 Further protections for the Creditor Parties 

In addition to the terms set out in Clause 13.3 (Terms of obligatory insurances), the Borrower shall procure that the obligatory
insurances shall: 
  

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

  

	(b)	name the Security Trustee as loss payee with such directions for payment as the Security Trustee may specify; 

  

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

  

	(d)	provide that such obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Trustee or any other Creditor Party; and 

 

	(e)	provide that the Security Trustee may make proof of loss if the Borrower fails to do so. 

  
 46 

 Renewals 

The Borrower shall ensure that: 
  

	(a)	before the expiry of any obligatory insurance, that obligatory insurance is renewed; and 

  

	(b)	promptly after each such renewal, there is provided to the Security Trustee details of the terms and conditions on which such obligatory insurances have been renewed. 

If there is a change in the insurers and/or markets through whom the obligatory insurances are placed the Borrower shall procure that the
Security Trustee is notified within a reasonable time of the names of the insurers and/or markets employed for the purposes of the renewal of the obligatory insurance and of the amounts in which they are renewed. 

Letters of undertaking 

In relation to all obligatory insurances effected from time to time under Clause 13.2 (Maintenance of obligatory insurances), the
Borrower shall ensure that all brokers and any protection and indemnity or war risks associations in which any Ship is entered, in each case being approved by the Security Trustee (such approval not to be unreasonably withheld), provide the Security
Trustee with letters of undertaking: 
  

	(a)	in the case of a broker, in a form standard in the insurance market in which such broker operates or any professional association of which that approved broker is a member; 

 

	(b)	in the case of a protection and indemnity or war risks association, in its standard form. 

 If
any of the obligatory insurances referred to in Clause 13.2(a) and/or 13.2(b) form part of a fleet cover, the Borrower will procure that any letter of undertaking referred to in paragraph (a) of this Clause 13.6 (Letters of undertaking)
is amended to provide that the relevant brokers shall undertake to the Security Trustee that they shall neither set-off against any claims in respect of the relevant Ship any premiums due in respect of other vessels under such fleet cover or any
premiums due for other insurances, nor cancel the insurance for reason of non-payment of premiums for other vessels under such fleet cover or of premiums for such other insurances. 

Copies of certificates of entry 

The Borrower shall ensure that any protection and indemnity and/or war risks associations in which each Ship is entered provides the Security
Trustee with a certified copy of the certificate of entry for that Ship. 
 Deposit of original policies 

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

The Borrower shall ensure that (taking account of any applicable grace periods) all premiums, calls or contributions or other sums of money
from time to time due in respect of any obligatory insurances are paid in full and produce all relevant receipts when so required by the Security Trustee. 

Guarantees 
 The Borrower
shall arrange for the execution and delivery of all guarantees and indemnities as may from time to time be required by any Ship’s P&I Club or war risks association. 

  
 47 

 Compliance with terms of insurances 

The Borrower shall not do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory
insurance in relation to any Ship invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular: 

 

	(a)	the Borrower shall take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and ensure that the obligatory insurances are not made subject to any
exclusions or qualifications to which the Security Trustee has not given its prior approval; 

  

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

 

	(c)	the Borrower shall make (and promptly supply copies to the Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which any Ship is entered to
maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and 

 

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

 Alteration to terms of
insurances 
 The Borrower will procure that: 
  

	(a)	no adverse alteration is made to any obligatory insurance (which alteration is, in the reasonable opinion of the Security Trustee, likely to materially adversely affect the Lenders) without the prior written consent of
the Security Trustee; and 

  

	(b)	all the steps under its control are taken to seek to avoid the occurrence of any act or omission which would enable cancellation of any obligatory insurance or render any obligatory insurance invalid, void or
unenforceable or render any sum paid out under any obligatory insurance repayable in whole or in part. 

 Settlement of
claims 
 The Borrower shall not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major
Casualty, and the Borrower shall do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.

 Provision of information 

The Borrower shall promptly provide the Security Trustee (or any persons which it may designate) with any information which the Security
Trustee (or any such designated person) reasonably requests for the purpose of: 
  

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

  
 48 

	(b)	effecting or renewing any such insurances as are referred to in Clause 13.15 (Mortgagee’s interest and additional perils insurances) or dealing with or considering any matters relating to any such
insurances; 

 and the Borrower shall, forthwith upon demand, indemnify the Security Trustee in respect of all fees and other
expenses reasonably incurred by or for the account of the Security Trustee in connection with any such report as is referred to in paragraph (a). 

Mortgagee’s interest and additional perils insurances 

The Agent for the benefit of the Security Trustee, or the Security Trustee itself, shall effect, maintain and renew a mortgagee’s interest
additional perils insurance and a mortgagee’s interest marine insurance in such amounts, on such terms reasonably available in the market, through such insurers and generally in such manner as the Security Trustee may from time to time consider
appropriate and the Borrower shall upon demand fully indemnify the Agent or the Security Trustee (as the case may be) in respect of all reasonable premiums and other reasonable expenses which are incurred in connection with or with a view to
effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance Provided that the cover in respect of the mortgagee’s interest marine insurance shall not exceed
110 per cent. of the Loan. 
 Notwithstanding the above, if at any time the Agent or Security Trustee proposes to effect any insurances
of the nature referred to in this Clause, it shall first notify the Borrower of the insurance which it proposes to effect, the terms on which it requires it to be effected and the date from which it requires it to be so effected. If, before the date
on which the Agent or Security Trustee (as the case may be) requires that insurance to be effected, the Borrower can demonstrate to the Agent or Security Trustee (as the case may be) that a firm of insurance brokers with a reputation acceptable to
the Agent or the Security Trustee (as the case may be) is able to arrange that insurance upon the same terms, before that date, for a price lower than that for which any firm of insurance brokers nominated by the Agent or Security Trustee is
prepared to arrange that insurance and with underwriters acceptable to the Agent or Security Trustee (as the case may be), and if that firm of insurance brokers will enter into such agreements with the Agent or Security Trustee (as the case may be)
as it may require taking into account the identity of that firm of insurance brokers, the Agent or Security Trustee (as the case may be) shall not unreasonably refuse to effect that insurance through that firm of insurance brokers so nominated by
the Borrower. 
 SHIP COVENANTS 

General 
 The Borrower also
undertakes with each Creditor Party to comply with the provisions of this Clause 14 (Ship Covenants) at all times during the Security Period (in the case of each Acquisition Ship, only after the Drawdown Date applicable to it) except as the
Agent may, with the authorisation of the Majority Lenders, otherwise permit (such permission not to be unreasonably withheld in the case of Clause 14.2 (Ship’s name and registration), 14.12 (Restrictions on chartering, appointment of
managers etc.) and 14.14 (Sharing of Earnings). 
 Ship’s name and registration 

The Borrower shall keep each Ship registered in its name on an Approved Flag; and shall not do or allow to be done anything as a result of
which such registration might be cancelled or imperilled and shall not change the name or country of registry of any Ship Provided that the Borrower may change the registry of a Ship to any Approved Flag without the consent of the Lenders
subject to the Borrower providing the Creditor Parties with replacement security at the time of such transfer (in form and substance satisfactory to the Agent) so that the Creditor Parties have the same security on that Ship and subject to any
appropriate consequential amendments to the Finance Documents. 

  
 49 

 Repair and classification 

The Borrower shall keep each Ship in a good safe condition and state of repair: 

 

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

  

	(b)	so as to maintain that Ship’s class as at the date of this Agreement free of overdue recommendations and conditions affecting that Ship’s class with a classification society which has been approved by the
Agent; and 

  

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

 Modification 

The Borrower shall not make any modification or repairs to, or replacement of, any Ship or equipment installed on it which would or might
materially and adversely alter the structure, type or performance characteristics of any Ship or reduce its value. 
 Removal of parts

 The Borrower shall not remove any material part of any Ship, or any item of equipment installed on any Ship, except in the normal
course of maintenance and repair, unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any
right in favour of any person other than the Security Trustee and becomes on installation on the Ship the property of the Borrower and subject to the security constituted by the relevant Mortgage Provided that the Borrower may install
equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship concerned. 
 Surveys 

The Borrower shall submit each Ship regularly to such periodical or other surveys which may be required for that Ship’s classification
purposes and shall comply with all conditions and recommendations affecting that Ship’s class of the relevant classification society in accordance with their terms unless waived. 

Inspection 
 The Borrower
shall permit the Agent (by surveyors or other persons appointed by it for that purpose, at the Borrower’s expense once per year) acting on instructions of the Majority Lenders to board any Ship at all reasonable times to inspect its condition
(without interfering with that Ship’s operation) or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections Provided that after an Event of Default has occurred and is continuing the
costs of inspections shall be for the Borrower’s account. 
 Prevention of and release from arrest 

The Borrower shall promptly discharge: 
  

	(a)	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against any such Ship, its Earnings or the Insurances in relation any such Ship; 

 

	(b)	all taxes, dues and other amounts charged in respect of any such Ship, its Earnings or the Insurances in relation to any such Ship; and 

  
 50 

	(c)	all other outgoings whatsoever in respect of any such Ship, its Earnings or the Insurances in relation to any such Ship; 

and, forthwith upon receiving notice of the arrest of any Ship, or of its detention in exercise or purported exercise of any lien or claim, the
Borrower shall as soon as possible or in any event within 30 days (or such greater period as may be agreed by the Agent) procure its release by providing bail or otherwise as the circumstances may require. 

Compliance with laws etc. 

The Borrower shall: 
  

	(a)	comply, or procure compliance with all laws or regulations: 

  

	 	(i)	relating to its business generally; and 

  

	 	(ii)	relating to each Ship, its ownership, employment, operation, management and registration, 

including the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag in relation to each Ship and
shall maintain for each Ship owned by it an ISSC and shall notify the Agent as soon as practicable in writing of any actual or threatened withdrawal, suspension, cancellation or modification of any such Ship’s ISSC; 

 

	(b)	obtain, comply with and do all that is necessary to maintain in full force and effect any consents required to be obtained and maintained by the Borrower in connection with any Environmental Laws; 

 

	(c)	without limiting paragraph (a) above, not employ any 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,
all Environmental Laws and all Sanctions; and 

  

	(d)	not, and shall procure that no other member of the Euronav Group shall, become a Restricted Person. 

Provision of information 

The Borrower shall promptly provide the Agent with any information which it reasonably requests regarding: 

 

	(a)	any Ship, its employment, position and engagements; 

  

	(b)	the Earnings and payments and amounts due to any Ship’s master and crew; 

  

	(c)	any expenses incurred, or likely to be incurred, in connection with the operation, maintenance or repair of any Ship and any payments made in respect of any Ship; 

 

	(d)	any towages and salvages; 

  

	(e)	the Borrower’s, the Approved Managers’ or any Ship’s compliance with the ISM Code and/or the ISPS Code, 

and, upon the Agent’s request, provide copies of any current charter relating to any Ship and of any current charter guarantee and copies
of any Ship’s Safety Management Certificate. 

  
 51 

 Notification of certain events 

The Borrower shall immediately notify the Agent by email, confirmed forthwith by letter, of: 

 

	(a)	any casualty which is or is likely to be or to become a Major Casualty; 

  

	(b)	any occurrence as a result of which any Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss; 

  

	(c)	any requirement or recommendation made by any insurer or classification society or by any competent authority which is not complied with within the applicable time limit; 

 

	(d)	any arrest or detention of a Ship, any exercise of any lien on any Ship or its Earnings or any requisition of a Ship for hire which may be material in the context of this Agreement; 

 

	(e)	any intended dry docking of a Ship other than a routine dry docking; 

  

	(f)	any Environmental Claim made against the Borrower or in connection with a Ship, or any Environmental Incident; 

  

	(g)	any claim for breach of the ISM Code or the ISPS Code being made against the Borrower, an Approved Manager or otherwise in connection with a Ship; or 

 

	(h)	any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with; 

and the Borrower shall keep the Agent advised in writing on a regular basis and in such detail as the Agent shall require of the
Borrower’s, the Approved Manager’s or any other person’s response to any of those events or matters. 
 Restrictions on
chartering, appointment of managers etc. 
 The Borrower shall not: 

 

	(a)	let any Ship on demise charter for any period; 

  

	(b)	enter into any charter in relation to any Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; 

  

	(c)	charter any Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; 

  

	(d)	appoint a manager of any Ship other than the Approved Managers or agree to any material alteration to the terms of an Approved Manager’s appointment; or 

 

	(e)	put any Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $5,000,000 (or the equivalent in any other currency) unless either: 

 

	 	(i)	that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason; or

  

	 	(ii)	the cost of such work is covered by insurances; or 

  

	 	(iii)	the Borrower establishes to the reasonable satisfaction of the Agent that it has sufficient funds to pay for the cost of such work. 

Notice of Mortgage 
 The
Borrower shall keep each Mortgage registered against the relevant Ship as a valid first priority mortgage, carry on board each Ship a certified copy of the relevant Mortgage and 

  
 52 

 
place and maintain in a conspicuous place in the navigation room and the Master’s cabin of each Ship a framed printed notice stating that that Ship is mortgaged by the Borrower to the
Security Trustee. 
 Sharing of Earnings 

The Borrower will not enter into any agreement or arrangement for the sharing of any Earnings other than pursuant to a pooling agreement
relating to the Tankers International Pool. 
 Operation of Ships 

The Borrower undertakes to operate each Ship owned by it as a civil merchant ship, except in cases where the Ship is being expropriated,
confiscated or requisitioned by any government or official authority or by any person or persons claiming to be or to represent a government or official authority. 

SECURITY COVER 

Minimum required security cover 

Clause 15.2 (Provision of additional security; prepayment) applies if the Agent notifies the Borrower that: 

 

	(a)	the aggregate of the Fair Market Values (determined as provided in Clause 15.3 (Valuation of Ships) of each Ship subject to a Mortgage; plus 

 

	(b)	the net realisable value of any additional security previously provided under this Clause 15 (Security Cover); 

is below 125 per cent. of the Loan. 

Provision of additional security; prepayment 

If the Agent serves a notice on the Borrower under Clause 15.1 (Minimum required security cover), the Borrower shall, within 30 days
after the date on which the Agent’s notice is served: 
  

	(a)	provide, or ensure that a third party provides, acceptable additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value (taking into account the amount of any prepayment made
pursuant to Clause 15.2(b) in response to the same notice) at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require and, for this purpose, it is agreed that
acceptable additional security shall include cash collateral in Dollars valued at par; and/or 

  

	(b)	prepay such part of the Loan as will eliminate the shortfall (taking into account the net realisable value of any additional security provided pursuant to Clause 15.2(a) in response to the same notice).

 For the avoidance of doubt, an amount of any Revolving Advance prepaid pursuant to this Clause 15.2 (Provision of
additional security; prepayment) may be reborrowed provided that the conditions precedent to drawdown set out in Clause 9 (Conditions Precedent) have been satisfied and the Borrower is, in all other respects, in compliance with the terms
of this Agreement and the other Finance Documents. 

  
 53 

 Valuation of Ships 

The Fair Market Value of a Ship at any date is that shown by the average of 2 valuations: 

 

	(a)	as at a date not more than 30 days previously; 

  

	(b)	by an Approved Shipbroker; 

  

	(c)	without physical inspection of that Ship; 

  

	(d)	on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment;

  

	(e)	after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale. 

The Borrower shall provide (at its own cost) the valuations of each Ship which are required to determine its Fair Market Value pursuant to this
Clause 15.3 (Valuation of Ships) at the same time as the Borrower provides to the Agent the compliance certificates pursuant to paragraph (e) of Clause 11.5 (Provision of financial statements) and, after the occurrence of an Event
of Default which is continuing, whenever requested by the Agent. 
 Value of additional vessel security 

The net realisable value of any additional security which is provided under Clause 15.2 (Provision of additional security;
prepayment) and which consists of a Security Interest over a vessel shall be that shown by a valuation complying with the requirements of Clause 15.3 (Valuation of Ships). 

Valuations binding 
 Any
valuation under Clause 15.2 (Provision of additional security; prepayment), 15.3 (Valuation of Ships) or 15.4 (Value of additional vessel security) shall be binding and conclusive as regards the Borrower and the Lenders, as
shall be any valuation which the Majority Lenders make of any additional security which does not consist of or include a Security Interest over a vessel. 

Provision of information 

The Borrower shall promptly provide the Agent and any shipbroker or expert acting under Clause 15.3 (Valuation of Ships) or 15.4
(Value of additional vessel security) with any information which the Agent or the shipbroker or expert may reasonably request for the purposes of its valuation. 

Payment of valuation expenses 

Without prejudice to the generality of the Borrower’s obligations under Clauses 20.2 (Costs of negotiation, preparation etc.), 20.3
(Costs of variations, amendments, enforcement etc.) and 21.3 (Miscellaneous indemnities), the Borrower shall, on demand, pay the Agent the amount of the fees and expenses of any shipbroker or expert instructed by the Agent under this
Clause and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause. 

Application of prepayment 

Clause 8 (Reduction, Repayment, Prepayment and Cancellation) shall apply in relation to any prepayment pursuant to Clause 15.2(b).

  
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 PAYMENTS AND CALCULATIONS 

Currency and method of payments 

All payments to be made by the Lenders or by the Borrower under a Finance Document shall be made to the Agent or to the Security Trustee, in
the case of an amount payable to it: 
  

	(a)	by not later than 11.00 a.m. (New York City time) on the due date; 

  

	(b)	in same day Dollar funds settled through the New York Clearing House Interbank Payments System (or in such other Dollar funds and/or settled in such other manner as the Agent shall specify as being customary at the time
for the settlement of international transactions of the type contemplated by this Agreement); 

  

	(c)	in the case of an amount payable by a Lender to the Agent or by the Borrower to the Agent or any Lender, to such account with such bank as the Agent may from time to time notify to the Borrower and the other Creditor
Parties; and 

  

	(d)	in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to the Borrower and the other Creditor Parties. 

Payment on non-Business Day 

If any payment by the Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day: 

 

	(a)	the due date shall be extended to the next succeeding Business Day; or 

  

	(b)	if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to the immediately preceding Business Day; 

and interest shall be payable during any extension under paragraph (a) at the rate payable on the original due date. 

Basis for calculation of periodic payments 

All interest and commitment fee and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from
day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year. 
 Distribution of payments to
Creditor Parties 
 Subject to Clause 16.5 (Permitted deductions by Agent), Clause 16.6 (Agent only obliged to pay when monies
received) and Clause 16.7 (Refund to Agent of monies not received): 
  

	(a)	any amount received by the Agent under a Finance Document for distribution or remittance to a Lender, a Swap Counterparty or the Security Trustee shall be made available by the Agent to that Lender, that Swap
Counterparty or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the Lender and the Swap Counterparty or the Security Trustee may have notified to the Agent not less
than 5 Business Days previously; and 

  

	(b)	amounts to be applied in satisfying amounts of a particular category which are due to the Lenders and/or the Swap Counterparties generally shall be distributed by the Agent to each Lender and each Swap Counterparty pro
rata to the amount in that category which is due to it. 

  
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 Permitted deductions by Agent 

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making an amount available to a
Lender or a Swap Counterparty, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender or that Swap Counterparty under any Finance Document or any sum which the Agent is then entitled under any
Finance Document to require that Lender or that Swap Counterparty to pay on demand. 
 Agent only obliged to pay when monies received

 Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent shall not be obliged to make available
to the Borrower or any Lender or that Swap Counterparty any sum which the Agent is expecting to receive for remittance or distribution to the Borrower or that Lender or that Swap Counterparty until the Agent has satisfied itself that it has received
that sum. 
 Refund to Agent of monies not received 

If and to the extent that the Agent makes available a sum to the Borrower or a Lender or a Swap Counterparty, without first having received
that sum, the Borrower or (as the case may be) the Lender or the Swap Counterparty concerned shall, on demand: 
  

	(a)	refund the sum in full to the Agent; and 

  

	(b)	pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding or other loss, liability or expense incurred by the Agent as a result of making the sum available before
receiving it. 

 Agent may assume receipt 

Clause 16.7 (Refund to Agent of monies not received) shall not affect any claim which the Agent has under the law of restitution, and
applies irrespective of whether the Agent had any form of notice that it had not received the sum which it made available. 
 Creditor
Party accounts 
 Each Creditor Party shall maintain accounts showing the amounts owing to it by the Borrower and each Security Party
under the Finance Documents and all payments in respect of those amounts made by the Borrower and any Security Party. 
 Agent’s
memorandum account 
 The Agent shall maintain a memorandum account showing the amounts advanced by the Lenders and all other sums owing
to the Agent, the Security Trustee and each Lender from the Borrower under the Finance Documents and all payments in respect of those amounts made by the Borrower and any Security Party. 

Accounts prima facie evidence 

If any accounts maintained under Clauses 16.9 (Creditor Party accounts) and 16.10 (Agent’s memorandum account) show an
amount to be owing by the Borrower or a Security Party to a Creditor Party, those accounts shall be prima facie evidence that that amount is owing to that Creditor Party. 

  
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 Impaired Agent 
  

	(a)	If, at any time, the Agent becomes an Impaired Agent, the Borrower or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 16.1 (Currency and method of
payments) may instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt
obligations of A or higher by S&P or Fitch or A2 or higher by Moody’s or a comparable rating from an internationally recognised credit rating agency and in relation to which no Insolvency Event has occurred and is continuing, in the name of
the Borrower or the Lender making the payment and designated as a trust account for the benefit of the Creditor Party or Creditor Parties beneficially entitled to that payment under the Finance Documents. In each case such payments must be made on
the due date for payment under the Finance Documents. 

  

	(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that trust account pro rata to their respective entitlements. 

 

	(c)	Where the Borrower or a Lender has made a payment in accordance with this Clause 16.12 (Impaired Agent) it shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any
credit risk with respect to the amounts standing to the credit of the trust account. 

  

	(d)	Promptly upon the appointment of a successor Agent in accordance with clause 5.5 (Replacement of Agent) of the Agency and Trust Deed, the Borrower and each party which has made a payment to a trust account in
accordance with this Clause 16.12 (Impaired Agent) shall give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution in
accordance with Clause 16.4 (Distribution of payments to Creditor Parties). 

 APPLICATION OF RECEIPTS 

Normal order of application 

Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any
Finance Document shall be applied: 
  

	(a)	FIRST: in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and the Security Trustee under the Finance Documents; 

 

	(b)	SECONDLY: in or towards satisfaction of any amounts then due and payable to the Creditor Parties under the Finance Documents (or any of them) in such order of application and/or such proportions as the Agent, acting
with the authorisation of the Lenders, may specify by notice to the Borrower, the Security Parties and the other Creditor Parties, 

  

	(c)	THIRDLY: in retention of an amount equal to any amount not then due and payable to the Creditor Parties (other than the Swap Banks) under any Finance Document but which the Agent, by notice to the Borrower, the Security
Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of paragraph (b);

  

	(d)	FOURTHLY: in or towards satisfaction pro rata of any amount then due and payable under any Master Agreement which relates to a Designated Transaction; 

 

	(e)	 FIFTHLY: in retention of an amount equal to any amount not then due and payable under any Master Agreement which relates to a Designated Transaction
but which the Agent, by 

  
 57 

	 	
notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and
payable, in or towards satisfaction of them in accordance with the provisions of paragraph (d) above; and 

  

	(f)	SIXTHLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it. 

Variation of order of application 

The Agent may, with the authorisation of the Lenders, by notice to the Borrower, the Security Parties and the other Creditor Parties provide
for a different manner of application from that set out in Clause 17.1 (Normal order of application) either as regards a specified sum or sums or as regards sums in a specified category or categories. 

Notice of variation of order of application 

The Agent may give notices under Clause 17.2 (Variation of order of application) from time to time; and such a notice may be stated to
apply not only to sums which may be received or recovered in the future, but also to any sum which has been received or recovered on or after the third Business Day before the date on which the notice is served. 

Appropriation rights overridden 

This Clause 17 (Application of Receipts) and any notice which the Agent gives under Clause 17.2 (Variation of order of
application) shall override any right of appropriation possessed, and any appropriation made, by the Borrower or any Security Party. 

APPLICATION OF EARNINGS 

Earnings 
 The Borrower
undertakes with each Creditor Party to ensure that throughout the Security Period (and subject only to the provisions of the General Assignments) all the Earnings of each Ship and proceeds under any Insurances in relation to any Ship are paid to the
Earnings Account without delay or deductions Provided that the Earnings in respect of each Ship shall be available to the Borrower unless an Event of Default has occurred and is continuing. 

Location of accounts 
 The
Borrower shall promptly: 
  

	(a)	comply with any requirement of the Agent as to the location or re-location of the Earnings Account; and 

 

	(b)	execute any documents which the Agent reasonably specifies to create or maintain in favour of the Security Trustee a Security Interest over (and/or rights of set-off, consolidation or other rights in relation to) the
Earnings Account. 

 EVENTS OF DEFAULT 

Events of Default 
 An
Event of Default occurs if: 
  

	(a)	the Borrower or any Security Party fails to pay within 3 Business Days of the date when due or, if payable on demand, within 3 Business Days of such demand, any sum payable under a Finance Document or under any document
relating to a Finance Document; or 

  
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	(b)	any breach occurs of Clause 9.2 (Waiver of conditions precedent), Clause 11.2 (Title; negative pledge), Clause 11.3 (Disposal of assets), Clause 11.21 (Use of proceeds; no money laundering),
Clause 11.22 (Anti-corruption law), Clause 12.2 (Maintenance of status), Clause 12.3 (No change of business), Clause 12.4 (No merger etc.), Clause 12.8 (Restrictions on dividends), Clause 12.11 (Restrictions on
repayment of Qualifying Notes), Clause 12.12 (Sanctions), Clause 13 (Insurance), or Clause 15.2 (Provision of additional security; prepayment) or paragraph (c) of Clause 14.9 (Compliance with laws etc.); or

  

	(c)	(subject to any applicable grace period in the relevant Finance Documents) any breach by the Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs
(a) or (b)) and if, in the opinion of the Majority Lenders, such default is capable of remedy, such default continues unremedied 30 days after written notice from the Agent requesting action to remedy the same; or 

 

	(d)	any representation, warranty or statement made by, or by an officer of, the Borrower or a Security Party in a Finance Document or in a Drawdown Notice or any other notice or document relating to a Finance Document is
untrue or misleading in any material respect when it is made; or 

  

	(e)	any of the following occurs in relation to the Qualifying Notes or any other Financial Indebtedness of a Relevant Person in respect of $10,000,000 or more (other than in relation to the Samsung Seller’s Credit) or,
as regards Financial Indebtedness arising under different documents or transactions, an aggregate amount of $10,000,000 or more (or the equivalent in another currency) excluding Financial Indebtedness in relation to the Samsung Seller’s Credit:

  

	 	(i)	any Financial Indebtedness of a Relevant Person is not paid when due or, if so payable, on demand nor within any applicable grace period; or 

 

	 	(ii)	any Financial Indebtedness of a Relevant Person becomes due and payable prior to its stated maturity date as a consequence of any event of default; or 

 

	 	(iii)	a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person is terminated by the lessor or owner or becomes capable of being terminated as a consequence of any termination event
unless such termination event is being contested in good faith; or 

  

	 	(iv)	any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of
a Relevant Person ceases to be available or becomes capable of being terminated as a result of any event of default; or 

  

	 	(v)	any Security Interest securing any Financial Indebtedness of a Relevant Person becomes enforceable; or 

  

	(f)	any of the following occurs in relation to a Relevant Person: 

  

	 	(i)	a Relevant Person becomes, in the opinion of the Majority Lenders, unable to pay its debts as they fall due; or 

  

	 	(ii)	a Relevant Person fails to comply with or pay any sum due from it under any final judgment or any final order made or given by any court of competent jurisdiction or any assets of a Relevant Person are subject to any
form of execution, attachment, arrest, sequestration or distress in respect of a sum of, or sums aggregating, $10,000,000 or more or the equivalent in another currency; or 

  
 59 

	 	(iii)	an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person or any administrative or other receiver is appointed over any asset of a Relevant Person; or 

 

	 	(iv)	a Relevant Person makes any formal declaration of bankruptcy or any formal statement to the effect that it is insolvent or likely to become insolvent, or an administration notice is given or filed in relation to a
Relevant Person, or a winding up or administration order is made in relation to a Relevant Person, or the members or directors of a Relevant Person pass a resolution to the effect that it should be wound up, placed in administration or cease to
carry on business, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person other than the Borrower which is, or is to be, effected for the purposes of an amalgamation or reconstruction previously approved by the
Majority Lenders and effected not later than 3 months after the commencement of the winding up; or 

  

	 	(v)	a petition is presented in any Pertinent Jurisdiction for the winding up or administration, or the appointment of a provisional liquidator, of a Relevant Person unless the petition is being contested in good faith and
on substantial grounds and is dismissed or withdrawn within 30 days of the presentation of the petition; or 

  

	 	(vi)	a Relevant Person petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of its debt (or certain
of its debt) or arrangement with all or a substantial proportion (by number or value) of its creditors or of any class of them or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or
otherwise; or 

  

	 	(vii)	any meeting of the members or directors of a Relevant Person is summoned for the purpose of considering a resolution or proposal to authorise or take any action of a type described in paragraphs (iii), (iv), (v) or
(vi); or 

  

	 	(viii)	in a Pertinent Jurisdiction other than England, any event occurs or any procedure is commenced which, in the opinion of the Majority Lenders, is similar to any of the foregoing; or 

 

	(g)	the Borrower ceases or suspends carrying on its business or a part of its business which, in the opinion of the Majority Lenders, is material in the context of this Agreement; or 

 

	(h)	it becomes unlawful in any Pertinent Jurisdiction or impossible: 

  

	 	(i)	for the Borrower or any Security Party to discharge any liability under a Finance Document or to comply with any other obligation which the Majority Lenders consider material under a Finance Document; or

  

	 	(ii)	for the Agent, the Security Trustee or the Lenders to exercise or enforce any right under, or to enforce any Security Interest created by, a Finance Document; or 

 

	(i)	any provision which the Majority Lenders consider material of a Finance Document proves to have been or becomes invalid or unenforceable, or a Security Interest created by a Finance Document proves to have been or
becomes invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another Security Interest or any other third party claim or interest; or 

 

	(j)	any event or circumstance occurs which the Majority Lenders determine has, or could reasonably be expected to have, a material adverse effect on: 

 

	 	(i)	the ability of the Borrower or any Security Party to perform its obligations under the Finance Documents; or 

  

	 	(ii)	the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower or any of its subsidiaries; or 

 

	(k)	at any time, the Borrower is not in compliance with all material Environmental Laws relating to each Ship, its ownership, operation and management or to the business of the Borrower. 

  
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 Actions following an Event of Default 

On, or at any time after, the occurrence of an Event of Default which is continuing: 

 

	(a)	the Agent may, and if so instructed by the Majority Lenders, the Agent shall: 

  

	 	(i)	serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are terminated; and/or 

 

	 	(ii)	serve on the Borrower a notice stating that the Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or

  

	 	(iii)	take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law;
and/or 

  

	(b)	the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice
served under paragraph (a) (i) or (ii), the Security Trustee, the Agent and/or the Lenders and/or the Swap Counterparties are entitled to take under any Finance Document or any applicable law. 

Termination of Commitments 

On the service of a notice under Clause 19.2(a)(i), the Commitments and all other obligations of each Lender to the Borrower under this
Agreement shall terminate. 
 Acceleration of Loan 

On the service of a notice under Clause 19.2(a)(ii), the Loan, all accrued interest and all other amounts accrued or owing from the Borrower or
any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand. 

Multiple notices; action without notice 

The Agent may serve notices under Clauses 19.2(a)(i) and (ii) simultaneously or on different dates and it and/or the Security Trustee
may take any action referred to in Clause 19.2 (Actions following an Event of Default) if no such notice is served or simultaneously with or at any time after the service of both or either of such notices. 

Notification of Creditor Parties and Security Parties 

The Agent shall send to each Lender, the Security Trustee and each Security Party a copy or the text of any notice which the Agent serves on
the Borrower under Clause 19.2 (Actions following an Event of Default); but the notice shall become effective when it is served on the Borrower, and no failure or delay by the Agent to send a copy or the text of the notice to any other
person shall invalidate the notice or provide the Borrower or any Security Party with any form of claim or defence. 

  
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 Creditor Party rights unimpaired 

Nothing in this Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders or a Swap Counterparty under
a Finance Document, a Master Agreement or the general law; and, in particular, this Clause is without prejudice to Clause 3.1 (Interests several). 

Exclusion of Creditor Party liability 

No Creditor Party, and no receiver or manager appointed by the Security Trustee, shall have any liability to the Borrower or a Security Party:

  

	(a)	for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or

  

	(b)	as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the
value of such an asset; 

 except that this does not exempt a Creditor Party or a receiver or manager from liability for losses
shown to have been directly and mainly caused by the dishonesty or the wilful misconduct of such Creditor Party’s own officers and employees or (as the case may be) such receiver’s or manager’s own partners or employees. 

In no event shall any Creditor Party be liable on any theory of liability for any special, indirect, consequential or punitive damages and the
Borrower hereby waives, releases and agrees not to sue upon any such claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favour. 

Relevant Persons 
 In this
Clause 19 (Events of Default) a “Relevant Person” means the Borrower, a Security Party or any of the Borrower’s subsidiaries, but excluding any company which is dormant and the value of whose gross assets is $5,000,000
or less. 
 Interpretation 

In Clause 19.1(e) references to an event of default or a termination event include any event, howsoever described, which is similar to an event
of default in a facility agreement or a termination event in a finance lease; and in Clause 19.1(f) “petition” includes an application. 

Position of Swap Counterparties 

Neither the Agent nor the Security Trustee shall be obliged, in connection with any action taken or proposed to be taken under or pursuant to
the foregoing provisions of this Clause 19 (Events of Default), to have any regard to the requirements of a Swap Counterparty except to the extent that such Swap Counterparty is also a Lender. 

FEES AND EXPENSES 

Fees 
 The Borrower shall
pay to the Agent: 
  

	(a)	on the date of this Agreement or as otherwise agreed, the fees in amounts previously agreed in writing between the Agent and the Borrower; 

  
 62 

	(b)	quarterly in arrears on each 31 March, 30 June, 30 September and 31 December and on any Drawdown Date (or, if earlier, the date on which this Agreement is terminated) during the period from the date
of this Agreement to the last day of the Availability Period for the Term Facility (or, if earlier, the date on which this Agreement is terminated), for the account of the Lenders, a Term Facility commitment fee at the rate of 40 per cent. of
the Margin per annum on the Total Available Commitments relating to the Term Facility, for distribution among the Lenders pro rata to their Commitments relating to the Term Facility; and 

 

	(c)	quarterly in arrears on each 31 March, 30 June, 30 September and 31 December (or, if earlier, the date on which this Agreement is terminated) during the Availability Period and on the Maturity Date
for the account of the Lenders, a Revolving Credit Facility commitment fee at the rate of 40 per cent. of the Margin per annum on the amount of the Total Available Commitments relating to the Revolving Credit Facility, for distribution among
the Lenders pro rata to their Commitments relating to the Revolving Credit Facility, Provided that, if the Total Available Commitments relating to the Revolving Credit Facility exceed 50 per cent. of the Total Commitments relating to the
Revolving Credit Facility, the Revolving Credit Facility commitment fee under this clause shall be calculated at the rate of 50 per cent. of the Margin. 

Costs of negotiation, preparation etc. 

The Borrower shall pay to the Agent on its demand the amount of all expenses incurred by the Agent or the Security Trustee in connection with
the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document. 

Costs of variations, amendments, enforcement etc. 

The Borrower shall pay to the Agent, on the Agent’s demand, for the account of the Creditor Party concerned the amount of all expenses
incurred by a Creditor Party in connection with: 
  

	(a)	any amendment or supplement to a Finance Document or any proposal for such an amendment to be made; 

  

	(b)	any consent or waiver by the Lenders, the Swap Banks, the Majority Lenders or the Creditor Party concerned under or in connection with a Finance Document, or any request for such a consent or waiver; 

 

	(c)	the valuation of any security provided or offered under Clause 15 (Security Cover) or any other matter relating to such security; or 

 

	(d)	any step taken by the Creditor Party concerned with a view to the protection, exercise or enforcement of any right or Security Interest created by a Finance Document or for any similar purpose. 

There shall be recoverable under paragraph (d) the full amount of all legal expenses, whether or not such as would be allowed under rules
of court or any taxation or other procedure carried out under such rules. 
 Documentary taxes 

The Borrower shall promptly pay any tax payable on or by reference to any Finance Document, and shall, on the Agent’s demand, fully
indemnify each Creditor Party against any claims, expenses, liabilities and losses resulting from any failure or delay by the Borrower to pay such a tax. 

  
 63 

 Certification of amounts 

A notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor
Party under this Clause 20 (Fees and Expenses) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or
aggregate amount, is due. 
 INDEMNITIES 

Indemnities regarding borrowing and repayment of Loan 

The Borrower shall fully indemnify the Agent and each Lender on the Agent’s demand and the Security Trustee on its demand in respect of
all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party as a result of or in connection with: 
  

	(a)	an Advance not being borrowed on the date specified in the relevant Drawdown Notice for any reason other than a default by the Lender claiming the indemnity; 

 

	(b)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the last day of the applicable Interest Period or other relevant period; 

 

	(c)	any failure (for whatever reason) by the Borrower to make payment of any amount due under a Finance Document on the due date or, if so payable, on demand (after giving credit for any default interest paid by the
Borrower on the amount concerned under Clause 7 (Default Interest)); 

  

	(d)	the occurrence and/or continuance of an Event of Default or a Potential Event of Default and/or the acceleration of repayment of the Loan under Clause 19 (Events of Default); 

and in respect of any tax (other than tax on its overall net income) for which a Creditor Party is liable in connection with any amount paid or
payable to that Creditor Party (whether for its own account or otherwise) under any Finance Document. 
 Breakage costs 

Without limiting its generality, Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) covers any Break Costs. 

Miscellaneous indemnities 

The Borrower shall fully indemnify each Creditor Party severally on their respective demands in respect of all claims, expenses, liabilities
and losses which may be made or brought against or incurred by a Creditor Party, in any country, as a result of or in connection with: 
  

	(a)	any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the Agent, the Security Trustee or any other Creditor Party or by any receiver appointed under a Finance
Document; 

  

	(b)	any civil penalty or fine against, and all reasonable costs and expenses (including reasonable fees of counsel and disbursements) incurred in connection with or the defence thereof by, the Agent or any other Creditor
Party as a result of conduct of the Borrower or any of its partners, directors, officers, employees, agents or advisors, that violates any Sanctions; or 

  

	(c)	any other Pertinent Matter; 

  
 64 

 other than claims, expenses, liabilities and losses which are shown to have been caused by the
gross negligence, dishonesty or wilful misconduct of the officers or employees of the Creditor Party concerned. 
 Without prejudice to its
generality, this Clause 21.3 (Miscellaneous indemnities) covers any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, any
Environmental Law or any Sanctions. 
 Currency indemnity 

If any sum due from the Borrower or any Security Party to a Creditor Party under a Finance Document or under any order or judgment relating to
a Finance Document has to be converted from the currency in which the Finance Document provided for the sum to be paid (the “Contractual Currency”) into another currency (the “Payment Currency”) for the purpose of:

  

	(a)	making or lodging any claim or proof against the Borrower or any Security Party, whether in its liquidation, any arrangement involving it or otherwise; or 

 

	(b)	obtaining an order or judgment from any court or other tribunal; or 

  

	(c)	enforcing any such order or judgment; 

 the Borrower shall indemnify within 3 Business Days of
demand the Creditor Party concerned against the loss arising when the amount of the payment actually received by that Creditor Party is converted at the available rate of exchange into the Contractual Currency. 

In this Clause 21.4 (Currency indemnity), the “available rate of exchange” means the rate at which the Creditor Party
concerned is able at the opening of business (London time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency. 

This Clause 21.4 (Currency indemnity) creates a separate liability of the Borrower which is distinct from its other liabilities under
the Finance Documents and which shall not be merged in any judgment or order relating to those other liabilities. 
 Application to
Master Agreements 
 For the avoidance of doubt, Clause 21.4 (Currency indemnity) does not apply in respect of sums due from the
Borrower to a Swap Counterparty under or in connection with a Master Agreement as to which sums the provisions of section 8 (Contractual Currency) of that Master Agreement shall apply. 

Certification of amounts 

A notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor
Party under this Clause 21 (Indemnities) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or
aggregate amount, is due. 
 Sums deemed due to a Lender 

For the purposes of this Clause 21 (Indemnities), a sum payable by the Borrower to the Agent or the Security Trustee for distribution to
a Lender shall be treated as a sum due to that Lender. 

  
 65 

 NO SET-OFF OR TAX DEDUCTION 

No deductions 
 All amounts
due from the Borrower under a Finance Document shall be paid: 
  

	(a)	without any form of set-off, cross-claim or condition; and 

  

	(b)	free and clear of any tax deduction except a tax deduction which the Borrower is required by law to make. 

Grossing-up for taxes 

Subject as provided in Clause 26.18 (Tax indemnity, tax gross-up and increased costs on assignment, transfer and change of lending
office), if the Borrower is required by law to make a tax deduction from any payment: 
  

	(a)	the Borrower shall notify the Agent as soon as it becomes aware of the requirement; 

  

	(b)	the Borrower shall pay the tax deducted to the appropriate taxation authority promptly, and in any event before any fine or penalty arises; 

 

	(c)	the amount due in respect of the payment shall be increased by the amount necessary to ensure that each Creditor Party receives and retains (free from any liability relating to the tax deduction) a net amount which,
after the tax deduction, is equal to the full amount which it would otherwise have received; and 

  

	(d)	the Borrower shall, as soon as reasonably practicable after making the relevant tax deduction, deliver to the Agent a copy of the receipt from the relevant taxation authority evidencing that the tax had been paid to
that authority. 

 Evidence of payment of taxes 

Promptly, and in any event within 1 month after making any tax deduction, the Borrower shall deliver to the Agent for the Creditor Party
entitled to the payment an original receipt (or certified copy thereof) satisfactory to that Creditor Party evidencing that the tax had been paid to the appropriate taxation authority. 

Tax credit 
 A Creditor
Party which has obtained (and has derived full use and benefit, on an affiliated group basis, of) a repayment or credit in respect of tax on account of which the Borrower has made an increased payment under Clause 22.2 (Grossing-up for taxes)
shall pay to the Borrower a sum equal to the proportion of the repayment or credit which that Creditor Party allocates to the amount due from the Borrower in respect of which the Borrower made the increased payment Provided that: 

 

	(a)	the Creditor Party shall not be obliged to allocate to this transaction any part of a tax repayment or credit which is referable to a class or number of transactions; 

 

	(b)	nothing in this Clause 22.4 (Tax credit) shall oblige a Creditor Party to arrange its tax affairs in any particular manner, to claim any type of relief, credit, allowance or deduction instead of, or in priority
to, another or to make any such claim within any particular time; 

  

	(c)	nothing in this Clause 22.4 (Tax credit) shall oblige a Creditor Party to make a payment which would leave it in a worse position than it would have been in if the Borrower had not been required to make a tax
deduction from a payment; 

  
 66 

	(d)	any allocation or determination made by a Creditor Party under or in connection with this Clause 22.4 (Tax credit) shall be conclusive and binding on the Borrower and the other Creditor Parties;

  

	(e)	nothing in this Clause 22.4 (Tax credit) shall oblige any Creditor Party to disclose any information relating to its affairs (tax or otherwise) or those of its ultimate parent company (or any subsidiary thereof)
or any computations in respect of tax; and 

  

	(f)	the Creditor Party’s tax affairs for its tax year in respect of which such credit or repayment was obtained have been finally settled. 

Exclusion of tax on overall net income 

In this Clause 22 (No Set-Off or Tax Deduction) “tax deduction” means any deduction or withholding for or on account of
any present or future tax except tax on a Creditor Party’s overall net income. 
 Value Added Tax 

 

	(a)	All amounts expressed to be payable under a Finance Document by any party to a Creditor Party shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by any Creditor Party to any part in
connection with a Finance Document, that party shall pay to the Creditor Party (in additional to and at the same time as paying the consideration) an amount equal to the amount of the VAT. 

 

	(b)	Where a Finance Document requires any party to reimburse a Creditor Party for any costs or expenses, that party shall also at the same time pay and indemnify the Creditor Party against all VAT incurred by the Creditor
Party in respect of the costs or expenses to the extent that the Finance Party reasonably determines that it is not entitled to credit or repayment of the VAT. 

Application to Master Agreements 

For the avoidance of doubt, Clause 22 (No Set-Off or Tax Deduction) does not apply in respect of sums due from the Borrower to a Swap
Counterparty under or in connection with a Master Agreement as to which sums the provisions of section 2(d) (Deduction or Withholding for Tax) of that Master Agreement shall apply. 

FATCA 
  

	(a)	FATCA Information 

  

	 	(i)	Subject to paragraph (iii) below, each party to a Finance Document shall, within 10 Business Days of a reasonable request by another party to the Finance Documents: 

 

	 	(A)	confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and 

  

	 	(B)	supply to the requesting party such forms, documentation and other information relating to its status under FATCA (including its applicable “passthru percentage” or other information required under the U.S.
Treasury regulations or other official guidance including intergovernmental agreements or treaties) as the requesting party reasonably requests for the purposes of such requesting party’s compliance with FATCA. 

 

	 	(ii)	If a party to any Finance Document confirms to another party pursuant to Clause 22.8(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 and the Agent reasonably promptly. 

  
 67 

	 	(iii)	Subclause (i) above shall not oblige any Creditor Party to do anything which would or might in its reasonable opinion constitute a breach of any law or regulation, any policy of that Creditor Party, any fiduciary
duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that information required (or equivalent to the information so required) by United
States Internal Revenue Service Forms W-8 or W-9 (or any successor forms) shall not be treated as confidential information of such Creditor Party for purposes of this subclause (iii). 

 

	 	(iv)	If a party to any Finance Document fails to confirm its status or to supply forms, documentation or other information requested in accordance with subclause (i) above (including, for the avoidance of doubt, where
subclause (iii) above applies), then 

  

	 	(A)	if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party; and 

 

	 	(B)	if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of the Finance Documents (and payments made thereunder) as if its applicable passthru percentage is
100%, 

 until (in each case) such time as the party in question provides the requested confirmation, forms, documentation or
other information. 
  

	(b)	FATCA Gross-Up 

  

	 	(i)	If the Borrower is required to make a FATCA Deduction, the Borrower shall make that FATCA Deduction and shall make a payment to the IRS (or such other taxing authority as required under FATCA or any intergovernmental
agreement entered into thereunder) within the time allowed and in the amount required by FATCA. 

  

	 	(ii)	If a FATCA Deduction is required to be made by the Borrower, the amount of the payment due from the Borrower shall be increased to an amount which (after making any FATCA Deductions) leaves an amount equal to the
payment which would have been due if no FATCA Deduction had been required. 

  

	 	(iii)	The Borrower shall promptly upon becoming aware that a FATCA Deduction is required (or that there is any change in the rate or basis of a FATCA Deduction) notify the Agent accordingly. Similarly, a Creditor Party shall
notify the Agent on becoming aware that a FATCA Deduction (or that a change in the rate or basis of a FATCA Deduction) may be required on a payment to such Creditor Party. 

 

	 	(iv)	As soon as possible and no later than within 15 days of making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Borrower shall deliver to the Agent for the Creditor Party
entitled to the payment evidence reasonably satisfactory to that Creditor Party that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the IRS (or other taxing authority as applicable). 

 

	 	(v)	 Each Creditor Party may make any FATCA Deduction it is required to make under FATCA, and any payment required in connection with that FATCA Deduction,
and no Creditor Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction. A Creditor Party which becomes aware that it must 

  
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make a FATCA Deduction in respect of a payment to another party (or that there is any change in the rate or basis of such FATCA Deduction) shall notify that party and the Agent.

  

	 	(vi)	If the Agent is required to make a FATCA Deduction in respect of a payment to a Creditor Party which relates to a payment by the Borrower, the amount of the payment due from the Borrower, shall be increased to an amount
which (after the Agent has made such FATCA Deduction), leaves the Agent with an amount equal to the payment which would have been made by the Agent if no FATCA Deduction had been required. 

 

	 	(vii)	The Agent shall promptly upon becoming aware that it must make a FATCA Deduction in respect of a payment to a Creditor Party which relates to a payment by the Borrower, as the case may be (or that there is any change in
the rate or the basis of such a FATCA Deduction) notify the Borrower and the relevant Creditor Party. 

  

	(c)	FATCA Indemnity 

  

	 	(i)	The Borrower shall, (within 3 Business Days of demand by the Agent) indemnify each Creditor Party and pay to each such Creditor Party an amount equal to the taxes, losses, liabilities or costs which such Creditor Party
determines will be or has been (directly or indirectly) suffered by such Creditor Party as a result of (1) the Borrower or any Creditor Party making a FATCA Deduction from any amounts due to such Creditor Party under the Finance Documents or
(2) any taxes, penalties, interest or other amounts being asserted against or imposed on such Creditor Party by any taxing or governmental authority under FATCA in connection with any payment under the Finance Documents. This paragraph shall
not apply to the extent a tax, loss, liability or cost is compensated for by an increased payment under Clause 22.8(b)(ii) or 22.8(b)(vi) above. 

  

	 	(ii)	A Creditor Party making, or intending to make, a claim under subclause (i) above shall promptly notify the Agent of the FATCA Deduction which will give, or has given, rise to the claim, following which the Agent
shall notify the Borrower. 

  

	(d)	No Double FATCA Indemnity 

 Any amount actually paid by the Borrower under
Clause 22.8(b)(ii) or (vi) or Clause 22.8(c)(i) shall not also be paid or indemnified under Clauses 22.2 (Grossing-up for taxes), 22.4 (Tax credit) or 24.4 (Payment of increased costs). 

 

	(e)	FATCA Mitigation 

  

	 	(i)	If a FATCA Deduction is or will be required to be made by the Borrower or the Agent under Clause 22.8(b) in respect of a payment to any FATCA Non-Exempt Lender, the Borrower may (but shall not be required to), in
addition to making any FATCA Deductions already required and any associated gross-up and indemnity payments under this Clause 22.8 (FATCA), not later than the second Repayment Date following a notice given under Clauses 22.8(b)(iii)
or 22.8(c)(i) elect to either: 

  

	 	(A)	prepay in full the Contribution of the FATCA Non-Exempt Lender in accordance with and subject to the conditions of Clauses 8.12 (Amounts payable on prepayment) and 8.14 (Reborrowing) upon 30 days’
written notice to the Agent and such FATCA Non-Exempt Lender, specifying the amount to be prepaid, the date on which the prepayment is to be made and the basis for the FATCA Deduction, or 

 

	 	(B)	 if no Event of Default or Potential Event of Default has occurred, nominate one or more Transferee Lenders who would meet the requirements of

  
 69 

	 	
Clause 26.2 (Transfer by a Lender) of the Loan Agreement and who upon becoming a Lender would be an Exempt FATCA Party, by notice in writing to the Agent and the FATCA Non-Exempt
Lender specifying the terms of the proposed transfer, and, subject to subclause (ii) below, cause such Transferee Lender(s) to purchase, in accordance with Clause 26 (Transfers and Changes in Lending Offices), all of the FATCA
Non-Exempt Lender’s Contribution and Commitment. 

  

	 	(ii)	If the Borrower elects to nominate one or more Transferee Lenders under Clause 22.8(e)(i)(B), the relevant FATCA Non-Exempt Lender shall transfer its Contribution and Commitment to such Transferee Lender(s), but only
after such FATCA Non-Exempt Lender has received one or more payments from the Borrower and such Transferee Lender(s) in an aggregate amount at least equal to the aggregate outstanding Contribution of such FATCA Non-Exempt Lender, together with
accrued interest thereon to the date of payment of such Contribution and all other amounts payable to such FATCA Non-Exempt Lender under the Loan Agreement. 

ILLEGALITY, ETC. 

Illegality 
 This Clause 23
(Illegality, etc.) applies if a Lender (the “Notifying Lender”) notifies the Agent that it has become, or will with effect from a specified date, become: 

 

	(a)	unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an existing law is or will be interpreted or applied; or 

 

	(b)	contrary to, or inconsistent with, any regulation and/or contrary to or declared by any Sanctions Authority to be contrary to Sanctions, 

for the Notifying Lender to maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this
Agreement. 
 Notification of illegality 

The Agent shall promptly notify the Borrower, the Security Parties, the Security Trustee and the other Lenders of the notice under
Clause 23.1 (Illegality) which the Agent receives from the Notifying Lender. 
 Prepayment; termination of Commitment

 On the Agent notifying the Borrower under Clause 23.2 (Notification of illegality), the Notifying Lender’s Commitment
shall terminate; and thereupon or, if later, on the date specified in the Notifying Lender’s notice under Clause 23.1 (Illegality) as the date on which the notified event would become effective the Borrower shall prepay the
Notifying Lender’s Contribution in accordance with Clause 8 (Reduction, Repayment, Prepayment and Cancellation). 

Mitigation 
 If
circumstances arise which would result in a notification under Clause 23.1 (Illegality) then, without in any way limiting the rights of the Notifying Lender under Clause 23.3 (Prepayment; termination of Commitment), the
Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender
shall not be under any obligation to take any such action if, in its opinion, to do would or might: 
  

	(a)	have an adverse effect on its business, operations or financial condition; or 

  
 70 

	(b)	involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent with, any regulation; or 

 

	(c)	involve it in any expense (unless indemnified to its satisfaction) or tax disadvantage. 

INCREASED COSTS 

Increased costs 
 This
Clause 24 (Increased Costs) applies if a Lender (the “Notifying Lender”) notifies the Agent that the Notifying Lender considers that as a result of: 
  

	(a)	the introduction or alteration after the date of this Agreement of a law or an alteration after the date of this Agreement in the manner in which a law is interpreted or applied (disregarding any effect which relates to
the application to payments under this Agreement of a tax on the Lender’s overall net income); 

  

	(b)	complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Notifying Lender allocates capital resources to its obligations under this
Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Agreement; or 

  

	(c)	compliance with the implementation by the applicable authorities of the matters set out in Basel III, CRD IV or CRR and the continuing application of the same, 

the Notifying Lender (or a parent company of it) has incurred or will incur an “increased cost”. 

Meaning of “increased cost” 

In this Clause 24 (Increased Costs), “increased cost” means, in relation to a Notifying Lender: 

 

	(a)	an additional or increased cost incurred as a result of, or in connection with, the Notifying Lender having entered into, or being a party to, this Agreement or a Transfer Certificate, of funding or maintaining its
Commitment or Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Contribution or other unpaid sums; 

  

	(b)	a reduction in the amount of any payment to the Notifying Lender under this Agreement or in the effective return which such a payment represents to the Notifying Lender or on its capital; 

 

	(c)	an additional or increased cost of funding all or maintaining all or any of the advances comprised in a class of advances formed by or including the Notifying Lender’s Contribution or (as the case may require) the
proportion of that cost attributable to its Contribution; or 

  

	(d)	a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or receivable by the Notifying Lender under this Agreement; 

but not an item attributable to a change in the rate of tax on the overall net income of the Notifying Lender (or a parent company of it) or an
item covered by the indemnity for tax in Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) or by Clause 22 (No Set-Off or Tax Deduction) or an item arising directly out of the implementation or application of or
compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004, substantially in the form existing on the date of this
Agreement (“Basel II”) or 

  
 71 

 
any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Creditor Party or any of its affiliates) Provided
that the exclusion in this paragraph shall not include Basel III irrespective of whether this is implemented or applied pursuant to Basel II. 

For the purposes of this Clause 24.2 (Meaning of “increased cost”) the Notifying Lender may in good faith allocate or spread
costs and/or losses among its assets and liabilities (or any class of its assets and liabilities) on such basis as it considers appropriate. 

Notification to Borrower of claim for increased costs 

The Agent shall promptly notify the Borrower and the Security Parties of the notice which the Agent received from the Notifying Lender under
Clause 24.1 (Increased costs) and there shall then be a 60 day consultation period for the Borrower and Notifying Lender to discuss the particular increased cost and amount to be paid to the Notifying Lender. 

Payment of increased costs 

Unless something to the contrary is agreed by the Borrower and the Notifying Lender during the 60 day consultation period referred to in 24.3
(Notification to Borrower of claim for increased costs), the Borrower shall pay to the Agent, on the Agent’s demand, for the account of the Notifying Lender the amounts which the Agent from time to time notifies the Borrower that the
Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 
 Notice of prepayment

 If the Borrower is not willing to continue to compensate the Notifying Lender for the increased cost under Clause 24.4 (Payment of
increased costs), the Borrower may give the Agent not less than 5 Business Days’ notice of its intention to prepay the Notifying Lender’s Contribution or to procure a Transferee Lender. 

Prepayment; termination of Commitment 

A notice of prepayment under Clause 24.5 (Notice of prepayment) shall be irrevocable; the Agent shall promptly notify the Notifying
Lender of the Borrower’s notice of intended prepayment; and: 
  

	(a)	on the date on which the Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled; and 

  

	(b)	on the date specified in its notice of intended prepayment, the Borrower shall prepay (without premium or penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate
plus the applicable Margin and any Mandatory Costs. 

 Application of prepayment 

Clause 8 (Reduction, Repayment, Prepayment and Cancellation) shall apply in relation to the prepayment. 

  
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 SET-OFF 

Application of credit balances 

Each Creditor Party may, at any time after the occurrence of an Event of Default which is continuing, without prior notice: 

 

	(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum
then due from the Borrower to that Creditor Party under any of the Finance Documents; and 

  

	(b)	for that purpose: 

  

	 	(i)	break, or alter the maturity of, all or any part of a deposit of the Borrower; 

  

	 	(ii)	convert or translate all or any part of a deposit or other credit balance into Dollars; 

  

	 	(iii)	enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate. 

Existing rights unaffected 

No Creditor Party shall be obliged to exercise any of its rights under Clause 25.1 (Application of credit balances); and those
rights shall be without prejudice and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or
any document). 
 Sums deemed due to a Lender 

For the purposes of this Clause 25 (Set-Off), a sum payable by the Borrower to the Agent or
the Security Trustee for distribution to, or for the account of, a Lender shall be treated as a sum due to that Lender; and each Lender’s proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as
a sum due to such Lender. 
 No Security Interest 

This Clause 25 (Set-Off) gives the Creditor Parties a contractual right of set-off only and does not create any equitable charge or other Security Interest over any credit balance of the Borrower. 

TRANSFERS AND CHANGES IN LENDING OFFICES 

Transfer by Borrower 
 The
Borrower may not, without the consent of the Agent given on the instructions of all the Lenders, transfer or assign any of its rights, liabilities or obligations under any Finance Document. 

Transfer by a Lender 

Subject to Clause 26.4 (Effective Date of Transfer Certificate), a Lender (the “Transferor Lender”) may, at its own
cost, with the prior written consent of the Borrower (not to be unreasonably withheld or delayed, it being agreed that if the Borrower does not respond within 10 Business Days of receipt of any written request for its consent, the Borrower’s
consent shall be deemed to have been given on the following Business Day) and the Agent or without the consent of the Borrower if an Event of Default has occurred and is continuing, cause: 

 

	(a)	its rights in respect of all or pro rata parts of its Contribution; or 

  

	(b)	its obligations in respect of all or pro rata parts of its Commitment; or 

  

	(c)	a combination of (a) and (b); 

  
 73 

 to be (in the case of its rights) transferred or assigned to, or (in the case of its obligations)
assumed by, another bank (a “Transferee Lender”) by delivering to the Agent a completed certificate in the form set out in Schedule 5 (Transfer Certificate) with any modifications approved or required by the Agent (a
“Transfer Certificate”) executed by the Transferor Lender and the Transferee Lender Provided that a Lender may make such transfer or assignment to any wholly owned subsidiary of it, to its parent company or to another
subsidiary of its parent company without the consent of the Borrower or the Agent and the fee referred to in Clause 26.11 (Registration fee) shall not apply in relation to any such transfer or assignment. 

Without prejudice to the foregoing, any such transfer or assignment by a Lender shall be subject to the following further conditions: 

 

	 	(i)	the amount of the Contribution and/or Commitment of the Lender which is to be transferred or assignment shall not be less than $5,000,000 or, if less, the remaining amount of its Contribution and Commitment, unless the
Agent agrees otherwise; 

  

	 	(ii)	where no Event of Default has occurred and is continuing, the Agent shall approve the transfer or assignment (such approval not to be unreasonably withheld); 

 

	 	(iii)	payment of the fee in accordance with Clause 26.11 (Registration fee). 

 However any
rights and obligations of the Transferor Lender in its capacity as Agent or Security Trustee will have to be dealt with separately in accordance with the Agency and Trust Deed. 

Transfer Certificate, delivery and notification 

As soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the
Transfer Certificate may be defective): 
  

	(a)	sign the Transfer Certificate on behalf of itself, the Borrower, the Security Parties, the Security Trustee and each of the other Lenders and each of the Swap Banks; 

 

	(b)	on behalf of the Transferee Lender, send to the Borrower and each Security Party letters or faxes notifying them of the Transfer Certificate and attaching a copy of it; 

 

	(c)	send to the Transferee Lender copies of the letters or faxes sent under paragraph (b). 

Effective Date of Transfer Certificate 

A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided that
it is signed by the Agent under Clause 26.3 (Transfer Certificate, delivery and notification) on or before that date. 
 No
transfer without Transfer Certificate 
 No assignment or transfer of any right or obligation of a Lender under any Finance Document is
binding on, or effective in relation to, the Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate. 

Lender re-organisation; waiver of Transfer Certificate 

However, if a Lender enters into any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in
another person (the “successor”), the Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for the execution and delivery of a Transfer Certificate; and, upon service of the
Agent’s notice, the successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender. 

  
 74 

 Effect of Transfer Certificate 

A Transfer Certificate takes effect in accordance with English law as follows: 

 

	(a)	to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent) which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee
Lender absolutely, free of any defects in the Transferor Lender’s title and of any rights or equities which the Borrower or any Security Party had against the Transferor Lender; 

 

	(b)	the Transferor Lender’s Commitment is discharged to the extent specified in the Transfer Certificate; 

  

	(c)	the Transferee Lender becomes a Lender with a Contribution and Commitment of the amounts specified in the Transfer Certificate; 

  

	(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable to the Lenders generally, including those about pro-rata sharing and the
exclusion of liability on the part of, and the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions (other than those relating to exclusion of liability), the
Transferor Lender ceases to be bound by them; 

  

	(e)	any part of the Loan which the Transferee Lender advances after the Transfer Certificate’s effective date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the
transferor, assuming that any defects in the Transferor Lender’s title and any rights or equities of the Borrower or any Security Party against the Transferor Lender had not existed; 

 

	(f)	the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to the Lenders generally, including but not limited to those relating to the Majority Lenders and those under
Clause 5.7 (Market disruption) and Clause 20 (Fees and Expenses), and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and 

 

	(g)	in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled
to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the original Lender would have incurred a loss of that kind or amount. 

The rights and equities of the Borrower or any Security Party referred to above include, but are not limited to, any right of set off and any
other kind of cross-claim. 
 Maintenance of register of Lenders 

During the Security Period the Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative
details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 26.4 (Effective Date of Transfer Certificate)) of the Transfer Certificate; and the
Agent shall make the register available for inspection by any Lender, the Security Trustee and the Borrower during normal banking hours, subject to receiving at least 3 Business Days prior notice. 

  
 75 

 Reliance on register of Lenders 

The entries on that register shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the
amounts of their Commitments and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to the Finance Documents for all purposes relating to the Finance Documents. 

Authorisation of Agent to sign Transfer Certificates 

The Borrower, the Security Trustee, each Lender and each Swap Bank irrevocably authorise the Agent to sign Transfer Certificates on its behalf.

 Registration fee 
 In
respect of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $3,500 from the Transferor Lender or (at the Agent’s option) the Transferee Lender. 

Sub-participation; subrogation assignment 
  

	(a)	A Lender may sub-participate all or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any notice to, any
Security Party, the Agent or the Security Trustee and (where an Event of Default has occurred and is continuing) the Borrower. Where no Event of Default has occurred and is continuing the Borrower’s consent to such sub-participation shall be
required, such consent not to be unreasonably withheld or delayed. 

  

	(b)	The Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them.

 Disclosure of information 

A Lender may disclose to a potential Transferee Lender or sub-participant any information which that
Lender has received in relation to the Borrower, any Security Party or their affairs under or in connection with any Finance Document, unless the information is clearly Confidential Information. Without prejudice to the foregoing, a Lender may
disclose any Confidential Information delivered by the Borrower hereunder and such other information in relation to the Borrower and its subsidiaries which it may obtain pursuant to this Agreement: 

 

	(a)	to authorities in any other countries where that Lender, its subsidiaries, branches and representative officers or any other entity of that Lender are represented: 

 

	 	(i)	where such authority has requested information from the relevant entity of that Lender; and 

  

	 	(ii)	such disclosure is required by law, regulation or administrative order in order for that Lender to meet its legal requirements relating to reduction and/or prevention of money laundering, terrorism or corruption; or

  

	(b)	to a potential Transferee Lender or sub-participant if such person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a
Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information. 

  
 76 

 Change of lending office 

A Lender may change its lending office by giving notice to the Agent and the change shall become effective on the later of: 

 

	(a)	the date on which the Agent receives the notice; and 

  

	(b)	the date, if any, specified in the notice as the date on which the change will come into effect. 

Notification 
 On
receiving such a notice, the Agent shall notify the Borrower, each other Security Party and the Security Trustee; and, until the Agent receives such a notice, it shall be entitled to assume that a Lender is acting through the lending office of which
the Agent last had notice. 
 Replacement of Reference Bank 

If any Reference Bank ceases to be a Lender or is unable on a continuing basis to supply quotations for the purposes of Clause 5
(Interest) then, unless the Borrower, the Agent and the Majority Lenders otherwise agree, the Agent, acting on the instructions of the Majority Lenders, and after consulting the Borrower, shall appoint another bank (whether or not a Lender)
to be a replacement Reference Bank; and, when that appointment comes into effect, the first-mentioned Reference Bank’s appointment shall cease to be effective. 

Security over Lenders’ rights 

In addition to the other rights provided to Lenders under this Clause 26 (Transfers and Changes in Lending Offices), each Lender
may without consulting with or obtaining consent from the Borrower or any Security Party, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any
Finance Document to secure obligations of that Lender including, without limitation: 
  

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

  

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

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

 

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

  

	 	(ii)	require any payments to be made by the Borrower or any Security Party or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents.

 Tax indemnity, tax gross-up and increased costs on assignment, transfer and change of lending office 

If: 
  

	(a)	a Lender assigns or transfers any rights or obligations under the Finance Documents pursuant to Clause 26.2 (Transfer by a Lender) or changes its lending office; and 

  
 77 

	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs the Borrower would be obliged to make a payment to the Transferee Lender or Lender acting through its new lending office under
Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) in respect of any tax, Clause 22 (No Set-Off or Tax Deduction) or Clause 24 (Increased Costs), 

then the Transferee Lender or the Lender acting through its new lending office is only entitled to receive payment under those Clauses to the
same extent as the Transferor Lender or the Lender acting through its previous lending office would have been if the assignment, transfer or change had not occurred. 

Replacement of Lender by Borrower 

The Borrower may, at any time unless a Potential Event of Default or Event of Default has occurred and is continuing in respect of: 

 

	(a)	a Lender whose costs of funds charged to the Borrower are (in the Borrower’s reasonable opinion) materially higher than those of the other Lenders generally; 

 

	(b)	a Lender which is a Defaulting Lender; or 

  

	(c)	a Lender which is a Non-Consenting Lender, 

 by giving 10 Business Days’ notice to the
Agent and that Lender (the “Outgoing Lender”) replace the Outgoing Lender by requiring it to (and the Outgoing Lender must) transfer in accordance with Clause 26 (Transfers and Changes in Lending Offices) all (and not part
only) of its rights and obligations under this Agreement to a Lender or other bank (a “Replacement Lender”) selected by the Borrower and (unless the Agent is an Impaired Agent) which is acceptable to the Agent (acting reasonably)
for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of the Outgoing Lender’s Contribution and all accrued interest, break costs and other amounts payable in relation to that Contribution under
this Agreement and the other Finance Documents. 
 Any transfer of rights and obligations of an Outgoing Lender under this Clause is subject
to the following conditions: 
  

	 	(i)	neither the Agent nor the Outgoing Lender will have any obligation to the Borrower to find a Replacement Lender; 

  

	 	(ii)	the transfer must take place no later than 10 Business Days after the Borrower’s notice referred to above; 

  

	 	(iii)	in no event will the Outgoing Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Outgoing Lender under this Agreement and the other Finance Documents; and 

 

	 	(iv)	the Outgoing Lender shall only be obliged to transfer its rights and obligations under this Clause once it is satisfied that it has complied with all necessary “know your customer” or other similar checks
under all applicable laws and regulations in relation to that transfer and the Outgoing Lender shall perform the checks described in this paragraph (iv) above as soon as reasonably practicable following delivery of a notice referred to in this
Clause and shall notify the Agent and the Borrower when it is satisfied that it has complied with those checks. 

  
 78 

 VARIATIONS AND WAIVERS 

Variations, waivers etc. by Majority Lenders 

Subject to Clause 27.2 (Variations, waivers etc. requiring agreement of all Lenders), a document shall be effective to vary, waive,
suspend or limit any provision of a Finance Document, or any Creditor Party’s rights or remedies under such a provision or the general law, only if the document is signed, or specifically agreed to by fax, by the Borrower, by the Agent on
behalf of the Majority Lenders, by the Agent and the Security Trustee in their own rights, and, if the document relates to a Finance Document to which a Security Party is party, by that Security Party. 

The consent of the Borrower or any Security Party shall not be required to any amendment or variation to a Finance Document if such amendment
or variation does not, in the opinion of the Agent (acting reasonably), materially and adversely affect the rights or interests of the Borrower or the Security Parties. 

Variations, waivers etc. requiring agreement of all Lenders 

However, as regards the following, Clause 27.1 (Variations, waivers etc. by Majority Lenders) applies as if the words “by the
Agent on behalf of the Majority Lenders” were replaced by the words “by or on behalf of every Lender”: 
  

	(a)	a reduction in the Margin or change to the definition of LIBOR; 

  

	(b)	a change to the date for, the amount of, any payment of principal, interest, fees, or other sum payable under this Agreement; 

  

	(c)	a change to any Lender’s Commitment; 

  

	(d)	a change to the definition of “Majority Lenders” or “Finance Documents”; 

  

	(e)	a change to the preamble or to Clause 2 (Facility), Clause 3 (Position of the Lenders and Swap Banks), Clause 4 (Drawdown), Clause 5.1 (Payment of normal interest),
paragraph (b) of Clause 16.1 (Currency and method of payments), Clause 17 (Application of Receipts), Clause 18 (Application of Earnings) or Clause 30 (Law and Jurisdiction); 

 

	(f)	any amendment or waiver if the Agent or a Lender in its sole discretion believes that it may constitute a “material modification” within the meaning of FATCA that may result (directly or indirectly) in any
party to any Finance Document being required to make a FATCA Deduction; 

  

	(g)	any amendment to or waiver of any provisions in any of the Finance Documents which relate to Sanctions; 

  

	(h)	a change to this Clause 27 (Variations and Waivers); 

  

	(i)	any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination arrangement set out in a Finance Document; 

 

	(j)	a change to the identity of the Borrower; and 

  

	(k)	any other change or matter as regards which this Agreement or another Finance Document expressly provides that each Lender’s consent is required. 

Exclusion of other or implied variations 

Except for a document which satisfies the requirements of Clauses 27.1 (Variations, waivers etc. by Majority Lenders) and 27.2
(Variations, waivers etc. requiring agreement of all Lenders), no 

  
 79 

 
document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall
result in the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising: 

 

	(a)	a provision of this Agreement or another Finance Document; or 

  

	(b)	an Event of Default; or 

  

	(c)	a breach by the Borrower or a Security Party of an obligation under a Finance Document or the general law; or 

  

	(d)	any right or remedy conferred by any Finance Document or by the general law; 

 and there shall
not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or remedy to be exercised, within a certain or reasonable time. 

NOTICES 
 General

 Unless otherwise specifically provided, any notice under or in connection with any Finance Document shall be given by letter or fax
and references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly. 

Addresses for communications

A notice shall be sent:
  

					
	(a)	 	to the Borrower:	  	de Gerlachekaai 20
		 		  	B-2000 Antwerp
		 		  	Belgium
			
		 		  	Fax No: 32 3 247 4409
		 		  	Attn: Finance Director
			
	(b)	 	to a Lender:	  	At the address below its name in Schedule 1 (Lenders and Commitments) or (as the case may require) in the relevant Transfer Certificate.
			
	(c)	 	to a Swap Bank:	  	At the address below its name in Schedule 2 (Swap Banks).
			
	(d)	 	to the Agent and the Security Trustee:	  	 Ops & IT Banking/Wholesale Lending Operations/Agency

Locationcode AMP N.04.046
 PO Box 1800

1000 BV Amsterdam

			
		 		  	The Netherlands
			
		 		  	Fax No: +31 20 5658226
		 		  	Attn: Reina Kroon
			
		 		  	Credit matters:
		 		  	Locationcode AMP D.06.007
		 		  	PO Box 1800
		 		  	1000 BV Amsterdam

  
 80 

					
		 		  	The Netherlands
			
		 		  	Email#1: harry.schuil@ingbank.com
			
		 		  	Email#2: remco.steger@ingbank.com
			
		 		  	Fax No: +31 20 5658226
		 		  	Attn: Harry Schuil

 or to such other address as the relevant party may notify the Agent or, if the relevant party is the Agent or
the Security Trustee, the Borrower, the Lenders, the Swap Banks and the Security Parties. 
 Effective date of notices 

Subject to Clauses 28.4 (Service outside business hours) and 28.5 (Illegible notices): 

 

	(a)	a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered; 

 

	(b)	a notice which is sent by fax shall be deemed to be served, and shall take effect, 2 hours after its transmission is completed. 

Service outside business hours 

However, if under Clause 28.3 (Effective date of notices) a notice would be deemed to be served: 

 

	(a)	on a day which is not a business day in the place of receipt; or 

  

	(b)	on such a business day, but after 5 p.m. local time; 

 the notice shall (subject to
Clause 28.5 (Illegible notices) be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such a business day. 

Illegible notices 

Clauses 28.3 (Effective date of notices) and 28.4 (Service outside business hours) do not apply if the recipient of a notice
notifies the sender within 1 hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect. 

Valid notices 
 A notice
under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is
served if: 
  

	(a)	the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or 

 

	(b)	in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the correct or missing particulars should have been. 

  
 81 

 Electronic communication 

Any communication to be made between the Agent and another Creditor Party or the Borrower 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 Intralinks system), if the Agent and the relevant Creditor Party or the Borrower: 
  

	(a)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	(b)	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 

 

	(c)	notify each other of any change to their respective addresses or any other such information supplied to them. 

Any electronic communication made between the Agent and another Creditor Party or the Borrower will be effective only when actually received in
readable form and, in the case of any electronic communication made by a Creditor Party or the Borrower to the Agent, only if it is addressed in such a manner as the Agent shall specify for this purpose. 

All Creditor Parties confirm that they have consented to the use of the Agent’s Intralinks systems as an accepted method of communication
under or in connection with the Finance Documents and agree that the Intralinks system (or another electronic collaborative website) will be the primary method of communication between the Agent and the other Creditor Parties. The Creditor Parties
acknowledge that a communication via Intralinks (or such other electronic collaborative website) will be effective once the communication is posted (in a readable form) to Intralinks (or such other electronic collaborative website) by the Agent.

 English language 

Any notice under or in connection with a Finance Document shall be in English. 

Meaning of “notice” 

In this Clause 28 (Notices), “notice” includes any demand, consent, authorisation, approval, instruction, waiver
or other communication. 
 SUPPLEMENTAL 

Rights cumulative, non-exclusive 

The rights and remedies which the Finance Documents give to each Creditor Party are: 

 

	(a)	cumulative; 

  

	(b)	may be exercised as often as appears expedient; and 

  

	(c)	shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any right or remedy conferred by any law. 

Severability of provisions 

If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity,
enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document. 

  
 82 

 Counterparts 

A Finance Document may be executed in any number of counterparts. 

Third Party rights 
 A
person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 

LAW AND JURISDICTION 

English law 
 This
Agreement (other than Clause 3.5 (Security Trustee as joint and several creditor) and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.
Clause 3.5 (Security Trustee as joint and several creditor) shall be governed by, and construed in accordance with, Belgian law. 

Exclusive English jurisdiction 

Subject to Clause 30.3 (Choice of forum for the exclusive benefit of the Creditor Parties), the courts of England shall have
exclusive jurisdiction to settle any Dispute. 
 Choice of forum for the exclusive benefit of the Creditor Parties 

Clause 30.2 (Exclusive English jurisdiction) is for the exclusive benefit of the Creditor Parties, each of which reserves the
right: 
  

	(a)	to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction to that Dispute; and 

 

	(b)	to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in England or without commencing proceedings in England. 

The Borrower shall not commence any proceedings in any country other than England in relation to a Dispute. 

Process agent 
 The
Borrower irrevocably appoints Euronav (UK) Agencies Limited at its registered office for the time being, presently at Moreau House, 3rd Floor, 116 Brompton Road, London SW3 1JJ, to act as its
agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with this Agreement. 

Creditor Party rights unaffected 

Nothing in this Clause 30 (Law and Jurisdiction) shall exclude or limit any right which any Creditor Party may have (whether under
the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction. 

Meaning of “proceedings” 

In this Clause 30 (Law and Jurisdiction), “proceedings” means proceedings of any kind, including an application
for a provisional or protective measure and a “Dispute” means any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any
non-contractual obligation arising out of or in connection with this Agreement. 

  
 83 

 THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 

  
 84 

 SCHEDULE 1 

LENDERS AND COMMITMENTS 
  

															
	Lender	  	Lending Office	  	 Term
Commitment

($)
	 	  	 Revolving
Commitment

($)
	 	  	 Total
Commitment

($)
	 
					
	 ING Bank N.V.
	  	 Bijlmerplein 888
 1000BV

Amsterdam
 The Netherlands

 
 Tel: +31 20 56 39102

 
 Credit Matters:
  

H.Schuil
 AMPD06.007

Bijlmerplein 888
 1000 BV

Amsterdam
 The Netherlands

 
 Tel: +31 20 56 39102

Fax: +31 20 56 58211
 Email: harry.schuil@ingbank.com

 
 Operations/administrations:

 
 C.D. van der Laan / L.R.M. Wester

Tel: +31 20 576 8152 / +31 20 576 0234
 Email:
execution.sf.team1@ingbank.com
	  	 	32,752,942	  	  	 	25,247,058	  	  	 	58,000,000	  
					
	 Citibank NA, London Branch
	  	 Citigroup Centre
 Canada Square

London
 E14 5LB

 
 Credit Matters:
  

Vassilios Maroulis
 33 Canada Square

London
 Tel: 0207 986 4490

Email: Vassilios.n.maroulis@citi.com
  

Timothy Soe
 33 Canada Square

London
 Tel: 0207 508 6030

Fax: 0203 320 2438
 Email: Timothy.soe@citi.com

 
 Kristie Thornhill

33 Canada Square
 London

Tel: 0207 508 4012
 Email: Kristie.Thornhill@citi.com
	  	 	23,604,706	  	  	 	18,195,294	  	  	 	41,800,000	  

  
 85 

									
	Lender	  	Lending Office	  	 Term
Commitment

($)
	  	 Revolving
Commitment

($)
	  	 Total
Commitment

($)

					
		  	 Operations/administrations:
  

Citibank International Plc Poland Branch
 Loans Operations
Department
 8 CHALUBINSKIEGO Str.
 6th Floor, Warsaw 00-613
 Poland
  

Renata Holboj
 Tel: 0048 22 690 3229

Email: renata.holboj@citi.com
  

Wiktor Susicki
 Tel: 0048 22 692 9079

Email: wiktor.susicki@citi.com
  

Tamara Chlosta
 Tel: 0048 22 657 7195

Email: tamara.chlosta@citi.com
  

Anna Milesiewicz
 Tel: 0048 22 657 7969

Email: anna.malgorzata.cilesiewicz@citi.com
  

Katarzyna Paduchowska
 Tel: 0048 22 657 7872

Email: katarzyna.paduchowska@citi.com
  

Anita Wróblewska-Rączka
 Tel: 0048 22 692 9905

Email: anita.maria.wroblewskaraczka@citi.com
  

Weronika Leśniak
 Tel: 0048 22 657 7856

Email: weronika.lesniak@citi.com
  

Marta Piróg
 Tel: 0048 22 657 7543

Email: marta.pirog@citi.com
  

Fax: +44 207 942 7512/0044 207 655 2380
  

cibuk.loans@citi.com
	  		  		  	

  
 86 

															
	Lender	  	Lending Office	  	 Term
Commitment

($)
	 	  	 Revolving
Commitment

($)
	 	  	 Total
Commitment

($)
	 
					
		  	Sankt Annae Plads 3,	  	 	23,604,706	  	  	 	18,195,294	  	  	 	41,800,000	  
	 Danish Ship Finance A/S (Danmarks Skibskredit A/S)
	  	 1250 Copenhagen K,
 Denmark

 
 Tel: +45 33 33 93 33

Fax: +4533339666
  

Credit Matters:
  

Morten Müller
 Sankt Annae Plads 3,

DK-1250 Copenhagen K,
 Denmark

 
 Tel: +45 33 33 93 33

Fax: +45 33 33 96 66
 Email: mul@shipfinance.dk

 
 Operations/Administrations:

 
 Morten Müller / Tabita Falk Thorsen,

Loan Admin
 Sankt Annae Plads 3,

DK-1250 Copenhagen K,
 Denmark

 
 Tel: +45 33 33 93 33

Email: mul@shipfinance.dk /
 tft@shipfinance.dk /

 loanadmin@shipfinance.dk
	  				  				  			

  
 87 

															
	Lender	  	Lending Office	  	 Term
Commitment

($)
	 	  	 Revolving
Commitment

($)
	 	  	 Total
Commitment

($)
	 
					
	 DNB Bank ASA, London Branch
	  	 8th Floor,

The Walbrook Building
 25 Walbrook

London
 EC4N 8AF

 
 Tel: +44 (0) 207 621 1111

Fax: +44 (0) 207 283 6931
  

Documentation and Signing:
  

Kay Newman
 Tel: +44 (0) 207 621 6040

Email: kay.newman@dnb.no
  

Credit Matters:
  

Hugues Calmet
 Tel: +44 (0) 207 621 6116

Email: hugues.calmet@dnb.no
  

Operations/Administrations:
  

Sarah Sanders
 Tel: +44 (0) 207 621 6092

Fax: +44 (0) 207 283 5935
 Email:
sarah.sanders@dnb.no
	  	 	23,604,706	  	  	 	18,195,294	  	  	 	41,800,000	  
					
	 KBC Bank NV
	  	 Havenlaan 2
 1080 Brussels

Belgium
  

Credit Matters:
  

KBC Bank, BC Antwerp Corporate Branch
 Eiermarkt 20

2000 – Antwerp
 Belgium

 
 Koen Struyf / Dennis Ideler

Tel: +32 3 202 90 81 / +32 3 202 92 33
 Fax: +32 3 202 92 72

E-mail: koen.struyf@kbc.be /

dennis.ideler@kbc.be
  

Operations / Administrations:
 Tamara Demarrez / Guido
Lenaerts
  
 Tel: +32 2 429 08 20 / +32 2 429 42 76

 
 Email: creditadmin.br2@kbc.be
	  	 	23,604,706	  	  	 	18,195,294	  	  	 	41,800,000	  

  
 88 

															
	Lender	  	Lending Office	  	 Term
Commitment

($)
	 	  	 Revolving
Commitment

($)
	 	  	 Total
Commitment

($)
	 
					
	 Belfius Bank SA/NV
	  	 Boulevard Pachéco 44
 100 Brussels

Belgium
  

Tel: +32 2 222 11 11
  

Credit Matters:
  

Erik de Witte
 Tel: +32 2 222 66 26

Email: Erik.DeWitte@Belfius.be
  

Operations/Administrations
  

Nikolaas Poppe/Katrien De Schepper
 Tel: +32 2 222 76 20/+32 2 222
20 69
 Fax: +32 2 222 79 80
 Email:
nikolaas.poppe@belfius.be /
 katrien.deschepper@belfius.be
	  	 	15,021,176	  	  	 	11,578,824	  	  	 	26,600,000	  
					
	 BNP Paribas Fortis SA/NV
	  	 3, Montagne du Parc/1KB1A,
 1000
Brussels,
 Belgium
  

Geert Sterck
 Tel: +32 2 565 2355

Fax: +32 2 565 3403
 Email:
geert.sterck@bnpparibasfortis.com
  
 Laura Falzone

Tel: +32 2 312 07 30
 Fax: +32 2 565 3403

Email: laura.falzone@bnpparibasfortis.com
  

Credit Matters:
  

Julia Andrieu
 16 Rue de Hanovre,

75078 Paris CEDEX 2
 France

 
 Tel: +33 1 42 98 79 45

Fax: +33 1 42 98 61 66
 Email:
julia.andrieu@bnpparibas.com
  
 Valérie Du Bois

3, Montagne du Parc/1KB3D,
 1000 Brussels,

Belgium
  

Tel: +32 2 565 2510
 Fax: +32 2 565 9593

Email: valerie.du.bois@bnpparibasfortis.com
	  	 	15,021,176	  	  	 	11,578,824	  	  	 	26,600,000	  

  
 89 

															
	Lender	  	Lending Office	  	 Term
Commitment

($)
	 	  	 Revolving
Commitment

($)
	 	  	 Total
Commitment

($)
	 
					
		  	 Dirk Janssens
 3, Montagne du Parc/1KB3D,

1000 Brussels,
 Belgium

 
 Tel: +32 2 565 9763

Fax: +32 2 565 0799
 Email:
dirk.j.janssens@bnpparibasfortis.com
  
 Operations / Administrations:

 
 Geert Sterck

3, Montagne du Parc/1KB1A,
 1000 Brussels,

Belgium
  

Tel: +32 2 565 2355
 Fax: +32 2 565 3403

Email: geert.sterck@bnpparibasfortis.com
  

Laura Falzone
 3, Montagne du Parc/1KB1A,

1000 Brussels,
 Belgium

 
 Tel: +32 2 312 07 30

Fax: +32 2 565 3403
  

Email: laura.falzone@bnpparibasfortis.com / bruxelles_bo_export_project_finance.cib@bnpparibasfortis.com
	  				  				  			
					
	 Deutsche Bank AG Filiale Deutschlandgeschäft
	  	 Adolphsplatz 7,
 20457 Hamburg,

Germany
  

Tel: +49 40 3701 3937
 Fax: +49 40 3701 4550

 
 Documentation and Signing:

 
 Stephen Vetter, Coverage Shipping

Tel: +49 40 3701 4646
 Fax: +49 40 3701 4550

Email: stephan.vetter@db.com
	  	 	19,764,706	  	  	 	15,235,294	  	  	 	35,000,000	  

  
 90 

															
	Lender	  	Lending Office	  	 Term
Commitment

($)
	 	  	 Revolving
Commitment

($)
	 	  	 Total
Commitment

($)
	 
					
		  	 Credit Matters:
  

Gordon Böhm, CRM Shipping
 Tel: +49 40 3023 2631

Fax: +49 40 3701 4649
 Email: Gordon.boehm@db.com

 
 Operations/Administrations:

 
 Anja Eggert, Loan Admin Shipping

Sachsenstrasse 11
 20097 Hamburg

Germany
  

Tel: +49 40 3023 2631
 Fax: +49 40 3023 1738

Email: loan.admin-shipping-hh@db.com
	  				  				  			
					
	 ITF International Transport Finance Suisse AG
	  	 Wasserwerkstrasse 12
 8006 Zurich

Switzerland
  

Credit Matters:
  

Natalja Formuzala
 Tel +41 44 365 6113

Fax +41 44 365 6213 |
 Natalja.Formuzala@itf-suisse.com

 
 Operations/Administrations:

 
 George Kyriakatos

Tel +41 44 365 6122 / Fax +41 44 365 6299

TLS.Zurich@itf-suisse.com
	  	 	15,021,176	  	  	 	11,578,824	  	  	 	26,600,000	  

  
 91 

 SCHEDULE 2 

SWAP BANKS 
  

			
	Swap Bank	  	Booking Office
		
	Belfius Bank SA/NV	  	 Dennis Van Landeghem
 Pachecolaan 44

B – 1000 Brussels
  

Tel: +32 (0) 2 222 71 16
  

Email: dennis.vanlandeghem@belfius.be

		
	DNB Bank ASA, London Branch	  	 20 St. Dunstan’s Hill
 London EC3R 8HY

UK
  

Tel +44 207 621 1111
 Fax +44 207 626 5956

Attn: Shipping, Offshore & Logistics Department

		
	ING Bank N.V.	  	 Bijlmerplein 888
 1000BV

Amsterdam
 The Netherlands

 
 Tel: +31 20 56 39102

 
 Email: tba

		
	KBC Bank NV	  	 Havenlaan 2
 1080 Brussels

Belgium
  

Attn: Mr. Joris Vermeulen
  

Tel: +32 2 417 49 61

  
 92 

 SCHEDULE 3 

DRAWDOWN NOTICE 
  

			
	To:	  	ING Bank N.V.
		  	[address]
		
	Attn:	  	Loans Administration

 [—] 

DRAWDOWN NOTICE 
  

	1	We refer to the loan agreement (the “Loan Agreement”) dated [—] 2014 and made between ourselves, as Borrower, the Arrangers, the Lenders referred to
therein, the Swap Banks referred to therein, yourselves as Bookrunner, Agent and Security Trustee in connection with a loan facility of US$340,000,000. Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown
Notice. 

  

	2	We request to borrow an Advance under the [Term Facility in relation to m.v. [—]] [Revolving Credit Facility] as follows: 

 

	(a)	Amount: US$[—]; 

  

	(b)	Drawdown Date: [—]; 

  

	(c)	Duration of the first Interest Period shall be [—] months; 

  

	(d)	Payment instructions: account of [—] and numbered [—] with [—]
of [—]. 

  

	3	We represent and warrant that: 

  

	(a)	the representations and warranties in Clause 10 (Representations and Warranties) of the Loan Agreement would remain true and not misleading if repeated on the date of this notice with reference to the
circumstances now existing; 

  

	(b)	no Event of Default or Potential Event of Default has occurred or will result from the borrowing of the Advance. 

  

	4	This notice cannot be revoked without the prior consent of the Majority Lenders. 

  

	
	[Name of Signatory]
	
	   

	
	 for and on behalf of

EURONAV NV

  
 93 

 SCHEDULE 4 

CONDITION PRECEDENT DOCUMENTS 

PART A 
 The following are the
documents and fees referred to in Clause 9.1(a). 
  

	1	A duly executed original of this Agreement, the Agency and Trust Deed, and the Account Pledge (and in each case, of each document required to be delivered by its terms). 

 

	2	Copies of the certificate of incorporation and constitutional documents of the Borrower and each Security Party. 

  

	3	In each case if required for the provisions of the legal opinions referred to in paragraph 13, copies of the resolutions of the directors and shareholders of the Borrower and each Security Party authorising the
execution of each of the Finance Documents and any Master Agreements to which the Borrower or Security Party (as the case may be) is a party. 

  

	4	The original of any power of attorney under which any Finance Document or any Master Agreement is to be executed on behalf of the Borrower or a Security Party. 

 

	5	The originals of any mandates or other documents required in connection with the opening or operation of the Earnings Account. 

  

	6	Copies of all consents which the Borrower or any Security Party requires to enter into, or make any payment under, any Finance Document, or the Framework Agreement or any MOA. 

 

	7	Copies of the Framework Agreement and of all documents signed or issued by the Borrower, any Security Party or the Seller (or any of them) under or in connection with it. 

 

	8	Such documentary evidence as the Agent and its legal advisers may require in relation to the due authorisation and execution by the relevant Seller of the Framework Agreement and of all documents to be executed by the
Sellers under the Framework Agreement. 

  

	9	Documentary evidence that the agent for service of process named in Clause 30 (Law and Jurisdiction) has accepted its appointment. 

 

	10	The Agent and Lenders have been provided with all information and documentation they have requested in order to carry out and be reasonably satisfied with all necessary “know your customer” or other similar
checks under all applicable laws and regulations pursuant to the transactions contemplated by this Agreement and to satisfy all internal compliance policies of the Agent and the Lenders in relation to “know you customer” requirements.

  

	11	The Agent has received all fees pursuant to the fee letter or letters separately agreed between the Borrower and the Agent. 

  

	12	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of England, Belgium, The Netherlands and such other relevant jurisdictions as the Agent may require. 

Each copy document delivered under this Schedule 4 shall be certified as a true and up to date copy by a director or secretary (or equivalent officer) or an
attorney-in-fact of the Borrower. 

  
 94 

 PART B 

The following are the documents referred to in Clause 9.1(b). 
  

	1	A duly executed original of the Mortgage, the Deed of Covenant (if applicable) and the General Assignment in relation to the each Existing Ship and, if any Master Agreement has been or will be entered into on or prior
to the Drawdown Date, the original of a Master Agreement Assignment in relation to such Master Agreement (and of each document required to be delivered by their respective terms). 

 

	2	Evidence that any existing Security over the Existing Ships (including any mortgages) has been released. 

  

	3	In each case if required for the provisions of the legal opinions referred to in paragraph 10, copies of the resolutions of the directors and shareholders of the Borrower authorising the execution of the Finance
Documents and any Master Agreement entered into on or prior to the Drawdown Date. 

  

	4	The original of any power of attorney under which any Finance Document or any Master Agreement is to be executed on behalf of the Borrower. 

 

	5	Copies of all consents which the Borrower or any Security Party requires to enter into, or make any payment under, any Finance Document or any Master Agreement entered into on or prior to the Drawdown Date not already
provided under Part A of this Schedule. 

  

	6	The Agent and Lenders have been provided with all information and documentation they have requested in order to carry out and be reasonably satisfied with all further necessary “know your customer” or other
similar checks under all applicable laws and regulations pursuant to the transactions contemplated by this Agreement and to satisfy all internal compliance policies of the Agent and the Lenders in relation to “know you customer”
requirements. 

  

	7	Documentary evidence that: 

  

	(a)	each Existing Ship is definitively and permanently registered in the name of the Borrower under the relevant Approved Flag; 

  

	(b)	each Existing Ship is in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance Documents; 

  

	(c)	each Existing Ship maintains class acceptable to the Agent free of all overdue recommendations and conditions of an Approved Classification Society; 

 

	(d)	the Mortgage in relation to each Existing Ship has been duly registered against such Ship as a valid first priority or preferred (as the case may be) ship mortgage in accordance with the laws of the relevant Approved
Flag; and 

  

	(e)	each Existing Ship is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with. 

 

	8	Documents establishing that each Existing Ship is managed by the Approved Manager on terms acceptable to the Lenders, together with: 

 

	(a)	the Manager’s Undertaking in respect of the Ship; and 

  

	(b)	copies of the relevant Approved Manager’s Document of Compliance and of each Existing Ship’s Safety Management Certificate (together with any other details of the applicable safety management system which the
Agent requires) and of each Existing Ship’s ISSC. 

  
 95 

	9	Valuations of each Existing Ship to determine its Fair Market Value, addressed to the Agent and the Lenders, stated to be for the purposes of this Agreement and dated not earlier than the date falling 30 days prior to
the Drawdown Date and obtained in accordance with Clause 15 (Security Cover) and showing that upon the drawdown of Advances relating to the Existing Ships, the Borrower will be in compliance with Clause 15 (Security Cover).

  

	10	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of England, Belgium and, if a different jurisdiction, the country where each Existing Ship is registered and such other
relevant jurisdictions as the Agent may require. 

  

	11	A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances for the Existing Ships as the Agent may require. 

 

	12	If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent. 

Each copy document delivered under this Schedule 4 shall be certified as a true and up to date copy by a director or secretary (or equivalent officer) or an
attorney-in-fact of the Borrower. 

  
 96 

 PART C 

The following are the documents referred to in Clause 9.1(c). References to the “Ship” mean the particular Acquisition Ship to which the
Advance relates. 
  

	1	A duly executed original of the Mortgage, the Deed of Covenant (if applicable) and the General Assignment in relation to the Ship and, if any Master Agreement has been or will be entered into on or prior to the Drawdown
Date, the original of a Master Agreement Assignment in relation to such Master Agreement (and of each document required to be delivered by their respective terms). 

 

	2	In each case if required for the provisions of the legal opinions referred to in paragraph 11, copies of the resolutions of the directors and shareholders of the Borrower authorising the execution of the Finance
Documents and of any Master Agreement entered into on or prior to the relevant Drawdown Date. 

  

	3	The original of any power of attorney under which any Finance Document or Master Agreement is to be executed on behalf of the Borrower. 

 

	4	Copies of all consents which the Borrower or any Security Party requires to enter into, or make any payment under, any Finance Document, any Master Agreement entered into on or prior to the Drawdown Date or any MOA not
already provided under Parts A or B of this Schedule. 

  

	5	The Agent and Lenders have been provided with all information and documentation they have requested in order to carry out and be reasonably satisfied with all further necessary “know your customer” or other
similar checks under all applicable laws and regulations pursuant to the transactions contemplated by this Agreement and to satisfy all internal compliance policies of the Agent and the Lenders in relation to “know you customer”
requirements. 

  

	6	Documentary evidence that: 

  

	(a)	the Ship is definitively and permanently registered in the name of the Borrower under the relevant Approved Flag; 

  

	(b)	the Ship is in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance Documents; 

  

	(c)	the Ship maintains class acceptable to the Agent free of all overdue recommendations and conditions of an Approved Classification Society; 

 

	(d)	the Mortgage in relation to it has been duly registered against the Ship as valid first priority or preferred (as the case may be) ship mortgage in accordance with the laws of the relevant Approved Flag; and

  

	(e)	the Ship is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with. 

 

	7	Documents establishing that the Ship will, as from the relevant Drawdown Date, be managed by the Approved Manager on terms acceptable to the Lenders, together with: 

 

	(a)	the Manager’s Undertaking in respect of the Ship; and 

  

	(b)	copies of the relevant Approved Manager’s Document of Compliance and of the Ship’s Safety Management Certificate (together with any other details of the applicable safety management system which the Agent
requires) and the Ship’s ISSC. 

  
 97 

	8	A valuation of the Ship to determine its Fair Market Value, addressed to the Agent and the Lenders, stated to be for the purposes of this Agreement and dated not earlier than the date falling 30 days prior to the
Drawdown Date for the Advance and obtained in accordance with Clause 15 (Security Cover) and showing that upon the drawdown of the Advance, the Borrower will be in compliance with Clause 15 (Security Cover). 

 

	9	Copies of the relevant MOA and of all documents signed or issued by the Borrower or the Seller under or in connection with it. 

  

	10	Such documentary evidence as the Agent and its legal advisers may require in relation to the due authorisation and execution by the relevant Seller of each MOA and of all documents to be executed by the Sellers under
the relevant MOA. 

  

	11	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of England, Belgium and, if a different jurisdiction, the country where the Ship is to be registered and such other
relevant jurisdictions as the Agent may require. 

  

	12	A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances for the relevant Ship as the Agent may require. 

 

	13	If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent. 

Each copy document delivered under this Schedule 4 shall be certified as a true and up to date copy by a director or secretary (or equivalent officer) or an
attorney-in-fact of the Borrower. 

  
 98 

 SCHEDULE 5 

TRANSFER CERTIFICATE 
 The Transferor
and the Transferee accept exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory requirements applicable to them respectively. 

 

	To:	[Name of Agent] for itself and for and on behalf of the Borrower, each Security Party, the Security Trustee, each Lender, each Swap Bank and each Arranger, as defined in the Loan Agreement referred to below.

  

	1	This Certificate relates to a loan agreement (the “Loan Agreement”) dated [—] 2014 and made between (1) Euronav NV (the
“Borrower”), (2) the banks and financial institutions named therein as Lenders, (3) the banks and financial institutions named therein as Swap Banks, (4) the Arrangers as defined therein and (5) ING Bank N.V. as
Bookrunner, Agent and Security Trustee for a loan facility of US$340,000,000. 

  

	2	In this Certificate, terms defined in the Loan Agreement shall, unless the contrary intention appears, have the same meanings and: 

“Relevant Parties” means the Agent, the Borrower, each Security Party, the Security Trustee, each Arranger and each Lender and
each Swap Bank; 
 “Transferor” means [full name] of [lending office]; and 

“Transferee” means [full name] of [lending office]. 
  

	3	The effective date of this Certificate is [—] Provided that this Certificate shall not come into effect unless it is signed by the Agent on or before that date.

  

	4	The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent) which the Transferor has as Lender under or by virtue of the Loan Agreement and every other Finance Document
in relation to [—] per cent. of its Contribution, which percentage represent $[—]. 

 

	5	By virtue of this Transfer Certificate and Clause 26 (Transfers and Changes in Lending Offices) of the Loan Agreement, the Transferor is discharged [entirely from its Commitment which amount to $[—] [from [—] per cent. of its Commitment, which percentage represent $[—]], and the Transferee
acquires a Commitment of $[—]. 

  

	6	The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will observe and perform all the obligations under the Finance Documents which Clause 26 (Transfers and Changes in
Lending Offices) of the Loan Agreement provides will become binding on it upon this Certificate taking effect. 

  

	7	The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself and for and on behalf of every other Relevant Party, this Certificate as a Transfer Certificate taking effect in
accordance with Clause 26 (Transfers and Changes in Lending Offices) of the Loan Agreement. 

  
 99 

	8	The Transferor: 

  

	(a)	warrants to the Transferee and each Relevant Party that: 

  

	 	(i)	the Transferor has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which are required in connection with this transaction; and 

 

	 	(ii)	this Certificate is valid and binding as regards the Transferor; 

  

	(b)	warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to all the rights and interests covered by the assignment in paragraph 4; and 

 

	(c)	undertakes with the Transferee that the Transferor will, at its own expense, execute any documents which the Transferee reasonably requests for perfecting in any relevant jurisdiction the Transferee’s title under
this Certificate or for a similar purpose. 

  

	9	The Transferee: 

  

	(a)	confirms that it has received a copy of the Loan Agreement and each other Finance Document; 

  

	(b)	agrees that it will have no rights of recourse on any ground against either the Transferor, the Agent, the Security Trustee, any Arranger, any Lender or any Swap Bank in the event that: 

 

	 	(i)	any of the Finance Documents prove to be invalid or ineffective, 

  

	 	(ii)	the Borrower or any Security Party fails to observe or perform its obligations, or to discharge its liabilities, under any of the Finance Documents; 

 

	 	(iii)	it proves impossible to realise any asset covered by a Security Interest created by a Finance Document, or the proceeds of such assets are insufficient to discharge the liabilities of the Borrower or any Security Party
under the Finance Documents; 

  

	(c)	agrees that it will have no rights of recourse on any ground against the Agent, the Security Trustee, any Arranger, any Lender or any Swap Bank in the event that this Certificate proves to be invalid or ineffective;

  

	(d)	warrants to the Transferor and each Relevant Party that: 

  

	 	(i)	it has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which it needs to take or obtain in connection with this transaction; and 

 

	 	(ii)	this Certificate is valid and binding as regards the Transferee; and 

  

	(e)	confirms the accuracy of the administrative details set out below regarding the Transferee. 

  

	10	The Transferor and the Transferee each undertake with the Agent and the Security Trustee severally, on demand, fully to indemnify the Agent and/or the Security Trustee in respect of any claim, proceeding, liability or
expense (including all legal expenses) which they or either of them may incur in connection with this Certificate or any matter arising out of it, except such as are shown to have been mainly and directly caused by the gross and culpable negligence
or dishonesty of the Agent’s or the Security Trustee’s own officers or employees. 

  

	11	 The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor under paragraph 10 as exceeds one-half of the amount
demanded by the Agent or the Security Trustee in respect of a claim, proceeding, liability or expense which was not 

  
 100 

	 	
reasonably foreseeable at the date of this Certificate; but nothing in this paragraph shall affect the liability of each of the Transferor and the Transferee to the Agent or the Security Trustee
for the full amount demanded by it. 

  

	12	The Transferee confirms to the Transferor and each of the Creditor Parties that it: 

  

	(a)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of the Borrower and its related entities in connection with its participation in the Loan and
has not relied exclusively on any information provided to it by the Transferor or any other Creditor Party in connection with any Finance Document or the Security Interests created by the Finance Documents; and 

 

	(b)	will continue to make its own independent appraisal of the creditworthiness of the Borrower and its related entities throughout the Security Period. 

 

	13	The Transferor makes no representation or warranty and assumes no responsibility to the Transferee for 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. 

  

					
	[Name of Transferor]	 		 	[Name of Transferee]
			
	By:	 		 	By:
			
	Date:	 		 	Date:

  

	
	Agent
	
	Signed for itself and for and on behalf of itself as Agent and for every other Relevant Party
	
	[Name of Agent]
	
	By:
	
	Date:

  
 101 

 Administrative Details of Transferee 

Name of Transferee: 
 Lending Office: 

Contact Person 
 (Loan Administration Department): 

Telephone: 
 Telex: 

Fax: 
 Contact Person 

(Credit Administration Department): 
 Telephone: 

Telex: 
 Fax: 

Account for payments: 
  

			
	Note:	  	This Transfer Certificate alone may not be sufficient to transfer a proportionate share of the Transferor’s interest in the security constituted by the Finance Documents in the Transferor’s or Transferee’s
jurisdiction. It is the responsibility of each Lender to ascertain whether any other documents are required for this purpose.

  
 102 

 SCHEDULE 6 

DETAILS OF SHIPS 
 PART
A 
 EXISTING SHIPS 
  

																	
	 Ship name
	  	Built	  	Flag	  	Maximum
Revolving
Advance	 	  	Maximum
Term
Advance	 	  	Maximum
aggregate
Advances per
Existing Ship	 
	 CAP FELIX
	  	2008	  	Belgian	  	$	13,155,556	  	  	$	17,066,667	  	  	$	30,222,223	  
	 CAP THEODORA
	  	2008	  	Greek	  	$	13,155,556	  	  	$	17,066,667	  	  	$	30,222,223	  
	 FELICITY
	  	2009	  	Belgian	  	$	13,977,778	  	  	$	18,133,333	  	  	$	32,111,111	  
	 FRATERNITY
	  	2009	  	Belgian	  	$	13,977,778	  	  	$	18,133,333	  	  	$	32,111,111	  

 PART B 

ACQUISITION SHIPS 
  

																			
	 Ship name
	  	Built	  	Flag	  	Maximum
Revolving	 	  	Maximum
Term	 	  	Maximum
aggregate
Advance per	 
	 Prior to acquisition by the Borrower
	  	 To be named
	  	  	  	Advance	 	  	Advance	 	  	Acquisition Ship	 
	 MAERSK HAKATA
	  	HAKATA	  	2010	  	French	  	$	21,925,926	  	  	$	28,444,444	  	  	$	50,370,370	  
	 MAERSK HAKONE
	  	HAKONE	  	2010	  	Greek	  	$	21,925,926	  	  	$	28,444,444	  	  	$	50,370,370	  
	 MAERSK HIRADO
	  	HIRADO	  	2011	  	Greek	  	$	23,570,370	  	  	$	30,577,778	  	  	$	54,148,148	  
	 MAERSK HOJO
	  	HOJO	  	2013	  	Belgian	  	$	26,311,110	  	  	$	34,133,334	  	  	$	60,444,444	  

  
 103 

 SCHEDULE 7 

DESIGNATION NOTICE 
  

	To:	ING Bank N.V. 

 [date] 

Dear Sirs 
 Loan Agreement dated [—] 2014 made between (i) Euronav NV as Borrower, (ii) the Lenders as referred to therein, (iii) the Swap Banks as referred to therein, (iv) the Arrangers as referred to
therein and (v) yourselves as Bookrunner, Agent and Security Trustee for a loan facility of up to US$340,000,000 (the “Loan Agreement”) 

We refer to: 
  

	1	the Loan Agreement; 

  

	2	the Master Agreement dated as of [—] made between [—] [and
[—]]; and 

  

	3	a Confirmation delivered pursuant to the said Master Agreement dated [—] and addressed by [—] to [—]. 

 In accordance with the terms of the Loan Agreement, we hereby give you notice of the said
Confirmation and hereby confirm that the Transaction evidenced by it will be designated as a “Designated Transaction” for the purposes of the Loan Agreement and the Finance Documents. 

Yours faithfully 
  

					
	  
	 		 	  

	for and on behalf of	 		 	for and on behalf of
	EURONAV NV	 		 	[SWAP BANK]

  
 104 

 SCHEDULE 8 

FORM OF CERTIFICATE OF COMPLIANCE 
  

			
	To:	  	ING Bank N.V.
		
	From:	  	Euronav NV

 [Date] 

OFFICER’S CERTIFICATE 
 This
Certificate is rendered pursuant to clause 11.5(e) of the loan agreement dated [—] 2014 (the “Loan Agreement”) and entered into between (i) Euronav NV as Borrower,
(ii) the banks and financial institutions listed in Schedule 1 therein as Lenders, (iii) the banks and financial institutions listed in Schedule 2 therein as Swap Banks, (iv) the Arrangers as referred to therein and (v) ING Bank
NV as Bookrunner, Agent and Security Trustee, relating to a loan facility of US$340,000,000. Words and expressions defined in the Loan Agreement shall have the same meanings when used herein. 

I, the Chief Financial Officer of Euronav NV, hereby certify that: 
  

	1	Attached to this Certificate [are][is] the latest [audited consolidated accounts of the Euronav Group and audited individual accounts of Euronav NV for the financial year ending on
[—]] [unaudited consolidated balance sheet of the Euronav Group and the unaudited individual balance sheet of Euronav NV in relation to the [first] [second] six months of the financial year ending
on [—]] (the “Accounts”). 

  

	2	Set out below are the respective amounts, in US Dollars, of the Cash, Consolidated Current Assets, Consolidated Current Liabilities, Free Liquid Assets, Stockholders’ Equity, Total Assets and Total Indebtedness of
the Euronav Group as at [—]: 

  

					
	 	  	US Dollars	 
	 Cash
	  	 	[—	] 
	 Consolidated Current Assets
	  	 	[—	] 
	 Consolidated Current Liabilities
	  	 	[—	] 
	 Free Liquid Assets
	  	 	[—	] 
	 Stockholders’ Equity
	  	 	[—	] 
	 Total Assets
	  	 	[—	] 
	 Total Indebtedness
	  	 	[—	] 

  

	3	Accordingly, as at the date of this Certificate the financial covenants set out in clause 12.5 of the Loan Agreement [are] [are not] complied with, in that as at [—]:

  

	(a)	Consolidated Working Capital is US$[—]; 

  

	(b)	Free Liquid Assets are US$[—]; 

  

	(c)	Cash is US$[—]; and 

  
 105 

	(d)	the ratio of Stockholders’ Equity to Total Assets is [—] per cent.; 

[or, as the case may be, specify in what respect any of the financial covenants are not complied with.] 

 

	4	As at [—] no Event of Default has occurred and is continuing. 

[or, specify/identify any Event of Default] 

We are in compliance with clause 15.1 of the Loan Agreement. 

[If not, specify this and what is proposed as regards Clause 15.2] 

The Fair Market Value of the Ships which are subject to a Mortgage is as follows as at [date]: 

 

							
	Name of Ship	  	Name of first shipbroker
providing valuation	  	Name of second shipbroker
providing valuation	  	Average market value
				
	[—]	  	[—]	  	[—]	  	[—]

  

	
	  

	
	Chief Financial Officer
	EURONAV NV
	
	Note: Supporting Schedules to be attached.

  
 106 

 SCHEDULE 9 

MANDATORY COST FORMULA 
  

	1	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Financial Services Authority (or any other authority which replaces all or
any of its functions) or (b) the requirements of the European Central Bank. 

  

	2	On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each Lender, in accordance with the
paragraphs set out below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage participation of each Lender in the relevant Advance) and will be
expressed as a percentage rate per annum. 

  

	3	The Additional Cost Rate for any Lender lending from a lending office in a Participating Member State will be the percentage notified by that Lender to the Agent. This percentage will be certified by that Lender in its
notice to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Advances made from that lending office) of complying with the minimum reserve requirements of the European
Central Bank in respect of loans made from that lending office. 

  

	4	The Additional Cost Rate for any Lender lending from a lending office in the United Kingdom will be calculated by the Agent as follows: 

 

			
	 E x 0.01
	 	per cent. per annum
	 300
	 

 Where: 
  

	 	E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent as being the average of the most recent rates of charge supplied by the Reference Banks to the Agent pursuant to
paragraph 6 below and expressed in pounds per £1,000,000. 

  

	5	For the purposes of this Schedule: 

  

	(a)	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank
of England; 

  

	(b)	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in respect of the payment of fees for the
acceptance of deposits; 

  

	(c)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking
into account any applicable discount rate); 

  

	(d)	“Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to
European Monetary Union; and 

  

	(e)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

  
 107 

	6	If requested by the Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the Agent, the rate of charge payable by that Reference Bank to the Financial
Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank
for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank. 

  

	7	Each Lender shall supply any information required by the Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each Lender shall supply the following information in
writing on or prior to the date on which it becomes a Lender: 

  

	(a)	the jurisdiction of its lending office; and 

  

	(b)	any other information that the Agent may reasonably require for such purpose. 

 Each Lender
shall promptly notify the Agent in writing of any change to the information provided by it pursuant to this paragraph. 
  

	8	The rates of charge of each Reference Bank for the purpose of E above shall be determined by the Agent based upon the information supplied to it pursuant to paragraph 6 above and on the assumption that, unless a Lender
notifies the Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a lending office in the same jurisdiction
as its lending office. 

  

	9	The Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume that the information provided by any
Lender or Reference Bank pursuant to paragraphs 3, 6 and 7 above is true and correct in all respects. 

  

	10	The Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based on the information provided by each Lender and
each Reference Bank pursuant to paragraphs 3, 6 and 7 above. 

  

	11	Any determination by the Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence of manifest error, be conclusive and
binding on all parties. 

  

	12	The Agent may from time to time, after consultation with the Borrower and the Lenders, determine and notify to all parties any amendments which are required to be made to this Schedule in order to comply with any change
in law, regulation or any requirements from time to time imposed by the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination shall, in
the absence of manifest error, be conclusive and binding on all parties. 

  
 108 

 EXECUTION PAGES 
  

							
	BORROWER	  		  		  	
			
	 SIGNED by
  

for and on behalf of

EURONAV NV
 in the presence of:

	  	 )

)
 )

)
 )
	  	

 
	  	  
	  	  
	  	  
	  	  
	  	
				
	LENDERS	  		  		  	
				
	SIGNED by	  	)	  	

 	  	Charlotte Turner
		  	)	  	  	Attorney-in Fact
	for and on behalf of	  	)	  	  	
	ING BANK N.V.	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  	  	
	  	 Harry Walker
	  	
	  	 Trainee Solicitor
	  	
	  	 15 Appold Street
	  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

 	  	
		  	)	  	  	Charlotte Turner
	for and on behalf of	  	)	  	  	Attorney-in Fact
	BELFIUS BANK SA/NV	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  	  	
	  	 Harry Walker
	  	
	  	 Trainee Solicitor
	  	
	  	 15 Appold Street
	  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

 	  	
		  	)	  	  	Charlotte Turner
	for and on behalf of	  	)	  	  	Attorney-in Fact
	BNP PARIBAS FORTIS SA/NV	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  	  	
	  	 Harry Walker
	  	
	  	 Trainee Solicitor
	  	
	  	 15 Appold Street
	  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

 	  	
		  	)	  	  	Charlotte Turner
	for and on behalf of	  	)	  	  	Attorney-in Fact
	CITIBANK NA, LONDON BRANCH	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker

	  	 Trainee Solicitor

	  	 15 Appold Street

	  	 London EC2A 2HB

  
 109 

							
	SIGNED by	  	)	  	

 	  	
		  	)	  	  	
	for and on behalf of	  	)	  	  	Charlotte Turner
	DANISH SHIP FINANCE A/S (DANMARKS	  	) 	  	  	Attorney-in Fact
	SKIBSKREDIT A/S)	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

 	  	
		  	)	  	  	
	for and on behalf of	  	)	  	  	Charlotte Turner
	DEUTSHE BANK AG FILIALE	  	) 	  	  	Attorney-in Fact
	DEUTSCHLANDGESCHÄFT	  	) 	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

 	  	Charlotte Turner
		  	)	  	  	Attorney-in Fact
	for and on behalf of	  	)	  	  	
	DNB BANK ASA, LONDON BRANCH	  	) 	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

 	  	
		  	)	  	  	Charlotte Turner
	for and on behalf of	  	)	  	  	Attorney-in Fact
	ITF INTERNATIONAL TRANSPORT	  	) 	  	  	
	FINANCE SUISSE AG	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

 	  	
		  	)	  	  	Charlotte Turner
	for and on behalf of	  	)	  	  	Attorney-in Fact
	KBC BANK NV	  	) 	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	

  
 110 

							
	SWAP BANKS	  		  		  	
				
	SIGNED by	  	)	  	

	  	
		  	)	  	  	Charlotte Turner
	for and on behalf of	  	)	  	  	Attorney-in Fact
	ING BANK N.V.	  	) 	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

	  	
		  	)	  	  	Charlotte Turner
	for and on behalf of	  	)	  	  	Attorney-in Fact
	BELFIUS BANK SA/NV	  	) 	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

	  	
		  	)	  	  	Charlotte Turner
	for and on behalf of	  	)	  	  	Attorney-in Fact
	DNB BANK ASA, LONDON BRANCH	  	) 	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

	  	Charlotte Turner
		  	)	  	  	Attorney-in Fact
	for and on behalf of	  	)	  	  	
	KBC BANK NV	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	

  
 111 

							
	MANDATED LEAD ARRANGERS	  		  		  	
				
	SIGNED by	  	)	  	

	  	Charlotte Turner
		  	)	  	  	Attorney-in Fact
	for and on behalf of	  	)	  	  	
	ING BANK N.V.	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

	  	Charlotte Turner
		  	)	  	  	Attorney-in Fact
	for and on behalf of	  	)	  	  	
	CITIBANK NA, LONDON BRANCH	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB

				
	SIGNED by	  	)	  	

	  	Charlotte Turner
		  	)	  	  	Attorney-in Fact
	for and on behalf of	  	)	  	  	
	DANISH SHIP FINANCE A/S (DANMARKS	  	)	  	  	
	SKIBSKREDIT A/S)	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

	  	Charlotte Turner
		  	)	  	  	Attorney-in Fact
	for and on behalf of	  	)	  	  	
	DNB BANK ASA, LONDON BRANCH	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

	  	Charlotte Turner
		  	)	  	  	Attorney-in Fact
	for and on behalf of	  	)	  	  	
	KBC BANK NV	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	

  
 112 

							
	LEAD ARRANGERS	  		  		  	
				
	SIGNED by	  	)	  	

	  	
		  	)	  	  	Charlotte Turner
	for and on behalf of	  	)	  	  	Attorney-in Fact
	BELFIUS BANK SA/NV	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  	
	  	 Trainee Solicitor
	  	
	  	 15 Appold Street
	  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

	  	
		  	)	  	  	Charlotte Turner
	for and on behalf of	  	)	  	  	Attorney-in Fact
	BNP PARIBAS FORTIS SA/NV	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  	
	  	 Trainee Solicitor
	  	
	  	 15 Appold Street
	  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

	  	
		  	)	  	  	
	for and on behalf of	  	)	  	  	Charlotte Turner
	DEUTSCHE BANK AG FILIALE	  	) 	  	  	Attorney-in Fact
	DEUTSCHLANDGESCHÄFT	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  	
	  	 Trainee Solicitor
	  	
	  	 15 Appold Street
	  	
	  	 London EC2A 2HB
	  	
				
	SIGNED by	  	)	  	

	  	Charlotte Turner
		  	)	  	  	Attorney-in Fact
	for and on behalf of	  	)	  	  	
	ITF INTERNATIONAL TRANSPORT FINANCE	  	)	  	  	
	SUISSE AG	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  	
	  	 Trainee Solicitor
	  	
	  	 15 Appold Street
	  	
	  	 London EC2A 2HB
	  	
				
	BOOKRUNNER	  		  		  	
				
	SIGNED by	  	)	  	

	  	Charlotte Turner
		  	)	  	  	Attorney-in Fact
	for and on behalf of	  	)	  	  	
	ING BANK N.V.	  	)	  		  	
	in the presence of:	  	)	  		  	
	

	  		  		  	
	  	 Harry Walker
	  	
	  	 Trainee Solicitor
	  	
	  	 15 Appold Street
	  	
	  	 London EC2A 2HB
	  	

  
 113 

							
	AGENT	  		  		  	
				
	SIGNED by	  	)	  	

 	  	
		  	)	  	  	Charlotte Turner
	for and on behalf of	  	)	  	  	Attorney-in Fact
	ING BANK N.V.	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	
	SECURITY TRUSTEE	  		  	 

 
	  	
	  
 SIGNED by
	  	  
 )
	  	  	
		  	)	  	  	Charlotte Turner
	for and on behalf of	  	)	  	  	Attorney-in Fact
	ING BANK N.V.	  	)	  	  	
	in the presence of:	  	)	  	  	
	

	  		  		  	
	  	 Harry Walker
	  		  	
	  	 Trainee Solicitor
	  		  	
	  	 15 Appold Street
	  		  	
	  	 London EC2A 2HB
	  	

  
 114

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