Document:

Exhibit 10.16

 

Execution Form

 

 

Dated 31 March 2017

 

$76,000,000

$ 26,750,000 outstanding

 

AMENDMENT TO TERM LOAN FACILITY

 

fiorano
SHIPHOLDING LIMITED

as Borrower

 

and

 

EURONAV
NV

as Guarantor

 

and

 

the bank
of nova scotia

as Agent

and as Security Trustee

 

amending
and restating AGREEMENT

 

relating to

the financing of

m.t. "CAPTAIN MICHAEL"

 

 

 

     

     

    

 

Index

 

	Clause	 	Page
	 	 	 
	1	Definitions and Interpretation	1
	2	Agreement of the Creditor Parties	3
	3	Conditions Precedent	4
	4	Representations	4
	5	Amendment and Restatement of Loan Agreement and other Finance Documents	4
	6	Accession by Guarantor as new Borrower	5
	7	Further Assurance	5
	8	Costs and Expenses	6
	9	Notices	6
	10	Counterparts	6
	11	Governing Law	6
	12	Enforcement	7
	 	 	 
	Schedules	 
	 	 
	Schedule 1 The Lenders	8
	Schedule 2 Conditions Precedent	9
	 	 
	Execution	 
	 	 
	Execution Pages	10

 

Appendices

 

Appendix Part A Form of Amended and Restated
Loan Agreement marked to indicate amendments to the Loan Agreement

Appendix Part B Form of clean copy Amended
and Restated Loan Agreement

 

     

     

    

 

THIS AGREEMENT is made on 31
March 2017

 

PARTIES

 

		(1)	FIORANO SHIPHOLDING LIMITED, a company incorporated in Hong Kong whose registered office
is at Room 2503-05, 25th Floor, Harcourt House, No.39 Gloucester Road, Wanchai, Hong Kong as borrower (the "Borrower")

 

		(2)	EURONAV NV, a company incorporated in Belgium whose registered office is at Gerlachekaai
20, B-2000 Antwerp, Belgium as the guarantor (the "Guarantor")

 

		(3)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Lenders) as lenders (the "Lenders")

 

		(4)	THE BANK OF NOVA SCOTIA, as agent of the other Creditor Parties (the "Agent")

 

		(5)	THE BANK OF NOVA SCOTIA, as security trustee for the Creditor Parties (the "Security
Trustee")

 

BACKGROUND

 

		(A)	By the Loan Agreement, the Lenders agreed to make available to the Borrower a facility of (originally)
up to $76,000,000 of which $26,750,000 is outstanding at the date of this Agreement.

 

		(B)	The Borrower and the Guarantor have requested that the Lenders agree to, inter alia:

 

		(i)	the sale of the Ship to the Guarantor;

 

		(ii)	the release of the Borrower from all its obligations under the Loan Agreement and the release of
all Security Interests created by it in favour of the Security Trustee under the Finance Documents;

 

		(iii)	the accession of the Guarantor to the Loan Agreement as the replacement borrower;

 

		(iv)	the release of the Guarantor from all its liabilities and obligations to the Creditor Parties under
the Euronav Guarantee; and

 

		(v)	take Security Interests over the Ship immediately upon ownership by the Guarantor as replacement
borrower.

 

		(C)	This Agreement sets out the terms and conditions on which the Lenders and the other Creditor Parties
agree, with effect on and from the Effective Date, to the above requests and to the consequential amendment of the Loan Agreement
and the Agency and Trust Deed in connection with those matters.

 

OPERATIVE
PROVISIONS

 

		1	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

"Agency
and Trust Deed" means the agency and trust deed dated 23 October 2008 and made between, (i) the Borrower, (ii)
the Lenders, (iii) the Agent and (iv) the Security Trustee.

 

     

     

    

 

"Amended
and Restated Loan Agreement" means the Loan Agreement as amended and restated by this Agreement in the form set
out in the Appendix.

 

"Authorisation"
means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, legalisation or registration.

 

"Effective
Date" means the date on which the conditions precedent in Clause 3 (Conditions Precedent) are satisfied.

 

"Euronav
Guarantee" means the guarantee dated 23 October 2008 and made between the Guarantor and the Security Trustee.

 

"Existing
Account Security Deed" means the account security deed in respect of the earnings account of the Borrower dated
23 October 2008 and made between the Borrower and the Security Trustee.

 

"Existing
Finance Documents" means each of the Euronav Guarantee, the Existing Account Security Deed, the Existing Mortgage
and the Existing General Assignment and an "Existing Finance Document"
means any one of them.

 

"Existing
General Assignment" means the general assignment in respect of the Ship dated 31 January 2012 and made between
(i) the Borrower and (ii) the Security Trustee.

 

"Existing
Mortgage" means the first preferred Greek mortgage over the Ship dated 31 January 2012 and made between the Borrower
and Scotiabank (Ireland) Limited as mortgagee.

 

"Loan
Agreement" means the loan agreement dated 23 October 2008 (as amended and supplemented by a supplemental letter
dated 30 January 2017 and may be supplemented or amended from time to time) and made between (i) the Borrower, (ii) the Lenders,
(iii) the Agent and (iv) the Security Trustee.

 

"New
Accounts Security Deed" means the account security deed in respect of the earnings account of the Guarantor as
replacement borrower to be entered into between the Guarantor as replacement borrower and the Security Trustee.

 

"New
Finance Documents" means each of the New Accounts Security Deed, the New Mortgage and the New General Assignment
and a "New Finance Document" means any one of
them.

 

"New
General Assignment" means the general assignment in respect of the Ship to be entered into between (i) the Guarantor
as replacement borrower, (ii) the Security Trustee and (iii) the Lenders.

 

"New
Mortgage" means the first preferred Greek mortgage over the Ship to be entered into between the Guarantor as replacement
borrower and Scotiabank (Ireland) Designated Activity Company as mortgagee.

 

"Party"
means a party to this Agreement.

 

"Transaction
Security" means the Security created or evidenced or expressed to be created or evidenced under the Security Documents.

 

		1.2	Defined expressions

 

Defined expressions in the Loan
Agreement and the other Finance Documents shall have the same meanings when used in this Agreement unless the context otherwise
requires or unless otherwise defined in this Agreement.

 

    2

     

    

 

		1.3	Application of construction and interpretation provisions of Loan Agreement

 

Clause 1.2 (construction)
of the Loan Agreement applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.

 

		1.4	Agreed forms of new, and supplements to, Finance Documents

 

References in Clause 1.1 (Definitions)
to any new or supplement to a Finance Document being in "agreed form" are to that Finance Document:

 

		(a)	in a form attached to a certificate dated the same date as this Agreement (and signed by the Borrower
and the Agent); or

 

		(b)	in any other form agreed in writing between the Borrower and the Agent acting with the authorisation
of the Majority Lenders or, where clause 29.2 (Variations, waivers etc. requiring the agreement of all Lenders) of the Loan
Agreement applies, all the Lenders.

 

		1.5	Designation as a Finance Document

 

The Borrower and the Agent designate
this Agreement as a Finance Document.

 

		1.6	Third party rights

 

Unless provided to the contrary
in a Finance Document, a person who is not a Party has no right under the Third Parties Act to enforce or to enjoy the benefit
of any term of this Agreement.

 

		2	Agreement of the Creditor Parties

 

		2.1	Agreement of the Lenders

 

The Lenders agree, subject to
and upon the terms and conditions of this Agreement, to:

 

		(i)	the sale of the Ship to the Guarantor;

 

		(ii)	the accession of the Guarantor to the Loan Agreement as the replacement borrower;

 

		(iii)	the release of the Borrower from all its obligations under the Loan Agreement and the release of
all Security Interests created by it in favour of the Security Trustee under the Finance Documents;

 

		(iv)	the release of the Guarantor from all its liabilities and obligations to the Creditor Parties under
the Euronav Guarantee; and

 

		(v)	take Security Interests over the Ship immediately upon ownership by the Guarantor as replacement
borrower.

 

		2.2	Agreement of the Creditor Parties

 

The Creditor Parties agree, subject
to and upon the terms and conditions of this Agreement, to the consequential amendment of the Loan Agreement and the other Finance
Documents in connection with the matters referred to in Clause 2.1 (Agreement of the Lenders).

 

    3

     

    

 

		2.3	Effective Date

 

The agreement of the Lenders
and the other Creditor Parties contained in Clause 2.1 (Agreement of the Lenders) and Clause 2.2 (Agreement of the Creditor
Parties) shall have effect on and from the Effective Date.

 

		3	Conditions Precedent

 

The agreement of the Lenders
and the other Creditor Parties contained in Clause 2.1 (Agreement of the Lenders) and Clause 2.2 (Agreement of the Creditor
Parties) is subject to:

 

		(a)	no Event of Default or Potential Event of Default occurring on the date of this Agreement and the
Effective Date or resulting from the occurrence of the Effective Date;

 

		(b)	the representations to be made by the Borrower and each Security Party pursuant to clause 10 (representations
and warranties) of the Loan Agreement and those of the Borrower or any Security Party which are set out in the other Finance
Documents being true in all material respects on the date of this Agreement and the Effective Date;

 

		(c)	none of the circumstances contemplated by clause 5.7 (Market disruption) of the Loan Agreement
has occurred and is continuing; and

 

		(d)	the Agent having received all of the documents and other evidence listed in Schedule 2 (Conditions
Precedent) in form and substance satisfactory to the Agent on or before 3 April 2017 or such later date as the Agent may agree
with the Borrower.

 

		4	Representations

 

		4.1	Loan Agreement representations

 

The Borrower makes the representations
and warranties set out in clause 10 (representations and warranties) of the Loan Agreement, as amended and restated by this
Agreement and updated with appropriate modifications to refer to this Agreement, by reference to the circumstances then existing
on the date of this Agreement and on the Effective Date.

 

		4.2	Finance Document representations

 

Each Security Party makes the
representations and warranties set out in the Finance Documents (other than the Loan Agreement) to which it is a party, as amended
and restated by this Agreement and updated with appropriate modifications to refer to this Agreement, by reference to the circumstances
then existing on the date of this Agreement and on the Effective Date.

 

		5	Amendment and Restatement of Loan Agreement and other Finance Documents

 

		5.1	Specific amendments to the Loan Agreement

 

With effect on and from the Effective
Date the Loan Agreement shall be, and shall be deemed by this Agreement to be, amended and restated in the form of the Amended
and Restated Loan Agreement and, as so amended and restated, the Loan Agreement shall continue to be binding on each of the parties
to it in accordance with its terms as so amended and restated.

 

		5.2	Amendments to Agency and Trust Deed

 

With effect on and from the Effective
Date the Agency and Trust Deed shall be, and shall be deemed by this Agreement to be, amended as follows:

 

    4

     

    

 

		(a)	the definition of, and references throughout the Agency and Trust Deed to, the Loan Agreement and
any of the other Finance Documents shall be construed as if the same referred to the Loan Agreement and those Finance Documents
as amended and restated by this Agreement;

 

		(b)	the definition of, and references throughout the Agency and Trust Deed to, the Borrower shall be
construed as if the same referred to Euronav NV as borrower;

 

		(c)	the definition of, and references throughout the Agency and Trust Deed to, the Account Security
Deed shall be construed as if the same included reference to the New Accounts Security Deed;

 

		(d)	the definition of, and references throughout the Agency and Trust Deed to, the General Assignment
shall be construed as if the same included reference to the New General Assignment;

 

		(e)	the definition of, and references throughout the Agency and Trust Deed to, the Mortgage shall be
construed as if the same included reference to the New Mortgage;

 

		(f)	the definition of, and references throughout the Agency and Trust Deed to, the Retention Account
Security Deed shall be deleted;

 

		(g)	by construing references throughout the Agency and Trust Deed to "this Agreement", "this
Deed" and other like expressions as if the same referred to such the Agency and Trust Deed as amended and supplemented by
this Agreement.

 

		5.3	Finance Documents to remain in full force and effect

 

The Finance Documents other than
the Existing Finance Documents shall remain in full force and effect:

 

		(a)	in the case of the Loan Agreement as amended and restated pursuant to Clause 5.1 (Specific amendments
to the Loan Agreement);

 

		(b)	in the case of the Agency and Trust Deed as amended pursuant to Clause 5.2 (Amendments to Agency
and Trust Deed); and

 

		(c)	such further or consequential modifications as may be necessary to give full effect to the terms
of this Agreement.

 

		6	Accession by Guarantor as new Borrower

 

With effect from the Effective
Date the Guarantor hereby agrees to accede to the terms of the Loan Agreement and to be bound by the terms thereof as if it were
the original borrower thereto (and each of the other parties hereto acknowledge such accession).

 

		7	Further Assurance

 

		7.1	Further assurance

 

		(a)	The Borrower and each Security Party shall promptly, and in any event within the time period specified
by the Agent do all such acts (including procuring or arranging any registration, notarisation or authentication or the giving
of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices,
instructions, acknowledgements, proxies and powers of attorney), as the Agent may specify (and in such form as the Agent may require
in favour of the Agent or its nominee(s)) to implement the terms and provisions of this Agreement.

 

    5

     

    

 

		(b)	The Borrower and each Security Party shall promptly, and in any event within the time period specified
by the Security Trustee do all such acts (including procuring or arranging any registration, notarisation or authentication or
the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges,
notices, instructions, acknowledgments, proxies and powers of attorney), as the Security Trustee may specify (and in such form
as the Security Trustee may require in favour of the Security Trustee or its nominee(s)):

 

		(i)	to create, perfect, vest in favour of the Security Trustee or protect the priority of the Security
or any right or any kind created or intended to be created under or evidenced by the Finance Documents as amended and restated
by this Agreement (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets
which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies
of the Security Trustee any Receiver or the Creditor Parties provided by or pursuant to the Finance Documents as amended and restated
by the Agreement or by law; and/or

 

		(ii)	to confer on the Security Trustee or confer on the Creditor Parties Security over any property
and assets of that Security Party located in any jurisdiction equivalent or similar to the Security intended to be conferred by
or pursuant to the Finance Documents as amended and restated by this Agreement;

 

		(c)	The Borrower and each Security Party shall, take all such action as is available to it (including
making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance
of any Security conferred or intended to be conferred on the Security Trustee or the Creditor Parties by or pursuant to the Finance
Documents as amended and restated by this Agreement.

 

		7.2	Additional corporate action

 

At the same time as the Borrower
or a Security Party delivers to the Agent or Security Trustee any document executed under this Clause 7 (Further Assurance),
the Borrower or that Security Party shall deliver to the Agent or Security Trustee as applicable reasonable evidence that that
Security Party's execution of such document has been duly authorised by it.

 

		8	Costs and Expenses

 

Clause 21.3 (Costs of variations,
amendments, enforcement etc.) of the Loan Agreement, as amended and restated by this Agreement, applies to this Agreement as
if it were expressly incorporated in it with any necessary modifications.

 

		9	Notices

 

Clause 31 (Notices) of
the Loan Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated in
it with any necessary modifications.

 

		10	Counterparts

 

This Agreement may be executed
in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this
Agreement.

 

		11	Governing Law

 

This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by English law.

 

    6

     

    

 

		12	Enforcement

 

		12.1	Jurisdiction

 

		(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection
with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual
obligation arising out of or in connection with this Agreement) (a "Dispute").

 

		(b)	The Security Parties accept that the courts of England are the most appropriate and convenient
courts to settle Disputes and accordingly no Security Party will argue to the contrary.

 

		(c)	This Clause 13.1 (Jurisdiction) is for the benefit of the Creditor Parties only. As a result,
no Creditor Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the
extent allowed by law, the Creditor Parties may take concurrent proceedings in any number of jurisdictions.

 

		12.2	Service of process

 

		(a)	Without prejudice to any other mode of service allowed under any relevant law, each Security Party
(other than a Security Party incorporated in England and Wales):

 

		(i)	irrevocably appoints Euronav (UK) Agencies Limited at its registered office for the time being,
presently at 99 Kings Road, London SW3 4PA, England as its agent for service of process in relation to any proceedings before the
English courts in connection with any Finance Document; and

 

		(ii)	agrees that failure by a process agent to notify the relevant Security Party of the process will
not invalidate the proceedings concerned.

 

		(b)	If any person appointed as an agent for service of process is unable for any reason to act as agent
for service of process, the Borrower (on behalf of all the Security Parties) must immediately (and in any event within five days
of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another
agent for this purpose.

 

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

 

    7

     

    

 

Schedule
1

The Lenders

 

	Lender	 	Lending Office
	 	 	 
	Scotiabank (Ireland) Designated

Activity Company	 	I.F.S.C. House

Custom House Quay

Dublin 1

Ireland

 

    8

     

    

 

Schedule
2

Conditions Precedent

 

		1	Security Parties

 

Documents of the kind specified
in Schedule 3 Part A paragraphs 2, 3 and 4 of the Loan Agreement in respect of the Borrower and Guarantor only.

 

		2	Security

 

		2.1	Evidence that the Ship is registered on the Greek flag in the ownership of the Guarantor.

 

		2.2	Evidence that the Loan has been transferred from the Borrower to Euronav NV.

 

		2.3	A duly executed original of each of the New Finance Documents (and of each document to be delivered
under each of them).

 

		2.4	Documentary evidence that the New Mortgage has been duly registered as a valid first priority ship
mortgage in accordance with the laws of Greece.

 

		3	Legal opinions

 

		3.1	A legal opinion of Watson Farley Williams, legal advisers to the Agent and the Security Trustee
in England, substantially in the form distributed to the Lenders before signing this Agreement.

 

		3.2	A legal opinion of Fransen Luyten, legal advisers to the Agent and the Security Trustee in Belgium,
substantially in the form distributed to the Lenders before signing this Agreement.

 

		3.3	Legal opinions of the legal advisers to the Agent and the Security Trustee in the jurisdiction
of the Approved Flag of the Ship and such other relevant jurisdictions as the Agent may require.

 

		4	Other documents and evidence

 

		4.1	A favourable opinion from an independent insurance consultant acceptable to the Lender on such
matters relating to the insurances for the Ship as the Lender may require.

 

		4.2	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers
to be necessary or desirable (if it has notified the Borrower and Guarantor accordingly) in connection with the entry into and
performance of the transactions contemplated by this Agreement, the New Finance Documents or for the validity and enforceability
of any Finance Document as amended, restated by this Agreement.

 

		4.3	Evidence that the costs and expenses then due from the Borrower pursuant to Clause 8 (Costs
and Expenses) have been paid or will be paid by the Effective Date.

 

    9

     

    

 

Execution
Pages

 

	BORROWER	 	 	 	 
	 	 	 	 	 
	SIGNED by	 	)	 	 
	duly authorised	 	)	 	 
	for and on behalf of	 	)	 	 
	FIORANO SHIPHOLDING LIMITED	 	)	 	/s/ Joanna Goode
	in the presence of:	 	)	 	Joanna Goode
	 	 	 	 	Attorney-in-Fact
	 	 	 	 	 
	Witness' signature:	 	)	 	/s/ Aimee Myhre
	Witness' name:	 	)	 	Aimee Myhre
	Witness' address:	 	)	 	Trainee Solicitor
	 	 	 	 	Watson Farley & Williams LLP
	 	 	 	 	15 Appold Street
	 	 	 	 	London EC2A 2HB
	 	 	 	 	 
	GUARANTOR	 	 	 	
	 	 	 	 	 
	SIGNED by	 	)	 	 
	duly authorised	 	)	 	 
	for and on behalf of	 	)	 	 
	EURONAV NV	 	)	 	/s/ Joanna Goode
	in the presence of:	 	)	 	Joanna Goode
	 	 	 	 	Attorney-in-Fact
	 	 	 	 	 
	Witness' signature:	 	)	 	/s/ Aimee Myhre
	Witness' name:	 	)	 	Aimee Myhre
	Witness' address:	 	)	 	Trainee Solicitor
	 	 	 	 	Watson Farley & Williams LLP
	 	 	 	 	15 Appold Street
	 	 	 	 	London EC2A 2HB

 

    10

     

    

 

	LENDERS	 	 	 	 
	 	 	 	 	 
	SIGNED by	 	)	 	 
	duly authorised	 	)	 	 
	for and on behalf of	 	)	 	 
	Scotiabank (Ireland) DESIGNATED	 	)	 	 
	ACTIVITY COMPANY	 	)	 	/s/ Emeline Yew
	in the presence of:	 	)	 	Emeline Yew
	 	 	 	 	Attorney in fact
	 	 	 	 	 
	Witness' signature:	 	)	 	/s/ Aimee Myhre
	Witness' name:	 	)	 	Aimee Myhre
	Witness' address:	 	)	 	Trainee Solicitor
	 	 	 	 	Watson Farley & Williams LLP
	 	 	 	 	15 Appold Street
	 	 	 	 	London EC2A 2HB
	 	 	 	 	 
	AGENT	 	 	 	 
	 	 	 	 	 
	SIGNED by	 	)	 	 
	duly authorised	 	)	 	 
	for and on behalf of	 	)	 	 
	THE BANK OF NOVA SCOTIA	 	)	 	/s/ Emeline Yew
	in the presence of:	 	)	 	Emeline Yew
	 	 	 	 	Attorney in fact
	 	 	 	 	 
	Witness' signature:	 	)	 	/s/ Aimee Myhre
	Witness' name:	 	)	 	Aimee Myhre
	Witness' address:	 	)	 	Trainee Solicitor
	 	 	 	 	Watson Farley & Williams LLP
	 	 	 	 	15 Appold Street
	 	 	 	 	London EC2A 2HB
	 	 	 	 	 
	SECURITY TRUSTEE	 	 	 	 
	 	 	 	 	 
	SIGNED by	 	)	 	 
	duly authorised	 	)	 	 
	for and on behalf of	 	)	 	 
	THE BANK OF NOVA SCOTIA	 	)	 	/s/ Emeline Yew
	in the presence of:	 	)	 	Emeline Yew
	 	 	 	 	Attorney in fact
	 	 	 	 	 
	Witness' signature:	 	)	 	/s/ Aimee Myhre
	Witness' name:	 	)	 	Aimee Myhre
	Witness' address:	 	)	 	Trainee Solicitor
	 	 	 	 	Watson Farley & Williams LLP
	 	 	 	 	15 Appold Street
	 	 	 	 	London EC2A 2HB

 

    11

     

    

 

Appendix

Part A

 

Form of Amended and Restated Loan Agreement marked to

indicate amendments to the Loan Agreement

 

Amendments are indicated as follows:

 

		1	additions are indicated by underlined text; and

 

		2	deletions are shown by strike-through text.

 

    12

     

    

 

Execution Form Dated 23 October 2008 (as amended and supplemented
by a supplemental letter dated 30 January 2017 and amended and restated on 31 March 2017) EURONAV NV as Borrower and THE BANKS
AND FINANCIAL INSTITUTIONS Listed in Schedule 1 as Lenders and THE BANK OF NOVA SCOTIA as Agent and as Security Trustee LOAN AGREEMENT
relating to a $76,000,000 facility to finance m.t. "CAPTAIN MICHAEL" WATSON FARLEY &
WILLlAMS

     

     

    

 

Index Clause
Page 1 Interpretation1 2 Facility 15 3 Position of the Lenders 4716 4 Drawdown 17 5 Interest 18 6 Interest Periods2120 7 Default
Interest 21 8 Repayment and Prepayment 22 9 Conditions Precedent 24 10 Representations and Warranties 25 11 Financial Covenants2827
12 General Undertakings 2928 13 Corporate Undertakings 33 14 Insurance 34 15 Ship Covenants 3837 16 Security Cover 41 17 Payments
and Calculations 42 18 Application of Receipts 44 19 Application of Earnings 45 20 Events of Default4645 21 Fees and Expenses
50 22 Indemnities 51 23 No Set-off or Tax Deduction 53 24 Tax Gross Up and Indemnities 54 25 Illegality, etc 57 26 Increased Costs
58 27 Set-Off 60 28 Transfers and Changes in Lending Offices 61 29 Variations and Waivers 65 30 Bail-ln 66 31 Notices 32 Supplemental
68 33 Law and Jurisdiction 69 Schedules Schedule 1 Lenders and Commitments 70 Schedule 2 Drawdown Notice 71 Schedule 3 Condition
Precedent Documents 72 Part A 72 Part B 73 Part C 74 Schedule 4 Transfer Certificate 75 Schedule 5 Mandatory Cost 78 Schedule
6 Form of Certificate of Compliance 81 Execution Execution Page 8483

     

     

    

 

 

THIS AGREEMENT is
made on 23 October 2008 (as amended and supplemented by a supplemental letter dated 30 January
2017 and amended and restated on [] 31 March 2017) PARTIES (1) EURONAV
NV, a company incorporated in Belgium whose registered office is at De Gerlachekaai 20, B-2000 Antwerp 1, Belgium (the
"Borrower") (2) THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule
1 (Lenders and Commitments), as Lenders (3) THE BANK OF NOVA SCOTIA, as Agent; and (4) THE BANK OF NOVA SCOTIA, as Security Trustee.
BACKGROUND The Lenders have agreed to make available to the Original Borrower a facility of up to $76,000,000 for the purpose
of part financing the purchase price of the Ship constructed by the Builder. The Borrower has purchased the Ship from the Original
Borrower as the borrower under this Agreement. IT IS AGREED as follows: 1 INTERPRETATION 1.1 Definitions Subject to Clause 1.5
(General Interpretation), in this Agreement: "Account
Bank" means Scotiabank Europe plc acting through its office ie 201 Bishopsgate,
6th floor. London EC2M 3NS, England. "Account
Security Deed" means a deed creating security in respect of the Earnings Account in the Agreed Form. "Advance"
means the principal amount of each borrowing by the Borrower under this Agreement. "Agency
and Trust Agreement" means the agency and trust agreement dated the same date as this Agreement and made between the
same parties. "Agent" means The Bank of Nova Scotia, a company registered
in Canada and acting in such capacity through its office at ise201 Bishopseate, ie6th
Floor. London EC2M 3NS, England, or any successor of it appointed under clause
5 of the Agency and Trust Agreement. "Agreed Form" means in relation to
any document, that document in the form approved in writing by the Agent (acting with the instructions of all the Lenders) and
mutually agreed with the Borrower or as otherwise approved in accordance with any other approval procedure specified in any relevant
provision of any Finance Document. "Anti-Corruption Laws" means the England
and Wales Bribery Act 2010, the United States Foreign Corrupt Practices Act 1977
or other applicable anti-corruption legislation in any other jurisdictions. 

 

     

     

    

 

 

"Approved Flag" means
Greek flag or such other flag as the Agent (acting with the authorisation of all the Lenders) may approve as the flag on which
the Ship shall be registered at delivery. "Approved Manager" means [Euronav
Ship Management (Hellas) Ltd.] or any of its subsidiaries or any other company incorporated by the Borrower with the prior written
consent of the Agent (acting with the authorisations of the Majority Lenders) not to be unreasonably withheld or delayed. "Availability
Period" means the period commencing on the date of this Agreement and ending on: (a) the Final Availability Date;
or (b) if earlier, the date on which the Total Commitments are fully borrowed, cancelled or terminated. "Bail-ln
Action" means the exercise of any Write-down and Conversion Powers. Bl-llai "Bail-ln
Legislation" means in relation to an EEA Member Country which has implemented, or which at any time implements, Article
55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms,
the relevant implementing law or regulation as described in the EU Bail-ln Legislation Schedule from time to time iellla oeil
ll "Builder" means Samsung Heavy Industries Co., Ltd., a company incorporated
in the Republic of Korea whose registered office is at Samsung Life Insurance Seocho Tower 1321-15, Seocho- Dong, Seocho-Gu, Seoul,
Korea. "Business Day" means a day on which banks are open in London, sselsAntwerp,
Dublin 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 in each case 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. "Charter" means
any time charter in respect of the Ship iiil(Charter Top-Up Amount)for a period of not less
than three years and on terms (including rates), and to a charterer, in each case acceptable to the Lenders in their absolute
discretion. "Charter Assignment" means an assignment of any Charter
and any supporting guarantee for the Charter (if any) in the Agreed Form. 

 

     

     

    

 

 

"Code" means
the US Internal Revenue Code of 1986. "Commitment" means, in relation to
a Lender, the amount set opposite its name in 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. "Contract Price" means
the contract price paid by the Original Borrower to the Builder under the Shipbuilding Contract which, as of 23 October 2008 was
$95,830,000. "Contractual Currency" has the meaning given in Clause 22.4
(Currency indemnity). "Contribution" means, in relation to a Lender, the
part of the Loan which is owing to that Lender. "Creditor Party" means
the Agent, the Security Trustee or any Lender, whether as at the date of this Agreement or at any later time. "Delivery
Date" means the date on which the Ship was delivered to, and accepted by, the Original Borrower under the Shipbuilding
Contract. "Dollars" and "$" means the lawful currency for the
time being of the United States of America. "Drawdown Date" means, in relation
to each 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 2 (Drawdown Notice) (or in any other form which the Agent approves
or reasonably requires). "Earnings" means all moneys whatsoever which are
now, or later become, payable (actually or contingently) to the Borrower or the Security Trustee and which arise out of the use
or operation of the Ship, including (but not limited to): (a) except to the extent that they fall within paragraph (b); (i) all
freight, hire and passage moneys; (ii) compensation payable to the Borrower or the Security Trustee in the event of requisition
of the Ship for hire; (iii) remuneration for salvage and towage services; (iv) demurrage and detention moneys; (v) damages for
breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Ship; and (vi)
all moneys which are at any time payable under any Insurances in respect of any loss; and 

 

     

     

    

 

 

(b) if and whenever the Ship is employed on terms whereby any
moneys falling within paragraphs (a)(i) to (vi) are pooled or shared with any other person, that proportion of the net receipts
of the relevant pooling or sharing arrangement which is attributable to the Ship. "Earnings
Account" means an account in the name of the Borrower with the Account Bank in London designated "[] EURONAV
- Earnings Account", or any other account (with that or another office of the Account Bank or with a bank or financial
institution other than the Account Bank) which is designated by the Agent as the Earnings Account for the purposes of this Agreement.
"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 the Ship; or (b) any incident in which Environmentally Sensitive
Material is released from a vessel other than the Ship and which involves a collision between the Ship and such other vessel or
some other incident of navigation or operation, in either case, in connection with which the Ship is actually or reasonably likely
to be arrested, attached, detained or injuncted and/or the Ship and/or the Borrower and/or any operator or manager of the Ship
is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or (c) any other incident in which
Environmentally Sensitive Material is released otherwise than from the Ship and in connection with which the Ship is actually
or reasonably likely to be arrested and/or where the Borrower and/or any operator or manager of the Ship is at fault or allegedly
at fault or otherwise liable to any legal or administrative action. "Environmental
Law" means any law relating to pollution or protection of the environment, to the carriage of Environmentally Sensitive
Material or to actual or threatened releases of Environmentally Sensitive Material. "Environmentally
Sensitive Material" means oil, oil products and any other substance (including any chemical, gas or other hazardous
or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous; "EU
Bail-ln Legislation Schedule" means the document described as such and published by the Loan Market Association (or
any successor person) from time to time. "Event of Default" means any of
the events or circumstances described in Clause 20.1 (Events of Default). 

 

     

     

    

 

 

"Facility Office" means
the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that
date, by not less than 5 Business Days' written notice) as the office or offices through which it will perform its obligations
under this Agreement. "FATCA" means: (a) sections 1471 to 1474 of the Code or any associated regulations; (b) any treaty,
law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction,
which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or (c) any
agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the
US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. "FATCA
Application Date" means: (a) in relation to a "withholdable payment" described in section 1473(l)(A)(i) of the
Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; (b) in relation
to a "withholdable payment" described in section 1473(l)(A)(ii) of the Code (which relates to "gross proceeds"
from the disposition of property of a type that can produce interest from sources within the US), 1 January 2019; or (c) in relation
to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above,
1 January 2019, or, in each case, such other date from which such payment may become subject to a deduction or withholding required
by FATCA as a result of any change in FATCA after the date of this Agreement. "FATCA
Deduction" means a deduction or withholding from a payment under a Finance Document required by FATCA. "FATCA
Exempt Party" means a Party that is entitled to receive payments free from any FATCA Deduction. "Fee
Letter" means any letter or letters between the Agent and the Borrower setting out any of the fees referred to in
Clause 21 (Fees and Expenses). "Final Availability Date" means: (a) 26
February 2012; or (b) in the event of arbitration proceedings in connection with the Shipbuilding Contract, with the prior consent
of the Agent (with the authorisation of the Majority Lenders) which is not to be unreasonably withheld or delayed, the day falling
365 days after the commencement of such arbitration (if later than 26 February 2012); or (c) such later date as the Agent (with
the authorisation of the Majority Lenders) may agree in writing. "Finance Documents" means: 

 

     

     

    

 

 

(a) this Agreement; (b) the Agency and Trust Agreement; (c)
the General Assignment; (d) the Charter Assignment (if any); (e) the Mortgage; (f) the Account Security Deed; (g) the Fee Letter;
(h) any Transfer Certificate; (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 under this Agreement and/or any of the other documents referred to in this definition; and
(j) any other document designated as such by the Agent and the Borrower. "Financial
Indebtedness" means, in relation to a person (the "debtor"), a
liability of the debtor: (a) for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the
debtor; (b) under any loan stock, bond, note or other security issued by the debtor; (c) under any acceptance credit, guarantee
or letter of credit facility or dematerialised equivalent made available to the debtor; (d) under a financial lease, a deferred
purchase consideration arrangement or any other agreement having the commercial effect of a borrowing or raising of money by the
debtor; (e) under any 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. "General Assignment" means a general assignment
of the Earnings, the Insurances and any Requisition Compensation in the Agreed Form. "Group"
means the Borrower and each of its Subsidiaries. "Holding Company" means
in relation to a person, any other person in respect of which it is a Subsidiary. "IFRS"
means international accounting standards within the meaning of the IAS Regulations 1606/2002 to the extent applicable to
the relevant financial statements. 

 

     

     

    

 

 

"Insurances" means: (a) all policies and contracts
of insurance, including entries of the Ship in any protection and indemnity or war risks association, which are effected in respect
of the Ship, her Earnings or otherwise in relation to her; 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. "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, 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 as adopted by the International Maritime Organisation,
as the same may be amended or supplemented from time to time. "ISSC" means
a valid and current International Ship Security Certificate issued under the ISPS Code. "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 28.14 (Change of lending
office) or its transferee, successor or assign, which in each case has not ceased to be a party in accordance with the
terms of this Agreement. "LIBOR" means, in relation to the Loan or any
part of the Loan: (a) the applicable Screen Rate as of the Specified Time for dollars and for a period equal in length to the
Interest Period of the Loan or that part of the Loan; or (b) as otherwise determined pursuant to Clause 5.6 (Absence
of quotations by Reference Banks), and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero.
"Loan" means a loan made or to be made under this Agreement or the principal
amount for the time being outstanding under this Agreement. "Loan Amount A" "Major
Casualty" means any casualty to the Ship in respect of which the claim or the aggregate of the claims against all
insurers, before adjustment for any relevant franchise or deductible exceeds $5,000,000 or the equivalent in any other currency.
"Majority Lenders" means: (a) before any Advance has been made, Lender or Lenders whose Commitments total more than
66.66 per cent, of the Total Commitments; and (b) at any other time, Lender or Lenders whose Contributions in the Loan outstanding
total more than 66.66 per cent, of all the Loan then outstanding. 

 

     

     

    

 

 

"Mandatory Cost" means
the percentage rate, which represents the cost to the Lenders, relative to the Loan, of compliance with the requirements of the
Bank of England, the Financial Services Authority or any other regulatory authority, as determined by the Agent in accordance
with the formula detailed in Schedule 5 (Mandatory Cost). "Margin" means:
1.95 per cent, per annum. "Market Disruption Event" has the meaning given
to that term in paragraph 5(b) of Clause 5.7 (Market disruption). "Market Value"
means the market value of the Ship as determined in accordance with Clause 16.3 (Valuation of Ship). "Maturity
Date" means: the date falling 8 years after the Delivery Date or. if earlier.
26 February 2020. "Mortgage" means the first preferred Greek ship mortgage or the first priority statutory ship
mortgage or first preferred ship mortgage and, if applicable, collateral deed of covenant in the form appropriate for the flag
of the Ship in the event that the Approved Flag is not Greek flag in the Agreed Form. "Negotiation
Period" has the meaning given in Clause 5.9 (Negotiation of alternative rate of interest). "Notifying
Lender" has the meaning given in Clause 25.1 (Illegality) or Clause 26.1
(increased costs) as the context requires. "Original
Borrower" means Fiorano Shipholding Limited, a company incorporated in Hong Kong whose registered office is at Room
33062503-05, 32nd 25th Floor,
Harcourt House. Tower TwoNo.39 Gloucester Road. No 89 eeWanchai,
Hong Kong. "Party" means a party to this Agreement. "Payment
Currency" has the meaning given in Clause 22.4 (Currency indemnity).
"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 the Ship not prohibited by this Agreement; (e) liens for master's disbursements incurred
in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the operation,
repair or maintenance of the Ship or in the ordinary course of business of the Borrower, 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) and
subject, in the case of liens for repair or maintenance, to paragraph (f) of Clause 15.12 (Restrictions
on chartering, appointment of managers etc.); (f) any Security Interest created in favour of a plaintiff or defendant in
any proceedings or arbitration as security for costs and expenses where the Borrower is actively prosecuting or defending such
proceedings or arbitration in good faith; 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 policy or contract of insurance
contemplated by or referred to in Clause 14 (Insurance) or any other provision of
this Agreement or another Finance Document; (c) any other document contemplated by or referred to in any Finance Document; and
(d) 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 any policy, contract or document falling within paragraphs (b) or (c). "Permitted
Holders" means each of Saverco and Victrix (and (in each case) any parallel vehicle thereof and their respective alternative
investment vehicles) and their affiliates. "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; (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 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) above. "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. "Quotation
Date" means, in relation to any Interest Period (or any other period for which an interest rate is to be determined
under any provision of a Finance Document), the day on which quotations would ordinarily be given by leading banks in the London
Interbank Market for deposits in the currency in relation to which such rate is to be determined for delivery on the first day
of that Interest Period or other period. "Reference Banks" means, subject
to Clause 28.16 (Replacement of Reference Bank), the London, Dublin or Toronto (as
the case may be) branches of each of the Lenders or such other banks as may be appointed by the Agent in consultation with the
Borrower. "Relevant Interbank Market" means the London Interbank Market.
"Relevant Person" has the meaning given in Clause 20.9 (Relevant
Persons). "Repayment Date" means a date on which a repayment is required to be made under Clause 8 (Repayment
and Prepayment). "Requisition Compensation" includes all compensation or other moneys payable by reason of any
act or event such as is referred to in paragraph (b) of the definition of "Total Loss". "Resolution
Authority" means any body which has authority to exercise any Write-down and Conversion Powers. "Restricted Party"
means a person: (a) that is listed on any Sanctions List (whether designated by name or by reason of being included in a class
of person); (b) that is domiciled, registered as located or having its main place of business in, or is incorporated under the
laws of, a country which is subject to Sanctions Laws which attach legal effect to being domiciled, registered as located or having
its main place of business in such country; or (c) that is directly or indirectly owned or controlled by a person referred to
in paragraph (a) and/or (b) above; or (d) with which any member of the Group is prohibited from dealing or otherwise engaging
in a transaction with by any Sanctions Laws; 

 

     

     

    

 

 

"Sanctions Authority" means
the Norwegian State, the United Nations, the United Kingdom, the European Union, the member states of the European Union, the
United States of America and Canada and any authority acting on behalf of any of them in connection with Sanctions Laws. "Sanctions
Laws" means the economic or financial sanctions laws and/or regulations, trade embargoes, prohibitions, restrictive
measures, decisions, executive orders or notices from regulators implemented, adapted, imposed, administered, enacted and/or enforced
by any Sanctions Authority. "Saverco" means Saverco NV, a company incorporated
in Belgium whose registered office is at de Gerlachekaai 20, B-2000 Antwerp. Belgium. "Sanctions List" means
any list of persons or entities published in connection with Sanctions Laws by or on behalf of any Sanctions Authority as amended,
revised, supplemented or substituted from time to time. "Screen Rate" means
the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the
administration of that rate) for dollars for the relevant period displayed (before any correction, recalculation or republication
by the administrator) on page LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which
displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in
place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying
the relevant rate after consultation with the Borrower. "Secured Liabilities"
means all monies from time to time due or owing, and all obligations and other actual or contingent liabilities incurred
by the Borrower, the Security Parties or any of them to any Creditor Party, at the date of this Agreement or at any later time
or times, in whatever currency, whether due, owing or incurred alone or jointly with others or as principal, surety or otherwise
under or in connection with any Finance Document or any judgment relating to any Finance Document; 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 e person
(except the Borrower or 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 definition of "Finance Documents". "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 Creditor Parties that: 

 

     

     

    

 

 

(a) all amounts which have become due for payment by the Borrower
or any Security Party under the Finance Documents have been paid; (b) no amount is owing or has accrued (without yet having become
due for payment) under any Finance Document; (c) neither the Borrower nor any Security Party has any future or contingent liability
under Clause 21 (Fees and Expenses), 22 (Indemnities) or 23 (No
Set-off or Tax Deduction) or any other provision of this Agreement or another Finance Document; and (d) the Agent, the
Security Trustee and the Majority Lenders do not consider that there is a significant risk that any payment or transaction under
a Finance Document would be set aside, or would have to be reversed or adjusted, in any present or possible future bankruptcy
of the Borrower or a Security Party or in any present or possible future proceeding relating to a Finance Document or any asset
covered (or previously covered) by a Security Interest created by a Finance Document. "Security Trustee" means The Bank
of Nova Scotia, a company incorporated in Canada and acting in such capacity through its office at i201
Bishopseate, Square6th Floor, London EC2M
3NS, England or any successor of it is appointed under clause 5 of the Agency and Trust Agreement. "Servicing Bank"
means the Agent or the Security Trustee. "Ship" means the Suezmax tanker with hull no. 1893 of 8, 157,648.1
dwt, named m.v. "CAPTAIN MICHAEL" registered in the name of the Borrower under an Approved Flag. "Shipbuilding
Contract" means the Shipbuilding Contract dated 25 July 2008 made between the Builder and the Original Borrower for the construction
by the Builder of the Ship and its purchase by the Borrower as supplemented and amended from time to time. "Specified Time"
means a day or time determined as follows: LIBOR is fixed Quotation Day as of 11:00 am London time Reference Bank Rate calculated
by reference to Noon on the Quotation Day available quotations in accordance with Clause 5.6 (Absence of quotations by
Reference Banks) "Total Commitments" means the aggregate of the Commitments of all the Lenders being the Loan ilse (Charter
Top Up Amount), -. "Total Loss" means: (a) actual, constructive, compromised, agreed or arranged total loss of
the Ship; (b) any expropriation, confiscation, requisition or acquisition of the Ship, whether for full consideration, a consideration
less than 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 3 months redelivered to
the Borrower's full control; and 

 

     

     

    

 

 

(c) any arrest, capture, seizure or detention of the Ship (including
any hijacking or theft) unless it is within 3 months redelivered to the Borrower's full control. "Total Loss Date" means:
(a) in the case of an actual loss of the Ship, the date on which it occurred or, if that is unknown, the date when the Ship was
last heard of; (b) in the case of a constructive, compromised, agreed or arranged total loss of the Ship, the earliest of: (i)
the date on which a notice of abandonment is given to the insurers; and (ii) the date of any compromise, arrangement or agreement
made by or on behalf of the Borrower with the Ship's insurers in which the insurers agree to treat the Ship as a total loss; and
(c) in the case of any other type of total loss, on the date (or the most likely date) on which it appears to the Agent that the
event constituting the total loss occurred. "Transfer Certificate" has
the meaning given in Clause 28.2 (Transfer by a Lender). "Trust Property" has
the meaning given in clause 3.1 of the Agency and Trust Agreement. "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.
"Write-down and Conversion Powers" means: (a) in relation to any Bail-ln Legislation described in the EU Bail-ln Legislation
Schedule from time to time, the powers described as such in relation to that Bail-ln Legislation in the EU Bail-ln Legislation
Schedule ; and (b) in relation to any other applicable Bail-ln Legislation: (i) any powers under that Bail-ln Legislation to cancel,
transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of
a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a
person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares,
securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect
as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under
that Bail-ln Legislation that are related to or ancillary to any of those powers; and (ii) any similar or analogous powers under
that Bail-ln Legislation. 

 

     

     

    

 

 

1.2 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 14 (Insurance), approved in writing by the Agent; "asset"
includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues
or other payment. "company" includes any partnership, joint venture and
unincorporated association. "consent" includes an authorisation, consent,
approval, resolution, licence, exemption, filing, registration, notarisation and legalisation. "contingent
liability" means a liability which is not certain to arise and/or the amount of which remains unascertained. "continuing"
means, in relation to any Event of Default, the Event of Default has not been remedied to the satisfaction of, or waived
by the Majority Lenders. "document" includes a deed; also a letter or fax.
"excess risks" means the proportion of claims for general average, salvage
and salvage charges not recoverable under the hull and machinery policies in respect of the Ship in consequence of 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 all insurances
effected, or which the Borrower is obliged to effect, under Clause 14 (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 managed in London, including pollution risks and the proportion (if any) of any sums
payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by
reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute
Time Clauses (Hulls) (1/11/1995) or clause 8 of the Institute Time Clauses (Hulls) (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. "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) or clause 24 of the Institute
Time Clauses (Hulls)(l/ll/95) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83). 1.3 Meaning of "month" A
period of one or more "months" ends on the day in the relevant calendar month numerically corresponding to the day of
the calendar month on which the period started ("the numerically corresponding day"),
but: (a) on the Business Day following the numerically corresponding day if the numerically corresponding day is not a
Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding
day; or (b) on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar
month or if the last calendar month of the period has no numerically corresponding day, and "month"
and "monthly" shall be construed accordingly. 1.4 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. 1.5 General Interpretation In this Agreement: (a) 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; (b) 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; (c) words denoting the singular number shall include the plural and vice versa; and (d) Clauses 1.1 (Definitions)
to 1.5 (General Interpretation) apply unless the contrary intention appears.
1.6 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. 2 FACILITY 2.1 Amount of facility Subject to l(Charter
Top Up Amount) the other provisions of this Agreement, the Lenders shall make available to the Borrower a term loan facility
in an aggregate amount equal to the Total Commitments to enable the Borrower to finance its acquisition of the Ship by 5 Advances
as follows: (a) a first Advance of up to $14,250,000 to enable the Borrower to refinance the first pre-delivery instalment of
the Contract Price under the Shipbuilding Contract paid to the Builder upon signing of the Shipbuilding Contract; (b) a second
Advance of up to $7,125,000 to enable the Borrower to meet the second pre-delivery instalment of the Contract Price under the
Shipbuilding Contract to be paid to the Builder on the date falling 12 calendar months after the date of the Shipbuilding Contract;
(c) a third Advance of up to $7,125,000 to enable the Borrower to meet the third pre-delivery instalment of the Contract Price
under the Shipbuilding Contract to be paid to the Builder upon keel laying; (d) a fourth Advance of up to $7,125,000 to enable
the Borrower to meet the fourth pre-delivery instalment of the Contract Price under the Shipbuilding Contract to be paid to the
Builder upon launching; (e) a fifth Advance of up to $35,625,000 to enable the Borrower to meet the final instalment of the Contract
Price under the Shipbuilding Contract to be paid to the Builder upon delivery of the Ship. 2.2 Transfer of Loan The Loan was transferred
from the Original Borrower to the Borrower pursuant to an agreement dated [] the same date
as this Agreement was amended and restated and entered into between the Original Borrower and the Borrower. This transfer
was approved by the Creditor Parties. 

 

     

     

    

 

 

2.3 Lenders'
participations in Loan 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. No Creditor Party is bound
to monitor or verify the application of any amount borrowed pursuant to this Agreement. 2.4 Purpose of Loan The Borrower undertakes
with each Creditor Party to use each Advance only for the purpose stated in the preamble to this Agreement. 3 POSITION OF THE
LENDERS 3.1 Interests of Lenders several The rights of the Lenders under this Agreement are several. 3.2 Individual Lender's right
of action Subject to 3.3 (Proceedings by individual Lender requiring Majority Lender consent),
each Lender shall be entitled to sue for any amount which has become due and payable by the Borrower to it under this Agreement
without joining the Agent, the Security Trustee or any other Lender as additional parties in the proceedings. 3.3 Proceedings
by individual Lender requiring Majority Lender consent No Lender may commence proceedings against the Borrower or any Security
Party in connection with a Finance Document without the prior consent of the Majority Lenders. 

 

     

     

    

 

 

3.4 Obligations of Lenders several The obligations of the Lenders
under this Agreement are several; and a failure of a Lender to perform its obligations under this Agreement shall not result in:
(a) the obligations of the other Lenders being increased; nor (b) the Borrower, any Security Party or any other Lender being discharged
(in whole or in part) from its obligations under any Finance Document, and in no circumstances shall a Lender have any responsibility
for a failure of another Lender to perform its obligations under this Agreement. 4 DRAWDOWN 4.1 Request for Advance Subject to
the following conditions, the Original Borrower requested an Advance to be made by ensuring that the Agent received a completed
Drawdown Notice not later than 11.00 a.m. (London time) 3 Business Days prior to the intended Drawdown Date or such shorter period
as the Agent and the Borrower mutually agreed. 4.2 Availability The conditions referred to in Clause 4.1 (Request
for Advance) were that: (a) a Drawdown Date had to be a Business Day within the Availability Period (b) the amount of the
Advance requested complied with Clause 2.1 (Amount of facility); (c) each Advance
in relation to the Loan should not exceed 75 per cent, of the amount of the instalment
under the Shipbuilding Contract which was being financed by that Advance; (d) the aggregate amount of the Advances should not
exceed the Total Commitments; (e) (f)the proposed Interest Period complied with Clause 6 (Interest
Periods); and (f) (g)the conditions set out in Clause 9.1 (Documents, fees and no
default) were met. 4.3 Notification to Lenders of receipt of a Drawdown Notice The Agent must have promptly notified the
Lenders that it had received a Drawdown Notice and must have informed each Lender of: (a) the amount of the Advance and the Drawdown
Date; (b) the amount of that Lender's participation in the Advance; and (c) the duration of the first Interest Period. 

 

     

     

    

 

 

4.4 Drawdown
Notice irrevocable A Drawdown Notice must have been signed by a director or officer or an authorised person of the Original Borrower;
and once served, a Drawdown Notice could not be revoked without the prior consent of the Agent, acting on the authorisation of
the Majority Lenders. 4.5 Lenders to make available Contributions Subject to the provisions of this Agreement, and in particular
Clause 9 (Conditions Precedent), each Lender, on and with value on each Drawdown
Date, made available to the Agent for the account of the Original Borrower the amount due from that Lender on that Drawdown Date
under Clause 2.2. 4.6 Disbursement of Advance Subject to the provisions of this Agreement, the Agent on each Drawdown Date paid
to the Original Borrower the amounts which the Agent received from the Lenders under Clause 4.5 (Lenders
to make available Contributions); and that payment to the Original Borrower was made: (a) to the account of the Builder
which the Original Borrower specified in the Drawdown Notice; and (b) in the like funds as the Agent received the payments from
the Lenders. 4.7 Disbursement of Advance to third party The payment by the Agent under Clause 4.6 (Disbursement
of Advance) to the Builder constituted the making of the Advance and the Original Borrower at that time and the Borrower
from the date of this amended and restated Agreement became indebted, as principal and direct obligor, to each Lender in an amount
equal to that Lender's Contribution. 4.8 Cancellation of Total Commitments The Any undrawn
portion of the Total Commitments shall have been immediately cancelled at the end of the Availability Period. 5 INTEREST
5.1 Payment of normal interest Subject to the provisions of this Agreement, interest on the Loan in respect of each Interest Period
shall be paid by the Borrower on the last day of that Interest Period. 5.2 Normal rate of interest Subject to the provisions of
this Agreement, the rate of interest on the Loan in respect of an Interest Period shall be the aggregate of: (a) the Margin; (b)
the Mandatory Cost, if any; and (c) LIBOR for that Interest Period. 

 

     

     

    

 

 

5.3 Payment
of accrued interest In the case of an Interest Period longer than 3 months, accrued interest shall be paid every 3 months during
that Interest Period and on the last day of that Interest Period. 5.4 Notification of Interest Periods and rates of normal interest
The Agent shall notify the Borrower and each Lender of: (a) each rate of interest; and (b) the duration of each Interest Period,
as soon as reasonably practicable after each is determined. 5.5 Obligation of Reference Banks to quote A Lender which is a Reference
Bank shall use all reasonable efforts to supply the quotation required of it for the purposes of fixing a rate of interest under
this Agreement. 5.6 Absence of quotations by Reference Banks If any Reference Bank fails to supply a quotation, the Agent shall
determine the relevant LIBOR on the basis of the quotations supplied by the other Reference Bank or Banks; but if 2 or more of
the Reference Banks fail to provide a quotation, the relevant rate of interest shall be set in accordance with the following provisions
of this Clause 5 (Interest). 5.7 Market disruption (a) If a Market Disruption Event
occurs in relation to an Advance for any Interest Period, then the rate of interest on each Lender's share of that Advance for
the Interest Period shall be the percentage rate per annum which is the sum of: (i) the Margin; (ii) the rate notified to the
Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period,
to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from
whatever source it may reasonably select; and (iii) the Mandatory Cost, if any, applicable to that Lender's participation in the
Advance. (b) In this Agreement "Market Disruption Event" means: (i) at
or about noon on the Quotation Date for the relevant Interest Period the Thomson Reuters BBA Page LIBOR 01 or LIBOR 02 is not
available and none or only one of the Reference Banks supplies a rate to the Agent to determine LIBOR for dollars for the relevant
Interest Period; or (ii) before close of business in London on the Quotation Date for the relevant Interest Period, the Agent
receives notifications from a Lender or Lenders that the cost to it or them obtaining matching deposits in the Relevant Interbank
Market would be in excess of LIBOR. 

 

     

     

    

 

 

5.8 Notification
of market disruption The Agent shall promptly 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. 5.9 Negotiation
of alternative rate of interest If the Agent's notice under Clause 5.8 (Notification of
market disruption) is served after an Advance is made, the Borrower, the Agent and the Lenders shall use reasonable endeavours
to agree, within the 30 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 to fund or continue to fund their or its Contribution
during the Interest Period concerned. 5.10 Application of agreed alternative rate of interest Any alternative interest rate or
an alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the terms agreed. 5.11
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, set an interest period and interest rate representing the cost of funding of the Lenders in
Dollars or in any available currency of their or its Contribution plus the Margin; and the procedure provided for by this Clause
5.11 (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. 5.12 Notice of prepayment If
the Borrower does not agree with an interest rate set by the Agent under Clause 5.11 (Alternative rate of interest in absence
of agreement), the Borrower may give the Agent not less than 15 Business Days' notice
of its intention to prepay at the end of the interest period set by the Agent. 5.13 Prepayment; termination of Commitments A notice
under Clause 5.12 (Notice of prepayment) shall be irrevocable; the Agent shall promptly
notify the Lenders of the Borrower's notice of intended prepayment; and: (a) on the date on which the Agent serves that notice,
the Total Commitments shall be cancelled; and (b) on the last Business Day of the interest period set by the Agent, the Borrower
shall prepay (without premium or penalty) the Loan together with accrued interest thereon at the applicable rate plus the Margin.
5.14 Application of prepayment The provisions of Clause 8 (Repayment and Prepayment)
shall apply in relation to the prepayment made pursuant to Clause 5.12 (Notice of prepayment). 

 

     

     

    

 

 

6 INTEREST PERIODS 6.1 Commencement of Interest Periods The
first Interest Period applicable to an Advance shall commence on the Drawdown Date and each subsequent Interest Period shall commence
on the expiry of the preceding Interest Period. 6.2 Duration of normal Interest Periods Subject
to Clauses 6.3 (Duration of Interest Periods for repayment instalments) and 6.4 (Non-
availability of matching deposits for Interest Period selected), each Interest Period shall
be: (a) 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 Advance, a period ending on the last day of the Interest Period applicable to the first Advance then current, whereupon
all of the Advances shall be consolidated and treated as a single Advance; (c) 3 months, if the Borrower fails to notify the Agent
by the time specified in paragraph (a); or (d) such other period as the Agent may, with the authorisation of the Majority Lenders,
agree with the Borrower. 6.3 Duration of Interest Periods for repayment instalments In respect of an amount due to be repaid under
Clause 8 (Repayment and Prepayment) on a particular Repayment Date, an Interest Period
shall end on that Repayment Date. 6.4 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 third Business Day before the commencement of the Interest Period that it is not satisfied that deposits
in Dollars for a period equal to the Interest Period will be available to it in the London Interbank Market when the Interest
Period commences, the Interest Period shall be of 3 months. 7 DEFAULT INTEREST 7.1 Payment of default interest on overdue amounts
The Borrower shall pay interest in accordance with the following provisions of this Clause7 (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 (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 20.4 (Acceleration
of Loan), the date on which it became immediately due and payable. 

 

     

     

    

 

 

7.2 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 1 per cent, above: (a) in the case of an
overdue amount of principal, the higher of the rates set out at paragraphs (a) and
(b) of Clause 7.3 (Calculation of default rate of interest); or (b) in the
case of any other overdue amount, the rate set out at paragraph (b) of Clause 7.3 (Calculation
of default rate of interest). 7.3 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); (b) the Margin and the Mandatory Cost, 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. 7.4 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. 7.5 Payment of accrued default interest Subject
to the other provisions of this Agreement, any interest due under this Clause shall be paid on the last day of the period by reference
to which it was determined; and the payment shall be made to the Agent for the account of the Creditor Party to which the overdue
amount is due. 7.6 Compounding of default interest Any such interest which is not paid at the end of the period by reference to
which it was determined shall thereupon be compounded. 8 REPAYMENT AND PREPAYMENT 8.1 Amount of repayment instalments Loan Amount 

 

     

     

    

 

 

The Borrower shall repay the
Loan by 12 equal consecutive quarterly instalments of $1,062,500 each together
with a balloon instalment of $14,000,000 or equal to the remaining amount of the
Loan payable simultaneously with the final instalment. 8.2 Repayment Dates The first repayment
instalment ieai ae ae- will be repaid on lts fteli 30
April 2017 and the last repayment instalment together with the balloon instalment
is to be repaid i ie on the Maturity Date 8.3 Maturity Date On the Maturity Date, the Borrower shall additionally pay to
the Agent for the account of the Creditor Parties all other sums then accrued or owing under any Finance Document. 8.4 Voluntary
prepayment Subject to the following conditions, the Borrower may, without penalty, prepay the whole or any part of the Loan on
the last day of an Interest Period for that Advance. 8.5 Conditions for voluntary prepayment The conditions referred to in Clause
8.4 (Voluntary prepayment) are that: (a) a partial prepayment shall be $500,000 or
a multiple of $500,000 or such other amount agreed by the Agent; (b) the Agent has received from the Borrower at least 5 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. 8.6 Effect of notice of prepayment A prepayment notice may not be withdrawn
or amended without the consent of the Agent, given with the 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. 

 

     

     

    

 

 

8.7 Notification
of notice of prepayment The Agent shall notify the Lenders promptly upon receiving a prepayment notice, and shall provide any
Lender which so requests with a copy of any document delivered by the Borrower under paragraph (c) of Clause 8.5 (Conditions
for voluntary prepayment). 8.8 Mandatory prepayment on sale or Total Loss The Borrower shall be obliged to prepay the whole
of the Loan: (a) if the Ship is sold, on or before the date on which such sale is completed by delivery of the Ship to the buyer
Provided that the Borrower shall not be required to prepay the Loan if the Ship is
sold to a Subsidiary of the Borrower pursuant to the proviso to Clause 12.3 (No disposal
of assets); or (b) if the Ship becomes a Total Loss, on the earlier of the date falling 180 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.: or (c) 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. 8.9 Amounts payable on prepayment A prepayment shall
be made together with accrued interest (and any other amount payable under Clause 22 (Indemnities)
or otherwise) in respect of the amount prepaid and, if the prepayment is not made on the last day of an Interest Period
together with any sums payable under paragraph (b) of Clause 22.1 (Indemnities regarding
borrowing and repayment of Loan) but without premium or penalty. les se ie a (Mandatory
prepayment on termination or expiry of the Charter), anll e aie - 8.10 8Application of partial prepayment Each partial
prepayment shall be applied first against the balloon and then against the repayment instalments specified in Clause 8.1 (Amount
of repayment instalments) in inverse order of maturity. 8.11 8.13No reborrowing
No amount prepaid may be reborrowed. 

 

     

     

    

 

 

9 CONDITIONS PRECEDENT 9.1
Documents, fees and no default Each Lender's obligation to contribute to an Advance was subject to the following conditions precedent:
(a) that, on or before the service of the first Drawdown Notice, the Agent received the documents described in Part A of Schedule
3 (Condition Precedent Documents) in form and substance satisfactory to the Agent
and its lawyers; (b) that, on or before the first Drawdown Date for, but prior to the making of, an Advance (other than the final
Advance), the Agent received or was satisfied that it would receive on the making of such Advance the documents described in Part
B of schedules (Condition Precedent Documents) in form and substance satisfactory
to it and its lawyers; (c) that before the final Drawdown Date for, but prior to the making of, the final Advance, the Agent received
or was satisfied that it would receive on the making of such Advance the documents described in Part C of Schedule 3 (Condition
Precedent Documents) in form and substance satisfactory to it and its lawyers; (d) that, on or before the service of the
first Drawdown Notice, the Agent received the arrangement fee referred to in Clause 21.1 (Arrangement
and commitment fees), all accrued commitment fees payable pursuant to Clause 21.1 (Arrangement
and commitment fees) and had received payment of the expenses referred to in Clause 21.2 (Costs
of negotiation, preparation etc.); and (e) that both at the date of each Drawdown Notice and at each Drawdown Date: (i)
no Event of Default or Potential Event of Default had occurred or would result from the borrowing of the Loan; (ii) the representations
and warranties in Clause 10 (Representations and Warranties) and those of the Borrower
or any Security Party which were 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) had occurred or was continuing; and (f) that, if the ratio set
out in Clause 16.1 (Minimum required security cover) was applied immediately following
the making of the Advance, the Original Borrower would not have been obliged to provide additional security or prepay part of
the Loan under that Clause; and (g) that the Agent had 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, request by notice to the Borrower prior to the Drawdown Date. 9.2 Waiver of conditions precedent If the Majority Lenders,
at their discretion, were to permit an Advance to be borrowed before certain of the conditions referred to in Clause 9.1 (Documents,
fees and no default) were satisfied, the Original Borrower had to ensure that those conditions were satisfied within 5
Business Days after the Drawdown Date (or such longer period as the Agent may, with the authorisation of the Majority Lenders,
have specified). 

 

     

     

    

 

 

10 REPRESENTATIONS AND WARRANTIES 10.1
General The Borrower represents and warrants to each Creditor Party on the date of this amended and restated Agreement as follows.
10.2 Status The Borrower is duly incorporated and validly existing and in good standing under the laws of Belgium. 10.3 Corporate
power The Borrower has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:
(a) to execute the Finance Documents to which it is a party; and (b) to borrow under this Agreement and to make all the payments
contemplated by, and to comply with, those Finance Documents. 10.4 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. 10.5 Legal validity; effective Security Interests The Finance Documents to which the Borrower is a party,
do now or, as the case may be, will, upon execution and delivery (and, where applicable, registration as provided for in the Finance
Documents): (a) constitute 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. 10.6 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: (a) the Borrower
will have the right to create all the Security Interests which that Finance Document purports to create; and (b) no third party
will have any Security Interest (except for Permitted Security Interests) or any other interest, right or claim over, in or in
relation to any asset to which any such Security Interest, by its terms, relates. 10.7 No conflicts The execution by the Borrower
of each Finance Document, and the borrowing by the Borrower of the Loan, and its compliance with each Finance Document will not
involve or lead to a contravention of: 

 

     

     

    

 

 

(a) any law or regulation; or (b) the constitutional documents
of the Borrower; or (c) any contractual or other obligation or restriction which is binding on the Borrower or any of its assets.
10.8 Governing law and enforcement (a) The choice of English law as the governing law of the Finance Documents will be recognised
and enforced in its jurisdiction of incorporation. (b) Any judgment obtained in England in relation to a Finance Document will
be recognised and enforced in its jurisdiction of incorporation. 10.9 No withholding taxes All payments which the Borrower is
liable to make under the Finance Documents must be made without any Tax Deduction payable under any law of any Pertinent Jurisdiction.
10.10 No default No Event of Default or Potential Event of Default has occurred. 10.11 Information All information which has been
provided in writing by or on behalf of the Borrower or any Security Party to any Creditor Party in connection with any Finance
Document satisfied the requirements of Clause 12.5 (Information provided to be accurate);
all audited and unaudited accounts which have been so provided satisfied the requirements of Clause 12.7 (Form
of financial statements); and there has been no material adverse change in the financial position or state of affairs of
the Borrower from that disclosed in the latest of those accounts. 10.12 No litigation No legal or administrative action involving
the Borrower (including action relating to any alleged or actual breach of the ISM Code or the ISPS Code) has been commenced or
taken or, to the Borrower's knowledge, is likely to be commenced or taken which, in either case, would be likely to have a material
adverse effect on the Borrower's financial position or profitability. 10.13 Compliance with certain undertakings At the date of
this amended and restated Agreement, the Borrower is in compliance with Clauses 12.2 (Title;
negative pledge), 12.4 (No other liabilities or obligations to be incurred),
12.9 (Consents) and 12.12 (Principal place of business). 10.14 Taxes paid
The Borrower has paid all taxes applicable to, or imposed on or in relation to the Borrower, its business or the Ship. 10.15 ISM
Code and ISPS Code compliance All requirements of the ISM Code and the ISPS Code as they relate to the Borrower, the Approved
Manager and the Ship have been complied with or shall be complied with as from the delivery of the Ship to the Borrower under
the Shipbuilding Contract. 

 

     

     

    

 

 

10.16 No money laundering Without prejudice to the generality
of Clause 2.4 (Purpose of Loan), in relation to the borrowing by the Borrower of
the Loan, the performance and discharge of its obligations and liabilities under the Finance Documents, and the transactions and
other arrangements affected or contemplated by the Finance Documents to which the Borrower is a party, the Borrower confirms (i)
that it is acting for its own account; (ii) that it will use the proceeds of the Loan for its own benefit, under its full responsibility
and exclusively for the purposes specified in this Agreement; and (iii) that the foregoing will not involve or lead to a contravention
of any law, official requirement or other regulatory measure or procedure implemented to combat "money laundering" (as
defined in Article 1 of the Directive 2005/60/EC of the European Parliament and of the Council of the European Union of 26 October
2005). 10.17 Anti-Corruption Laws The Borrower has conducted its business in compliance with all applicable Anti-Corruption Laws
and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws. 10.18 Sanctions
Each Relevant Person has been and is in compliance with all Sanctions Laws and no Relevant Person: (a) is a Restricted Party,
or is involved in any transaction through which it is likely to become a Restricted Party; or (b) has received formal notice in
writing of any inquiry, claim, action, suit, proceeding or investigation against it with respect to Sanctions Laws. 11 FINANCIAL
COVENANTS 11.1 Financial Covenants The Borrower will ensure that the consolidated financial position of the Borrower and its subsidiaries
shall at all times during the Security Period be such that: (a) Current Assets exceed Current Liabilities; (b) Free Liquid Assets
are not less than the higher of: (i) $20,000,000; and (ii) 3 per cent, of Total Indebtedness; and (c) the ratio of Stockholders'
Equity to Total Assets is not less than 25 30 per cent. In this Clause 11.1 (Financial
Covenants): "Current Assets" means, at any date of determination under
this Agreement, the amount of the current assets of the Borrower and its subsidiaries determined on a consolidated basis in accordance
with IFRS and as shown in the Latest Balance Sheet, but always including undrawn credit lines and revolving credits; "Current
Liabilities" means, at any date of determination under this Agreement, the amount of the current liabilities of the
Borrower and its subsidiaries determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet; 

 

     

     

    

 

 

"Free Liquid Assets" means,
at any date of determination under this Agreement, the aggregate amount of cash and cash equivalents of the Borrower and its subsidiaries
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; "Latest Balance Sheet" means, at any date, the consolidated
balance sheet of the Borrower and its subsidiaries most recently delivered to the Agent pursuant to Clause 11.3 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 Borrower and its subsidiaries 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 Borrower and its subsidiaries
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 Borrower and its subsidiaries determined on a consolidated
basis in accordance with IFRS and as shown in the Latest Balance Sheet. 11.2 Change of accounting period The Borrower shall not
change its fiscal year end date. 12 GENERAL UNDERTAKINGS 12.1 General The Borrower undertakes with each Creditor Party to comply
with the following provisions of this Clause 12 (General Undertakings) at all times
during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit (such consent
not to be unreasonably withheld or delayed in the case of Clause 12.12 (Principal place
of business). 12.2 Title; negative pledge e eil The Borrower will hold the
legal title to, and own the entire beneficial interest in the Ship, the Insurances and Earnings, free from all Security Interests
and other interests and rights of every kind, except for those created by the Finance Documents and the effect of assignments
contained in the Finance Documents and except for Permitted Security Interests; or. 12.3 No 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 for those in the ordinary course of business and for fair market value payable in
cash upon completion of such transaction: or, with the exception of any charter of the Ship
as to which clause 15.13 (Time and consecutive voyage charters in excess of 36 months) applies. 

 

     

     

    

 

 

Provided that
the Borrower may sell the Ship to another subsidiary of the Borrower subject to the following conditions: (i) there is no Event
of Default or Potential Event of Default which is continuing; (ii) the new owning company and the jurisdiction of incorporation
being acceptable to the Lenders; (iii) the Borrower and the Security Parties entering into such amendments to this Agreement and
the other Finance Documents as may be required by the Lenders in order to document the change of ownership; (iv) the new owning
company entering into such other security documents which are required by the Lenders so as to maintain the same security for
the Lenders on the transfer of ownership; and (v) the new owner shall pay to the Agent on demand all expenses (including but not
limited to legal expenses) relating to the said documentation. 12.4 No other liabilities or obligations to be incurred 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 11.1 (financial covenants) would be breached, on the date of such incurrence
12.5 Information provided to be accurate All financial and other information which is provided in writing by or on behalf of the
Borrower under or in connection with any Finance Document will be true and not misleading and will not omit any material fact
or consideration. 12.6 Provision of financial statements The Borrower will send to
the Agent: (a) as soon as possible, but in no event later than 180 120
days after the end of each financial year of the Borrower from and including the
financial year ending 31 December 2016, the audited consolidated accounts of the Group
and audited individual accounts of the Borrower ii;and (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 balance sheet of the Group certified as to its correctness by the chief 

 

     

     

    

 

 

financial officer of the Borrower and the audited individual
balance sheet of the Borrower certified as to its correctness by an officer or director 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 Group certified as to their correctness
by the chief financial officer of the Borrower, and unaudited individual income statements
of the Borrower certified as to their correctness by an officer or director 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 Borrower and the 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 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 6 (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 compliance with the financial undertakings in Clause 11.1 (Financial
Covenants) and also listing the Market Value of the Shin. 12.7 Form of financial statements All accounts (audited and unaudited)
delivered under Clause 12.6 (Provision of financial statements) will: (a) be prepared
in accordance with all applicable laws and IFRS consistently applied; (b) fairly represent the financial condition of the Borrower
and its subsidiaries at the date of those accounts and of its profit for the period to which those accounts relate; and (c) fully
disclose or provide for all significant liabilities of the Borrower and its subsidiaries (or the Borrower, as the case may be).
12.8 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 the whole or any class of the Borrower's shareholders or to the Borrower's creditors or any class of them.
12.9 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; (b) for the validity
or enforceability of any Finance Document; and (c) for the Borrower to continue to own and operate the Ship, and the Borrower
will comply with the terms of all such consents. 

 

     

     

    

 

 

12.10 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 opinion of the Majority Lenders, is or has become necessary or desirable for any Finance Document to be valid, enforceable
or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates. 12.11 Notification of
litigation The Borrower will provide the Agent with details of any legal or administrative action involving the Borrower, any
Security Party, the Approved Manager or the Ship, the Earnings or the Insurances as soon as such action is instituted or it becomes
apparent to the Borrower that it is likely to be instituted, unless it is clear that the legal or administrative action cannot
be considered material in the context of any Finance Document. 12.12 Principal place of business e lii ilaeeeiil liiesu ille o
ieli The Borrower will notify the Agent if it has a place of business in any jurisdiction
which would require a Finance Document to which it is a party to be registered, filed or recorded with any court or authority
in that jurisdiction or if the centre of its main interests changes. 12.13 Confirmation of no default The Borrower will,
within 5 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors
of the Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that
no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material
details are given. The Agent may serve requests under this Clause 12.13 (Confirmation of
no defaultNo Default) from time to time but only if reasonably asked to do so by a Lender or Lenders having Contributions
exceeding 10 per cent, of the Loan or (if the Loan has not been made) Commitments exceeding 10 per cent of the Total Commitments;
and this Clause 12.13 (Confirmation of no defaultNo Default) does not affect the
Borrower's obligations under Clause 12.14 (Notification of default). 12.14 Notification
of default The Borrower will notify the Agent as soon as the Borrower becomes aware of: (a) the occurrence of an Event of Default
or a Potential Event of Default; or 

 

     

     

    

 

 

(b) any matter which indicates that an Event of Default or a
Potential Event of Default may have occurred; and will keep the Agent fully up-to-date with all developments. 12.15 Provision
of further information (a) The Borrower will, as soon as practicable after receiving the request, provide the Agent with any additional
financial or other information relating: (i) to the Borrower, the Ship, the Earnings or the Insurances; or (ii) to any other matter
relevant to, or to any provision of, a Finance Document, which may reasonably be requested by the Agent, the Security Trustee
or any Lender at any time. (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 Laws against it, any of its direct or indirect owners,
subsidiaries or any of their respective directors, officers, employees, agents or representatives. 12.16 "Know your customer"
checks If: (a) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation
made after the date of this Agreement; (b) any change in the status of the Borrower or any Security Party after the date of this
Agreement; or (c) a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a
party that is not a Lender prior to such assignment or transfer, obliges the Agent or any Lender (or, in the case of paragraph
(c), any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances
where the necessary information is not already available to it, the Borrower shall promptly upon the request of the Agent or the
Lender concerned supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent
(for itself or on behalf of any Lender) or the Lender concerned (for itself or, in the case of the event described in paragraph
(c), on behalf of any prospective new Lender) in order for the Agent, the Lender concerned or, in the case of the event described
in paragraph (c), any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your
customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in
the Finance Documents. 12.17 Conduct of business; compliance with laws The Borrower shall conduct its business in a proper and
efficient manner in compliance with: (a) its constitutional documents; (b) all Sanctions Laws; (c) all Anti-Corruption Laws; (d)
all Environmental Laws; and 

 

     

     

    

 

 

(e) all other laws and regulations applicable to its business,
12.18 and shall notify the Agent immediately upon becoming aware of any breach of any such document, law or regulation. 12.19
Compliance with Sanctions Laws The Borrower shall: (a) ensure that neither it nor any subsidiary of it is or will become a Restricted
Party. (b) use reasonable endeavours to procure that no director, officer, employee, agent or representative of any Borrower or
any subsidiary of it is or will become a Restricted Party; and (c) procure that no proceeds of any Advance shall be made available,
directly or indirectly, to or for the benefit of a Restricted Party nor shall they otherwise be applied in a manner for a purpose
prohibited by Sanctions Laws. 13 CORPORATE UNDERTAKINGS 13.1 General The Borrower also undertakes with each Creditor Party to
comply with the following provisions of this Clause 13 (Corporate Undertakings) at
all times during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit.
13.2 Maintenance of status The Borrower will maintain its separate corporate existence and remain in good standing under the laws
of Belgium. 13.3 Negative undertakings The Borrower will not: (a) operate outside the scope
of its Articles of Association.: or (b) (c)provide any form of credit or financial assistance to: (i) a person l ile lil;
or (ii) (iii)enter into any transaction with or involving such a 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, and the Borrower agrees to subordinate any
inter-company loans to the Loan on such terms as the Lenders may reasonably require; 

 

     

     

    

 

 

13.4 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. 13.5
13.4Payment of dividends The Borrower may pay dividends provided that no Event of Default has occurred and is continuing. 13.6
Notification of Sanctions The Borrower shall: (a) supply to the Agent, promptly upon becoming aware of them, the details of any
inquiry, claim, action, suit, proceeding or investigation pursuant to Sanction Laws against (a) the Borrower, (b) any other Relevant
Person or (c) any owners of any Relevant Person (other than any owner of the Borrower), as well as information on what steps are
being taken with regards to answering or opposing the same; (b) inform the Agent promptly upon becoming aware that any of (a)
the Borrower, (b) any other Relevant Person or (c) any owners of any Relevant Person (other than any owner of the Borrower), has
become or is likely to become a Restricted Party. 14 INSURANCE 14.1 General The Borrower also undertakes with each Creditor Party
to comply with the following provisions of this Clause 14 (Insurance) at all times
during the Security Period (after the Delivery Date) except as the Agent may, with the authorisation of the Majority Lenders,
otherwise permit (such consent not to be unreasonably withheld or delayed in the case of paragraph (b) of Clauses 14.11 (Compliance
with terms of insurances) and 14.12 (Alteration to terms of insurances). 

 

     

     

    

 

 

14.2 Maintenance of obligatory insurances The Borrower shall
keep the Ship insured at the expense of the Borrower against: (a) fire and usual marine risks (including hull and machinery and
excess risks); (b) war risks; (c) protection and indemnity risks; and (d) any other risks against which the Majority Lenders consider,
having regard to practices and other circumstances prevailing at the relevanttime,it would in the opinion of theMajority Lenders
be reasonable for the Borrower to insure and which are specified by the Security Trustee by notice to the Borrower. 14.3 Terms
of obligatory insurances The Borrower shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks
and war risks, in an amount on an agreed value basis at least the greater of (i) 120 per cent, of the Loan and (ii) the market
value of the Ship; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of
cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market;
(d) in relation to protection and indemnity risks in respect of the Ship's full tonnage; (e) on approved terms; and (f) 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. 14.4 Further protections for the Creditor Parties
In addition to the terms set out in Clause 14.3 (Terms of obligatory insurances),
the Borrower shall procure that the obligatory insurances shall: (a) 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. 14.5 Renewal of obligatory insurances The Borrower shall: (a) at least 14 days before the expiry
of any obligatory insurance, renew that obligatory insurance; and (b) promptly after each such renewal, there is provided to the
Agent details of the terms and conditions on which such obligatory insurances have been renewed. 14.6 Copies of policies; letters
of undertaking The Borrower shall ensure that all approved brokers provide the Security Trustee with a letter or letters of undertaking
in a form required by the Majority Lenders and including undertakings by the approved brokers that: (a) they will have endorsed
on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause
14.4 (Further protections for the Creditor Parties); (b) they will hold such policies,
and the benefit of such insurances, to the order of the Security Trustee in accordance with the said loss payable clause; (c)
they will advise the Security Trustee immediately of any material change to the terms of the obligatory insurances; (d) they will
notify the Security Trustee, not less than 14 days before the expiry of the obligatory insurances, in the event of their not having
received notice of renewal instructions from the Borrower or its agents and, in the event of their receiving instructions to renew,
they will promptly notify the Security Trustee of the terms of the instructions; and (e) they will not set off against any sum
recoverable in respect of a claim relating to the Ship under such obligatory insurances any premiums or other amounts due to them
or any other person whether in respect of the Ship or otherwise, they waive any lien on the policies, or any sums received under
them, which they might have in respect of such premiums or other amounts, and they will not cancel such obligatory insurances
by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of
the Ship forthwith upon being so requested by the Security Trustee. 14.7 Copies of certificates of entry The Borrower shall ensure
that any protection and indemnity and/or war risks associations in which the Ship is entered provides the Security Trustee with:
(a) a certified copy of the certificate of entry for the Ship; (b) a letter or letters of undertaking in such form as may be required
by the Majority Lenders; and (c) a certified copy of each certificate of financial responsibility for pollution by oil or other
Environmentally Sensitive Material issued by the relevant certifying authority in relation to the Ship. 14.8 Deposit of original
policies The Borrower shall ensure that all policies relating to obligatory insurances are deposited with the approved brokers
through which the insurances are effected or renewed. 

 

     

     

    

 

 

14.9 Payment of premiums The Borrower shall punctually pay all
premiums or other sums payable in respect of the obligatory insurances and produce all relevant receipts when so required by the
Security Trustee. 14.10 Guarantees The Borrower shall ensure that any guarantees required by a protection and indemnity or war
risks association are promptly issued and remain in full force and effect. 14.11 Compliance with terms of insurances The Borrower
shall neither 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 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 (without limiting the obligation contained in paragraph (c) of Clause
14.6 (Copies of policies; letters of undertaking)) ensure that the obligatory insurances
are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval; (b) the
Borrower shall not make any changes relating to the classification or classification society or manager or operator of the Ship
approved by the underwriters of the obligatory insurances; (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
the 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 the Ship, nor
allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first
obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers
specify. 14.12 Alteration to terms of insurances The Borrower shall neither make or agree to any material alteration to the terms
of any obligatory insurance nor waive any right relating to any obligatory insurance without the consent of the Agent. 14.13 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 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. 14.14 Provision
of information In addition, the Borrower shall promptly provide the Security Trustee (or any persons which it may designate) with
any information which the Security Trustee (or any such designated person) reasonably requests for the purpose of: 

 

     

     

    

 

 

(a) obtaining or preparing any report from an independent marine
insurance broker as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or (b) effecting, maintaining
or renewing any such insurances as are referred to in Clause 14.15 (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 incurred by or for the
account of the Security Trustee in connection with any such report as is referred to in paragraph (a). 14.15 Mortgagee's interest
and additional perils insurances The Security Trustee shall be entitled from time to time to effect, maintain and renew a mortgagee's
interest additional perils insurance and a mortgagee's interest marine insurance each in an amount of 110 per cent, of the Loan
and on such terms, through such insurers and generally in such manner as the Majority Lenders may from time to time consider appropriate
and the Borrower shall upon demand fully indemnify the Creditor Parties in respect of all premiums and other expenses which are
incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering,
any matter arising out of any such insurance. 15 SHIP COVENANTS 15.1 General The Borrower also undertakes with each Creditor Party
to comply with the following provisions of this Clause 15 (Ship Covenants) at all
times during the Security Period except as the Agent, with the authorisation of the Majority Lenders, may otherwise permit. 15.2
Ship's name and registration The Borrower shall keep the Ship registered in its name under the relevant Approved Flag at its relevant
port of registry; shall not do or omit to do or allow to be done anything as a result of which such registration might be cancelled
or imperilled; and shall not change the name or port of registry of the Ship. 15.3 Repair and classification The Borrower shall
keep the Ship in a good and safe condition and state of repair: (a) consistent with first-class ship ownership and management
practice; (b) so as to maintain the Ship's class (namely A1(E), "Oil Carrier ESP", AMS, ACCU, SPM, VEC(-L), CSR, Safeship-CM,
RES, ES, TEM, Green Passport, POT, UWILD (sea chest blanking devices shall not be provided), CPS at American Bureau of Shipping)
free of overdue recommendations and conditions; and (c) so as to comply with all laws and regulations applicable to vessels registered
at ports in Greece or to vessels trading to any jurisdiction to which the Ship may trade from time to time, including but not
limited to the ISM Code or the ISPS Code. 15.4 Modification The Borrower shall not make any modification or repairs to, or replacement
of, the Ship or equipment installed on it which would or might materially alter the structure, type or performance characteristics
of the Ship or materially reduce its value. 

 

     

     

    

 

 

15.5 Removal of parts The Borrower shall not remove any material
part of the Ship, or any item of equipment installed on, the Ship unless the part or item so removed is forthwith replaced by
a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any
Security Interest or any right in favour of any person other than the Security Trustee and becomes on installation on the Ship
the property of the Borrower and subject to the security constituted by the 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. 15.6 Surveys The Borrower shall submit the Ship regularly to all periodical or other surveys which may be required
for classification purposes and, if so required by the Majority Lenders provide the Security Trustee, with copies of all survey
reports. 15.7 Inspection The Borrower shall permit the Security Trustee (by surveyors or other persons appointed by it for that
purpose) to board the Ship at all reasonable times to inspect its condition or to satisfy themselves about proposed or executed
repairs and shall afford all proper facilities for such inspections provided that prior to the occurrence of an Event of Default
reasonable notice of such inspection is given and such inspection does not materially affect the Ship's commercial operation.
15.8 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 the Ship, the Earnings or the Insurances; (b) all taxes, dues
and other amounts charged in respect of the Ship, the Earnings or the Insurances; and (c) all other outgoings whatsoever in respect
of the Ship, the Earnings or the Insurances, and, forthwith upon receiving notice of the arrest of the Ship, or of its detention
in exercise or purported exercise of any lien or claim, the Borrower shall procure its release by providing bail or otherwise
as the circumstances may require. 15.9 Compliance with laws etc. The Borrower shall: (a) comply, or procure compliance with the
ISM Code, the ISPS Code, all Environmental Laws, all Sanctions Laws and all other laws or regulations relating to the Ship, its
ownership, operation and management or to the business of the Borrower; (b) not employ the Ship nor allow its employment in any
manner contrary to any law or regulation in any relevant jurisdiction including but not limited to the ISM Code and the ISPS Code,
all Environmental Laws and Sanctions Laws; and (c) in the event of hostilities in any part of the world (whether war is declared
or not), not cause or permit the Ship to enter or trade to any zone which is declared a war zone by any government or by the Ship's
war risks insurers unless the Borrower (at its expense) effected 

 

     

     

    

 

 

any necessary special, additional or modified insurance cover
and, upon the Agent's request, the Borrower will confirm that they have effected such insurance cover. 15.10 Provision of information
The Borrower shall promptly provide the Security Trustee with any information which the Majority Lenders reasonably request regarding:
(a) the Ship, its employment, position and engagements; (b) the Earnings and payments and amounts due to the Ship's master and
crew; (c) any expenses incurred, or likely to be incurred, in connection with the operation, maintenance or repair of the Ship
and any payments made in respect of the Ship; (d) any towages and salvages; and (e) the Borrower's, the Approved Manager's or
the Ship's compliance with the ISM code and the ISPS code, and, upon the Security Trustee's request, provide copies of any current
charter relating to the Ship and of any current charter guarantee, and copies of the Borrower's or the Approved Manager's Document
of Compliance. 15.11 Notification of certain events The Borrower shall immediately notify the Security Trustee by fax, 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 the Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss; (c) any overdue requirement
or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied
with; (d) any arrest or detention of the Ship, any exercise or purported exercise of any lien on the Ship or its Earnings or any
requisition of the Ship for hire; (e) any intended dry docking of the Ship other than a routine dry docking; (f) any Environmental
Claim made against the Borrower or in connection with the Ship, or any Environmental Incident; (g) any claim for breach of the
ISM Code or the ISPS Code being made against the Borrower, the Approved Manager or otherwise in connection with the Ship; or (h)
any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or ISPS Code
not being complied with, and the Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail
as the Security Trustee shall require of the Borrower's, the Approved Manager's or any other person's response to any of those
events or matters. 15.12 Restrictions on chartering, appointment of managers etc. The Borrower shall not:

 

     

     

    

 

 

(a) let the Ship on demise charter for any period; (b) enter
into any charter in relation to the Ship under which more than2monthshire(or the equivalent) is payable in advance; (c) charter
the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed; (d) appoint a manager of the Ship
other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's appointment; (e) de-activate
or lay up the Ship; or (f) put the Ship into the possession of any person for the purpose of work being done upon it in an amount
exceeding or likely to exceed the Major Casualty amount 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 the Ship or its Earnings for the cost of such
work or for any other reason; or (ii) the Borrower has established to the reasonable satisfaction of the Security Trustee that
the Borrower has sufficient reserves to pay for the cost of such work. 15.13 The Borrower
agrees that if it should enter into any Charter the Borrower shall execute and deliver to the Agent promptly upon such Charter
being entered into a Charter Assignment in respect of that Charter in favour of the Security Trustee unless such Charter contains
a substitution clause or a clause with similar effect. 15.14 Notice of Mortgage The Borrower shall keep the Mortgage registered
against the Ship as a valid first priority mortgage, carry on board the Ship a certified copy of the Mortgage and place and maintain
in a conspicuous place in the navigation room and the Master's cabin of the Ship a framed printed notice stating that the Ship
is mortgaged by the Borrower to the Security Trustee. 15.15 .14Sharing of Earnings The Borrower shall not enter into any agreement
or arrangement for the sharing of any Earnings without the prior approval of the Agent such approval not to be unreasonably withheld.
For the avoidance of doubt the Agent's approval shall not be required in relation to: (a) any "profit split" of hire
between the Borrower and a charterer of the Ship; or (b) the entry into an established pool or a pool established by the Borrower
in both cases on usual commercial terms and at a market rate allocation. 16 SECURITY COVER 16.1 Minimum required security cover
Clause 16.2 (Provision of additional security; prepayment) applies if (after the
Delivery Date) the Agent notifies the Borrower that, according to the determination mechanism under Clause 16.3 (Valuation
of Ship): (a) the market value (determined as provided in Clause 16.3 (Valuation of Ship)
of the Ship; plus 

 

     

     

    

 

 

(b) the net realisable value of any additional security previously
provided under this Clause 16 (Security Cover), is below 125 per cent, of the Loan.
16.2 Provision of additional security; prepayment If the Agent serves a notice on the Borrower under Clause 16.1 (Minimum
required security cover), the Borrower shall, within 1 month after the date on which the Agent's notice is served, either:
(a) provide, or ensure that a third party provides, additional security which is acceptable to the Agent and, in the opinion of
the Majority Lenders, has a net realisable value 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; or (b) prepay such part (at least) of the Loan as will
eliminate the shortfall. 16.3 Valuation of Ship The market value of the Ship at any date is that shown by the average of 2 valuations
addressed to the Agent for the benefit of the Lenders and prepared: (a) as at a date not more than 14 days previously; (b) by
2 independent first class sale and purchase shipbrokers which the Agent has approved or appointed for the purpose; (c) with or
without physical inspection of the Ship (as the Agent may require); (d) on the basis of a sale for prompt delivery for cash on
normal arm's length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract
of employment; and (e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection
with the sale. 16.4 Value of additional vessel security The net realisable value of any additional security which is provided
under Clause 16.2 (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 16.3 (Valuation
of Ship). 16.5 Valuations binding Any valuation under Clause 16.2 (Provision of additional
security; prepayment), 16.3 (Valuation of Ship) or 16.4 (Value
of additional vessel security) shall be binding and conclusive as regards the Borrower, as shall be any valuation which
the Majority Lenders make of any additional security which does not consist of or include a Security Interest. 16.6 Provision
of information The Borrower shall promptly provide the Agent and any shipbroker or expert acting under Clause 16.3 (Valuation
of Ship) or 16.4 (Value of additional vessel security) with any information
which the Agent or the shipbroker or expert may reasonably request for the purposes of the valuation; 

 

     

     

    

 

 

16.7 Payment of valuation expenses Without prejudice to the
generality of the Borrower's obligations under Clauses 21.2 (Costs of negotiation, preparation
etc.), 21.3 (Costs of variations, amendments, enforcement etc.) and 22.3 (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. 16.8 Application of prepayment Clause 8 (Repayment and
Prepayment) shall apply in relation to any prepayment pursuant to paragraph (b) of Clause 16.2 (Provision
of additional security; prepayment). 17 PAYMENTS AND CALCULATIONS 17.1 Currency and method of payments All payments to
be made by the Lenders or by the Borrower under a Finance Document shall be made to the Agent or to the Security Trustee, in the
case of an amount payable to it: (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 as the Agent may advise from time to time; 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. 17.2 Payment
on non-Business Day If any payment by the Borrower under a Finance Document would otherwise fall due on a day which is not a Business
Day: (a) the due date shall be extended to the next succeeding Business Day; or (b) if the next succeeding Business Day falls
in the next calendar month, the due date shall be brought forward to the immediately preceding Business Day; and interest shall
be payable during any extension under paragraph (a) at the rate payable on the original due date. 17.3 Basis for calculation of
periodic payments All interest, commitment fee and commission 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. 17.4 Distribution of payments to Creditor Parties Subject to Clauses
17.5 (Permitted deductions by Agent), 17.6 (Agent only obliged to pay when
monies received) and 17.7 (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 or the Security Trustee shall be made available by the Agent to that Lender or, as
the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the
Lender or the Security Trustee may have notified to the Agent not less than 5 Business Days previously; and (b) amounts to be
applied in satisfying amounts of a particular category which are due to the Lenders generally shall be distributed by the Agent
to each Lender pro rata to the amount in that category which is due to it. 17.5 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,
deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender under any Finance Document
or any sum which the Agent is then entitled under any Finance Document to require that Lender to pay on demand. 17.6 Agent only
obliged to pay when monies received Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent
shall not be obliged to make available to the Borrower or any Lender any sum which the Agent is expecting to receive for remittance
or distribution to the Borrower or that Lender until the Agent has satisfied itself that it has received that sum. 17.7 Refund
to Agent of monies not received If and to the extent that the Agent makes available a sum to the Borrower or a Lender, without
first having received that sum, the Borrower or (as the case may be) the Lender concerned shall, on demand: (a) refund the sum
in full to the Agent; and (b) pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any
funding or other loss, liability or expense incurred by the Agent as a result of making the sum available before receiving it.
17.8 Agent may assume receipt Clause 17.7 (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. 17.9 Creditor Party accounts Each Creditor Party
shall maintain accounts showing the amounts owing to it by the Borrower and each Security Party under the Finance Documents and
all payments in respect of those amounts made by the Borrower and any Security Party. 17.10 Agent's memorandum account The Agent
shall maintain a memorandum account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the Security
Trustee and each Lender from the Borrower and each Security Party under the Finance Documents and all payments in respect of those
amounts made by the Borrower and any Security Party. 

 

     

     

    

 

 

17.11 Accounts prima facie evidence If any accounts maintained
under Clauses 17.9 (Creditor Party accounts) and 17.10 (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. 18 APPLICATION OF RECEIPTS 18.1 Normal order of
application Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party
under or by virtue of any Finance Document shall be applied: (a) FIRST: in or towards 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 payment pro rata of
any accrued interest or commission due but unpaid under this Agreement; (c) THIRDLY: in or towards payment pro rata of any principal
due but unpaid under this Agreement; (d) FOURTHLY: in or towards payment pro rata of any other amounts due but unpaid under any
Finance Document; (e) FIFTHLY: in retention of an amount equal to any amount not then due and payable under any Finance Document
but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its 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 paragraphs (a), (b), (c) and (d) of Clause 18.1 (Normal
order of application); and (f) SIXTHLY: any surplus shall be paid to the Borrower or to any other person appearing to be
entitled to it. 18.2 Variation of order of application The Agent may, with the authorisation of the Majority Lenders, by notice
to the Borrower, the Security Parties and the other Creditor Parties provide for a different manner of application from that set
out in Clause 18.1 (Normal order of application) either as regards a specified sum
or sums or as regards sums in a specified category or categories. 18.3 Notice of variation of order of application The Agent may
give notices under Clause 18.2 (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. 18.4 Appropriation
rights overridden This Clause 18 (Application of Receipts) and any notice which the
Agent gives under Clause 18.2 (Variation of order of application) shall override
any right of appropriation possessed, and any appropriation made, by the Borrower or any Security Party. 

 

     

     

    

 

 

19 APPLICATION OF EARNINGS 19.1 Payment of Earnings The Borrower
undertakes with each Creditor Party to ensure that, throughout the Security Period (and subject only to the provisions of the
General Assignment), all the Earnings are paid to the Earnings Account. 19.2 Interest accrued on Earnings Account Any credit balance
on the Earnings Account shall bear interest at the rate from time to time offered by the Agent to its customers for Dollar deposits
of similar amounts and for periods similar to those for which such balances appear to the Agent likely to remain on the Earnings
Account. 19.3 Monies on Earnings Any monies standing to the credit of the Earnings Account shall, ee i olae Minimum
Liquidity) le provided that no Event of Default or Potential Event of Default shall have occurred, be at the free disposal
of the Borrower. 19.4 Location of accounts 19.5The 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 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. 19.5 19.6Debits for expenses etc. Following the occurrence of an Event of Default which is continuing
the Agent shall be entitled (but not obliged) from time to time to debit the Earnings Account without prior notice in order to
discharge any amount due and payable to it under Clauses 21 (Fees and Expenses) or
22 (Indemnities) to a Creditor Party or payment of which any Creditor Party has become
entitled to demand under Clause 21 (Fees and Expenses) or 22 (Indemnities).
20 EVENTS OF DEFAULT 20.1 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 any sum payable under a Finance Document or under any document relating to
a Finance Document; or (b) any breach occurs of Clauses 9.2 (Waiver of conditions precedent),
10.17 10.18 (Sanctions). 12.2
(Title; negative pledge), 12.3 (No disposal of assets), 12.17
La 12.17 (Conduct of business; compliance with laws) in
so far as it relates to Sanctions Laws, 12.19 ( 13.2 (Maintenance of status), 13.3
(Negative ), 13.4 13.5 (Payment of dividend 13;5
), 13.6 (Notification of Sanctions), paragraph
(b) of 15.9 (Compliance with laws etc.) (insofar as it relates to Sanctions Laws)
or 16.2 (Provision of additional security; prepayment); or 

 

     

     

    

 

 

(c) any breach by the Borrower or any Security Party occurs
of any provision of a Finance Document (other than a breach covered by paragraphs (a) or (b)) which, in the opinion of the Majority
Lenders, is capable of remedy, and 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 or repeated 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 when it is made or repeated; or (e) any of the following occurs in relation to any Financial Indebtedness
of a Relevant Person in respect of a sum, or sums aggregating, $[1]5,000,000 10,000,000
or more in the case of the Borrower or the equivalent in another currency: (i) any Financial Indebtedness of a Relevant
Person is not paid when due; or (ii) any Financial Indebtedness of a Relevant Person becomes due and payable or capable of being
declared due and payable prior to its stated maturity date as a consequence of any event of default; or (iii) a lease, hire purchase
agreement or charter creating any Financial Indebtedness of a Relevant Person is terminated by the lessor or owner or becomes
capable of being terminated as a consequence of any termination event; or (iv) any overdraft, loan, note issuance, acceptance
credit, letter of credit, guarantee, foreign exchange or other facility, or any swap or other derivative contract or transaction,
relating to any Financial Indebtedness of a Relevant Person ceases to be available or becomes capable of being terminated as a
result of any event of default, or cash cover is required, or becomes capable of being required, in respect of such a facility
as a result of any event of default; or (v) any Security Interest securing any Financial Indebtedness of 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) 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, $[1] 10,000,000
or more in the case of the Borrower or the equivalent in another currency; or r (iii) any administrative or other receiver
is appointed over any asset of a Relevant Person; or (iv) an administrator is appointed (whether by the court or otherwise) in
respect of a Relevant Person; or (v) any formal declaration of bankruptcy or any formal statement to the effect that a Relevant
Person is insolvent or likely to become insolvent is made by a Relevant Person or by the directors of a Relevant Person or, in
any proceedings, by a lawyer acting for a Relevant Person; or 

 

     

     

    

 

 

(vi) a provisional liquidator is appointed in respect of a Relevant
Person, a winding up order is made in relation to a Relevant Person or a winding up resolution is passed by a Relevant Person;
or (vii) a resolution is passed, an administration notice is given or filed, an application or petition to a court is made or
presented or any other step is taken by (aa) a Relevant Person, (bb) the members or directors of a Relevant Person, (cc) a holder
of Security Interests which together relate to all or substantially all of the assets of a Relevant Person, or (dd) a government
minister or public or regulatory authority of a Pertinent Jurisdiction for or with a view to the winding up of that or another
Relevant Person or the appointment of a provisional liquidator or administrator in respect of that or another Relevant Person,
or that or another Relevant Person ceasing or suspending business operations or payments to creditors, 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 (viii) an administration notice is given or filed, an application or petition to
a court is made or presented or any other step is taken by a creditor of a Relevant Person (other than a holder of Security Interests
which together relate to all or substantially all of the assets of a Relevant Person) for the winding up of a Relevant Person
or the appointment of a provisional liquidator or administrator in respect of a Relevant Person in any Pertinent Jurisdiction,
unless the proposed winding up, appointment of a provisional liquidator or administration is being contested in good faith, on
substantial grounds and not with a view to some other insolvency law procedure being implemented instead and either (aa) the application
or petition is dismissed or withdrawn within 30 days of being made or presented, or (bb) within 30 days of the administration
notice being given or filed, or the other relevant steps being taken, other action is taken which will ensure that there will
be no administration and (in both cases (aa) or (bb)) the Relevant Person will continue to carry on business in the ordinary way
and without being the subject of any actual, interim or pending insolvency law procedure; or (ix) a Relevant Person or its directors
take any steps (whether by making or presenting an application or petition to a court, or submitting or presenting a document
setting out a proposal or proposed terms, or otherwise) with a view to obtaining, in relation to that or another Relevant Person,
any form of moratorium, suspension or deferral of payments, reorganisation of debt (or certain debt) or arrangement with all or
a substantial proportion (by number or value) of creditors or of any class of them or any such moratorium, suspension or deferral
of payments, reorganisation or arrangement is effected by court order, by the filing of documents with a court, by means of a
contract or in any other way at all; or (x) any meeting of the members or directors, or of any committee of the board or senior
management, of a Relevant Person is held or summoned for the purpose of considering a resolution or proposal to authorise or take
any action of a type described in paragraphs (iv) to (ix) or a step preparatory to such action, or (with or without such a meeting)
the members, directors or such a committee resolve or agree that such an action or step should be taken or should be taken if
certain conditions materialise or fail to materialise; or (xi) in a Pertinent Jurisdiction other than England, any event occurs,
any proceedings are opened or commenced or any step is taken 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 consent
necessary to enable the Borrower to own, operate or charter the Ship or to enable the Borrower or any Security Party to comply
with any provision which the Majority Lenders consider material of a Finance Document is not granted, expires without being renewed,
is revoked or becomes liable to revocation or any condition of such a consent is not fulfilled; or e iee ieeee a cl e ie alie
(j) (k)any provision which the Majority Lenders reasonably consider material of a Finance Document proves to have been or becomes
invalid or unenforceable, or a Security Interest created by a Finance Document proves to have been or becomes invalid or unenforceable
or such a Security Interest proves to have ranked after, or loses its priority to, another Security Interest or any other third
party claim or interest; or (k) (l)the security constituted by a Finance Document is in any way imperilled or in jeopardy; or
(I) (m)any event or circumstance occurs which the Majority Lenders determine has, or could reasonably be expected to have a material
adverse effect: (i) on the ability of the Borrower to perform its obligations under the Finance Documents; or (ii) on the property,
assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower. 20.2 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 cancelled; 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 are entitled to take under any Finance Document or any applicable
law. 

 

     

     

    

 

 

20.3 Termination of Commitments On the service of a notice under
paragraph (a)(i) of Clause 20.2 (Actions following an Event of Default), the Commitments
and all other obligations of each Lender to the Borrower under this Agreement shall be cancelled. 20.4 Acceleration of Loan On
the service of a notice under paragraph (a)(ii) of Clause 20.2 (Actions following an Event
of Default) 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. 20.5 Multiple notices; action without notice The Agent may serve notices under paragraphs (a)(i) or (ii) of Clause
20.2 (Actions following an Event of Default) simultaneously or on different dates
and it and/or the Security Trustee may take any action referred to in Clause 20.2 20.3 (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. 20.6 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
20.2 (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. 20.7 Lender's
rights unimpaired Nothing in this Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders
under a Finance Document or the general law; and, in particular, this Clause is without prejudice to Clause 3.1 (Interests
of Lenders several). 20.8 Exclusion of Creditor Party liability No Creditor Party, and no receiver or manager appointed
by the Security Trustee, shall have any liability to the Borrower or a Security Party: (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. 20.9 Relevant Persons In
this Clause 20 (Events of Default), a "Relevant
Person" means the Borrower and any Security Party. 

 

     

     

    

 

 

20.10 Interpretation In
paragraph (ed) of Clause 20.1 (Events of Default), 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 paragraph (fe) of Clause 20.1 (Events
of Default) "petition" includes an application. 21 FEES AND EXPENSES 21.1 Arrangement and commitment fees The
Borrower shall pay: (a) to the Agent an arrangement fee in the amount and at the times agreed in a Fee Letter; and (b) to the
Agent (for the account of each Lender) quarterly in arrears during the period from (and including) the date of this Agreement
to the earlier of (i) the final Drawdown Date and (ii) the last day of the Availability Period, for the account of the Lenders,
a commitment fee at the rate of 0.50 per cent, per annum on the amount of the Total Commitments less the amount of the Loan, for
distribution among the Lenders pro rata to their Commitments. 21.2 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. 21.3 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 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 16 (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. 21.4 Documentary taxes The Borrower
shall promptly pay any tax payable on or by reference to any Finance Document, and shall, on the Agent's demand, fully indemnify
each Creditor Party against any claims, expenses, liabilities and losses resulting from any failure or delay by the Borrower to
pay such a tax. 

 

     

     

    

 

 

21.5 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 (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. 22 INDEMNITIES 22.1 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, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or
in connection with: (a) an Advance not being borrowed on the date specified in the Drawdown Notice for any reason other than a
default by the Lender claiming the indemnity; (b) the receipt or recovery of all or any part of the Loan or an overdue sum otherwise
than on the last day of an Interest Period or other relevant period; (c) any failure (for whatever reason) by the Borrower to
make payment of any amount due under a Finance Document on the due date or, if 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 of an Event of Default or a Potential Event of Default and/or the acceleration of repayment
of the Loan under Clause 20 (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. 22.2 Breakage costs Without limiting its
generality, Clause 22.1 (Indemnities regarding borrowing and repayment of Loan) covers
any claim, expense, liability or loss, including a loss of a prospective profit, incurred by a Lender: (a) in liquidating or employing
deposits from third parties acquired or arranged to fund or maintain all or any part of its Contribution and/or any overdue amount
(or an aggregate amount which includes its Contribution or any overdue amount); and (b) in terminating, or otherwise in connection
with, any interest and/or currency swap or any other transaction entered into (whether with another legal entity or with another
office or department of the Lender concerned) to hedge any exposure arising under this Agreement or a number of transactions of
which this Agreement is one. In the circumstances referred to in paragraph (b) of Clause 22.1 (Indemnities
regarding borrowing and repayment of Loan) such costs shall include an amount equal to the Margin which would, but, for
receipt or recovery of the relevant part of the Loan, have accrued on the relevant part of the Loan, from the date of such receipt
or recovery to the end of the then current Interest Period relating thereto. 

 

     

     

    

 

 

22.3 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; or (b) any other Pertinent Matter, other than
claims, expenses, liabilities and losses which are shown to have been directly and mainly caused by the dishonesty, gross negligence
or wilful misconduct of the officers or employees of the Creditor Party concerned. Without prejudice to its generality, this Clause
22.3 (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 Laws. 22.4 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 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 22.4 (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 22.4 (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. 22.5 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 22 (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. 

 

     

     

    

 

 

22.6 Sums deemed due to a Lender For the purposes of this Clause
22 (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. 22.7 Sanctions and regulatory indemnities The Borrower
shall pay to the Agent on demand, and the Borrower shall indemnify each Lender against, all costs, charges, expenses, claims,
liabilities, losses, duties and fees (including, but not limited to, legal fees and expenses on a full indemnity basis) and taxes
thereon suffered or incurred by a Lender (other than in each case by reason of a Lender's gross negligence, dishonesty or wilful
misconduct): (a) arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any Environmental
Law or any Sanctions Law; or (b) as a result of any claim, action, civil penalty or fine against, any settlement, and any other
kind of loss or liability, and as a result of conduct of the Borrower or any of their partners, directors, officers, employees
or agents that violates any Sanctions Laws. 23 NO SET-OFF OR TAX DEDUCTION 23.1 No deductions All amounts due from the Borrower
under a Finance Document shall be paid: (a) without any form of set-off, cross-claim or condition; and (b) free and clear of any
tax deduction except a tax deduction which the Borrower is required by law to make. 24 TAX GROSS UP AND INDEMNITIES 24.1 Definitions
(a) In this Agreement: "Protected Party" means a Creditor Party which is
or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or
receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. "Tax
Credit" means a credit against, relief or remission for, or repayment of any Tax. "Tax
Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other
than a FATCA Deduction. "Tax Payment" means either the increase in a payment
made by the Borrower to a Creditor Party under Clause 24.2 (Tax gross-up) or a payment
under Clause 24.3 (Tax indemnity). Unless a contrary indication appears, in this
Clause 24 (Tax Gross Up and Indemnities) reference to "determines"
or "determined" means a determination made in the absolute discretion
of the person making the determination. 

 

     

     

    

 

 

24.2 Tax gross-up (a) The
Borrower shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law.
(b) The Borrower shall promptly upon becoming aware that it must make a Tax Deduction (or
that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall
notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification
from a Lender it shall notify the Borrower. (c) If a Tax Deduction is required by
law 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 Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.
(d) If the Borrower is required to make a Tax Deduction, the Borrower shall make that Tax
Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required
by law. (e) Within 30 days of making either a Tax Deduction or any payment required
in connection with that Tax Deduction, the Borrower making that Tax Deduction shall deliver to the Agent for the Creditor Party
entitled to the payment evidence reasonably satisfactory to that Creditor Party that the Tax Deduction has been made or (as applicable)
any appropriate payment paid to the relevant taxing authority. 24.3 Tax indemnity (a) The
Borrower shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability
or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by
that Protected Party in respect of a Finance Document. (b) Paragraph (a) above shall
not apply: (i) with respect to any Tax assessed on a Creditor Party: (A) under
the law of the jurisdiction in which that Creditor Party is incorporated or, if different, the jurisdiction (or jurisdictions)
in which that Creditor Party is treated as resident for tax purposes; or (B) under
the law of the jurisdiction in which that Creditor Party's Facility Office is located in respect of amounts received or receivable
in that jurisdiction, if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any
sum deemed to be received or receivable) by that Creditor Party; or (ii) to the extent
a loss, liability or cost: (A) is compensated for by an increased payment under Clause
24.2 (Tax gross- up); or (B) relates to a FATCA Deduction required to be made by
a Party. (c) A Protected Party making, or intending to make, a claim under paragraph
(a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent
shall notify the Borrower. 

 

     

     

    

 

 

(d) A Protected Party
shall, on receiving a payment from the Borrower under this Clause 24.3 (Tax indemnity), notify the Agent. 24.4 Tax Credit
If the Borrower makes a Tax Payment and the relevant Creditor Party determines that:
(a) a Tax Credit is attributable to an increased payment of which that Tax Payment forms
part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was received; and (b) that
Creditor Party has obtained and utilised that Tax Credit, the Creditor Party shall pay an amount to the Borrower which that Creditor
Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment
not been required to be made by the Borrower. 24.5 Stamp taxes The Borrower shall
pay and, within three Business Days of demand, indemnify each Creditor Party against any cost, loss or liability which that Creditor
Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.
24.6 VAT (a) All amounts expressed to be payable under a Finance Document by any Party to
a Creditor Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive
of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable
on any supply made by any Creditor Party to any Party under a Finance Document and such Creditor Party is required to account
to the relevant tax authority for the VAT, that Party must pay to such Creditor Party (in addition to and at the same time as
paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Creditor Party must promptly
provide an appropriate VAT invoice to that Party). (b) If VAT is or becomes chargeable
on any supply made by any Creditor Party (the "Supplier") to any other Creditor Party (the "Recipient") under
a Finance Document, and any Party other than the Recipient (the "Relevant Party") is required by the terms of any Finance
Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse
or indemnify the Recipient in respect of that consideration): (i) (where the Supplier
is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier
(at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this sub-paragraph
(i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant
tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and (ii) (where
the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following
demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that
the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect
of that VAT. (c) Where a Finance Document requires any Party to reimburse or indemnify
a Creditor Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Creditor Party for
the full amount of such cost or expense, including such part of it as represents VAT, 

 

     

     

    

 

 

save to the extent that such Creditor Party reasonably determines
that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. (d)
Any reference in this Clause 24.6 (VAT) to any Party shall, at any time when that Party
is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context
otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving
the supply, under the grouping rules (provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant
member state of the European Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant
group or unity (or fiscal unity) of which that Party is a member for VAT purposes at the relevant time or the relevant representative
member (or representative or head) of that group or unity at the relevant time (as the case may be). (e) In
relation to any supply made by a Creditor Party to any Party under a Finance Document, if reasonably requested by such Creditor
Party, that Party must promptly provide such Creditor Party with details of that Party's VAT registration and such other information
as is reasonably requested in connection with such Creditor Party's VAT reporting requirements in relation to such supply.
24.7 FATCA Information (a) Subject to paragraph (c) below, each Party shall, within ten
Business Days of a reasonable request by another Party: (i) confirm to that other
Party whether it is: (A) a FATCA Exempt Party; or (B) not
a FATCA Exempt Party; and (ii) supply to that other Party such forms, documentation
and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other
Party's compliance with FATCA; and (iii) supply to that other Party such forms, documentation
and other information relating to its status as that other Party reasonably requests for the purposes of that other Party's compliance
with any other law, regulation, or exchange of information regime. (b) If a Party
confirms to another Party pursuant to sub-paragraph (i) of paragraph (a) above that it is a FATCA Exempt Party and it subsequently
becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.
(c) Paragraph (a) above shall not oblige any Creditor Party to do anything and sub-paragraph
(iii) of paragraph (a) above shall not oblige any other Party to do anything which would or might in its reasonable opinion constitute
a breach of: (i) any law or regulation; (ii) any
fiduciary duty; or (iii) any duty of confidentiality. (d) If
a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested
in accordance with sub-paragraphs (i) or (ii) of paragraph (a) above (including, for the avoidance of doubt, where paragraph (c)
above applies), then such Party shall be treated for the purposes of the Finance Documents (and 

 

     

     

    

 

 

payments under them) as if it is not a FATCA Exempt Party until
such time as the Party in question provides the requested confirmation, forms, documentation or other information. 24.8
FATCA Deduction (a) Each Party may make any FATCA Deduction it is required to make by FATCA,
and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect
of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.
(b) Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or
that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment
and, in addition, shall notify each Obligor and the Agent and the Agent shall notify the other Creditor Parties. 25 ILLEGALITY,
ETC 25.1 Illegality This Clause 25 (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 Laws, for the Notifying
Lender to maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this Agreement.
25.2 Notification of illegality The Agent shall promptly notify the Borrower, the
Security Parties, the Security Trustee and the other Lenders of the notice under Clause 25.1 (Illegality) which the Agent receives
from the Notifying Lender. 25.3 Prepayment; termination of Commitment On the Agent
notifying the Borrower under Clause 25.2 (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 25.1 (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. 25.4 Mitigation If circumstances arise which would result in a notification under
Clause 25.1 (Illegality) then, without in any way limiting the rights of the Notifying Lender under Clause 25.3 (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 

 

     

     

    

 

 

(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.
26 INCREASED COSTS 26.1 Increased costs This Clause 26 (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); or (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; (c) the
implementation, application of or compliance with Basel III or CRD IV or any law or regulation that implements or applies Basel
III or CRD IV, the Notifying Lender (or a parent company of it) has incurred or will incur an "increased cost".
26.2 In this Clause 26 (Increased Costs): (a) "increased cost" means,:
(i) a reduction in the rate of return from the Loan or on a Creditor Party's (or its Affiliate's)
overall capital; (ii) an additional or increased cost; or (iii) a
reduction of any amount due and payable under any Finance Document, which is incurred or suffered by a Creditor Party or any of
its Affiliates to the extent that it is attributable to that Creditor Party having entered into its Commitment or funding or performing
its obligations under any Finance Document. For the purposes of this Clause 26.2 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. (b) "Basel III" means: (i) the agreements on capital
requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient
banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring"
and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee
on Banking Supervision in December 2010, each as amended, supplemented or restated; (ii) the
rules for global systemically important banks contained in "Global systemically important banks: assessment methodology and
the additional loss absorbency 

 

     

     

    

 

 

requirement - Rules text" published by the Basel Committee
on Banking Supervision in November 2011, as amended, supplemented or restated; and (iii)
any further guidance or standards published by the Basel Committee on Banking Supervision
relating to "Basel III". (c) "CRD IV" means: (i) Regulation
(EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions
and investment firms and amending regulation (EU) No. 648/2012; (ii) Directive 2013/36/EU
of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential
supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and
2006/49/EC; and (iii) any other law or regulation which implements Basel III.
26.3 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 26.1 (Increased
costs). 26.4 Payment of increased costs The Borrower shall pay to the Agent, on the
Agent's demand, for the account of the Notifying Lender the amounts which the Agent from time to time notifies the Borrower that
the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 26.5 Notice
of prepayment If the Borrower is not willing to continue to compensate the Notifying Lender
for the increased cost under Clause 26.4 (Payment of increased costs), the Borrower may give the Agent not less than 14 days'
notice of its intention to prepay the Notifying Lender's Contribution at the end of an Interest Period. 26.6 Prepayment;
termination of Commitment A notice under Clause 26.5 (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 Margin. 26.7 Exceptions Clause
26.1 (Increased costs) does not apply to the extent any Increased Cost is: (a) attributable
to a Tax Deduction required by law to be made by the Borrower; (b) attributable to
a FATCA Deduction required to be made by a Party; 

 

     

     

    

 

 

(c) compensated for by
Clause 24.3 (Tax indemnity) (or would have been compensated for under Clause 24.3 (Tax indemnity) but was not so compensated solely
because any of the exclusions in paragraph (b) of Clause 24.3 (Tax indemnity) applied). Application of prepayment. Clause 8 (Repayment
and Prepayment) shall apply in relation to the prepayment. 27 SET-OFF 27.1 Application of credit balances At
any time after the occurrence of an Event of Default which is continuing, each Creditor Party may 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; and (iii) enter into any other transaction or make any entry
with regard to the credit balance which the Creditor Party concerned considers appropriate. 27.2 Existing rights unaffected
No Creditor Party shall be obliged to exercise any of its rights under Clause 27.1 (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).
27.3 Sums deemed due to a Lender For the purposes of this Clause 27 (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. 27.4 No Security Interest This Clause
27 (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. 28 TRANSFERS AND CHANGES IN LENDING OFFICES 28.1 Transfer by
Borrower The Borrower may not transfer any of its rights, liabilities or obligations under
any Finance Document. 

 

     

     

    

 

 

28.2 Transfer by a Lender Subject
to Clause 28.4 (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) or without the consent of the Borrower
if an Event of Default or a Potential Event of Default has occurred and is continuing, cause: (a) its
rights in respect of all or part of its Contribution; or (b) its obligations in respect
of all or part of its Commitment; or (c) a combination of (a) and (b), to be (in
the case of its rights) transferred to, or (in the case of its obligations) assumed by, another bank or financial institution
or a trust; fund or the entity which is regularly engaged in or established for the purpose of making, purchasing or investing
in loans, securities or other financial assets (a "Transferee Lender") by delivering to the Agent a completed certificate
in the form set out in Schedule 4 (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 cause such transfer
without needing the consent of the Borrower or any Security Party if an Event of Default has occurred and is continuing or if
the Transferee Lender is: (d) another branch of the Transferor Lender; (e)
a direct or indirect subsidiary or affiliate of the Transferor Lender; (f) a
company of which the Transferor Lender is a subsidiary; or (g) a company which is
under the same control as the Lender. 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 Agreement. 28.3 Transfer
Certificate, delivery and notification As soon as reasonably practicable after a Transfer
Certificate is delivered to the Agent, it shall (unless it has reason to believe that the Transfer Certificate may be defective):
(a) sign the Transfer Certificate on behalf of itself, the Borrower, the Security
Parties, the Security Trustee and each of the other Lenders; (b) on behalf of the
Transferee Lender, send to the Borrower letters or faxes notifying them of the Transfer Certificate and attaching a copy of it;
(c) send to the Transferee Lender copies of the letters or faxes sent under paragraph
(b) above, but the Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Transferor Lender and
the Transferee Lender once it is satisfied it has complied with all necessary "know your customer" or other similar
checks under all applicable laws and regulations in relation to the transfer to that Transferee Lender. 

 

     

     

    

 

 

28.4 Effective Date of Transfer Certificate A
Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided
that it is signed by the Agent under Clause 28.3 (Transfer Certificate, delivery and notification) on or before that date.
28.5 No transfer without Transfer Certificate No assignment or transfer of any right or
obligation of a Lender under any Finance Document is binding on, or effective in relation to, the Borrower, any Security Party,
the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate. 28.6 Lender
re-organisation; waiver of Transfer Certificate However, if a Lender enters into any merger,
de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the "successor"),
the Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for the execution
and delivery of a Transfer Certificate; and, upon service of the Agent's notice, the successor shall become a Lender with the
same Commitment and Contribution as were held by the predecessor Lender. 28.7 Effect of Transfer Certificate A
Transfer Certificate takes effect in accordance with English law as follows: (a) to
the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent) which the Transferor
Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender absolutely, free of any defects in
the Transferor Lender's title and of any rights or equities which the Borrower or any Security Party had against the Transferor
Lender; (b) the Transferor Lender's Commitment is discharged to the extent specified
in the Transfer Certificate; (c) the Transferee Lender becomes a Lender with the
Contribution previously held by the Transferor Lender and a Commitment of an amount specified in the Transfer Certificate;
(d) the Transferee Lender becomes bound by all the provisions of the Finance Documents which
are applicable to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of,
and the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by
those provisions (other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;
(e) any part of the Loan which the Transferee Lender advances after the Transfer Certificate's
effective date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the transferor,
assuming that any defects in the transferor's title and any rights or equities of the Borrower or any Security Party against the
Transferor Lender had not existed; (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 21 (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. 28.8
Maintenance of register of Lenders During the Security Period the Agent shall maintain a
register in which it shall record the name, Commitment, Contribution and administrative details (including the lending office)
from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 28.4 (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. 28.9 Reliance on register of Lenders The entries on that register shall,
in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments
and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to
the Finance Documents for all purposes relating to the Finance Documents. 28.10 Authorisation of Agent to sign Transfer
Certificates The Borrower, the Security Trustee and each Lender irrevocably authorise the
Agent to sign Transfer Certificates on its behalf. 28.11 Registration fee In respect
of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $3,000 from the Transferee Lender.
28.12 Sub-participation; subrogation assignment A Lender may sub-participate all or any
part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any notice
to, the Borrower, any Security Party, the Agent or the Security Trustee; and the Lenders may assign, in any manner and terms agreed
by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who has become
subrogated to them. 28.13 Disclosure of information A Lender may with the consent
of the Borrower (such consent not to be unreasonably withheld or delayed) disclose to a potential Transferee Lender or sub-participant
any information which the 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 of a confidential nature. 28.14 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. 28.15 Notification On
receiving such a notice, the Agent shall notify the Borrower and the Security Trustee; and, until the Agent receives such a notice,
it shall be entitled to assume that a Lender is acting through the lending office of which the Agent last had notice. 28.16
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. 28.17 Tax indemnity, tax gross-up and increased
costs on assignment, transfer and change of lending office If: (a) the
Lender assigns or transfers any rights or obligations under the Finance Documents pursuant to Clause 28.2 (Transfer by a Lender)
or changes its lending office; and (b) as a result of circumstances existing at the
date of 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 22.1 (Indemnities regarding borrowing and repayment of Loan) in respect of
any tax, Clause 23 (No Set-off or Tax Deduction) or Clause 25 (Illegality, etc), 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.
29 VARIATIONS AND WAIVERS 29.1 Variations, waivers etc. by Majority Lenders Subject
to Clause 29.2 (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. 29.2 Variations, waivers etc.
requiring agreement of all Lenders However, as regards the following, Clause 29.1 (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 change in the Margin
or in the definition of LIBOR; (b) a change to the date for, the amount of, any payment
of principal, interest, fees, or other sum payable under this Agreement; 

 

     

     

    

 

 

(c) a change to any Lender's
Commitment; (d) an extension of Availability Period; (e) a
change to the definition of "Majority Lenders" or "Finance Documents"; (f) a
change to the preamble or to Clauses 2 (Facility), 3 (Position of the Lenders), 4 (Drawdown), 5.1 (Payment of normal
interest), 18 (Application of Receipts), 19
(Application of Earnings) or 33 (Law and Jurisdiction); (g) a
change to this Clause 29 (Variations and Waivers); (h) any release of, or material
variation to, a Security Interest, guarantee, indemnity or subordination arrangement set out in a Finance Document; and
(i) any other change or matter as regards which this Agreement or another Finance Document
expressly provides that each Lender's consent is required. 29.3 Exclusion of other or implied variations Except
for a document which satisfies the requirements of Clauses 29.1 (Variations, waivers etc. by Majority Lenders) and 29.2 (Variations,
waivers etc. requiring agreement of all Lenders), no document, and no act, course of conduct, failure or neglect to act, delay
or acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result
in the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended
or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising: (a) a
provision of this Agreement or another Finance Document; or (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. 30 BAIL-IN Notwithstanding
any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document,
each Party acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance
Documents may be subject to Bail-ln Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the
effect of: (a) any Bail-ln Action in relation to any such liability, including (without
limitation): (i) a reduction, in full or in part, in the principal amount, or outstanding
amount due (including any accrued but unpaid interest) in respect of any such liability; (ii) a
conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred
on, it; and (iii) a cancellation of any such liability; and 

 

     

     

    

 

 

(b) a variation of any
term of any Finance Document to the extent necessary to give effect to any Bail-ln Action in relation to any such liability.
31 NOTICES 31.1 Communications in writing Any communication to be made under or in connection
with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter. 31.2 Addresses
The address and fax number (and the department or officer, if any, for whose attention the
communication is to be made) of each party to this Agreement for any communication or document to be made or delivered under or
in connection with the Finance Documents is: (a) in the case of the Borrower, that
identified with its name below; (b) in the case of each Lender or any Security Party,
that notified in writing to the Agent on or prior to the date on which it becomes a party to this Agreement; (c) in
the case of the Agent or the Security Trustee that identified with its name below, or any substitute address or fax number or
department or officer as the party to this Agreement may notify to the Agent (or the Agent may notify to the parties to this Agreement,
if a change is made by the Agent) by not less than five Business Days' notice: to the Borrower: c/o Euronav NV De Gerlachekaai
20 2000 Antwerp Fax No: +32 3 247 4409 to the Lender: At the address below its name in Schedule 1 (Lenders and Commitments) or
(as the case may require) in the relevant Transfer Certificate to the Agent: 4th Floor, I.F.S.C. House Custom House
Quay Dublin 1 The Bank of Nova ScotiaScotia House33 Finsbury SquareLondon EC2M 1BBD01 R2P9. Ireland to the Security Trustee: Bishopsgate
Attention: David StuartSparkes Fax No: +44 207 454 9019638 6488 The Bank of Nova ScotiaScotia House33 Finsbury Sauare201 6th
Floor London EC2M 1BB3 NS United Kingdom Attention: David StuartSparkes Fax No: +44 207 454 9019638 6488 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 and the Security Parties. 

 

     

     

    

 

 

31.3 Delivery (a) Any
communication or document made or delivered by one person to another under or in connection with the Finance Documents will only
be effective: (i) if by way of fax, when received in legible form; or (ii)
if by way of letter, when it has been left at the relevant address or five Business Days
after being deposited in the post postage prepaid in an envelope addressed to it at that address; and, if a particular department
or officer is specified as part of its address details provided under Clause 31.2 (Addresses), if addressed to that department
or officer. (b) Any communication or document to be made or delivered to the Agent
will be effective only when actually received by the Agent and then only if it is expressly marked for the attention of the department
or officer identified with the Agent's signature below (or any substitute department or officer as the Agent shall specify for
this purpose). (c) All notices from or to the Borrower or a Security Party shall
be sent through the Agent. (d) Any communication or document made or delivered to
the Borrower in accordance with this Clause will be deemed to have been made or delivered to each Security Party. 31.4
Notification of address and fax number Promptly upon receipt of notification of an address
or fax number or change of address or fax number pursuant to Clause 31.2 (Addresses) or changing its own address or fax number,
the Agent shall notify the other parties to this Agreement. 31.5 Electronic communication (a) Any
communication to be made between the Agent and a Lender under or in connection with the Finance Documents may be made by electronic
mail or other electronic means, if the Agent and the relevant Lender: (i) agree that,
unless and until notified to the contrary, this is to be an accepted form of communication; (ii) notify
each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt
of information by that means; and (iii) notify each other of any change to their
address or any other such information supplied by them. (b) Any electronic communication
made between the Agent and a Lender will be effective only when actually received in readable form and in the case of any electronic
communication made by a Lender to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose.
31.6 English language (a) Any notice given under or in connection with any Finance
Document must be in English. (b) All other documents provided under or in connection
with any Finance Document must be: (i) in English; or 

 

     

     

    

 

 

(ii) if not in English,
and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will
prevail unless the document is a constitutional, statutory or other official document. 32 SUPPLEMENTAL 32.1 Rights cumulative,
non-exclusive The rights and remedies which the Finance Documents give to each Creditor
Party are: (a) cumulative; (b) may be
exercised as often as appears expedient; and (c) shall not, unless a Finance Document
explicitly and specifically states so, be taken to exclude or limit any right or remedy conferred by any law. 32.2 Severability
of provisions. If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall
not affect the validity, enforceability or legality of the other provisions of that Finance Document or of the provisions of any
other Finance Document. 32.3 Counterparts A Finance Document may be executed in any number
of counterparts. 32.4 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.
33 LAW AND JURISDICTION 33.1 English law This Agreement shall be governed by, and
construed in accordance with, English law. 33.2 Exclusive English jurisdiction Subject
to Clause 33.3 (Choice of forum for the exclusive benefit of the Creditor Parties), the courts of England shall have exclusive
jurisdiction to settle any disputes which may arise out of or in connection with this Agreement. 33.3 Choice of forum for
the exclusive benefit of the Creditor Parties Clause 33.2 (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 matter which arises out of or in connection with this Agreement in the courts of any country
other than England and which have or claim jurisdiction to that matter; and (b) to
commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in England
or without commencing proceedings in England. 

 

     

     

    

 

 

33.4 Process agent The
Borrower irrevocably appoints Euronav (UK) Agencies Limited at its registered office for the time being, presently at 99 King's
Road, London, SW3 4PA, England, to act as its agent to receive and accept on its behalf any process or other document relating
to any proceedings in the English courts which are connected with this Agreement. 33.5 Creditor Party rights unaffected
Nothing in this Clause 33 (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. 33.6 Meaning of "proceedings". In this Clause
33 (Law and Jurisdiction), "proceedings" means proceedings of any kind, including an application for a provisional or
protective measure. This Agreement has been entered into on the date stated at the beginning of this Agreement. 

 

     

     

    

 

 

SCHEDULE 1 LENDERS
AND COMMITMENTS Lender Lending Office Commitment (US Dollars) Scotiabank (Ireland) I.F.S.C. House LimitedDesignated Activity Company
Custom House Quay Dublin 1 D01 R2P9. Ireland 76,000,00026,750,000 

 

     

     

    

 

 

SCHEDULE 2 DRAWDOWN NOTICE To:
The Bank of Nova Scotia S6otia House33 Finsbury SquareLondon EC2A 1BB201 Bishopseate. 6th Floor London FC2M 3NS England Attention:
Loans Administration [•] 2008 DRAWDOWN NOTICE 1
We refer to the loan agreement (the "Loan Agreement") dated 23 October 2008 (as
supplemented by a supplemental letter dated 30 January 2017 and amended and restated on [•] March 2017) and made between
ourselves, as Borrower, the Lenders referred to therein, and yourselves as Agent and as Security Trustee in connection with a
facility of up to US$76,000,000. Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice.
2 We request to borrow as follows: (a) Amount:
US$[*]; (b) [Advance as specified in Clause 2.1 (Amount of facility) [first, second,
third, etc]] [the Charter Top Up Amount]; (c) Drawdown Date: [•]; (d)
Duration of the first Interest Period shall be [•] months; and (e) 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)0 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; and (b) no Event of Default or Potential Event
of Default has occurred or will result from the borrowing of the Loan. 4 This notice
cannot be revoked without the prior consent of the Majority Lenders. 5 We authorise
you to deduct the arrangement fee referred to in Clause 21 (Fees and Expenses) from the amount of the Advance. [Name of Signatory]
Director for and on behalf of [•] 

 

     

     

    

 

 

75 

 

     

     

    

 

 

SCHEDULE 3 CONDITION PRECEDENT DOCUMENTS PART A The
following are the documents referred to in paragraph (a) of Clause 9.1 (Documents, fees and no default) before the service of
the first Drawdown Notice. 1 A duly executed original of this Agreement, the Guarantee
Nomination Letter, the Agency and Trust Agreement, the Negative Pledge, each Guarantee, the Counter Guarantee and the Account
Security Deed. 2 Copies of the certificate of incorporation and constitutional documents
of the Borrower, each Guarantor, the Counter Guarantor and each Shareholder (and in relation to the Borrower a copy of the shareholders
agreement or joint venture agreement entered into by its shareholders). 3 Copies
of resolutions of directors of the Borrower, each Guarantor (except for Guarantor B), the Counter Guarantor and each Shareholder
and copies of resolutions of the shareholders of the Borrower and the Counter Guarantor authorising the execution of each of the
Finance Documents to which the Borrower, that Guarantor, the Counter Guarantor or that Shareholder is a party and, in the case
of the Borrower, authorising named officers to give the Drawdown Notices and other notices under this Agreement and ratifying
the execution of the Shipbuilding Contract and the Supervision Agreement. 4 The original
of any power of attorney under which any Finance Document is executed on behalf of the Borrower, a Guarantor, the Counter Guarantor
or the Shareholder. 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 the Shipbuilding Contract or the Supervision Agreement.
6 The originals of any mandates or other documents required in connection with the
opening or operation of the Earnings Account. 7 Documentary evidence that the agent
for service of process named in Clause 33 (Law and Jurisdiction) has accepted its appointment. 8 Favourable
legal opinions from lawyers appointed by the Lender on such matters concerning the laws of Hong Kong, Belgium, Panama, Bermuda
and such other relevant jurisdictions as the Lenders may require. 9 Receipt of all
documentation required by the Lenders in respect of the Borrower, any Security Party or the ultimate beneficial ownership of each
Guarantor or the Counter Guarantor pursuant to that Lenders "know your customer" requirements. 

 

     

     

    

 

 

PART B The following are
the documents referred to in paragraph (b) of Clause 9.1 (Documents, fees and no default) required before the drawdown of an Advance
(other than the final Advance): 10 Evidence that the relevant pre-delivery instalment
of the Contract Price payable under the Shipbuilding Contract has fallen due for payment and that such part of such instalment
not being met out of the proceeds of an Advance has been paid or shall be paid by the Borrower simultaneously with the making
of such Advance. 11 A duly executed original of the Predelivery Security Assignment
(and of each document required to be delivered thereunder). 12 A certified copy of
the Shipbuilding Contract and Supervision Agreement and a certified copy of the Refund Guarantee. 13 Such
documentary evidence as the Lender and its legal advisers may require in relation to the due authorisation and execution by the
Builder of the Shipbuilding Contract, by the Supervisor of the Supervision Agreement and by the Refund Guarantor of the Refund
Guarantee. 14 Favourable legal opinions from lawyers appointed by the Lender on such
matters concerning the laws of Korea and such other relevant jurisdictions as the Lender may require. 

 

     

     

    

 

 

PART C The following are
the documents referred to in paragraph (c) of Clause 9.1 (Documents, fees and no default) required before the Drawdown of the
final Advance. 15 A duly executed original of the Mortgage, of the Charter Assignment
(if any Charter) and of the General Assignment (and of each document to be delivered by each of them). 16 Documentary
evidence that: (a) the Ship has been unconditionally delivered by the Builder to,
and accepted by, the Borrower under the Shipbuilding Contract, and the full purchase price payable under the Shipbuilding Contract
(in addition to the part to be financed by the Loan) has been duly paid; (b) the
Ship is definitively and permanently registered in the name of the Borrower under the relevant Approved Flag at its relevant port
of registry; (c) the Ship is in the absolute and unencumbered ownership of the Borrower
save as contemplated by the Finance Documents; (d) the Ship maintains the class (namely
A1(E), "Oil Carrier ESP", AMS, ACCU, SPM, VEC(-L), CSR, Safeship-CM, RES, ES, TEM, Green Passport, POT, UWILD (sea chest
blanking devices shall not be provided), CPS with American Bureau of Shipping free of all recommendations and conditions of such
Classification Society; (e) the Mortgage has been duly recorded against the Ship
as a valid first preferred/priority ship mortgage in accordance with the laws of the relevant Approved Flag; (f) the
Ship is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have
been complied with; and (g) such part of the acquisition cost of the Ship which has
not been funded out of the proceeds of the Loan and which has been borrowed by the Borrower is subordinated to the obligations
of the Borrower to the Lenders under this Agreement in terms satisfactory to the Lenders in their absolute discretion;
17 Documents establishing that the Ship will, as from the final Drawdown Date, be managed
by the Approved Manager on terms acceptable to the Lenders, together with: (a) a
letter of undertaking executed by the Approved Manager in favour of the Agent in the terms agreed between the Agent and the Approved
Manager agreeing certain matters in relation to the management of the Ship and subordinating the rights of the Approved Manager
against the Ship and the Borrower to the rights of the Creditor Parties under the Finance Documents; and (b) copies
of the 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 Lenders require) and ISSC. 18 A
favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances
for the Ship as the Agent may require. 19 Favourable legal opinions from lawyers
appointed by the Agent on such matters concerning the laws of Greece (or such other jurisdiction as may be appropriate if the
Ship is not registered on Greek flag) and such other relevant jurisdictions as the Agent may require. 

 

     

     

    

 

 

SCHEDULE 4 TRANSFER CERTIFICATE The Transferor and the Transferee
accept exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal
and regulatory requirements applicable to them respectively. To: [•] as Agent. From:
[The Existing Lender] (the "Transferor") and [The New Lender] (the
"Transferee") Dated: [•] US$76,000,000 Loan Agreement to Euronav NV dated 23 October 2008 (as supplemented
by a supplemental letter dated 30 January 2017 and amended and restated on [•] March 2017) (the "Agreement") 1
We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement
have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate. 2 We
refer to Clause 28 (Transfers and Changes in Lending Offices) of the Agreement. (a) The
Transferor and the Transferee agree to the Transferor transferring to the Transferee by novation all or part of the Transferor's
Commitment, rights and obligations referred to in the Schedule in accordance with Clause 28 (Transfers and Changes in Lending
Offices). (b) The proposed Transfer Date is [•]. (c) the
lending office and address, fax number and attention details for notices of the Transferee for the purposes of Clause 31.2 (Addresses)
are set out in the Schedule. 3 The Transferee expressly acknowledges the limitations
on the Transferor's obligations set out in Clause 28 (Transfers and Changes in Lending Offices). 4 [The
Transferee confirms that the person beneficially entitled to interest payable to that Lender in respect of an advance under a
Finance Document is either: (a) a company resident in the United Kingdom for United
Kingdom tax purposes; or (b) a partnership each number of which is: (i) a
company so resident in the United Kingdom; or (ii) a company not so resident in the
United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account
in computing its chargeable profits (for the purposes of section 11(2) of the [Taxes Act] the whole of any share of interest payable
in respect of that advance that falls to it by reason of sections 114 and 115 of the [Taxes Act]; or (c) a
company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
and which brings into account interest payable in respect of that advance in computing the chargeable profits (for the purposes
of Section 11(2) of the [Taxes Act] of that company.] [4/5] This Transfer Certificate may be executed in any number of counterparts
and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate. 

 

     

     

    

 

 

[5/6] This Transfer Certificate is governed by English law. 

 

     

     

    

 

 

THE SCHEDULE Commitment/rights and obligations to be transferred
[insert relevant details] [Facility Office address, fax number and attention details for notices and account details for payments]
Transferor Transferee By: By: This Transfer Certificate is accepted by the Agent and the
Transfer Date is confirmed as [•]. [Agent] By: 

 

     

     

    

 

 

SCHEDULE 5 MANDATORY COST 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 Bank of England and/or the Financial Services Authority (or, in either case, 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 Loan) 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 Loans 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: (a) in
relation to a sterling Loan: AB + C(B -
D) + E • 0.01 per
cent, per annum 100 - (A + C) (b) in relation to a Loan in any currency other than
sterling: E . 0.01 per cent, per annum 300 Where:
A is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time
to time required to maintain as an interest free cash ratio deposit with the Bank of England to comply with cash ratio requirements.
B is the percentage rate of interest (excluding the Margin and the Mandatory Cost and, if the Loan is an Unpaid Sum, the additional
rate of interest specified in paragraph (a) of Clause 7.2 (Default rate of interest)) payable for the relevant Interest Period
on the Loan. C is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain
as interest bearing Special Deposits with the Bank of England. D is the percentage rate per annum payable by the Bank of England
to the Agent on interest bearing Special Deposits. 

 

     

     

    

 

 

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 7 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); and (d)
"Tariff Base" has the meaning given to it in, and will be calculated in accordance
with, the Fees Rules. (e) "Unpaid Sum" means any sum due and payable but
unpaid by the Borrower or a Security Party under the Finance Documents. 6 In application
of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5 per cent, will be included in the
formula as 5 and not as 0.05). A negative result obtained by subtracting D from B shall be taken as zero. The resulting figures
shall be rounded to four decimal places. 7 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. 8 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 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 of any change to the information provided by it pursuant
to this paragraph. 9 The percentages of each Lender for the purpose of A and C above
and 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 paragraphs 7 and 8 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. 

 

     

     

    

 

 

10 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, 7 and
8 above is true and correct in all respects. 11 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, 7 and 8 above. 12 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 to the Loan Agreement.
13 The Agent may from time to time, after consultation with the Borrower and the
Lenders, determine and notify to all parties to the Loan Agreement 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 Bank of England, 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 to the
Loan Agreement. SCHEDULE 6 

 

     

     

    

 

 

FORM OF CERTIFICATE OF COMPLIANCE To:
The Bank of Nova Scotia 201 Bishopsgate, 6th Floor London EC2M 3NS England Attention: Loans Administration From: Euronav NV [Date]
OFFICER'S CERTIFICATE This Certificate is rendered pursuant to clause 12.6(e) of
the loan agreement dated 23 October 2008 (as amended and supplemented by a supplemental letter dated 30 January 2017 and amended
and restated on [] 2017) (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 Bank of Nova Scotia as Agent and Security
Trustee, relating to a facility of up to US$79,000,000. Words and expressions defined in the Loan Agreement shall have the same
meanings when used herein. I, the Chief Financial Officer of the Borrower, hereby certify that: 1 Attached
to this Certificate [are][is] the latest [audited consolidated accounts of the Group and audited individual accounts of the Borrower
for the financial year ending on []] [unaudited consolidated balance sheet of the Group and the unaudited individual balance sheet
of the Borrower 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 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 11.1 (Financial Covenants) of the Loan Agreement
farei [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
Ml 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] The
Borrower is in compliance with clause 11.1 (Financial Covenants) of the Loan Agreement. [lf not, specify this and what is proposed
as regards Clause 11.1 (Financial Covenants)] The Market Value of the Ship is as follows as at [date]: Name of Ship Name of first
shipbroker Name of second shipbroker Average market value providing valuation providing valuation [] [•] [•] Chief Financial
Officer EURONAV NV Note: Supporting Schedules to be attached. 

 

     

     

    

 

 

BORROWEREXECUTION PAGE SIGNED by) for and on behalf of EURONAV
NV) in the presence of: ) ) ) LENDERS SIGNED
by ) ) ) for and on behalf of SCOTIABANK (IRELAND) DESIGNATED ) LIMITEDACTIVITY COMPANY ) in the presence of: ) AGENT SIGNED by
) \ for and on behalf of ) THE BANK OF NOVA SCOTIA ) in the presence of: ) SECURITY TRUSTEE SIGNED by ) \ for and on behalf of
) ) THE BANK OF NOVA SCOTIA ) in the presence of: ) 

 

     

     

    

 

Appendix

Part B

 

Form of clean copy Amended and Restated Loan Agreement

 

    	 	13	 

     

    

 

Execution Form

 

Dated 23 October 2008

(as amended and supplemented by a supplemental
letter dated 30 January 2017 and amended

 and restated on 31 March 2017)

  

EURONAV NV

as Borrower

 

and

 

the banks and
financial institutions

Listed
in Schedule 1

as
Lenders

 

and

 

THE BANK OF
NOVA SCOTIA

as Agent

and as Security Trustee

 

LOAN AGREEMENT

 

relating to a

$76,000,000 facility to finance

m.t. "CAPTAIN MICHAEL"

 

  

 

     

     

    

 

Index

 

	Clause	 	Page
	 	 	 
	1	Interpretation	1
	2	Facility	15
	3	Position of the Lenders	16
	4	Drawdown	17
	5	Interest	18
	6	Interest Periods	20
	7	Default Interest	21
	8	Repayment and Prepayment	22
	9	Conditions Precedent	24
	10	Representations and Warranties	25
	11	Financial Covenants	27
	12	General Undertakings	28
	13	Corporate Undertakings	32
	14	Insurance	33
	15	Ship Covenants	37
	16	Security Cover	40
	17	Payments and Calculations	42
	18	Application of Receipts	44
	19	Application of Earnings	45
	20	Events of Default	45
	21	Fees and Expenses	50
	22	Indemnities	51
	23	No Set-off or Tax Deduction	53
	24	Tax Gross Up and Indemnities	53
	25	Illegality, etc	57
	26	Increased Costs	58
	27	Set-Off	60
	28	Transfers and Changes in Lending Offices	60
	29	Variations and Waivers	64
	30	Bail-In	65
	31	Notices	65
	32	Supplemental	67
	33	Law and Jurisdiction	68

  

	Schedules	 
	 	 
	Schedule 1 Lenders and Commitments	70
	Schedule 2 Drawdown Notice	71
	Schedule 3 Condition Precedent Documents	72
	Part A	72
	Part B	73
	Part C	74
	Schedule 4 Transfer Certificate	75
	Schedule 5 Mandatory Cost	78
	Schedule 6 Form of Certificate of Compliance	81

 

	Execution	 
	 	 
	Execution Page	83

 

     

     

    

 

THIS AGREEMENT is made on 23 October
2008 (as amended and supplemented by a supplemental letter dated 30 January 2017 and amended and restated on 31 March 2017)

 

parties

 

		(1)	EURONAV NV, a company incorporated in Belgium whose registered office is at De Gerlachekaai
20, B-2000 Antwerp 1, Belgium (the "Borrower")

 

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

 

		(3)	THE BANK OF NOVA SCOTIA, as Agent; and

 

		(4)	THE BANK OF NOVA SCOTIA, as Security Trustee.

 

BACKGROUND

 

The Lenders have agreed to make available
to the Original Borrower a facility of up to $76,000,000 for the purpose of part financing the purchase price of the Ship constructed
by the Builder. The Borrower has purchased the Ship from the Original Borrower as the borrower under this Agreement.

 

IT IS AGREED as follows:

 

		1	Interpretation

 

		1.1	Definitions

 

Subject to Clause 1.5 (General
Interpretation), in this Agreement:

 

"Account
Bank" means Scotiabank Europe plc acting through its office 201 Bishopsgate, 6th floor, London EC2M
3NS, England.

 

"Account
Security Deed" means a deed creating security in respect of the Earnings Account in the Agreed Form.

 

"Advance"
means the principal amount of each borrowing by the Borrower under this Agreement.

 

"Agency
and Trust Agreement" means the agency and trust agreement dated the same date as this Agreement and made between
the same parties.

 

"Agent”
means The Bank of Nova Scotia, a company registered in Canada and acting in such capacity through its office at 201 Bishopsgate,
6th Floor, London EC2M 3NS, England, or any successor of it appointed under clause 5 of the Agency and Trust Agreement.

 

"Agreed
Form" means in relation to any document, that document in the form approved in writing by the Agent (acting with
the instructions of all the Lenders) and mutually agreed with the Borrower or as otherwise approved in accordance with any other
approval procedure specified in any relevant provision of any Finance Document.

 

"Anti-Corruption
Laws" means the England and Wales Bribery Act 2010, the United States Foreign Corrupt Practices Act 1977 or other
applicable anti-corruption legislation in any other jurisdictions.

 

"Approved
Flag" means Greek flag or such other flag as the Agent (acting with the authorisation of all the Lenders) may approve
as the flag on which the Ship shall be registered at delivery.

 

     

     

    

 

"Approved
Manager" means Euronav Ship Management (Hellas) Ltd. or any of its subsidiaries or any other company incorporated
by the Borrower with the prior written consent of the Agent (acting with the authorisations of the Majority Lenders) not to be
unreasonably withheld or delayed.

 

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

 

		(a)	the Final Availability Date; or

 

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

 

"Bail-In
Action" means the exercise of any Write-down and Conversion Powers.

 

"Bail-In
Legislation" means in relation to an EEA Member Country which has implemented, or which at any time implements,
Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time.

 

“Builder"
means Samsung Heavy Industries Co., Ltd., a company incorporated in the Republic of Korea whose registered office is at Samsung
Life Insurance Seocho Tower 1321-15, Seocho-Dong, Seocho-Gu, Seoul, Korea.

 

"Business
Day" means a day on which banks are open in London, Antwerp, Dublin 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 in each case 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.

 

"Charter"
means any time charter in respect of the Ship for a period of not less than three years and on terms (including rates), and to
a charterer, in each case acceptable to the Lenders in their absolute discretion.

 

"Charter
Assignment" means an assignment of any Charter and any supporting guarantee for the Charter (if any) in the Agreed Form.

 

"Code"
means the US Internal Revenue Code of 1986.

 

"Commitment"
means, in relation to a Lender, the amount set opposite its name in 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.

 

"Contract
Price" means the contract price paid by the Original Borrower to the Builder under the Shipbuilding Contract which,
as of 23 October 2008 was $95,830,000.

 

"Contractual
Currency" has the meaning given in Clause 22.4 (Currency indemnity).

 

    	 	2	 

     

    

 

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

 

"Creditor
Party" means the Agent, the Security Trustee or any Lender, whether as at the date of this Agreement or at any
later time.

 

"Delivery
Date" means the date on which the Ship was delivered to, and accepted by, the Original Borrower under the Shipbuilding
Contract.

 

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

 

"Drawdown
Date" means, in relation to each 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 2 (Drawdown Notice) (or in any other form which the
Agent approves or reasonably requires).

 

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

 

		(a)	except to the extent that they fall within paragraph (b);

 

		(i)	all freight, hire and passage moneys;

 

		(ii)	compensation payable to the Borrower or the Security Trustee in the event of requisition of the
Ship for hire;

 

		(iii)	remuneration for salvage and towage services;

 

		(iv)	demurrage and detention moneys;

 

		(v)	damages for breach (or payments for variation or termination) of any charterparty or other contract
for the employment of the Ship; and

 

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

 

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

 

"Earnings
Account" means an account in the name of the Borrower with the Account Bank in London designated "EURONAV
- Earnings Account", or any other account (with that or another office of the Account Bank or with a bank or financial institution
other than the Account Bank) which is designated by the Agent as the Earnings Account for the purposes of this Agreement.

 

"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,

 

    	 	3	 

     

    

 

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

 

"Environmental
Incident" means:

 

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

 

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

 

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

 

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

 

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

 

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

 

"Event
of Default" means any of the events or circumstances described in Clause 20.1 (Events of Default).

 

"Facility
Office" means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender
(or, following that date, by not less than 5 Business Days' written notice) as the office or offices through which it will perform
its obligations under this Agreement.

 

"FATCA" means:

 

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

 

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

 

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

 

"FATCA Application Date"
means:

 

    	 	4	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

"Fee
Letter" means any letter or letters between the Agent and the Borrower setting out any of the fees referred to
in Clause 21 (Fees and Expenses).

 

"Final
Availability Date" means:

 

		(a)	26 February 2012; or

 

		(b)	in the event of arbitration proceedings in connection with the Shipbuilding Contract, with the
prior consent of the Agent (with the authorisation of the Majority Lenders) which is not to be unreasonably withheld or delayed,
the day falling 365 days after the commencement of such arbitration (if later than 26 February 2012); or

 

		(c)	such later date as the Agent (with the authorisation of the Majority Lenders) may agree in writing.

 

"Finance
Documents" means:

 

		(a)	this Agreement;

 

		(b)	the Agency and Trust Agreement;

 

		(c)	the General Assignment;

 

		(d)	the Charter Assignment (if any);

 

		(e)	the Mortgage;

 

		(f)	the Account Security Deed;

 

		(g)	the Fee Letter;

 

		(h)	any Transfer Certificate;

 

		(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 under this Agreement and/or any of the other documents referred to in this definition; and

 

    	 	5	 

     

    

 

		(j)	any other document designated as such by the Agent and the Borrower.

 

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

 

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

 

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

 

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

 

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

 

		(e)	under any 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.

 

"General
Assignment" means a general assignment of the Earnings, the Insurances and any Requisition Compensation in the
Agreed Form.

 

"Group"
means the Borrower and each of its Subsidiaries.

 

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

 

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

 

"Insurances"
means:

 

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

 

"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, 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).

 

    	 	6	 

     

    

 

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

 

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

 

"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 28.14 (Change
of lending office) or its transferee, successor or assign, which in each case has not ceased to be a party in accordance with
the terms of this Agreement.

 

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

 

		(a)	the applicable Screen Rate as of the Specified Time for dollars and for a period equal in length
to the Interest Period of the Loan or that part of the Loan; or

 

		(b)	as otherwise determined pursuant to Clause 5.6 (Absence of quotations by Reference Banks),

 

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

 

"Loan"
means a loan made or to be made under this Agreement or the principal amount for the time being outstanding under this Agreement.

 

"Major
Casualty" means any casualty to the Ship in respect of which the claim or the aggregate of the claims against all
insurers, before adjustment for any relevant franchise or deductible exceeds $5,000,000 or the equivalent in any other currency.

 

"Majority
Lenders" means:

 

		(a)	before any Advance has been made, Lender or Lenders whose Commitments total more than 66.66 per
cent. of the Total Commitments; and

 

		(b)	at any other time, Lender or Lenders whose Contributions in the Loan outstanding total more than
66.66 per cent. of all the Loan then outstanding.

 

"Mandatory
Cost” means the percentage rate, which represents the cost to the Lenders, relative to the Loan, of compliance
with the requirements of the Bank of England, the Financial Services Authority or any other regulatory authority, as determined
by the Agent in accordance with the formula detailed in Schedule 5 (Mandatory Cost).

 

"Margin"
means 1.95 per cent. per annum.

 

"Market
Disruption Event" has the meaning given to that term in paragraph 5(b) of Clause 5.7 (Market disruption).

 

"Market
Value" means the market value of the Ship as determined in accordance with Clause 16.3 (Valuation of Ship).

 

"Maturity
Date" means the date falling 8 years after the Delivery Date or, if earlier, 26 February 2020.

 

"Mortgage”
means the first preferred Greek ship mortgage or the first priority statutory ship mortgage or first preferred ship mortgage and,
if applicable, collateral deed of covenant in the form appropriate for the flag of the Ship in the event that the Approved Flag
is not Greek flag in the Agreed Form.

 

    	 	7	 

     

    

 

"Negotiation
Period" has the meaning given in Clause 5.9 (Negotiation of alternative rate of interest).

 

"Notifying
Lender" has the meaning given in Clause 25.1 (Illegality) or Clause 26.1 (Increased costs) as the
context requires.

 

"Original
Borrower" means Fiorano Shipholding Limited, a company incorporated in Hong Kong whose registered office is at
Room 2503-05, 25th Floor, Harcourt House, No.39 Gloucester Road, Wanchai, Hong Kong.

 

"Party"
means a party to this Agreement.

 

"Payment
Currency" has the meaning given in Clause 22.4 (Currency indemnity).

 

"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 the Ship not prohibited by this Agreement;

 

		(e)	liens for master's disbursements incurred in the ordinary course of trading and any other lien
arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of the Ship or in the ordinary
course of business of the Borrower, 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) and subject, in the case of liens for repair or maintenance,
to paragraph (f) of Clause 15.12 (Restrictions on chartering, appointment of managers etc.);

 

		(f)	any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration
as security for costs and expenses where the Borrower is actively prosecuting or defending such proceedings or arbitration in good
faith; 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 policy or contract of insurance contemplated by or referred to in Clause 14 (Insurance)
or any other provision of this Agreement or another Finance Document;

 

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

 

		(d)	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 any policy, contract or document falling within paragraphs (b) or (c).

 

“Permitted
Holders” means each of Saverco and Victrix (and (in each case) any parallel vehicle thereof and their respective alternative
investment vehicles) and their affiliates.

 

    	 	8	 

     

    

 

"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;

 

		(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 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) above.

 

"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.

 

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

 

"Reference
Banks" means, subject to Clause 28.16 (Replacement of Reference Bank), the London, Dublin or Toronto (as
the case may be) branches of each of the Lenders or such other banks as may be appointed by the Agent in consultation with the
Borrower.

 

"Relevant
Interbank Market" means the London Interbank Market.

 

"Relevant
Person" has the meaning given in Clause 20.9 (Relevant Persons).

 

"Repayment
Date" means a date on which a repayment is required to be made under Clause 8 (Repayment and Prepayment).

 

"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".

 

    	 	9	 

     

    

 

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

 

"Restricted
Party" means a person:

 

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

 

		(b)	that is domiciled, registered as located or having its main place of business in, or is incorporated
under the laws of, a country which is subject to Sanctions Laws which attach legal effect to being domiciled, registered as located
or having its main place of business in such country; or

 

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

 

		(d)	with which any member of the Group is prohibited from dealing or otherwise engaging in a transaction
with by any Sanctions Laws;

 

"Sanctions
Authority" means the Norwegian State, the United Nations, the United Kingdom, the European Union, the member states
of the European Union, the United States of America and Canada and any authority acting on behalf of any of them in connection
with Sanctions Laws.

 

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

 

"Saverco"
means Saverco NV, a company incorporated in Belgium whose registered office is at de Gerlachekaai 20, B-2000 Antwerp, Belgium.

 

"Sanctions
List" means any list of persons or entities published in connection with Sanctions Laws by or on behalf of any
Sanctions Authority as amended, revised, supplemented or substituted from time to time.

 

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

 

"Secured
Liabilities" means all monies from time to time due or owing, and all obligations and other actual or contingent
liabilities incurred by the Borrower, the Security Parties or any of them to any Creditor Party, at the date of this Agreement
or at any later time or times, in whatever currency, whether due, owing or incurred alone or jointly with others or as principal,
surety or otherwise under or in connection with any Finance Document or any judgment relating to any Finance Document; 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:

 

    	 	10	 

     

    

 

		(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 (except the Borrower or 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 definition of "Finance
Documents".

 

"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 Creditor Parties that:

 

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

 

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

 

		(c)	neither the Borrower nor any Security Party has any future or contingent liability under Clause
21 (Fees and Expenses), 22 (Indemnities) or 23 (No Set-off or Tax Deduction) or any other provision of this
Agreement or another Finance Document; and

 

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

 

"Security
Trustee" means The Bank of Nova Scotia, a company incorporated in Canada and acting in such capacity through its
office at 201 Bishopsgate, 6th Floor, London EC2M 3NS, England or any successor of it is appointed under clause 5 of the Agency
and Trust Agreement.

 

"Servicing
Bank" means the Agent or the Security Trustee.

 

"Ship"
means the Suezmax tanker with hull no. 1893 of 157,648.1 dwt, named m.v. "CAPTAIN MICHAEL" registered in the name of
the Borrower under an Approved Flag.

 

"Shipbuilding
Contract" means the Shipbuilding Contract dated 25 July 2008 made between the Builder and the Original Borrower
for the construction by the Builder of the Ship and its purchase by the Borrower as supplemented and amended from time to time.

 

"Specified
Time" means a day or time determined as follows:

 

	LIBOR is fixed	 	Quotation Day as of 11:00 am London time
	 	 	 
	Reference Bank Rate calculated by reference to available quotations in accordance with Clause 5.6 (Absence of quotations by Reference Banks)	 	Noon on the Quotation Day

 

    	 	11	 

     

    

 

"Total
Commitments" means the aggregate of the Commitments of all the Lenders being the Loan.

 

"Total
Loss" means:

 

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

 

		(b)	any expropriation, confiscation, requisition or acquisition of the Ship, whether for full consideration,
a consideration less than 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 3 months
redelivered to the Borrower's full control; and

 

		(c)	any arrest, capture, seizure or detention of the Ship (including any hijacking or theft) unless
it is within 3 months redelivered to the Borrower's full control.

 

"Total
Loss Date" means:

 

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

 

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

 

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

 

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

 

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

 

"Transfer
Certificate" has the meaning given in Clause 28.2 (Transfer by a Lender).

 

"Trust
Property" has the meaning given in clause 3.1 of the Agency and Trust Agreement.

 

"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.

 

"Write-down
and Conversion Powers" means:

 

		(a)	in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time
to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and

 

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

 

    	 	12	 

     

    

 

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

 

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

 

		1.2	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 14 (Insurance), approved in writing by the Agent;

 

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

 

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

 

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

 

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

 

"continuing"
means, in relation to any Event of Default, the Event of Default has not been remedied to the satisfaction of, or waived by the
Majority Lenders.

 

"document"
includes a deed; also a letter or fax.

 

"excess
risks" means the proportion of claims for general average, salvage and salvage charges not recoverable under the
hull and machinery policies in respect of the Ship in consequence of 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.

 

    	 	13	 

     

    

 

"months"
shall be construed in accordance with Clause 1.3 (Meaning of "month").

 

"obligatory
insurances" means all insurances effected, or which the Borrower is obliged to effect, under Clause 14 (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 managed in London,
including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which
are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International
Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or clause 8 of the Institute Time
Clauses (Hulls) (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.

 

"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) or clause 24 of the Institute Time Clauses (Hulls)(1/11/95) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83).

 

		1.3	Meaning of "month"

 

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

 

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

 

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

 

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

 

		1.4	Meaning of "subsidiary"

 

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

 

    	 	14	 

     

    

 

		(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.

 

		1.5	General Interpretation

 

In this Agreement:

 

		(a)	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;

 

		(b)	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;

 

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

 

		(d)	Clauses 1.1 (Definitions) to 1.5 (General Interpretation) apply unless the contrary
intention appears.

 

		1.6	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.

 

		2	Facility

 

		2.1	Amount of facility

 

Subject to the other provisions of
this Agreement, the Lenders shall make available to the Borrower a term loan facility in an aggregate amount equal to the Total
Commitments to enable the Borrower to finance its acquisition of the Ship by 5 Advances as follows:

 

		(a)	a first Advance of up to $14,250,000 to enable the Borrower to refinance the first pre-delivery
instalment of the Contract Price under the Shipbuilding Contract paid to the Builder upon signing of the Shipbuilding Contract;

 

		(b)	a second Advance of up to $7,125,000 to enable the Borrower to meet the second pre-delivery instalment
of the Contract Price under the Shipbuilding Contract to be paid to the Builder on the date falling 12 calendar months after the
date of the Shipbuilding Contract;

 

		(c)	a third Advance of up to $7,125,000 to enable the Borrower to meet the third pre-delivery instalment
of the Contract Price under the Shipbuilding Contract to be paid to the Builder upon keel laying;

 

		(d)	a fourth Advance of up to $7,125,000 to enable the Borrower to meet the fourth pre-delivery instalment
of the Contract Price under the Shipbuilding Contract to be paid to the Builder upon launching;

 

    	 	15	 

     

    

 

		(e)	a fifth Advance of up to $35,625,000 to enable the Borrower to meet the final instalment of the
Contract Price under the Shipbuilding Contract to be paid to the Builder upon delivery of the Ship.

 

		2.2	Transfer of Loan

 

The Loan was transferred
from the Original Borrower to the Borrower pursuant to an agreement dated the same date as this Agreement was amended and restated
and entered into between the Original Borrower and the Borrower. This transfer was approved by the Creditor Parties.

 

		2.3	Lenders' participations in Loan

 

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

 

		2.4	Purpose of Loan

 

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

 

		3	Position of the Lenders

 

		3.1	Interests of Lenders several

 

The rights of the Lenders under this
Agreement are several.

 

		3.2	Individual Lender's right of action

 

Subject to 3.3 (Proceedings by
individual Lender requiring Majority Lender consent), each Lender shall be entitled to sue for any amount which has become
due and payable by the Borrower to it under this Agreement without joining the Agent, the Security Trustee or any other Lender
as additional parties in the proceedings.

 

		3.3	Proceedings by individual Lender requiring Majority Lender consent

 

No Lender may commence proceedings
against the Borrower or any Security Party in connection with a Finance Document without the prior consent of the Majority Lenders.

 

		3.4	Obligations of Lenders several

 

The obligations of the Lenders under
this Agreement are several; and a failure of a Lender to perform its obligations under this Agreement shall not result in:

 

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

 

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

 

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

 

    	 	16	 

     

    

 

		4	Drawdown

 

		4.1	Request for Advance

 

Subject to the following conditions,
the Original Borrower requested an Advance to be made by ensuring that the Agent received a completed Drawdown Notice not later
than 11.00 a.m. (London time) 3 Business Days prior to the intended Drawdown Date or such shorter period as the Agent and the Borrower
mutually agreed.

 

		4.2	Availability

 

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

 

		(a)	a Drawdown Date had to be a Business Day within the Availability Period

 

		(b)	the amount of the Advance requested complied with Clause 2.1 (Amount of facility);

 

		(c)	each Advance in relation to the Loan should not exceed 75 per cent. of the amount of the instalment
under the Shipbuilding Contract which was being financed by that Advance;

 

		(d)	the aggregate amount of the Advances should not exceed the Total Commitments;

 

		(e)	the proposed Interest Period complied with Clause 6 (Interest Periods); and

 

		(f)	the conditions set out in Clause 9.1 (Documents, fees and no default) were met.

 

		4.3	Notification to Lenders of receipt of a Drawdown Notice

 

The Agent must have promptly notified
the Lenders that it had received a Drawdown Notice and must have informed each Lender of:

 

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

 

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

 

		(c)	the duration of the first Interest Period.

 

		4.4	Drawdown Notice irrevocable

 

A Drawdown Notice must have been
signed by a director or officer or an authorised person of the Original Borrower; and once served, a Drawdown Notice could not
be revoked without the prior consent of the Agent, acting on the authorisation of the Majority Lenders.

 

		4.5	Lenders to make available Contributions

 

Subject to the provisions of this
Agreement, and in particular Clause 9 (Conditions Precedent), each Lender, on and with value on each Drawdown Date, made
available to the Agent for the account of the Original Borrower the amount due from that Lender on that Drawdown Date under Clause
2.2.

 

		4.6	Disbursement of Advance

 

Subject to the provisions of this
Agreement, the Agent on each Drawdown Date paid to the Original Borrower the amounts which the Agent received from the Lenders
under Clause 4.5 (Lenders to make available Contributions); and that payment to the Original Borrower was made:

 

    	 	17	 

     

    

 

		(a)	to the account of the Builder which the Original Borrower specified in the Drawdown Notice; and

 

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

 

		4.7	Disbursement of Advance to third party

 

The payment by the Agent under Clause
4.6 (Disbursement of Advance) to the Builder constituted the making of the Advance and the Original Borrower at that time
and the Borrower from the date of this amended and restated Agreement became indebted, as principal and direct obligor, to each
Lender in an amount equal to that Lender's Contribution.

 

		4.8	Cancellation of Total Commitments

 

Any undrawn portion of the Total
Commitments shall have been immediately cancelled at the end of the Availability Period.

 

		5	Interest

 

		5.1	Payment of normal interest

 

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

 

		5.2	Normal rate of interest

 

Subject to the provisions of this
Agreement, the rate of interest on the Loan in respect of an Interest Period shall be the aggregate of:

 

		(a)	the Margin;

 

		(b)	the Mandatory Cost, if any; and

 

		(c)	LIBOR for that Interest Period.

 

		5.3	Payment of accrued interest

 

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

 

		5.4	Notification of Interest Periods and rates of normal interest

 

The Agent shall notify the Borrower
and each Lender of:

 

		(a)	each rate of interest; and

 

		(b)	the duration of each Interest Period,

 

as soon as reasonably practicable
after each is determined.

 

		5.5	Obligation of Reference Banks to quote

 

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

 

    	 	18	 

     

    

 

		5.6	Absence of quotations by Reference Banks

 

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

 

		5.7	Market disruption

 

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

 

		(i)	the Margin;

 

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

 

		(iii)	the Mandatory Cost, if any, applicable to that Lender's participation in the Advance.

 

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

 

		(i)	at or about noon on the Quotation Date for the relevant Interest Period the Thomson Reuters BBA
Page LIBOR 01 or LIBOR 02 is not available and none or only one of the Reference Banks supplies a rate to the Agent to determine
LIBOR for dollars for the relevant Interest Period; or

 

		(ii)	before close of business in London on the Quotation Date for the relevant Interest Period, the
Agent receives notifications from a Lender or Lenders that the cost to it or them obtaining matching deposits in the Relevant Interbank
Market would be in excess of LIBOR.

 

		5.8	Notification of market disruption

 

The Agent shall promptly 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.

 

		5.9	Negotiation of alternative rate of interest

 

If the Agent's notice under Clause
5.8 (Notification of market disruption) is served after an Advance is made, the Borrower, the Agent and the Lenders shall
use reasonable endeavours to agree, within the 30 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 to fund or continue to fund their or its Contribution during the Interest Period concerned.

 

		5.10	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.

 

    	 	19	 

     

    

 

		5.11	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, set an interest period and interest rate representing
the cost of funding of the Lenders in Dollars or in any available currency of their or its Contribution plus the Margin; and the
procedure provided for by this Clause 5.11 (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.

 

		5.12	Notice of prepayment

 

If the Borrower does not agree with
an interest rate set by the Agent under Clause 5.11 (Alternative rate of interest in absence of agreement), the Borrower
may give the Agent not less than 15 Business Days' notice of its intention to prepay at the end of the interest period set by the
Agent.

 

		5.13	Prepayment; termination of Commitments

 

A notice under Clause 5.12 (Notice
of prepayment) shall be irrevocable; the Agent shall promptly notify the Lenders of the Borrower's notice of intended prepayment;
and:

 

		(a)	on the date on which the Agent serves that notice, the Total Commitments shall be cancelled; and

 

		(b)	on the last Business Day of the interest period set by the Agent, the Borrower shall prepay (without
premium or penalty) the Loan together with accrued interest thereon at the applicable rate plus the Margin.

 

		5.14	Application of prepayment

 

The provisions of Clause 8 (Repayment
and Prepayment) shall apply in relation to the prepayment made pursuant to Clause 5.12 (Notice of prepayment).

 

		6	Interest Periods

 

		6.1	Commencement of Interest Periods

 

The first Interest Period applicable
to an Advance shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding
Interest Period.

 

		6.2	Duration of normal Interest Periods

 

Subject to Clauses 6.3 (Duration
of Interest Periods for repayment instalments) and 6.4 (Non-availability of matching deposits for Interest Period selected),
each Interest Period shall be:

 

		(a)	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 Advance, a
period ending on the last day of the Interest Period applicable to the first Advance then current, whereupon all of the Advances
shall be consolidated and treated as a single Advance;

 

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

 

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

 

    	 	20	 

     

    

 

		6.3	Duration of Interest Periods for repayment instalments

 

In respect of an amount due to be
repaid under Clause 8 (Repayment and Prepayment) on a particular Repayment Date, an Interest Period shall end on that Repayment
Date.

 

		6.4	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 third Business Day before the commencement of the Interest Period that it is not satisfied that deposits in Dollars for
a period equal to the Interest Period will be available to it in the London Interbank Market when the Interest Period commences,
the Interest Period shall be of 3 months.

 

		7	Default Interest

 

		7.1	Payment of default interest on overdue amounts

 

The Borrower shall pay interest in
accordance with the following provisions of this Clause7 (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

 

		(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 20.4 (Acceleration of Loan),
the date on which it became immediately due and payable.

 

		7.2	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 1 per cent. above:

 

		(a)	in the case of an overdue amount of principal, the higher of the rates set out at paragraphs (a)
and (b) of Clause 7.3 (Calculation of default rate of interest); or

 

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

 

		7.3	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);

 

		(b)	the Margin and the Mandatory Cost, 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.

 

    	 	21	 

     

    

 

		7.4	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.

 

		7.5	Payment of accrued default interest

 

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

 

		7.6	Compounding of default interest

 

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

 

		8	Repayment and Prepayment

 

		8.1	Amount of repayment instalments

 

Loan

 

The Borrower shall repay the Loan
by 12 equal consecutive quarterly instalments of $1,062,500 each together with a balloon instalment of $14,000,000 or equal to
the remaining amount of the Loan payable simultaneously with the final instalment.

 

		8.2	Repayment Dates

 

The first repayment instalment will
be repaid on 30 April 2017 and the last repayment instalment together with the balloon instalment is to be repaid on the Maturity
Date.

 

		8.3	Maturity Date

 

On the Maturity Date, the Borrower
shall additionally pay to the Agent for the account of the Creditor Parties all other sums then accrued or owing under any Finance
Document.

 

		8.4	Voluntary prepayment

 

Subject to the following conditions,
the Borrower may, without penalty, prepay the whole or any part of the Loan on the last day of an Interest Period for that Advance.

 

		8.5	Conditions for voluntary prepayment

 

The conditions referred to in Clause
8.4 (Voluntary prepayment) are that:

 

		(a)	a partial prepayment shall be $500,000 or a multiple of $500,000 or such other amount agreed by
the Agent;

 

		(b)	the Agent has received from the Borrower at least 5 Business Days' prior written notice specifying
the amount to be prepaid and the date on which the prepayment is to be made; and

 

    	 	22	 

     

    

 

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

 

		8.6	Effect of notice of prepayment

 

A prepayment notice may not be withdrawn
or amended without the consent of the Agent, given with the 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.

 

		8.7	Notification of notice of prepayment

 

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

 

		8.8	Mandatory prepayment on sale or Total Loss

 

The Borrower shall be obliged to
prepay the whole of the Loan:

 

		(a)	if the Ship is sold, on or before the date on which such sale is completed by delivery of the Ship
to the buyer Provided that the Borrower shall not be required to prepay the Loan if the Ship is sold to a Subsidiary of
the Borrower pursuant to the proviso to Clause 12.3 (No disposal of assets); or

 

		(b)	if the Ship becomes a Total Loss, on the earlier of the date falling 180 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; or

 

		(c)	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.

 

		8.9	Amounts payable on prepayment

 

A prepayment shall be made together
with accrued interest (and any other amount payable under Clause 22 (Indemnities) or otherwise) in respect of the amount
prepaid and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under paragraph
(b) of Clause 22.1 (Indemnities regarding borrowing and repayment of Loan) but without premium or penalty.

 

		8.10	Application of partial prepayment

 

Each partial prepayment shall be
applied first against the balloon and then against the repayment instalments specified in Clause 8.1 (Amount of repayment instalments)
in inverse order of maturity.

 

		8.11	No reborrowing

 

No amount prepaid may be reborrowed.

 

    	 	23	 

     

    

 

		9	Conditions Precedent

 

		9.1	Documents, fees and no default

 

Each Lender's obligation to contribute
to an Advance was subject to the following conditions precedent:

 

		(a)	that, on or before the service of the first Drawdown Notice, the Agent received the documents described
in Part A of Schedule 3 (Condition Precedent Documents) in form and substance satisfactory to the Agent and its lawyers;

 

		(b)	that, on or before the first Drawdown Date for, but prior to the making of, an Advance (other than
the final Advance), the Agent received or was satisfied that it would receive on the making of such Advance the documents described
in Part B of Schedule 3 (Condition Precedent Documents) in form and substance satisfactory to it and its lawyers;

 

		(c)	that before the final Drawdown Date for, but prior to the making of, the final Advance, the Agent
received or was satisfied that it would receive on the making of such Advance the documents described in Part C of Schedule 3 (Condition
Precedent Documents) in form and substance satisfactory to it and its lawyers;

 

		(d)	that, on or before the service of the first Drawdown Notice, the Agent received the arrangement
fee referred to in Clause 21.1 (Arrangement and commitment fees), all accrued commitment fees payable pursuant to Clause
21.1 (Arrangement and commitment fees) and had received payment of the expenses referred to in Clause 21.2 (Costs of
negotiation, preparation etc.); and

 

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

 

		(i)	no Event of Default or Potential Event of Default had occurred or would result from the borrowing
of the Loan;

 

		(ii)	the representations and warranties in Clause 10 (Representations and Warranties) and those
of the Borrower or any Security Party which were 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) had occurred or
was continuing; and

 

		(f)	that, if the ratio set out in Clause 16.1 (Minimum required security cover) was applied
immediately following the making of the Advance, the Original Borrower would not have been obliged to provide additional security
or prepay part of the Loan under that Clause; and

 

		(g)	that the Agent had 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,
request by notice to the Borrower prior to the Drawdown Date.

 

		9.2	Waiver of conditions precedent

 

If the Majority Lenders, at their
discretion, were to permit an Advance to be borrowed before certain of the conditions referred to in Clause 9.1 (Documents,
fees and no default) were satisfied, the Original Borrower had to ensure that those conditions were satisfied within 5 Business
Days after the Drawdown Date (or such longer period as the Agent may, with the authorisation of the Majority Lenders, have specified).

 

    	 	24	 

     

    

 

		10	Representations and Warranties

 

		10.1	General

 

The Borrower represents and warrants
to each Creditor Party on the date of this amended and restated Agreement as follows.

 

		10.2	Status

 

The Borrower is duly incorporated
and validly existing and in good standing under the laws of Belgium.

 

		10.3	Corporate power

 

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

 

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

 

		(b)	to borrow under this Agreement and to make all the payments contemplated by, and to comply with,
those Finance Documents.

 

		10.4	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.

 

		10.5	Legal validity; effective Security Interests

 

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

 

		(a)	constitute 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.

 

		10.6	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:

 

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

 

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

 

		10.7	No conflicts

 

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

 

    	 	25	 

     

    

 

		(a)	any law or regulation; or

 

		(b)	the constitutional documents of the Borrower; or

 

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

 

		10.8	Governing law and enforcement

 

		(a)	The choice of English law as the governing law of the Finance Documents will be recognised and
enforced in its jurisdiction of incorporation.

 

		(b)	Any judgment obtained in England in relation to a Finance Document will be recognised and enforced
in its jurisdiction of incorporation.

 

		10.9	No withholding taxes

 

All payments which the Borrower is
liable to make under the Finance Documents must be made without any Tax Deduction payable under any law of any Pertinent Jurisdiction.

 

		10.10	No default

 

No Event of Default or Potential
Event of Default has occurred.

 

		10.11	Information

 

All information which has been provided
in writing by or on behalf of the Borrower or any Security Party to any Creditor Party in connection with any Finance Document
satisfied the requirements of Clause 12.5 (Information provided to be accurate); all audited and unaudited accounts which
have been so provided satisfied the requirements of Clause 12.7 (Form of financial statements); and there has been no material
adverse change in the financial position or state of affairs of the Borrower from that disclosed in the latest of those accounts.

 

		10.12	No litigation

 

No legal or administrative action
involving the Borrower (including action relating to any alleged or actual breach of the ISM Code or the ISPS Code) has been commenced
or taken or, to the Borrower's knowledge, is likely to be commenced or taken which, in either case, would be likely to have a material
adverse effect on the Borrower's financial position or profitability.

 

		10.13	Compliance with certain undertakings

 

At the date of this amended and restated
Agreement, the Borrower is in compliance with Clauses 12.2 (Title; negative pledge), 12.4 (No other liabilities or obligations
to be incurred), 12.9 (Consents) and 12.12 (Principal place of business).

 

		10.14	Taxes paid

 

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

 

		10.15	ISM Code and ISPS Code compliance

 

All requirements of the ISM Code
and the ISPS Code as they relate to the Borrower, the Approved Manager and the Ship have been complied with or shall be complied
with as from the delivery of the Ship to the Borrower under the Shipbuilding Contract.

 

    	 	26	 

     

    

 

		10.16	No money laundering

 

Without prejudice to the generality
of Clause 2.4 (Purpose of Loan), in relation to the borrowing by the Borrower of the Loan, the performance and discharge
of its obligations and liabilities under the Finance Documents, and the transactions and other arrangements affected or contemplated
by the Finance Documents to which the Borrower is a party, the Borrower confirms (i) that it is acting for its own account; (ii)
that it will use the proceeds of the Loan for its own benefit, under its full responsibility and exclusively for the purposes specified
in this Agreement; and (iii) that the foregoing will not involve or lead to a contravention of any law, official requirement or
other regulatory measure or procedure implemented to combat "money laundering" (as defined in Article 1 of the Directive
2005/60/EC of the European Parliament and of the Council of the European Union of 26 October 2005).

 

		10.17	Anti-Corruption Laws

 

The Borrower has conducted its business
in compliance with all applicable Anti-Corruption Laws and has instituted and maintained policies and procedures designed to promote
and achieve compliance with such laws.

 

		10.18	Sanctions

 

Each Relevant Person has been and
is in compliance with all Sanctions Laws and no Relevant Person:

 

		(a)	is a Restricted Party, or is involved in any transaction through which it is likely to become a
Restricted Party; or

 

		(b)	has received formal notice in writing of any inquiry, claim, action, suit, proceeding or investigation
against it with respect to Sanctions Laws.

 

		11	Financial Covenants

 

		11.1	Financial Covenants

 

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

 

		(a)	Current Assets exceed Current Liabilities;

 

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

 

		(i)	$20,000,000; and

 

		(ii)	3 per cent. of Total Indebtedness; and

 

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

 

In this Clause 11.1 (Financial
Covenants):

 

"Current Assets"
means, at any date of determination under this Agreement, the amount of the current assets of the Borrower and its subsidiaries
determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet, but always including undrawn
credit lines and revolving credits;

 

"Current Liabilities"
means, at any date of determination under this Agreement, the amount of the current liabilities of the Borrower and its subsidiaries
determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet;

 

    	 	27	 

     

    

 

"Free Liquid
Assets" means, at any date of determination under this Agreement, the aggregate amount of cash and cash equivalents of
the Borrower and its subsidiaries 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;

 

"Latest Balance Sheet"
means, at any date, the consolidated balance sheet of the Borrower and its subsidiaries most recently delivered to the Agent pursuant
to Clause 11.3 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 Borrower and its subsidiaries
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 Borrower and its subsidiaries 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 Borrower and its subsidiaries determined on a consolidated basis in accordance
with IFRS and as shown in the Latest Balance Sheet.

 

		11.2	Change of accounting period

 

The
Borrower shall not change its fiscal year end date.

 

		12	General Undertakings

 

		12.1	General

 

The Borrower undertakes with each
Creditor Party to comply with the following provisions of this Clause 12 (General Undertakings) at all times during the
Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit (such consent not to
be unreasonably withheld or delayed in the case of Clause 12.12 (Principal place of business).

 

		12.2	Title; negative pledge

 

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

 

		12.3	No 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 for those in the ordinary course of business and for fair market value payable in cash upon completion of
such transaction, with the exception of any charter of the Ship as to which clause 15.13 (Time and consecutive voyage charters
in excess of 36 months) applies.

 

Provided that the Borrower
may sell the Ship to another subsidiary of the Borrower subject to the following conditions:

 

		(i)	there is no Event of Default or Potential Event of Default which is continuing;

 

    	 	28	 

     

    

 

		(ii)	the new owning company and the jurisdiction of incorporation being acceptable to the Lenders;

 

		(iii)	the Borrower and the Security Parties entering into such amendments to this Agreement and the other
Finance Documents as may be required by the Lenders in order to document the change of ownership;

 

		(iv)	the new owning company entering into such other security documents which are required by the Lenders
so as to maintain the same security for the Lenders on the transfer of ownership; and

 

		(v)	the new owner shall pay to the Agent on demand all expenses (including but not limited to legal
expenses) relating to the said documentation.

 

		12.4	No other liabilities or obligations to be incurred

 

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 11.1 (financial covenants) would be breached, on the date of such incurrence.

 

		12.5	Information provided to be accurate

 

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

 

		12.6	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 2016, the audited consolidated accounts of the 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 balance sheet
of the Group certified as to its correctness by the chief financial officer of the Borrower and the audited individual balance
sheet of the Borrower certified as to its correctness by an officer or director 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 Group certified as to their correctness by the chief financial
officer of the Borrower and unaudited individual income statements of the Borrower certified as to their correctness by an officer
or director 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 Borrower and the 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 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 6 (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 compliance with the financial
undertakings in Clause 11.1 (Financial Covenants) and also listing the Market Value of the Ship.

 

    	 	29	 

     

    

 

		12.7	Form of financial statements

 

All accounts (audited and unaudited)
delivered under Clause 12.6 (Provision of financial statements) will:

 

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

 

		(b)	fairly represent the financial condition of the Borrower and its subsidiaries at the date of those
accounts and of its profit for the period to which those accounts relate; and

 

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

 

		12.8	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 the whole or any class of
the Borrower’s shareholders or to the Borrower's creditors or any class of them.

 

		12.9	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;

 

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

 

		(c)	for the Borrower to continue to own and operate the Ship,

 

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

 

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

 

		12.11	Notification of litigation

 

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

 

    	 	30	 

     

    

 

		12.12	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 which it is a party to be registered,
filed or recorded with any court or authority in that jurisdiction or if the centre of its main interests changes.

 

		12.13	Confirmation of no default

 

The Borrower will, within 5 Business
Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors of the Borrower
and which:

 

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

 

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

 

The Agent may serve requests under
this Clause 12.13 (Confirmation of No Default) from time to time but only if reasonably asked to do so by a Lender or Lenders
having Contributions exceeding 10 per cent. of the Loan or (if the Loan has not been made) Commitments exceeding 10 per cent of
the Total Commitments; and this Clause 12.13 (Confirmation of No Default) does not affect the Borrower's obligations under
Clause 12.14 (Notification of default).

 

		12.14	Notification of default

 

The Borrower will notify the Agent
as soon as the Borrower becomes aware of:

 

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

 

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

 

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

 

		12.15	Provision of further information

 

		(a)	The Borrower will, as soon as practicable after receiving the request, provide the Agent with any
additional financial or other information relating:

 

		(i)	to the Borrower, the Ship, the Earnings or the Insurances; or

 

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

 

which may reasonably be requested
by the Agent, the Security Trustee or any Lender at any time.

 

		(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 Laws against it, any of its direct or indirect owners,
subsidiaries or any of their respective directors, officers, employees, agents or representatives.

 

		12.16	"Know your customer" checks

 

If:

 

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

 

    	 	31	 

     

    

 

		(b)	any change in the status of the Borrower or any Security Party after the date of this Agreement;
or

 

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

 

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

 

		12.17	Conduct of business; compliance with laws

 

The Borrower shall conduct its business
in a proper and efficient manner in compliance with:

 

		(a)	its constitutional documents;

 

		(b)	all Sanctions Laws;

 

		(c)	all Anti-Corruption Laws;

 

		(d)	all Environmental Laws; and

 

		(e)	all other laws and regulations applicable to its business,

 

		12.18	and shall notify the Agent immediately upon becoming aware of any breach of any such document,
law or regulation.

 

		12.19	Compliance with Sanctions Laws

 

The Borrower shall:

 

		(a)	ensure that neither it nor any subsidiary of it is or will become a Restricted Party.

 

		(b)	use reasonable endeavours to procure that no director, officer, employee, agent or representative
of any Borrower or any subsidiary of it is or will become a Restricted Party; and

 

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

 

		13	Corporate Undertakings

 

		13.1	General

 

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

 

    	 	32	 

     

    

 

		13.2	Maintenance of status

 

The Borrower will maintain its separate
corporate existence and remain in good standing under the laws of Belgium.

 

		13.3	Negative undertakings

 

The Borrower will not:

 

		(a)	operate outside the scope of its Articles of Association.; or

 

		(b)	provide any form of credit or financial assistance to:

 

		(i)	a person; or

 

		(ii)	enter into any transaction with or involving such a 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,

 

and the Borrower agrees to subordinate
any inter-company loans to the Loan on such terms as the Lenders may reasonably require;

 

		13.4	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.

 

		13.5	Payment of dividends

 

The Borrower may pay dividends provided
that no Event of Default has occurred and is continuing.

 

		13.6	Notification of Sanctions

 

The Borrower shall:

 

		(a)	supply to the Agent, promptly upon becoming aware of them, the details of any inquiry, claim, action,
suit, proceeding or investigation pursuant to Sanction Laws against (a) the Borrower, (b) any other Relevant Person or (c) any
owners of any Relevant Person (other than any owner of the Borrower), as well as information on what steps are being taken with
regards to answering or opposing the same;

 

		(b)	inform the Agent promptly upon becoming aware that any of (a) the Borrower, (b) any other Relevant
Person or (c) any owners of any Relevant Person (other than any owner of the Borrower), has become or is likely to become a Restricted
Party.

 

		14	Insurance

 

		14.1	General

 

The Borrower also undertakes with
each Creditor Party to comply with the following provisions of this Clause 14 (Insurance) at all times during the Security
Period (after the Delivery Date) except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit (such
consent not to be unreasonably withheld or delayed in the case of paragraph (b) of Clauses 14.11 (Compliance with terms of insurances)
and 14.12 (Alteration to terms of insurances).

 

    	 	33	 

     

    

 

		14.2	Maintenance of obligatory insurances

 

The Borrower shall keep the Ship
insured at the expense of the Borrower against:

 

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

 

		(b)	war risks;

 

		(c)	protection and indemnity risks; and

 

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

 

		14.3	Terms of obligatory insurances

 

The Borrower shall effect such insurances:

 

		(a)	in Dollars;

 

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

 

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

 

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

 

		(e)	on approved terms; and

 

		(f)	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.

 

		14.4	Further protections for the Creditor Parties

 

In addition to the terms set out
in Clause 14.3 (Terms of obligatory insurances), the Borrower shall procure that the obligatory insurances shall:

 

		(a)	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.

 

    	 	34	 

     

    

 

		14.5	Renewal of obligatory insurances

 

The Borrower shall:

 

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

 

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

 

		14.6	Copies of policies; letters of undertaking

 

The Borrower shall ensure that all
approved brokers provide the Security Trustee with a letter or letters of undertaking in a form required by the Majority Lenders
and including undertakings by the approved brokers that:

 

		(a)	they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice
of assignment complying with the provisions of Clause 14.4 (Further protections for the Creditor Parties);

 

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

 

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

 

		(d)	they will notify the Security Trustee, not less than 14 days before the expiry of the obligatory
insurances, in the event of their not having received notice of renewal instructions from the Borrower or its agents and, in the
event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions;
and

 

		(e)	they will not set off against any sum recoverable in respect of a claim relating to the Ship under
such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of the Ship or otherwise,
they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other
amounts, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will
arrange for a separate policy to be issued in respect of the Ship forthwith upon being so requested by the Security Trustee.

 

		14.7	Copies of certificates of entry

 

The Borrower shall ensure that any
protection and indemnity and/or war risks associations in which the Ship is entered provides the Security Trustee with:

 

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

 

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

 

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

 

		14.8	Deposit of original policies

 

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

 

    	 	35	 

     

    

 

		14.9	Payment of premiums

 

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

 

		14.10	Guarantees

 

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

 

		14.11	Compliance with terms of insurances

 

The Borrower shall neither 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 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 (without limiting the obligation contained in paragraph (c) of Clause 14.6
(Copies of policies; letters of undertaking)) ensure that the obligatory insurances are not made subject to any exclusions
or qualifications to which the Security Trustee has not given its prior approval;

 

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

 

		(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 the 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 the Ship, nor allow it to be employed, otherwise than in conformity
with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with
any requirements (as to extra premium or otherwise) which the insurers specify.

 

		14.12	Alteration to terms of insurances

 

The Borrower shall neither make or
agree to any material alteration to the terms of any obligatory insurance nor waive any right relating to any obligatory insurance
without the consent of the Agent.

 

		14.13	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 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.

 

		14.14	Provision of information

 

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

 

    	 	36	 

     

    

 

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

 

		(b)	effecting, maintaining or renewing any such insurances as are referred to in Clause 14.15 (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 incurred by or for the account of the Security
Trustee in connection with any such report as is referred to in paragraph (a).

 

		14.15	Mortgagee's interest and additional perils insurances

 

The Security Trustee shall be entitled
from time to time to effect, maintain and renew a mortgagee's interest additional perils insurance and a mortgagee's interest marine
insurance each in an amount of 110 per cent. of the Loan and on such terms, through such insurers and generally in such manner
as the Majority Lenders may from time to time consider appropriate and the Borrower shall upon demand fully indemnify the Creditor
Parties in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining
or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance.

 

		15	Ship Covenants

 

		15.1	General

 

The Borrower also undertakes with
each Creditor Party to comply with the following provisions of this Clause 15 (Ship Covenants) at all times during the Security
Period except as the Agent, with the authorisation of the Majority Lenders, may otherwise permit.

 

		15.2	Ship's name and registration

 

The Borrower shall keep the Ship
registered in its name under the relevant Approved Flag at its relevant port of registry; shall not do or omit to do or allow to
be done anything as a result of which such registration might be cancelled or imperilled; and shall not change the name or port
of registry of the Ship.

 

		15.3	Repair and classification

 

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

 

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

 

		(b)	so as to maintain the Ship's class (namely A1(E), "Oil Carrier ESP", AMS, ACCU, SPM,
VEC(-L), CSR, Safeship-CM, RES, ES, TEM, Green Passport, POT, UWILD (sea chest blanking devices shall not be provided), CPS at
American Bureau of Shipping) free of overdue recommendations and conditions; and

 

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

 

		15.4	Modification

 

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

 

    	 	37	 

     

    

 

		15.5	Removal of parts

 

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

 

		15.6	Surveys

 

The Borrower shall submit the Ship
regularly to all periodical or other surveys which may be required for classification purposes and, if so required by the Majority
Lenders provide the Security Trustee, with copies of all survey reports.

 

		15.7	Inspection

 

The Borrower shall permit the Security
Trustee (by surveyors or other persons appointed by it for that purpose) to board the Ship at all reasonable times to inspect its
condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections
provided that prior to the occurrence of an Event of Default reasonable notice of such inspection is given and such inspection
does not materially affect the Ship's commercial operation.

 

		15.8	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 the Ship, the Earnings or the Insurances;

 

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

 

		(c)	all other outgoings whatsoever in respect of the Ship, the Earnings or the Insurances,

 

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

 

		15.9	Compliance with laws etc.

 

The Borrower shall:

 

		(a)	comply, or procure compliance with the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions
Laws and all other laws or regulations relating to the Ship, its ownership, operation and management or to the business of the
Borrower;

 

		(b)	not employ the Ship nor allow its employment in any manner contrary to any law or regulation in
any relevant jurisdiction including but not limited to the ISM Code and the ISPS Code, all Environmental Laws and Sanctions Laws;
and

 

		(c)	in the event of hostilities in any part of the world (whether war is declared or not), not cause
or permit the Ship to enter or trade to any zone which is declared a war zone by any government or by the Ship's war risks insurers
unless the Borrower (at its expense) effected any necessary special, additional or modified insurance cover and, upon the Agent's
request, the Borrower will confirm that they have effected such insurance cover.

 

    	 	38	 

     

    

 

		15.10	Provision of information

 

The Borrower shall promptly provide
the Security Trustee with any information which the Majority Lenders reasonably request regarding:

 

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

 

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

 

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

 

		(d)	any towages and salvages; and

 

		(e)	the Borrower's, the Approved Manager's or the Ship's compliance with the ISM code and the ISPS
code,

 

and, upon the Security Trustee's
request, provide copies of any current charter relating to the Ship and of any current charter guarantee, and copies of the Borrower's
or the Approved Manager's Document of Compliance.

 

		15.11	Notification of certain events

 

The Borrower shall immediately notify
the Security Trustee by fax, 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 the Ship has become or is, by the passing of time or otherwise,
likely to become a Total Loss;

 

		(c)	any overdue requirement or recommendation made by any insurer or classification society or by any
competent authority which is not immediately complied with;

 

		(d)	any arrest or detention of the Ship, any exercise or purported exercise of any lien on the Ship
or its Earnings or any requisition of the Ship for hire;

 

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

 

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

 

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

 

		(h)	any other matter, event or incident, actual or threatened, the effect of which will or could lead
to the ISM Code or ISPS Code not being complied with,

 

and the Borrower shall keep the Security
Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the Borrower's, the Approved
Manager's or any other person's response to any of those events or matters.

 

		15.12	Restrictions on chartering, appointment of managers etc.

 

The Borrower shall not:

 

    	 	39	 

     

    

 

		(a)	let the Ship on demise charter for any period;

 

		(b)	enter into any charter in relation to the Ship under which more than 2 months' hire (or the equivalent)
is payable in advance;

 

		(c)	charter the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed;

 

		(d)	appoint a manager of the Ship other than the Approved Manager or agree to any alteration to the
terms of the Approved Manager's appointment;

 

		(e)	de-activate or lay up the Ship; or

 

		(f)	put the Ship into the possession of any person for the purpose of work being done upon it in an
amount exceeding or likely to exceed the Major Casualty amount 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 the Ship or its Earnings for the cost of such work or for any other reason; or

 

		(ii)	the Borrower has established to the reasonable satisfaction of the Security Trustee that the Borrower
has sufficient reserves to pay for the cost of such work.

 

		15.13	Time and consecutive voyage charters in excess of 36 months

 

The Borrower agrees that if it should
enter into any Charter the Borrower shall execute and deliver to the Agent promptly upon such Charter being entered into a Charter
Assignment in respect of that Charter in favour of the Security Trustee unless such Charter contains a substitution clause or a
clause with similar effect.

 

		15.14	Notice of Mortgage

 

The Borrower shall keep the Mortgage
registered against the Ship as a valid first priority mortgage, carry on board the Ship a certified copy of the Mortgage and place
and maintain in a conspicuous place in the navigation room and the Master's cabin of the Ship a framed printed notice stating that
the Ship is mortgaged by the Borrower to the Security Trustee.

 

		15.15	Sharing of Earnings

 

The Borrower shall not enter into
any agreement or arrangement for the sharing of any Earnings without the prior approval of the Agent such approval not to be unreasonably
withheld. For the avoidance of doubt the Agent's approval shall not be required in relation to:

 

		(a)	any "profit split" of hire between the Borrower and a charterer of the Ship; or

 

		(b)	the entry into an established pool or a pool established by the Borrower in both cases on usual
commercial terms and at a market rate allocation.

 

		16	Security Cover

 

		16.1	Minimum required security cover

 

Clause 16.2 (Provision of additional
security; prepayment) applies if (after the Delivery Date) the Agent notifies the Borrower that, according to the determination
mechanism under Clause 16.3 (Valuation of Ship):

 

		(a)	the market value (determined as provided in Clause 16.3 (Valuation of Ship) of the Ship;
plus

 

    	 	40	 

     

    

 

		(b)	the net realisable value of any additional security previously provided under this Clause 16 (Security
Cover),

 

is below 125 per cent. of the Loan.

 

		16.2	Provision of additional security; prepayment

 

If the Agent serves a notice on the
Borrower under Clause 16.1 (Minimum required security cover), the Borrower shall, within 1 month after the date on which
the Agent's notice is served, either:

 

		(a)	provide, or ensure that a third party provides, additional security which is acceptable to the
Agent and, in the opinion of the Majority Lenders, has a net realisable value 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; or

 

		(b)	prepay such part (at least) of the Loan as will eliminate the shortfall.

 

		16.3	Valuation of Ship

 

The market value of the Ship at any
date is that shown by the average of 2 valuations addressed to the Agent for the benefit of the Lenders and prepared:

 

		(a)	as at a date not more than 14 days previously;

 

		(b)	by 2 independent first class sale and purchase shipbrokers which the Agent has approved or appointed
for the purpose;

 

		(c)	with or without physical inspection of the Ship (as the Agent may require);

 

		(d)	on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as
between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and

 

		(e)	after deducting the estimated amount of the usual and reasonable expenses which would be incurred
in connection with the sale.

 

		16.4	Value of additional vessel security

 

The net realisable value of any additional
security which is provided under Clause 16.2 (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 16.3 (Valuation of Ship).

 

		16.5	Valuations binding

 

Any valuation under Clause 16.2 (Provision
of additional security; prepayment), 16.3 (Valuation of Ship) or 16.4 (Value of additional vessel security) shall
be binding and conclusive as regards the Borrower, as shall be any valuation which the Majority Lenders make of any additional
security which does not consist of or include a Security Interest.

 

		16.6	Provision of information

 

The Borrower shall promptly provide
the Agent and any shipbroker or expert acting under Clause 16.3 (Valuation of Ship) or 16.4 (Value of additional vessel
security) with any information which the Agent or the shipbroker or expert may reasonably request for the purposes of the valuation;

 

    	 	41	 

     

    

 

		16.7	Payment of valuation expenses

 

Without prejudice to the generality
of the Borrower's obligations under Clauses 21.2 (Costs of negotiation, preparation etc.), 21.3 (Costs of variations,
amendments, enforcement etc.) and 22.3 (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.

 

		16.8	Application of prepayment

 

Clause 8 (Repayment and Prepayment)
shall apply in relation to any prepayment pursuant to paragraph (b) of Clause 16.2 (Provision of additional security; prepayment).

 

		17	Payments and Calculations

 

		17.1	Currency and method of payments

 

All payments to be made by the Lenders
or by the Borrower under a Finance Document shall be made to the Agent or to the Security Trustee, in the case of an amount payable
to it:

 

		(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 as the Agent may advise from time to time; 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.

 

		17.2	Payment on non-Business Day

 

If any payment by the Borrower under
a Finance Document would otherwise fall due on a day which is not a Business Day:

 

		(a)	the due date shall be extended to the next succeeding Business Day; or

 

		(b)	if the next succeeding Business Day falls in the next calendar month, the due date shall be brought
forward to the immediately preceding Business Day;

 

and interest shall be payable during
any extension under paragraph (a) at the rate payable on the original due date.

 

		17.3	Basis for calculation of periodic payments

 

All interest, commitment fee and
commission 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.

 

		17.4	Distribution of payments to Creditor Parties

 

Subject to Clauses 17.5 (Permitted
deductions by Agent), 17.6 (Agent only obliged to pay when monies received) and 17.7 (Refund to Agent of monies not
received):

 

    	 	42	 

     

    

 

		(a)	any amount received by the Agent under a Finance Document for distribution or remittance to a Lender
or the Security Trustee shall be made available by the Agent to that Lender or, as the case may be, the Security Trustee by payment,
with funds having the same value as the funds received, to such account as the Lender or the Security Trustee may have notified
to the Agent not less than 5 Business Days previously; and

 

		(b)	amounts to be applied in satisfying amounts of a particular category which are due to the Lenders
generally shall be distributed by the Agent to each Lender pro rata to the amount in that category which is due to it.

 

		17.5	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, deduct and withhold
from that amount any sum which is then due and payable to the Agent from that Lender under any Finance Document or any sum which
the Agent is then entitled under any Finance Document to require that Lender to pay on demand.

 

		17.6	Agent only obliged to pay when monies received

 

Notwithstanding any other provision
of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the Borrower or any Lender
any sum which the Agent is expecting to receive for remittance or distribution to the Borrower or that Lender until the Agent has
satisfied itself that it has received that sum.

 

		17.7	Refund to Agent of monies not received

 

If and to the extent that the Agent
makes available a sum to the Borrower or a Lender, without first having received that sum, the Borrower or (as the case may be)
the Lender concerned shall, on demand:

 

		(a)	refund the sum in full to the Agent; and

 

		(b)	pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against
any funding or other loss, liability or expense incurred by the Agent as a result of making the sum available before receiving
it.

 

		17.8	Agent may assume receipt

 

Clause 17.7 (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.

 

		17.9	Creditor Party accounts

 

Each Creditor Party shall maintain
accounts showing the amounts owing to it by the Borrower and each Security Party under the Finance Documents and all payments in
respect of those amounts made by the Borrower and any Security Party.

 

		17.10	Agent's memorandum account

 

The Agent shall maintain a memorandum
account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the Security Trustee and each Lender
from the Borrower and each Security Party under the Finance Documents and all payments in respect of those amounts made by the
Borrower and any Security Party.

 

    	 	43	 

     

    

 

		17.11	Accounts prima facie evidence

 

If any accounts maintained under
Clauses 17.9 (Creditor Party accounts) and 17.10 (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.

 

		18	Application of Receipts

 

		18.1	Normal order of application

 

Except as any Finance Document may
otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall
be applied:

 

		(a)	FIRST: in or towards 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 payment pro rata of any accrued interest or commission due but unpaid under
this Agreement;

 

		(c)	THIRDLY: in or towards payment pro rata of any principal due but unpaid under this Agreement;

 

		(d)	FOURTHLY: in or towards payment pro rata of any other amounts due but unpaid under any Finance
Document;

 

		(e)	FIFTHLY: in retention of an amount equal to any amount not then due and payable under any Finance
Document but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its 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 paragraphs (a), (b), (c) and (d) of Clause 18.1 (Normal order of application);
and

 

		(f)	SIXTHLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled
to it.

 

		18.2	Variation of order of application

 

The Agent may, with the authorisation
of the Majority Lenders, by notice to the Borrower, the Security Parties and the other Creditor Parties provide for a different
manner of application from that set out in Clause 18.1 (Normal order of application) either as regards a specified sum or
sums or as regards sums in a specified category or categories.

 

		18.3	Notice of variation of order of application

 

The Agent may give notices under
Clause 18.2 (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.

 

		18.4	Appropriation rights overridden

 

This Clause 18 (Application of
Receipts) and any notice which the Agent gives under Clause 18.2 (Variation of order of application) shall override
any right of appropriation possessed, and any appropriation made, by the Borrower or any Security Party.

 

    	 	44	 

     

    

 

		19	Application of Earnings

 

		19.1	Payment of Earnings

 

The Borrower undertakes with each
Creditor Party to ensure that, throughout the Security Period (and subject only to the provisions of the General Assignment), all
the Earnings are paid to the Earnings Account.

 

		19.2	Interest accrued on Earnings Account

 

Any credit balance on the Earnings
Account shall bear interest at the rate from time to time offered by the Agent to its customers for Dollar deposits of similar
amounts and for periods similar to those for which such balances appear to the Agent likely to remain on the Earnings Account.

 

		19.3	Monies on Earnings

 

Any monies standing to the credit
of the Earnings Account shall, provided that no Event of Default or Potential Event of Default shall have occurred, be at the free
disposal of the Borrower.

 

		19.4	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 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.

 

		19.5	Debits for expenses etc.

 

Following the occurrence of an Event
of Default which is continuing the Agent shall be entitled (but not obliged) from time to time to debit the Earnings Account without
prior notice in order to discharge any amount due and payable to it under Clauses 21 (Fees and Expenses) or 22 (Indemnities)
to a Creditor Party or payment of which any Creditor Party has become entitled to demand under Clause 21 (Fees and Expenses)
or 22 (Indemnities).

 

		20	Events of Default

 

		20.1	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 any
sum payable under a Finance Document or under any document relating to a Finance Document; or

 

		(b)	any breach occurs of Clauses 9.2 (Waiver of conditions precedent), 10.18 (Sanctions),
12.2 (Title; negative pledge), 12.3 (No disposal of assets), 12.17 (Conduct of business; compliance with laws)
in so far as it relates to Sanctions Laws, 12.19 (Compliance with Sanctions Laws), 13.2 (Maintenance of status),
13.3 (Negative Undertakings), 13.5 (Payment of dividends), 13.6 (Notification of Sanctions), paragraph (b)
of 15.9 (Compliance with laws etc.) (insofar as it relates to Sanctions Laws) or 16.2 (Provision of additional security;
prepayment); or

 

    	 	45	 

     

    

 

		(c)	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)) which, in the opinion of the Majority Lenders, is capable of remedy, and
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 or repeated 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 when it is made or repeated; or

 

		(e)	any of the following occurs in relation to any Financial Indebtedness of a Relevant Person in respect
of a sum, or sums aggregating, $10,000,000 or more in the case of the Borrower or the equivalent in another currency:

 

		(i)	any Financial Indebtedness of a Relevant Person is not paid when due; or

 

		(ii)	any Financial Indebtedness of a Relevant Person becomes due and payable or capable of being declared
due and payable prior to its stated maturity date as a consequence of any event of default; or

 

		(iii)	a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person
is terminated by the lessor or owner or becomes capable of being terminated as a consequence of any termination event; or

 

		(iv)	any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange
or other facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant
Person ceases to be available or becomes capable of being terminated as a result of any event of default, or cash cover is required,
or becomes capable of being required, in respect of such a facility as a result of any event of default; or

 

		(v)	any Security Interest securing any Financial Indebtedness of 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)	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 in the case of the Borrower or the equivalent in another
currency; or

 

		(iii)	any administrative or other receiver is appointed over any asset of a Relevant Person; or

 

		(iv)	an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person;
or

 

		(v)	any formal declaration of bankruptcy or any formal statement to the effect that a Relevant Person
is insolvent or likely to become insolvent is made by a Relevant Person or by the directors of a Relevant Person or, in any proceedings,
by a lawyer acting for a Relevant Person; or

 

		(vi)	a provisional liquidator is appointed in respect of a Relevant Person, a winding up order is made
in relation to a Relevant Person or a winding up resolution is passed by a Relevant Person; or

 

    	 	46	 

     

    

 

		(vii)	a resolution is passed, an administration notice is given or filed, an application or petition
to a court is made or presented or any other step is taken by (aa) a Relevant Person, (bb) the members or directors of a Relevant
Person, (cc) a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant Person,
or (dd) a government minister or public or regulatory authority of a Pertinent Jurisdiction for or with a view to the winding up
of that or another Relevant Person or the appointment of a provisional liquidator or administrator in respect of that or another
Relevant Person, or that or another Relevant Person ceasing or suspending business operations or payments to creditors, 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

 

		(viii)	an administration notice is given or filed, an application or petition to a court is made or presented
or any other step is taken by a creditor of a Relevant Person (other than a holder of Security Interests which together relate
to all or substantially all of the assets of a Relevant Person) for the winding up of a Relevant Person or the appointment of a
provisional liquidator or administrator in respect of a Relevant Person in any Pertinent Jurisdiction, unless the proposed winding
up, appointment of a provisional liquidator or administration is being contested in good faith, on substantial grounds and not
with a view to some other insolvency law procedure being implemented instead and either (aa) the application or petition is dismissed
or withdrawn within 30 days of being made or presented, or (bb) within 30 days of the administration notice being given or filed,
or the other relevant steps being taken, other action is taken which will ensure that there will be no administration and (in both
cases (aa) or (bb)) the Relevant Person will continue to carry on business in the ordinary way and without being the subject of
any actual, interim or pending insolvency law procedure; or

 

		(ix)	a Relevant Person or its directors take any steps (whether by making or presenting an application
or petition to a court, or submitting or presenting a document setting out a proposal or proposed terms, or otherwise) with a view
to obtaining, in relation to that or another Relevant Person, any form of moratorium, suspension or deferral of payments, reorganisation
of debt (or certain debt) or arrangement with all or a substantial proportion (by number or value) of creditors or of any class
of them or any such moratorium, suspension or deferral of payments, reorganisation or arrangement is effected by court order, by
the filing of documents with a court, by means of a contract or in any other way at all; or

 

		(x)	any meeting of the members or directors, or of any committee of the board or senior management,
of a Relevant Person is held or summoned for the purpose of considering a resolution or proposal to authorise or take any action
of a type described in paragraphs (iv) to (ix) or a step preparatory to such action, or (with or without such a meeting) the members,
directors or such a committee resolve or agree that such an action or step should be taken or should be taken if certain conditions
materialise or fail to materialise; or

 

		(xi)	in a Pertinent Jurisdiction other than England, any event occurs, any proceedings are opened or
commenced or any step is taken 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:

 

    	 	47	 

     

    

 

		(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 consent necessary to enable the Borrower to own, operate or charter the Ship or to enable the
Borrower or any Security Party to comply with any provision which the Majority Lenders consider material of a Finance Document
is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent is
not fulfilled; or

 

		(j)	any provision which the Majority Lenders reasonably consider material of a Finance Document proves
to have been or becomes invalid or unenforceable, or a Security Interest created by a Finance Document proves to have been or becomes
invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another Security Interest
or any other third party claim or interest; or

 

		(k)	the security constituted by a Finance Document is in any way imperilled or in jeopardy; or

 

		(l)	any event or circumstance occurs which the Majority Lenders determine has, or could reasonably
be expected to have a material adverse effect:

 

		(i)	on the ability of the Borrower to perform its obligations under the Finance Documents; or

 

		(ii)	on the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise)
of the Borrower.

 

		20.2	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 cancelled; 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 are entitled to take under any Finance Document or
any applicable law.

 

		20.3	Termination of Commitments

 

On the service of a notice under
paragraph (a)(i) of Clause 20.2 (Actions following an Event of Default), the Commitments and all other obligations of each
Lender to the Borrower under this Agreement shall be cancelled.

 

    	 	48	 

     

    

 

		20.4	Acceleration of Loan

 

On the service of a notice under
paragraph (a)(ii) of Clause 20.2 (Actions following an Event of Default) 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.

 

		20.5	Multiple notices; action without notice

 

The Agent may serve notices under
paragraphs (a)(i) or (ii) of Clause 20.2 (Actions following an Event of Default) simultaneously or on different dates and
it and/or the Security Trustee may take any action referred to in Clause 20.3 (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.

 

		20.6	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
20.2 (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.

 

		20.7	Lender's rights unimpaired

 

Nothing in this Clause shall be taken
to impair or restrict the exercise of any right given to individual Lenders under a Finance Document or the general law; and, in
particular, this Clause is without prejudice to Clause 3.1 (Interests of Lenders several).

 

		20.8	Exclusion of Creditor Party liability

 

No Creditor Party, and no receiver
or manager appointed by the Security Trustee, shall have any liability to the Borrower or a Security Party:

 

		(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.

 

		20.9	Relevant Persons

 

In this Clause 20 (Events of Default),
a "Relevant Person" means the Borrower and any Security Party.

 

		20.10	Interpretation

 

In paragraph (d) of Clause 20.1 (Events
of Default), 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 paragraph (e) of Clause 20.1 (Events
of Default) "petition" includes an application.

 

    	 	49	 

     

    

 

		21	Fees and Expenses

 

		21.1	Arrangement and commitment fees

 

The Borrower shall pay:

 

		(a)	to the Agent an arrangement fee in the amount and at the times agreed in a Fee Letter; and

 

		(b)	to the Agent (for the account of each Lender) quarterly in arrears during the period from (and
including) the date of this Agreement to the earlier of (i) the final Drawdown Date and (ii) the last day of the Availability Period,
for the account of the Lenders, a commitment fee at the rate of 0.50 per cent. per annum on the amount of the Total Commitments
less the amount of the Loan, for distribution among the Lenders pro rata to their Commitments.

 

		21.2	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.

 

		21.3	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 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 16 (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.

 

		21.4	Documentary taxes

 

The Borrower shall promptly pay any
tax payable on or by reference to any Finance Document, and shall, on the Agent's demand, fully indemnify each Creditor Party against
any claims, expenses, liabilities and losses resulting from any failure or delay by the Borrower to pay such a tax.

 

		21.5	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 (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.

 

    	 	50	 

     

    

 

		22	Indemnities

 

		22.1	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, or which that Creditor Party reasonably and with
due diligence estimates that it will incur, as a result of or in connection with:

 

		(a)	an Advance not being borrowed on the date specified in the Drawdown Notice for any reason other
than a default by the Lender claiming the indemnity;

 

		(b)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the
last day of an Interest Period or other relevant period;

 

		(c)	any failure (for whatever reason) by the Borrower to make payment of any amount due under a Finance
Document on the due date or, if 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 of an Event of Default or a Potential Event of Default and/or the acceleration of
repayment of the Loan under Clause 20 (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.

 

		22.2	Breakage costs

 

Without limiting its generality,
Clause 22.1 (Indemnities regarding borrowing and repayment of Loan) covers any claim, expense, liability or loss, including
a loss of a prospective profit, incurred by a Lender:

 

		(a)	in liquidating or employing deposits from third parties acquired or arranged to fund or maintain
all or any part of its Contribution and/or any overdue amount (or an aggregate amount which includes its Contribution or any overdue
amount); and

 

		(b)	in terminating, or otherwise in connection with, any interest and/or currency swap or any other
transaction entered into (whether with another legal entity or with another office or department of the Lender concerned) to hedge
any exposure arising under this Agreement or a number of transactions of which this Agreement is one.

 

In the circumstances referred to
in paragraph (b) of Clause 22.1 (Indemnities regarding borrowing and repayment of Loan) such costs shall include an
amount equal to the Margin which would, but, for receipt or recovery of the relevant part of the Loan, have accrued on the relevant
part of the Loan, from the date of such receipt or recovery to the end of the then current Interest Period relating thereto.

 

		22.3	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:

 

    	 	51	 

     

    

 

		(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;
or

 

		(b)	any other Pertinent Matter,

 

other than claims, expenses, liabilities
and losses which are shown to have been directly and mainly caused by the dishonesty, gross negligence or wilful misconduct of
the officers or employees of the Creditor Party concerned.

 

Without prejudice to its generality,
this Clause 22.3 (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
Laws.

 

		22.4	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 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
22.4 (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 22.4 (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.

 

		22.5	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
22 (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.

 

		22.6	Sums deemed due to a Lender

 

For the purposes of this Clause 22
(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.

 

    	 	52	 

     

    

 

		22.7	Sanctions and regulatory indemnities

 

The Borrower shall pay to the Agent
on demand, and the Borrower shall indemnify each Lender against,
all costs, charges, expenses, claims, liabilities, losses, duties and fees (including, but not limited to, legal fees and expenses
on a full indemnity basis) and taxes thereon suffered or incurred by a Lender (other than in each case by reason of a Lender's
gross negligence, dishonesty or wilful misconduct):

 

		(a)	arising or asserted under or in connection with any law relating to safety at sea, the ISM Code,
any Environmental Law or any Sanctions Law; or

 

		(b)	as a result of any claim, action, civil penalty or fine against, any settlement, and any other
kind of loss or liability, and as a result of conduct of the Borrower or any of their partners, directors, officers, employees
or agents that violates any Sanctions Laws.

 

		23	No Set-off or Tax Deduction

 

		23.1	No deductions

 

All amounts due from the Borrower
under a Finance Document shall be paid:

 

		(a)	without any form of set-off, cross-claim or condition; and

 

		(b)	free and clear of any tax deduction except a tax deduction which the Borrower is required by law
to make.

 

		24	Tax Gross Up and Indemnities

 

		24.1	Definitions

 

		(a)	In this Agreement:

 

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

 

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

 

"Tax
Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other
than a FATCA Deduction.

 

"Tax
Payment" means either the increase in a payment made by the Borrower to a Creditor Party under Clause 24.2 (Tax
gross-up) or a payment under Clause 24.3 (Tax indemnity).

 

Unless a contrary
indication appears, in this Clause 24 (Tax Gross Up and Indemnities) reference to "determines" or "determined"
means a determination made in the absolute discretion of the person making the determination.

 

		24.2	Tax gross-up

 

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

 

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

 

    	 	53	 

     

    

 

		(c)	If a Tax Deduction is required by law 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 Tax Deduction) leaves an amount equal to the payment
which would have been due if no Tax Deduction had been required.

 

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

 

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

 

		24.3	Tax indemnity

 

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

 

		(b)	Paragraph (a) above shall not apply:

 

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

 

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

 

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

 

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

 

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

 

		(A)	is compensated for by an increased payment under Clause 24.2 (Tax gross-up); or

 

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

 

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

 

		(d)	A Protected Party shall, on receiving a payment from the Borrower under this Clause 24.3 (Tax
indemnity), notify the Agent.

 

		24.4	Tax Credit

 

If the Borrower makes a Tax Payment
and the relevant Creditor Party determines that:

 

    	 	54	 

     

    

 

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

 

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

 

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

 

		24.5	Stamp taxes

 

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

 

		24.6	VAT

 

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

 

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

 

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

 

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

 

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

 

    	 	55	 

     

    

 

		(d)	Any reference in this Clause 24.6 (VAT) to any Party shall, at any time when that Party
is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context
otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the
supply, under the grouping rules (provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant
member state of the European Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant
group or unity (or fiscal unity) of which that Party is a member for VAT purposes at the relevant time or the relevant representative
member (or representative or head) of that group or unity at the relevant time (as the case may be).

 

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

 

		24.7	FATCA Information

 

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

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party; and

 

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

 

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

 

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

 

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

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

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

 

		24.8	FATCA Deduction

 

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

 

    	 	56	 

     

    

 

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

 

		25	Illegality, etc

 

		25.1	Illegality

 

This Clause 25 (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 Laws,

 

for the Notifying Lender to maintain
or give effect to any of its obligations under this Agreement in the manner contemplated by this Agreement.

 

		25.2	Notification of illegality

 

The Agent shall promptly notify the
Borrower, the Security Parties, the Security Trustee and the other Lenders of the notice under Clause 25.1 (Illegality)
which the Agent receives from the Notifying Lender.

 

		25.3	Prepayment; termination of Commitment

 

On the Agent notifying the Borrower
under Clause 25.2 (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 25.1 (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.

 

		25.4	Mitigation

 

If circumstances arise which would
result in a notification under Clause 25.1 (Illegality) then, without in any way limiting the rights of the Notifying
Lender under Clause 25.3 (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

 

		(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.

 

    	 	57	 

     

    

 

		26	Increased Costs

 

		26.1	Increased costs

 

This Clause 26 (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); or

 

		(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;

 

		(c)	the implementation, application of or compliance with Basel III or CRD IV or any law or regulation
that implements or applies Basel III or CRD IV,

 

the Notifying Lender (or a parent
company of it) has incurred or will incur an "increased cost".

 

		26.2	In this Clause 26 (Increased Costs):

 

		(a)	"increased cost" means,:

 

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

 

		(ii)	an additional or increased cost; or

 

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

 

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

 

For the purposes of this Clause 26.2
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.

 

		(b)	"Basel III" means:

 

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

 

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

 

		(iii)	any further guidance or standards published by the Basel Committee on Banking Supervision relating
to "Basel III".

 

    	 	58	 

     

    

 

		(c)	"CRD IV" means:

 

		(i)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012;

 

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

 

		(iii)	any other law or regulation which implements Basel III.

 

		26.3	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 26.1 (Increased
costs).

 

		26.4	Payment of increased costs

 

The Borrower shall pay to the Agent,
on the Agent's demand, for the account of the Notifying Lender the amounts which the Agent from time to time notifies the Borrower
that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost.

 

		26.5	Notice of prepayment

 

If the Borrower is not willing to
continue to compensate the Notifying Lender for the increased cost under Clause 26.4 (Payment of increased costs), the Borrower
may give the Agent not less than 14 days' notice of its intention to prepay the Notifying Lender's Contribution at the end of an
Interest Period.

 

		26.6	Prepayment; termination of Commitment

 

A notice under Clause 26.5 (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
Margin.

 

		26.7	Exceptions

 

Clause 26.1 (Increased costs)
does not apply to the extent any Increased Cost is:

 

		(a)	attributable to a Tax Deduction required by law to be made by the Borrower;

 

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

 

		(c)	compensated for by Clause 24.3 (Tax indemnity) (or would have been compensated for under
Clause 24.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 24.3
(Tax indemnity) applied).

 

Application of prepayment.
Clause 8 (Repayment and Prepayment) shall apply in relation to the prepayment.

 

    	 	59	 

     

    

 

		27	Set-Off

 

		27.1	Application of credit balances

 

At any time after the occurrence
of an Event of Default which is continuing, each Creditor Party may 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; and

 

		(iii)	enter into any other transaction or make any entry with regard to the credit balance which the
Creditor Party concerned considers appropriate.

 

		27.2	Existing rights unaffected

 

No Creditor Party shall be obliged
to exercise any of its rights under Clause 27.1 (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).

 

		27.3	Sums deemed due to a Lender

 

For the purposes of this Clause 27
(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.

 

		27.4	No Security Interest

 

This Clause 27 (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.

 

		28	Transfers and Changes in Lending Offices

 

		28.1	Transfer by Borrower

 

The Borrower may not transfer any
of its rights, liabilities or obligations under any Finance Document.

 

		28.2	Transfer by a Lender

 

Subject to Clause 28.4 (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) or without the consent of the Borrower if an Event of Default
or a Potential Event of Default has occurred and is continuing, cause:

 

		(a)	its rights in respect of all or part of its Contribution; or

 

		(b)	its obligations in respect of all or part of its Commitment; or

 

    	 	60	 

     

    

 

		(c)	a combination of (a) and (b),

 

to be (in the case of its rights)
transferred to, or (in the case of its obligations) assumed by, another bank or financial institution or a trust; fund or the entity
which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial
assets (a "Transferee Lender") by delivering to the Agent a completed certificate in the form set out in Schedule
4 (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
cause such transfer without needing the consent of the Borrower or any Security Party if an Event of Default has occurred and is
continuing or if the Transferee Lender is:

 

		(d)	another branch of the Transferor Lender;

 

		(e)	a direct or indirect subsidiary or affiliate of the Transferor Lender;

 

		(f)	a company of which the Transferor Lender is a subsidiary; or

 

		(g)	a company which is under the same control as the Lender.

 

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 Agreement.

 

		28.3	Transfer Certificate, delivery and notification

 

As soon as reasonably practicable
after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the Transfer Certificate
may be defective):

 

		(a)	sign the Transfer Certificate on behalf of itself, the Borrower, the Security Parties, the Security
Trustee and each of the other Lenders;

 

		(b)	on behalf of the Transferee Lender, send to the Borrower letters or faxes notifying them of the
Transfer Certificate and attaching a copy of it;

 

		(c)	send to the Transferee Lender copies of the letters or faxes sent under paragraph (b) above,

 

but the Agent shall only be obliged
to execute a Transfer Certificate delivered to it by the Transferor Lender and the Transferee Lender once it is satisfied it has
complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in
relation to the transfer to that Transferee Lender.

 

		28.4	Effective Date of Transfer Certificate

 

A Transfer Certificate becomes effective
on the date, if any, specified in the Transfer Certificate as its effective date Provided that it is signed by the Agent
under Clause 28.3 (Transfer Certificate, delivery and notification) on or before that date.

 

		28.5	No transfer without Transfer Certificate

 

No assignment or transfer of any
right or obligation of a Lender under any Finance Document is binding on, or effective in relation to, the Borrower, any Security
Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate.

 

    	 	61	 

     

    

 

		28.6	Lender re-organisation; waiver of Transfer Certificate

 

However, if a Lender enters into
any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the "successor"),
the Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for the execution
and delivery of a Transfer Certificate; and, upon service of the Agent's notice, the successor shall become a Lender with the same
Commitment and Contribution as were held by the predecessor Lender.

 

		28.7	Effect of Transfer Certificate

 

A Transfer Certificate takes effect
in accordance with English law as follows:

 

		(a)	to the extent specified in the Transfer Certificate, all rights and interests (present, future
or contingent) which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender
absolutely, free of any defects in the Transferor Lender's title and of any rights or equities which the Borrower or any Security
Party had against the Transferor Lender;

 

		(b)	the Transferor Lender's Commitment is discharged to the extent specified in the Transfer Certificate;

 

		(c)	the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor
Lender and a Commitment of an amount specified in the Transfer Certificate;

 

		(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable
to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification
of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions (other than
those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;

 

		(e)	any part of the Loan which the Transferee Lender advances after the Transfer Certificate's effective
date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the transferor, assuming
that any defects in the transferor's title and any rights or equities of the Borrower or any Security Party against the Transferor
Lender had not existed;

 

		(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 21 (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.

 

		28.8	Maintenance of register of Lenders

 

During the Security Period the Agent
shall maintain a register in which it shall record the name, Commitment, Contribution and administrative details (including the
lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause
28.4 (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.

 

    	 	62	 

     

    

 

		28.9	Reliance on register of Lenders

 

The entries on that register shall,
in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments
and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to
the Finance Documents for all purposes relating to the Finance Documents.

 

		28.10	Authorisation of Agent to sign Transfer Certificates

 

The Borrower, the Security Trustee
and each Lender irrevocably authorise the Agent to sign Transfer Certificates on its behalf.

 

		28.11	Registration fee

 

In respect of any Transfer Certificate,
the Agent shall be entitled to recover a registration fee of $3,000 from the Transferee Lender.

 

		28.12	Sub-participation; subrogation assignment

 

A Lender may sub-participate all
or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any notice
to, the Borrower, any Security Party, the Agent or the Security Trustee; and the Lenders may assign, in any manner and terms agreed
by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who has become
subrogated to them.

 

		28.13	Disclosure of information

 

A Lender may with the consent of
the Borrower (such consent not to be unreasonably withheld or delayed) disclose to a potential Transferee Lender or sub-participant
any information which the 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 of a confidential nature.

 

		28.14	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.

 

		28.15	Notification

 

On receiving such a notice, the Agent
shall notify the Borrower and the Security Trustee; and, until the Agent receives such a notice, it shall be entitled to assume
that a Lender is acting through the lending office of which the Agent last had notice.

 

    	 	63	 

     

    

 

		28.16	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.

 

		28.17	Tax indemnity, tax gross-up and increased costs on assignment, transfer and change of lending office

 

If:

 

		(a)	the Lender assigns or transfers any rights or obligations under the Finance Documents pursuant
to Clause 28.2 (Transfer by a Lender) or changes its lending office; and

 

		(b)	as a result of circumstances existing at the date of 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
22.1 (Indemnities regarding borrowing and repayment of Loan) in respect of any tax, Clause 23 (No Set-off or Tax Deduction)
or Clause 25 (Illegality, etc),

 

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.

 

		29	Variations and Waivers

 

		29.1	Variations, waivers etc. by Majority Lenders

 

Subject to Clause 29.2 (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.

 

		29.2	Variations, waivers etc. requiring agreement of all Lenders

 

However, as regards the following,
Clause 29.1 (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 change in the Margin or in the definition of LIBOR;

 

		(b)	a change to the date for, the amount of, any payment of principal, interest, fees, or other sum
payable under this Agreement;

 

		(c)	a change to any Lender's Commitment;

 

		(d)	an extension of Availability Period;

 

		(e)	a change to the definition of "Majority Lenders" or "Finance Documents";

 

		(f)	a change to the preamble or to Clauses 2 (Facility), 3 (Position of the Lenders),
4 (Drawdown), 5.1 (Payment of normal interest), 18 (Application of Receipts), 19 (Application of Earnings)
or 33 (Law and Jurisdiction);

 

		(g)	a change to this Clause 29 (Variations and Waivers);

 

    	 	64	 

     

    

 

		(h)	any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination
arrangement set out in a Finance Document; and

 

		(i)	any other change or matter as regards which this Agreement or another Finance Document expressly
provides that each Lender's consent is required.

 

		29.3	Exclusion of other or implied variations

 

Except for a document which satisfies
the requirements of Clauses 29.1 (Variations, waivers etc. by Majority Lenders) and 29.2 (Variations, waivers etc. requiring
agreement of all Lenders), no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on
the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties
or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being
precluded (permanently or temporarily) from enforcing, relying on or exercising:

 

		(a)	a provision of this Agreement or another Finance Document; or

 

		(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.

 

		30	Bail-In

 

Notwithstanding any other term of
any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party
acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents
may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

		(a)	any Bail-In Action in relation to any such liability, including (without limitation):

 

		(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including
any accrued but unpaid interest) in respect of any such liability;

 

		(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership
that may be issued to, or conferred on, it; and

 

		(iii)	a cancellation of any such liability; and

 

		(b)	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In
Action in relation to any such liability.

 

		31	Notices

 

		31.1	Communications in writing

 

Any communication to be made under
or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter.

 

    	 	65	 

     

    

 

		31.2	Addresses

 

The address and fax number (and the
department or officer, if any, for whose attention the communication is to be made) of each party to this Agreement for any communication
or document to be made or delivered under or in connection with the Finance Documents is:

 

		(a)	in the case of the Borrower, that identified with its name below;

 

		(b)	in the case of each Lender or any Security Party, that notified in writing to the Agent on or prior
to the date on which it becomes a party to this Agreement;

 

		(c)	in the case of the Agent or the Security Trustee that identified with its name below,

 

or any substitute address or fax
number or department or officer as the party to this Agreement may notify to the Agent (or the Agent may notify to the parties
to this Agreement, if a change is made by the Agent) by not less than five Business Days' notice:

 

	to the Borrower:	c/o Euronav NV
	 	De Gerlachekaai 20
	 	2000 Antwerp
	 	 
	 	Fax No: +32 3 247 4409
	 	 
	to the Lender:	At the address below its name in Schedule 1 (Lenders and Commitments) or (as the case may require) in the relevant Transfer Certificate to the Agent:
	 	 
	 	4th Floor , I.F.S.C. House
	 	Custom House Quay
	 	Dublin 1
	 	D01 R2P9, Ireland
	 	 
	 	Attention: David Sparkes
	 	Fax No: +44 207 638 6488
	 	 
	to the Security Trustee:	201 Bishopsgate
	 	6th Floor
	 	London EC2M 3NS
	 	United Kingdom
	 	 
	 	Attention: David Sparkes
	 	Fax No: +44 207 638 6488

 

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 and the Security
Parties.

 

		31.3	Delivery

 

		(a)	Any communication or document made or delivered by one person to another under or in connection
with the Finance Documents will only be effective:

 

		(i)	if by way of fax, when received in legible form; or

 

		(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after
being deposited in the post postage prepaid in an envelope addressed to it at that address;

 

    	 	66	 

     

    

 

and, if a particular department or
officer is specified as part of its address details provided under Clause 31.2 (Addresses), if addressed to that department
or officer.

 

		(b)	Any communication or document to be made or delivered to the Agent will be effective only when
actually received by the Agent and then only if it is expressly marked for the attention of the department or officer identified
with the Agent's signature below (or any substitute department or officer as the Agent shall specify for this purpose).

 

		(c)	All notices from or to the Borrower or a Security Party shall be sent through the Agent.

 

		(d)	Any communication or document made or delivered to the Borrower in accordance with this Clause
will be deemed to have been made or delivered to each Security Party.

 

		31.4	Notification of address and fax number

 

Promptly upon receipt of notification
of an address or fax number or change of address or fax number pursuant to Clause 31.2 (Addresses) or changing its own address
or fax number, the Agent shall notify the other parties to this Agreement.

 

		31.5	Electronic communication

 

		(a)	Any communication to be made between the Agent and a Lender under or in connection with the Finance
Documents may be made by electronic mail or other electronic means, if the Agent and the relevant Lender:

 

		(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication;

 

		(ii)	notify each other in writing of their electronic mail address and/or any other information required
to enable the sending and receipt of information by that means; and

 

		(iii)	notify each other of any change to their address or any other such information supplied by them.

 

		(b)	Any electronic communication made between the Agent and a Lender will be effective only when actually
received in readable form and in the case of any electronic communication made by a Lender to the Agent only if it is addressed
in such a manner as the Agent shall specify for this purpose.

 

		31.6	English language

 

		(a)	Any notice given under or in connection with any Finance Document must be in English.

 

		(b)	All other documents provided under or in connection with any Finance Document must be:

 

		(i)	in English; or

 

		(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation
and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

 

		32	Supplemental

 

		32.1	Rights cumulative, non-exclusive

 

The rights and remedies which the
Finance Documents give to each Creditor Party are:

 

    	 	67	 

     

    

 

		(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.

 

		32.2	Severability of provisions. If any provision of a Finance Document is or subsequently becomes
void, unenforceable or illegal, that shall not affect the validity, enforceability or legality of the other provisions of that
Finance Document or of the provisions of any other Finance Document.

 

		32.3	Counterparts

 

A Finance Document may be executed
in any number of counterparts.

 

		32.4	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.

 

		33	Law and Jurisdiction

 

		33.1	English law

 

This Agreement shall be governed
by, and construed in accordance with, English law.

 

		33.2	Exclusive English jurisdiction

 

Subject to Clause 33.3 (Choice
of forum for the exclusive benefit of the Creditor Parties), the courts of England shall have exclusive jurisdiction to settle
any disputes which may arise out of or in connection with this Agreement.

 

		33.3	Choice of forum for the exclusive benefit of the Creditor Parties

 

Clause 33.2 (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 matter which arises out of or in connection with this
Agreement in the courts of any country other than England and which have or claim jurisdiction to that matter; and

 

		(b)	to commence such proceedings in the courts of any such country or countries concurrently with or
in addition to proceedings in England or without commencing proceedings in England.

 

		33.4	Process agent

 

The Borrower irrevocably appoints
Euronav (UK) Agencies Limited at its registered office for the time being, presently at 99 King’s Road, London, SW3 4PA,
England, to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the
English courts which are connected with this Agreement.

 

		33.5	Creditor Party rights unaffected

 

Nothing in this Clause 33 (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.

 

    	 	68	 

     

    

 

		33.6	Meaning of "proceedings". In this Clause 33 (Law and Jurisdiction), "proceedings"
means proceedings of any kind, including an application for a provisional or protective measure.

 

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

 

    	 	69	 

     

    

 

Schedule
1

 

Lenders
and Commitments

 

	Lender	 	Lending Office	 	Commitment
 (US Dollars)	 
	 	 	 	 	 	 	 
	Scotiabank (Ireland) Designated Activity Company	 	I.F.S.C. House
 Custom House Quay
 Dublin 1
 D01 R2P9, Ireland	 	 	26,750,000	 

 

    	 	70	 

     

    

 

Schedule
2

 

Drawdown
Notice

 

		To:	The Bank of Nova Scotia

201 Bishopsgate, 6th Floor

London EC2M 3NS

England

 

		Attention:	Loans Administration

 

[·]
2008

 

DRAWDOWN NOTICE

 

		1	We refer to the loan agreement (the "Loan Agreement") dated 23 October 2008 (as
supplemented by a supplemental letter dated 30 January 2017 and amended and restated on [·]
March 2017) and made between ourselves, as Borrower, the Lenders referred to therein, and yourselves as Agent and as Security Trustee
in connection with a facility of up to US$76,000,000. Terms defined in the Loan Agreement have their defined meanings when used
in this Drawdown Notice.

 

		2	We request to borrow as follows:

 

		(a)	Amount: US$[·];

 

		(b)	[Advance as specified in Clause 2.1 (Amount of facility) [first, second, third, etc]];

 

		(c)	Drawdown Date: [·];

 

		(d)	Duration of the first Interest Period shall be [·]
months; and

 

		(e)	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)0 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; and

 

		(b)	no Event of Default or Potential Event of Default has occurred or will result from the borrowing
of the Loan.

 

		4	This notice cannot be revoked without the prior consent of the Majority Lenders.

 

		5	We authorise you to deduct the arrangement fee referred to in Clause 21 (Fees and Expenses)
from the amount of the Advance.

 

	 	[Name of Signatory]	 
	 	 	 
	 	Director	 
	 	for and on behalf of	 

[·]

 

    	 	71	 

     

    

 

Schedule
3

Condition Precedent Documents

 

Part A

 

The following are the documents referred
to in paragraph (a) of Clause 9.1 (Documents, fees and no default) before the service of the first Drawdown Notice.

 

		1	A duly executed original of this Agreement, the Guarantee Nomination Letter, the Agency and Trust
Agreement, the Negative Pledge, each Guarantee, the Counter Guarantee and the Account Security Deed.

 

		2	Copies of the certificate of incorporation and constitutional documents of the Borrower, each Guarantor,
the Counter Guarantor and each Shareholder (and in relation to the Borrower a copy of the shareholders agreement or joint venture
agreement entered into by its shareholders).

 

		3	Copies of resolutions of directors of the Borrower, each Guarantor (except for Guarantor B), the
Counter Guarantor and each Shareholder and copies of resolutions of the shareholders of the Borrower and the Counter Guarantor
authorising the execution of each of the Finance Documents to which the Borrower, that Guarantor, the Counter Guarantor or that
Shareholder is a party and, in the case of the Borrower, authorising named officers to give the Drawdown Notices and other notices
under this Agreement and ratifying the execution of the Shipbuilding Contract and the Supervision Agreement.

 

		4	The original of any power of attorney under which any Finance Document is executed on behalf of
the Borrower, a Guarantor, the Counter Guarantor or the Shareholder.

 

		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 the Shipbuilding Contract or the Supervision Agreement.

 

		6	The originals of any mandates or other documents required in connection with the opening or operation
of the Earnings Account.

 

		7	Documentary evidence that the agent for service of process named in Clause 33 (Law and Jurisdiction)
has accepted its appointment.

 

		8	Favourable legal opinions from lawyers appointed by the Lender on such matters concerning the laws
of Hong Kong, Belgium, Panama, Bermuda and such other relevant jurisdictions as the Lenders may require.

 

		9	Receipt of all documentation required by the Lenders in respect of the Borrower, any Security Party
or the ultimate beneficial ownership of each Guarantor or the Counter Guarantor pursuant to that Lenders "know your customer"
requirements.

 

    	 	72	 

     

    

 

Part B

 

The following are the documents referred
to in paragraph (b) of Clause 9.1 (Documents, fees and no default) required before the drawdown of an Advance (other than
the final Advance):

 

		10	Evidence that the relevant pre-delivery instalment of the Contract Price payable under the Shipbuilding
Contract has fallen due for payment and that such part of such instalment not being met out of the proceeds of an Advance has been
paid or shall be paid by the Borrower simultaneously with the making of such Advance.

 

		11	A duly executed original of the Predelivery Security Assignment (and of each document required
to be delivered thereunder).

 

		12	A certified copy of the Shipbuilding Contract and Supervision Agreement and a certified copy of
the Refund Guarantee.

 

		13	Such documentary evidence as the Lender and its legal advisers may require in relation to the due
authorisation and execution by the Builder of the Shipbuilding Contract, by the Supervisor of the Supervision Agreement and by
the Refund Guarantor of the Refund Guarantee.

 

		14	Favourable legal opinions from lawyers appointed by the Lender on such matters concerning the laws
of Korea and such other relevant jurisdictions as the Lender may require.

 

    	 	73	 

     

    

 

Part C

 

The following are
the documents referred to in paragraph (c) of Clause 9.1 (Documents, fees and no default) required before the Drawdown of
the final Advance.

 

		15	A duly executed original of the Mortgage, of the Charter Assignment (if any Charter) and of the
General Assignment (and of each document to be delivered by each of them).

 

		16	Documentary evidence that:

 

		(a)	the Ship has been unconditionally delivered by the Builder to, and accepted by, the Borrower under
the Shipbuilding Contract, and the full purchase price payable under the Shipbuilding Contract (in addition to the part to be financed
by the Loan) has been duly paid;

 

		(b)	the Ship is definitively and permanently registered in the name of the Borrower under the relevant
Approved Flag at its relevant port of registry;

 

		(c)	the Ship is in the absolute and unencumbered ownership of the Borrower save as contemplated by
the Finance Documents;

 

		(d)	the Ship maintains the class (namely A1(E), "Oil Carrier ESP", AMS, ACCU, SPM, VEC(-L),
CSR, Safeship-CM, RES, ES, TEM, Green Passport, POT, UWILD (sea chest blanking devices shall not be provided), CPS with American
Bureau of Shipping free of all recommendations and conditions of such Classification Society;

 

		(e)	the Mortgage has been duly recorded against the Ship as a valid first preferred/priority ship mortgage
in accordance with the laws of the relevant Approved Flag;

 

		(f)	the Ship is insured in accordance with the provisions of this Agreement and all requirements therein
in respect of insurances have been complied with; and

 

		(g)	such part of the acquisition cost of the Ship which has not been funded out of the proceeds of
the Loan and which has been borrowed by the Borrower is subordinated to the obligations of the Borrower to the Lenders under this
Agreement in terms satisfactory to the Lenders in their absolute discretion;

 

		17	Documents establishing that the Ship will, as from the final Drawdown Date, be managed by the Approved
Manager on terms acceptable to the Lenders, together with:

 

		(a)	a letter of undertaking executed by the Approved Manager in favour of the Agent in the terms agreed
between the Agent and the Approved Manager agreeing certain matters in relation to the management of the Ship and subordinating
the rights of the Approved Manager against the Ship and the Borrower to the rights of the Creditor Parties under the Finance Documents;
and

 

		(b)	copies of the 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 Lenders require) and ISSC.

 

		18	A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters
relating to the insurances for the Ship as the Agent may require.

 

		19	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws
of Greece (or such other jurisdiction as may be appropriate if the Ship is not registered on Greek flag) and such other relevant
jurisdictions as the Agent may require.

 

    	 	74	 

     

    

 

Schedule
4

Transfer Certificate

 

The Transferor and the Transferee accept
exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory
requirements applicable to them respectively.

 

To:[·]
as Agent.

 

From:[The Existing Lender] (the
"Transferor") and [The New Lender] (the "Transferee")

 

Dated:[·]

 

US$76,000,000 Loan Agreement to Euronav NV

dated 23 October 2008 (as supplemented by a supplemental letter dated 30 January 2017

 and amended and restated on [·]
March 2017) (the "Agreement")

 

		1	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have
the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

 

		2	We refer to Clause 28 (Transfers and Changes in Lending Offices) of the Agreement.

 

		(a)	The Transferor and the Transferee agree to the Transferor transferring to the Transferee by novation
all or part of the Transferor's Commitment, rights and obligations referred to in the Schedule in accordance with Clause 28 (Transfers
and Changes in Lending Offices).

 

		(b)	The proposed Transfer Date is [·].

 

		(c)	the lending office and address, fax number and attention details for notices of the Transferee
for the purposes of Clause 31.2 (Addresses) are set out in the Schedule.

 

		3	The Transferee expressly acknowledges the limitations on the Transferor's obligations set out in
Clause 28 (Transfers and Changes in Lending Offices).

 

		4	[The Transferee confirms that the person beneficially entitled to interest payable to that Lender
in respect of an advance under a Finance Document is either:

 

		(a)	a company resident in the United Kingdom for United Kingdom tax purposes; or

 

		(b)	a partnership each number of which is:

 

		(i)	a company so resident in the United Kingdom; or

 

		(ii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account in computing its chargeable profits (for the purposes of section
11(2) of the [Taxes Act] the whole of any share of interest payable in respect of that advance that falls to it by reason of sections
114 and 115 of the [Taxes Act]; or

 

		(c)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable
profits (for the purposes of Section 11(2) of the [Taxes Act] of that company.]

 

		[4/5]	This Transfer Certificate may be executed in any number of counterparts and this has the same effect
as if the signatures on the counterparts were on a single copy of this Transfer Certificate.

 

		[5/6]	This Transfer Certificate is governed by English law.

 

    	 	75	 

     

    

 

THE SCHEDULE

 

Commitment/rights and obligations to be transferred

 

[insert relevant details]

 

[Facility Office address, fax number and
attention details for notices and account details for payments]

 

	Transferor	Transferee
	 	 
	By:	By:

 

This Transfer Certificate is accepted by the
Agent and the Transfer Date is confirmed as [·].

 

[Agent]

 

By:

 

    	 	76	 

     

    

 

Schedule
5

Mandatory Cost

 

		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 Bank of England and/or the Financial Services Authority (or, in either case, 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 Loan) 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 Loans
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:

 

		(a)	in relation to a sterling Loan:

 

	
        AB + C(B
        – D) + E x 0.01

        100 – (A + C)
	per cent. per annum

 

		(b)	in relation to a Loan in any currency other than sterling:

 

	
        E x 0.01

        300
	per cent. per annum

 

Where:

 

		A	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum)
which that Lender is from time to time required to maintain as an interest free cash ratio deposit with the Bank of England to
comply with cash ratio requirements.

 

		B	is the percentage rate of interest (excluding the Margin and the Mandatory Cost and, if the Loan
is an Unpaid Sum, the additional rate of interest specified in paragraph (a) of Clause 7.2 (Default rate of interest)) payable
for the relevant Interest Period on the Loan.

 

		C	is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time
to maintain as interest bearing Special Deposits with the Bank of England.

 

		D	is the percentage rate per annum payable by the Bank of England to the Agent on interest bearing
Special Deposits.

 

    	 	77	 

     

    

 

		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
7 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); and

 

		(d)	"Tariff Base" has the meaning given to it in, and will be calculated in accordance
with, the Fees Rules.

 

		(e)	"Unpaid Sum" means any sum due and payable but unpaid by the Borrower or a Security
Party under the Finance Documents.

 

		6	In application of the above formulae, A, B, C and D will be included in the formulae as percentages
(i.e. 5 per cent. will be included in the formula as 5 and not as 0.05). A negative result obtained by subtracting D from B shall
be taken as zero. The resulting figures shall be rounded to four decimal places.

 

		7	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.

 

		8	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 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 of any change to the information provided by it pursuant to this paragraph.

 

		9	The percentages of each Lender for the purpose of A and C above and 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
paragraphs 7 and 8 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.

 

    	 	78	 

     

    

 

		10	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, 7 and 8 above is true and correct in all respects.

 

		11	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, 7 and 8 above.

 

		12	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 to the Loan Agreement.

 

		13	The Agent may from time to time, after consultation with the Borrower and the Lenders, determine
and notify to all parties to the Loan Agreement 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 Bank of England, 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 to the Loan Agreement.

 

    	 	79	 

     

    

 

Schedule
6

 

Form
of Certificate of Compliance

 

		To:	The Bank of Nova Scotia

201 Bishopsgate, 6th Floor

London EC2M 3NS

England

 

		Attention:	Loans Administration

 

		From:	Euronav NV

[Date]

 

OFFICER'S CERTIFICATE

 

This Certificate is rendered pursuant to clause
12.6(e) of the loan agreement dated 23 October 2008 (as amended and supplemented by a supplemental letter dated 30 January 2017
and amended and restated on [·]
2017) (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 Bank of Nova Scotia as Agent and Security Trustee, relating to
a facility of up to US$79,000,000. Words and expressions defined in the Loan Agreement shall have the same meanings when used herein.

 

I, the Chief Financial Officer of the Borrower,
hereby certify that:

 

		1	Attached to this Certificate [are][is] the latest [audited consolidated accounts of the Group and
audited individual accounts of the Borrower for the financial year ending on [·]]
[unaudited consolidated balance sheet of the Group and the unaudited individual balance sheet of the Borrower 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 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 11.1 (Financial
Covenants) of the Loan Agreement [are] [are not] complied with, in that as at [·]:

 

    	 	80	 

     

    

 

		(a)	Consolidated Working Capital is US$[·];

 

		(b)	Free Liquid Assets are US$[·];

 

		(c)	Cash is US$[·]; and

 

		(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]

 

The Borrower is in compliance with clause 11.1
(Financial Covenants) of the Loan Agreement.

 

[If not, specify this and what is proposed
as regards Clause 11.1 (Financial Covenants)]

 

The Market Value of the Ship 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.

 

    	 	81	 

     

    

 

Execution Page

 

BORROWER

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	EURONAV NV	)
	in the presence of:	)
	 	 
	LENDERS	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	SCOTIABANK (IRELAND) DESIGNATED	)
	ACTIVITY COMPANY	)
	in the presence of:	)
	 	 
	AGENT	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	THE BANK OF NOVA SCOTIA	)
	in the presence of:	)
	 	 
	SECURITY TRUSTEE	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	THE BANK OF NOVA SCOTIA	)
	in the presence of:	)

 

    	 	82Exhibit 10.17

 

EXECUTION VERSION

 

Dated 31 March 2017

 

$67,500,000

$ 28,150,000 outstanding

 

AMENDMENT TO TERM LOAN FACILITY

 

LARVOTTO
SHIPHOLDING LIMITED

as Borrower

 

and

 

EURONAV
NV

as Guarantor

 

and

 

BNP PARIBAS

as Agent

and as Security Trustee

 

amending
and restating AGREEMENT

 

relating to

the financing of

m.t. "MARIA"

 

 

     

     

    

 

Index

 

	Clause		Page
	 	 	 
	1	Definitions and Interpretation	1
	2	Agreement of the Creditor Parties	3
	3	Conditions Precedent	4
	4	Representations	4
	5	Amendment and Restatement of Loan Agreement and other Finance Documents	4
	6	Accession by Guarantor as new Borrower	5
	7	Further Assurance	5
	8	Fees	6
	9	Costs and Expenses	6
	10	Notices	6
	11	Counterparts	7
	12	Governing Law	7
	13	Enforcement	7
	 	 	 
	Schedules	 
	 	 
	Schedule 1 The Lenders	8
	Schedule 2 Conditions Precedent	9
	 	 
	Execution	 
	 	 
	Execution Pages	10

 

Appendices

 

Appendix Part A Form of Amended and Restated
Loan Agreement marked to indicate amendments to the Loan Agreement

Appendix Part B Form of clean copy Amended
and Restated Loan Agreement

 

     

     

    

 

THIS AGREEMENT is made on 31 March
2017

 

PARTIES

 

		(1)	LARVOTTO SHIPHOLDING LIMITED, a company incorporated in Hong Kong whose registered office
is at Room 2503-05, 25th Floor, Harcourt House, No.39 Gloucester Road, Wanchai, Hong Kong as borrower (the "Borrower")

 

		(2)	EURONAV NV, a company incorporated in Belgium whose registered office is at Gerlachekaai
20, B-2000 Antwerp, Belgium as the guarantor (the "Guarantor")

 

		(3)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Lenders) as lenders (the "Lenders")

 

		(4)	BNP PARIBAS, as agent of the other Creditor Parties (the "Agent")

 

		(5)	BNP PARIBAS, as security trustee for the Creditor Parties (the "Security Trustee")

 

BACKGROUND

 

		(A)	By the Loan Agreement, the Lenders agreed to make available to the Borrower a facility of (originally)
up to $67,500,000 of which $28,150,000 is outstanding at the date of this Agreement.

 

		(B)	The Borrower and the Guarantor have requested that the Lenders agree to, inter alia:

 

		(i)	the sale of the Ship to the Guarantor;

 

		(ii)	the release of the Borrower from all its obligations under the Loan Agreement and the release of
all Security Interests created by it in favour of the Security Trustee under the Finance Documents;

 

		(iii)	the accession of the Guarantor to the Loan Agreement as the replacement borrower;

 

		(iv)	the release of the Guarantor from all its liabilities and obligations to the Creditor Parties under
the Euronav Guarantee; and

 

		(v)	take Security Interests over the Ship immediately upon ownership by the Guarantor as replacement
borrower.

 

		(C)	This Agreement sets out the terms and conditions on which the Lenders and the other Creditor Parties
agree, with effect on and from the Effective Date, to the above requests and to the consequential amendment of the Loan Agreement
and the Agency and Trust Deed in connection with those matters.

 

OPERATIVE
PROVISIONS

 

		1	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

"Agency
and Trust Deed" means the agency and trust deed dated 29 August 2008 and made between, (i) the Borrower, (ii) the
Lenders, (iii) Fortis Bank S.A./N.V., UK Branch as Lead Arranger (iv) the Agent and (v) the Security Trustee.

 

     

     

    

 

"Amended
and Restated Loan Agreement" means the Loan Agreement as amended and restated by this Agreement in the form set
out in the Appendix.

 

"Authorisation"
means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, legalisation or registration.

 

"Effective
Date" means the date on which the conditions precedent in Clause 3 (Conditions Precedent) are satisfied.

 

"Euronav
Guarantee" means the guarantee dated 29 August 2008 and made between the Guarantor and the Security Trustee.

 

"Existing
Account Security Deed" means the account security deed in respect of the earnings account of the Borrower dated
29 August 2008 and made between the Borrower and Fortis Bank S.A./N.V., UK Branch as the Bank.

 

"Existing
Finance Documents" means each of the Euronav Guarantee, the Existing Account Security Deed, the Existing Mortgage,
the Existing General Assignment and the Existing Retention Account Security Deed and an "Existing
Finance Document" means any one of them.

 

"Existing
General Assignment" means the general assignment in respect of the Ship dated 9 January 2012 and made between (i)
the Borrower, (ii) the Security Trustee and (iii) the Lenders.

 

"Existing
Mortgage" means the first preferred Greek mortgage over the Ship dated 9 January 2012 and made between (i) the
Borrower and (ii) BNP Paribas SA and Deutsche Schiffsbank AG as mortgagees.

 

"Existing
Retention Account Security Deed" means the account security deed in respect of the retention account of the Borrower
dated 9 January 2012 and made between the Borrower and the Security Trustee.

 

"Loan
Agreement" means the loan agreement dated 29 August 2008 (as amended by a supplemental letter dated 28 November
2011 and as further amended by a supplemental letter dated 1 June 2016) and made between, (i) the Borrower, (ii) the Lenders, (iii)
Fortis Bank S.A./N.V., UK Branch as Lead Arranger (iv) the Agent and (v) the Security Trustee.

 

"New
Account Security Deed" means the account security deed in respect of the earnings account of the Guarantor as replacement
borrower to be entered into between the Guarantor as replacement borrower and the Security Trustee.

 

"New
Finance Documents" means each of the New Accounts Security Deed, the New Mortgage and the New General Assignment
and a "New Finance Document" means any one of
them.

 

"New
General Assignment" means the general assignment in respect of the Ship to be entered into between (i) the Guarantor
as replacement borrower, (ii) the Security Trustee and (iii) the Lenders.

 

"New
Mortgage" means the first preferred Greek mortgage over the Ship to be entered into between the Guarantor as replacement
borrower and BNP Paribas as mortgagee.

 

"Party"
means a party to this Agreement.

 

"Transaction
Security" means the Security created or evidenced or expressed to be created or evidenced under the Security Documents.

 

    2

     

    

 

		1.2	Defined expressions

 

Defined expressions in the Loan
Agreement and the other Finance Documents shall have the same meanings when used in this Agreement unless the context otherwise
requires or unless otherwise defined in this Agreement.

 

		1.3	Application of construction and interpretation provisions of Loan Agreement

 

Clause 1.2 (construction)
of the Loan Agreement applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.

 

		1.4	Agreed forms of new, and supplements to, Finance Documents

 

References in Clause 1.1 (Definitions)
to any new or supplement to a Finance Document being in "agreed form" are to that Finance Document:

 

		(a)	in a form attached to a certificate dated the same date as this Agreement (and signed by the Borrower
and the Agent); or

 

		(b)	in any other form agreed in writing between the Borrower and the Agent acting with the authorisation
of the Majority Lenders or, where clause 27.2 (Variations, waivers etc. requiring the agreement of all Lenders) of the Loan
Agreement applies, all the Lenders.

 

		1.5	Designation as a Finance Document

 

The Borrower and the Agent designate
this Agreement as a Finance Document.

 

		1.6	Third party rights

 

Unless provided to the contrary
in a Finance Document, a person who is not a Party has no right under the Third Parties Act to enforce or to enjoy the benefit
of any term of this Agreement.

 

		2	Agreement of the Creditor Parties

 

		2.1	Agreement of the Lenders

 

The Lenders agree, subject to
and upon the terms and conditions of this Agreement, to:

 

		(i)	the sale of the Ship to the Guarantor;

 

		(ii)	the accession of the Guarantor to the Loan Agreement as the replacement borrower;

 

		(iii)	the release of the Borrower from all its obligations under the Loan Agreement and the release of
all Security Interests created by it in favour of the Security Trustee under the Finance Documents;

 

		(iv)	the release of the Guarantor from all its liabilities and obligations to the Creditor Parties under
the Euronav Guarantee; and

 

		(v)	take Security Interests over the Ship immediately upon ownership by the Guarantor as replacement
borrower.

 

    3

     

    

 

		2.2	Agreement of the Creditor Parties

 

The Creditor Parties agree, subject
to and upon the terms and conditions of this Agreement, to the consequential amendment of the Loan Agreement and the other Finance
Documents in connection with the matters referred to in Clause 2.1 (Agreement of the Lenders).

 

		2.3	Effective Date

 

The agreement of the Lenders
and the other Creditor Parties contained in Clause 2.1 (Agreement of the Lenders) and Clause 2.2 (Agreement of the Creditor
Parties) shall have effect on and from the Effective Date.

 

		3	Conditions Precedent

 

The agreement of the Lenders
and the other Creditor Parties contained in Clause 2.1 (Agreement of the Lenders) and Clause 2.2 (Agreement of the Creditor
Parties) is subject to:

 

		(a)	no Event of Default or Potential Event of Default occurring on the date of this Agreement and the
Effective Date or resulting from the occurrence of the Effective Date;

 

		(b)	the representations to be made by the Borrower and each Security Party pursuant to clause 10 (Representations
and warranties) of the Loan Agreement and those of the Borrower or any Security Party which are set out in the other Finance
Documents being true in all material respects on the date of this Agreement and the Effective Date;

 

		(c)	none of the circumstances contemplated by clause 5.7 (Market disruption) of the Loan Agreement
has occurred and is continuing; and

 

		(d)	the Agent having received all of the documents and other evidence listed in Schedule 2 (Conditions
Precedent) in form and substance satisfactory to the Agent on or before 3 April 2017 or such later date as the Agent may agree
with the Borrower.

 

		4	Representations

 

		4.1	Loan Agreement representations

 

The Borrower makes the representations
and warranties set out in clause 10 (representations and warranties) of the Loan Agreement, as amended and restated by this
Agreement and updated with appropriate modifications to refer to this Agreement, by reference to the circumstances then existing
on the date of this Agreement and on the Effective Date.

 

		4.2	Finance Document representations

 

Each Security Party makes the
representations and warranties set out in the Finance Documents (other than the Loan Agreement) to which it is a party, as amended
and restated by this Agreement and updated with appropriate modifications to refer to this Agreement, by reference to the circumstances
then existing on the date of this Agreement and on the Effective Date.

 

		5	Amendment and Restatement of Loan Agreement and other Finance Documents

 

		5.1	Specific amendments to the Loan Agreement

 

With effect on and from the Effective
Date the Loan Agreement shall be, and shall be deemed by this Agreement to be, amended and restated in the form of the Amended
and Restated Loan Agreement and, as so amended and restated, the Loan Agreement shall continue to be binding on each of the parties
to it in accordance with its terms as so amended and restated.

 

    4

     

    

 

		5.2	Amendments to Agency and Trust Deed

 

With effect on and from the Effective
Date the Agency and Trust Deed shall be, and shall be deemed by this Agreement to be, amended as follows:

 

		(a)	the definition of, and references throughout the Agency and Trust Deed to, the Loan Agreement and
any of the other Finance Documents shall be construed as if the same referred to the Loan Agreement and those Finance Documents
as amended and restated by this Agreement;

 

		(b)	the definition of, and references throughout the Agency and Trust Deed to, the Borrower shall be
construed as if the same referred to Euronav NV as borrower;

 

		(c)	the definition of, and references throughout the Agency and Trust Deed to, the Account Security
Deed shall be construed as if the same included reference to the New Accounts Security Deed;

 

		(d)	the definition of, and references throughout the Agency and Trust Deed to, the General Assignment
shall be construed as if the same included reference to the New General Assignment;

 

		(e)	the definition of, and references throughout the Agency and Trust Deed to, the Mortgage shall be
construed as if the same included reference to the New Mortgage;

 

		(f)	the definition of, and references throughout the Agency and Trust Deed to, the Retention Account
Security Deed shall be deleted;

 

		(g)	by construing references throughout the Agency and Trust Deed to "this Agreement", "this
Deed" and other like expressions as if the same referred to such the Agency and Trust Deed as amended and supplemented by
this Agreement.

 

		5.3	Finance Documents to remain in full force and effect

 

The Finance Documents other than
the Existing Finance Documents shall remain in full force and effect:

 

		(a)	in the case of the Loan Agreement as amended and restated pursuant to Clause 5.1 (Specific amendments
to the Loan Agreement);

 

		(b)	in the case of the Agency and Trust Deed as amended pursuant to Clause 5.2 (Amendments to Agency
and Trust Deed); and

 

		(c)	such further or consequential modifications as may be necessary to give full effect to the terms
of this Agreement.

 

		6	Accession by Guarantor as new Borrower

 

With effect from the Effective
Date the Guarantor hereby agrees to accede to the terms of the Loan Agreement and to be bound by the terms thereof as if it were
the original borrower thereto (and each of the other parties hereto acknowledge such accession).

 

		7	Further Assurance

 

		7.1	Further assurance

 

		(a)	The Borrower and each Security Party shall promptly, and in any event within the time period specified
by the Agent do all such acts (including procuring or arranging any registration, notarisation or authentication or the giving
of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices,
instructions, acknowledgements, proxies and powers of attorney), as the Agent may specify (and in such form as the Agent may require
in favour of the Agent or its nominee(s)) to implement the terms and provisions of this Agreement.

 

    5

     

    

 

		(b)	The Borrower and each Security Party shall promptly, and in any event within the time period specified
by the Security Trustee do all such acts (including procuring or arranging any registration, notarisation or authentication or
the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges,
notices, instructions, acknowledgments, proxies and powers of attorney), as the Security Trustee may specify (and in such form
as the Security Trustee may require in favour of the Security Trustee or its nominee(s)):

 

		(i)	to create, perfect, vest in favour of the Security Trustee or protect the priority of the Security
or any right or any kind created or intended to be created under or evidenced by the Finance Documents as amended and restated
by this Agreement (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets
which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies
of the Security Trustee any Receiver or the Creditor Parties provided by or pursuant to the Finance Documents as amended and restated
by the Agreement or by law; and/or

 

		(ii)	to confer on the Security Trustee or confer on the Creditor Parties Security over any property
and assets of that Security Party located in any jurisdiction equivalent or similar to the Security intended to be conferred by
or pursuant to the Finance Documents as amended and restated by this Agreement.

 

		(c)	The Borrower and each Security Party shall, take all such action as is available to it (including
making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance
of any Security conferred or intended to be conferred on the Security Trustee or the Creditor Parties by or pursuant to the Finance
Documents as amended and restated by this Agreement.

 

		7.2	Additional corporate action

 

At the same time as the Borrower
or a Security Party delivers to the Agent or Security Trustee any document executed under this Clause 7 (Further Assurance),
the Borrower or that Security Party shall deliver to the Agent or Security Trustee as applicable reasonable evidence that that
Security Party's execution of such document has been duly authorised by it.

 

		8	Fees

 

The Borrower shall pay to the
Agent (for the account of each Lender) on or before the Effective Date an amendment fee of $25,000.

 

		9	Costs and Expenses

 

Clause 20.3 (Costs of variations,
amendments, enforcement etc.) of the Loan Agreement, as amended and restated by this Agreement, applies to this Agreement as
if it were expressly incorporated in it with any necessary modifications.

 

		10	Notices

 

Clause 31 (Notices) of
the Loan Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated in
it with any necessary modifications.

 

    6

     

    

 

		11	Counterparts

 

This Agreement may be executed
in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this
Agreement.

 

		12	Governing Law

 

This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by English law.

 

		13	Enforcement

 

		13.1	Jurisdiction

 

		(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection
with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual
obligation arising out of or in connection with this Agreement) (a "Dispute").

 

		(b)	The Security Parties accept that the courts of England are the most appropriate and convenient
courts to settle Disputes and accordingly no Security Party will argue to the contrary.

 

		(c)	This Clause 13.1 (Jurisdiction) is for the benefit of the Creditor Parties only. As a result,
no Creditor Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the
extent allowed by law, the Creditor Parties may take concurrent proceedings in any number of jurisdictions.

 

		13.2	Service of process

 

		(a)	Without prejudice to any other mode of service allowed under any relevant law, each Security Party
(other than a Security Party incorporated in England and Wales):

 

		(i)	irrevocably appoints Euronav (UK) Agencies Limited at its registered office for the time being,
presently at 99 Kings Road, London SW3 4PA, England as its agent for service of process in relation to any proceedings before the
English courts in connection with any Finance Document; and

 

		(ii)	agrees that failure by a process agent to notify the relevant Security Party of the process will
not invalidate the proceedings concerned.

 

		(b)	If any person appointed as an agent for service of process is unable for any reason to act as agent
for service of process, the Borrower (on behalf of all the Security Parties) must immediately (and in any event within five days
of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another
agent for this purpose.

 

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

 

    7

     

    

 

Schedule
1

The Lenders

 

	Lender	 	Lending Office
	 	 	 
	BNP PARIBAS	 	
        16, rue de Hanovre, 75078

        Paris Cedex 02, France

         

        Fax no.: +33 (0)1 42 98 43 55

         

        Department/Officer : Transportation Group

        Middle Office – Shipping & offshore

        Shipping Finance, ACI : CAT04B1

 

    8

     

    

 

Schedule
2

Conditions Precedent

 

		1	Security Parties

 

Documents of the kind specified
in Schedule 3 Part A paragraphs 2, 3 and 4 of the Loan Agreement in respect of the Borrower and Guarantor only.

 

		2	Security

 

		2.1	Evidence that the Ship is registered on the Greek flag in the ownership of the Guarantor.

 

		2.2	Evidence that the Loan has been transferred from the Borrower to Euronav NV.

 

		2.3	A duly executed original of each of the New Finance Documents (and of each document to be delivered
under each of them).

 

		2.4	Documentary evidence that the New Mortgage has been duly registered as a valid first priority ship
mortgage in accordance with the laws of Greece.

 

		3	Legal opinions

 

		3.1	A legal opinion of Watson Farley Williams, legal advisers to the Agent and the Security Trustee
in England, substantially in the form distributed to the Lenders before signing this Agreement.

 

		3.2	A legal opinion of Fransen Luyten, legal advisers to the Agent and the Security Trustee in Belgium,
substantially in the form distributed to the Lenders before signing this Agreement.

 

		3.3	Legal opinions of the legal advisers to the Agent and the Security Trustee in the jurisdiction
of the Approved Flag of the Ship and such other relevant jurisdictions as the Agent may require.

 

		4	Other documents and evidence

 

		4.1	A favourable opinion from an independent insurance consultant acceptable to the Lender on such
matters relating to the insurances for the Ship as the Lender may require.

 

		4.2	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers
to be necessary or desirable (if it has notified the Borrower and Guarantor accordingly) in connection with the entry into and
performance of the transactions contemplated by this Agreement, the New Finance Documents or for the validity and enforceability
of any Finance Document as amended, restated by this Agreement.

 

		4.3	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 8 (Fees)
and Clause 9 (Costs and Expenses) have been paid or will be paid by the Effective Date.

 

    9

     

    

 

Execution
Pages

 

	BORROWER	 	 	 	 
	 	 	 	 	 
	SIGNED by	 	)	 	 
	duly authorised	 	)	 	 
	for and on behalf of	 	)	 	 
	LARVOTTO SHIPHOLDING LIMITED	 	)	 	/s/ Joanna Goode
	in the presence of:	 	)	 	Joanna Goode
	 	 	 	 	Attorney-in-Fact
	 	 	 	 	 
	Witness' signature:	 	)	 	/s/ Aimee Myhre
	Witness' name:	 	)	 	Aimee Myhre
	Witness' address:	 	)	 	Trainee Solicitor
	 	 	 	 	Watson Farley & Williams LLP
	 	 	 	 	15 Appold Street
	 	 	 	 	London EC2A 2HB
	 	 	 	 	 
	GUARANTOR	 	 	 	 
	 	 	 	 	 
	SIGNED by	 	)	 	 
	duly authorised	 	)	 	 
	for and on behalf of	 	)	 	 
	EURONAV NV	 	)	 	/s/ Joanna Goode
	in the presence of:	 	)	 	Joanna Goode
	 	 	 	 	Attorney-in-Fact
	 	 	 	 	 
	Witness' signature:	 	)	 	/s/ Aimee Myhre
	Witness' name:	 	)	 	Aimee Myhre
	Witness' address:	 	)	 	Trainee Solicitor
	 	 	 	 	Watson Farley & Williams LLP
	 	 	 	 	15 Appold Street
	 	 	 	 	London EC2A 2HB

 

    10

     

    

 

	LENDERS	 	 	 	 
	 	 	 	 	 
	SIGNED by	 	)	 	 
	duly authorised	 	)	 	 
	for and on behalf of	 	)	 	 
	BNP PARIBAS	 	)	 	/s/ Emeline Yew
	in the presence of:	 	)	 	Emeline Yew
	 	 	 	 	Attorney in fact
	 	 	 	 	 
	Witness' signature:	 	)	 	/s/ Aimee Myhre
	Witness' name:	 	)	 	Aimee Myhre
	Witness' address:	 	)	 	Trainee Solicitor
	 	 	 	 	Watson Farley & Williams LLP
	 	 	 	 	15 Appold Street
	 	 	 	 	London EC2A 2HB
	 	 	 	 	 
	AGENT	 	 	 	 
	 	 	 	 	 
	SIGNED by	 	)	 	 
	duly authorised	 	)	 	 
	for and on behalf of	 	)	 	 
	BNP PARIBAS	 	)	 	/s/ Emeline Yew
	in the presence of:	 	)	 	Emeline Yew
	 	 	 	 	Attorney in fact
	 	 	 	 	 
	Witness' signature:	 	)	 	/s/ Aimee Myhre
	Witness' name:	 	)	 	Aimee Myhre
	Witness' address:	 	)	 	Trainee Solicitor
	 	 	 	 	Watson Farley & Williams LLP
	 	 	 	 	15 Appold Street
	 	 	 	 	London EC2A 2HB
	 	 	 	 	 
	SECURITY TRUSTEE	 	 	 	 
	 	 	 	 	 
	SIGNED by	 	)	 	 
	duly authorised	 	)	 	 
	for and on behalf of	 	)	 	 
	BNP PARIBAS	 	)	 	/s/ Emeline Yew
	in the presence of:	 	)	 	Emeline Yew
	 	 	 	 	Attorney in fact
	 	 	 	 	 
	Witness' signature:	 	)	 	/s/ Aimee Myhre
	Witness' name:	 	)	 	Aimee Myhre
	Witness' address:	 	)	 	Trainee Solicitor
	 	 	 	 	Watson Farley & Williams LLP
	 	 	 	 	15 Appold Street
	 	 	 	 	London EC2A 2HB

 

    11

     

    

 

Appendix

Part A

 

Form of
Amended and Restated Loan Agreement marked to

indicate amendments to the Loan Agreement

 

Amendments are indicated as follows:

 

		1	additions are indicated by underlined text; and

 

		2	deletions are shown by strike-through text.

 

    12

     

    

 

 

Date
Dated 29 August 2008 (as amended by a supplemental letter dated 28 November 2011, as further amended by a supplemental letter
dated 1 June 2016 and as amended and restated on 31 March 2017) EURONAV NV LARVOTTO SHIPHOLDING LIMITED as Borrower —and-
THE BANKS AND FINANCIAL INSTITUTIONS LISTED IN SCHEDULE 1 listed in Schedule 1 as Lenders —and- FORTIS BANK S.A./N.V.,UK
BRANCH BNP PARIBAS as Load Arranger - and - FORTIS BANK S.A./N.V., UK BRANCH as Agent and as Security Trustee LOAN AGREEMENT relating
to a US$67,500,000 facility to finance a nowbuilding suezmaxm.t. "MARIA" watson farley
& williams Watson/ Farley & Williams London

 

     

     

    

 

 

     

     

    

 

 

Index
tanker of about 158,000 dwt having Hull No. 1860 at Samsung

 

     

     

    

 

 

INDEX
Clause Page 4 INTERPRETATION 4 3 FACILITY 14 3 POSITION OF THE LENDERS 45 4 DRAWDOWN 45 5 INTEREST 46 6 INTEREST PERIODS 48 7
DEFAULT INTEREST 19 8 REPAYMENT AND PREPAYMENT 20 9 CONDITIONS PRECEDENT 34 40 REPRESENTATIONS AND WARRANTIES 33 44 GENERAL UNDERTAKINGS
34 12 CORPORATE UNDERTAKINGS 38 43 INSURANCE 29 44 SHIP COVENANTS 32 45 SECURITY COVER 35 46 PAYMENTS AND CALCULATIONS 36 47 APPLICATION
OF RECEIPTS 33 48 APPLICATION OF EARNINGS 38 49 EVENTS OF DEFAULT 39 29 FEES AND EXPENSES 43 34 INDEMNITIES 44 22 NO SET OFF OR
TAX DEDUCTION 46 33 ILLEGALITY, ETC 47 24 INCREASED COSTS 47 35 SET OFF 49 36 TRANSFERS AND CHANGES IN LENDING OFFICES 49 37 VARIATIONS
AND WAIVERS 53 28 NOTICES 54 29 SUPPLEMENTAL 56 30 LAW AND JURISDICTION 56 SCHEDULE 1 LENDERS AND COMMITMENTS 58 SCHEDULE 2 DRAWDOWN
NOTICE 59 SCHEDULE 3 CONDITION PRECEDENT DOCUMENTS €0 SCHEDULE 4 TRANSFER CERTIFICATE 63 schedule 5 mandatory cost 65 EXECUTION
PAGES 68 1 Interpretation 1 2 Facility 12 3 Position of the Lenders 18 4 Drawdown 18 5 Interest 20 6 Interest Periods 22 2 Default
Interest 23 8 Repayment and Prepayment 24 9 Conditions Precedent 26 10 Representations and Warranties 22 11 Financial Covenants
29 12 General Undertakings 31 13 Corporate Undertakings 35

 

     

     

    

 

 

14
Insurance 36 15 Ship Covenants 40 16 Security Cover 44 17 Payments and Calculations 45 18 Application of Receipts 42 19 Application
of Earnings 42 20 Events of Default 42 21 Fees and expenses 53 22 Indemnities 54 23 No Set-Off or Tax Deduction 56 24 Tax Gross
Up and Indemnities 56 25 Illegality, etc 60 26 Increased Costs 61 27 Set-Off 63 28 Transfers and Changes in Lending Offices 63
29 Variations and Waivers 68 30 Bail-In 69 31 Notices 69 32 Confidential Information 71 33 Confidentiality of Funding Rates and
Reference Bank Quotations 75 34 Supplemental 76 35 Law and Jurisdiction 77 Schedules Schedule 1 Lenders and Commitments 78 Schedule
2 Drawdown Notice 79 Schedule 3 Condition Precedent Documents 80 Part A 80 Part B 81 Part C 82 Schedule 4 Transfer Certificate
83 Schedule 5 Form of Certificate of Compliance 85 Execution Execution Pages 87

 

     

     

    

 

 

THIS
AGREEMENT is made on 29 August 2008 (as amended and restated on 31 March 2017) PARTIES BETWEEN (1) LARVOTTO SHIPHOLDING LIMITED
EURONAV NV a company incorporated in Hong Kong Belgium whose registered office is at Room 3206De Gerlachekaai 20, 32nd-FloorB-2000
Antwerp 1, Lippo Centre, Tower Two. No.89 Queensway. Hong Kong Belgium (the "Borrower") (2) THE BANKS AND FINANCIAL
INSTITUTIONS listed in Schedule 1, as Lenders (the "Lenders") I M BNP PARIBAS. as (the "Agent") (2) FORTIS
BANK S.A./N.V,, UK BRANCH, as Load Arranger; (4) FORTIS BANK S.A./N.V., UK BRANCH, as Agent; and Ml BNP PARIBAS. as (the "Security
Trustee") (5) FORTIS BANK S.A./N.V., UK BRANCH, as Security Trustee. BACKGROUND The Lenders have agreed to make available
to the Original Borrower a facility of the lesser of (i) $67,500,000 and (ii) 75 per cent, of the Contract Price for the purpose
of part financing the purchase price of the Ship te-be-constructed by the Builder for, and . The Borrower has purchased the Ship
from the Original Borrower as the borrower under this Agreement. I IT IS AGREED as follows; OPERATIVE PROVISIONS 1 INTERPRETATION
1.1 Definitionst Subject to Clause 1.5, in this Agreement: I Subject to Clause 1.4 (General Interpretation), in this Agreement:
I "Account "Accounts Security Deed" means a deed creating security in respect of over the I Earnings Account in
the Agreed Form "Advance" means the principal amount of each borrowing by the Borrower under this Agreement "Affiliate"
means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that
Holding Company. "Affected Lender" has the moaning given in Clause 5.7; "Agency and Trust Agreement" means
the agency and trust agreement dated the same date as this Agreement and made between the same parties "Agent" means
Fortis BankS.A./N.V.BNP Paribas. acting in such capacity through its UK Branch with its—office at 5 Aidermanbury Squarel6
rue de Hanovre, London75078 Paris, EC2V THRFrance, or any successor of it appointed under clause 5 of the Agency and Trust Agreement 

 

     

     

    

 

 

"Agreed
Form" means in relation to any document, that document in the form approved in writing by the Agent (acting with the instructions
of all the Lenders) and mutually agreed with the Borrower or as otherwise approved in accordance with any other approval procedure
I specified in any relevant provision of any Finance Document "Anti-Corruption Laws" means the England and Wales Bribery
Act 2010. the United States Foreign Corrupt Practices Act 1977 or other applicable anti-corruption legislation in any other jurisdictions.
"Approved Flag" means Greek flag or such other flag as the Agent (acting with the authorisation of all the Lenders)
may approve as the flag on which the Ship shall be registered at delivery "Approved Manager" means Guarantor B Euronav
Ship Management (Hellas) Ltd. or any of its subsidiaries or any other company incorporated by the Borrower with the prior written
consent of the Agent (acting with the authorisations of the Majority Lenders) not to be unreasonably withheld or delayed, "Availability
Period" means the period commencing on the date of this Agreement and ending on: (a) the Final Availability Date; or (b)
if earlier, the date on which the Total Commitments are fully borrowed, cancelled or terminated I "Bail-In Action" means
the exercise of any Write-down and Conversion Powers. "Bail-In Legislation" means in relation to an EEA Member Country
which has implemented, or which at any time implements. Article 55 of Directive 2014/59/EU establishing a framework for the recovery
and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU
Bail-In Legislation Schedule from time to time. I "Break Costs" means the amount (if any) by which: (a) the interest
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 an Unpaid Sum to the last day of the current Interest Period in relation to the Loan, the relevant part of the Loan or that
Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period I 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 Relevant 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. "Brotta Tankers" moans Brotta Tankers Holdings
Inc. a company incorporated in Panama and having its registered office at 16th Floor, 53rd Street, Urbanizacion Marbolla, MMG
Tower, Panama, Republic of Panama; "Builder" means Samsung Heavy Industries Co., Ltd., a company incorporated in the
Republic of Korea whose registered office is at 647-9, Yeoksam-Dong, Kangnam-Gu, Seoul, Korea 135- 080,

 

     

     

    

 

 

"Business
Day" means a day on which banks are open in London, Bromon, Brussels and in Monaco Antwerp and Paris 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 in each case 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. "Charter" means any time or consecutive voyage
charter in respect of the Ship which exceeds, or which by virtue of any optional extensions may exceed, 36 months in duration
"Charter Assignment" means an assignment of any Charter and any supporting guarantee for a Charter (if any) in the Agreed
Form "Code" means the US Internal Revenue Code of 1986. "Commitment" means, in relation to a Lender, the amount
set opposite its name in 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 "Confidential
Information" means all information relating to the Borrower, the 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 bv 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 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 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: j) information that: (A) is or becomes public information other than as a direct or indirect
result of any breach by that Creditor Party of Clause 32 (Confidential Information); or (B) is identified in writing at the time
of delivery as non-confidential by any member of the Group or any of its advisers: or (C) 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 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; and 

 

     

     

    

 

 

(ii)
any Funding Rate or Reference Bank Quotation. "Confidentiality Undertaking" means a confidentiality undertaking in substantially
the appropriate form recommended bv the LMA from time to time or in any other form agreed between the Borrower and the Agent.
"Contract Price" means the contract price payable paid by the Original Borrower to the Builder under the Shipbuilding
Contract which, at the date of this Agreement. is as of 29 August 2008 was $90.750.0007. "Contractual Currency" has
the meaning given in Clause 22.4 (Currency indemnity). "Contribution" means, in relation to a Lender, the part of the
Loan which is owing to that Lender "Counter Guarantee" moans the counter guarantee of the Counter Guarantor in the Agreed
Form; "Counter Guarantor" moans the company nominated by the Borrower and accepted by the Agent (acting with the authority
of the Lenders) in the Supplemental Letter to this Agreement as the company to provide the Counter Guarantee; "Creditor Party"
means the Agent, the Security Trustee, the Load Arranger =or any Lender, whether as at the date of this Agreement or at any later
time*, "Dollars" and "$" means the lawful currency for the time being of the United States of America "Drawdown
Date" means, in relation to each 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
2 (Drawdown Notice) (or in any other form which the Agent approves or reasonably requires) "Earnings" means all moneys
whatsoever which are now, or later become, payable (actually or contingently) to the Borrower or the Security Trustee and which
arise out of the use or operation of the Ship, including (but not limited to): (a) except to the extent that they fall within
paragraph (b); (i) all freight, hire and passage moneys; (ii) compensation payable to the Borrower or the Security Trustee in
the event of requisition of the Ship for hire; (iii) remuneration for salvage and towage services; (iv) demurrage and detention
moneys; (v) damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment
of the Ship; and (vi) all moneys which are at any time payable under any Insurances in respect of any loss; and (b) (if and whenever
the Ship is employed on terms whereby any moneys falling within paragraphs (a)(i) to (vi) are pooled or shared with any other
person, that proportion 

 

     

     

    

 

 

of
the net receipts of the relevant pooling or sharing arrangement which is attributable to the Ship** "Earnings Account"
means an account in the name of the Borrower with the Agent in London BNP Paribas Fortis SA/NV in Belgium designated "Larvotto
Euronav- 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 designated by the Agent as the Earnings Account for the purposes of this Agreement "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 assets "Environmental Incident" means: (a) any release of Environmentally Sensitive
Material from the Ship; or (b) any incident in which Environmentally Sensitive Material is released from a vessel other than the
Ship and which involves a collision between the Ship and such other vessel or some other incident of navigation or operation,
in either case, in connection with which the Ship is actually or reasonably likely to be arrested, attached, detained or injuncted
and/or the Ship and/or the Borrower and/or any operator or manager of the Ship is at fault or allegedly at fault or otherwise
liable to any legal or administrative action; or (c) any other incident in which Environmentally Sensitive Material is released
otherwise than from the Ship and in connection with which the Ship is actually or reasonably likely to be arrested and/or where
the Borrower and/or any operator or manager of the Ship is at fault or allegedly at fault or otherwise liable to any legal or
administrative action "Environmental Law" means any law relating to pollution or protection of the environment, to the
carriage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material?, "Environmentally
Sensitive Material" means oil, oil products and any other substance (including any chemical, gas or other hazardous or noxious
substance) which is (or is capable of being or becoming) polluting, toxic or hazardous, "EU Bail-in Legislation Schedule"
means the document described as such and published by the Loan Market Association (or any successor person) from time to time.
"Euronav Hong Kong" moons Euronav Hong Kong Limited, a company incorporated in Hong Kong and having its registered office
at Room 3206,32nd Floor, Lippo Centre, Tower Two, No* 89 Queensway, Hong Kong; "Event of Default" means any of the events
or circumstances described in Clause 19.1;20.1 (Events of Default). 

 

     

     

    

 

 

"Facility
Office" means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender
(or, following that date, by not less than 5 Business Days' written notice) as the office or offices through which it will perform
its obligations under this Agreement. "FATCA" means: (a) sections 1471 to 1474 of the Code or any associated regulations;
(b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and
any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph
(a) above; or (c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a)
or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.
"FATCA Application Date" means: (a) in relation to a "withholdable payment" described in section 1473(l)(A)(i)
of the Code (which relates to payments of interest and certain other payments from sources within the US). 1 July 2014: (b) in
relation to a "withholdable payment" described in section 1473(l)(A)(ii) of the Code (which relates to "gross proceeds"
from the disposition of property of a type that can produce interest from sources within the US). 1 January 2019: or (c) in relation
to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above,
1 January 2019, or, in each case, such other date from which such payment may become subject to a deduction or withholding required
bv FATCA as a result of any change in FATCA after the date of this Agreement. "FATCA Deduction" means a deduction or
withholding from a payment under a Finance Document required by FATCA. "FATCA Exempt Party" means a Party that is entitled
to receive payments free from any FATCA Deduction. "Fee Letter" means any letter or letters dated on or about the dote
of this Agreement between the Load Arranger and the Borrower (or the Agent and the Borrower setting out any of the fees referred
to in Clause 30-21 (Fees and expenses "Final Availability Date" means 12 January 2012: "Final Availability Date"—moans
30 November 2011 and in the event of arbitration proceedings in connection with the Shipbuilding Contract, with the prior consent
of the Agent (with the authorisation of the Majority Lenders) which is not to bo unreasonably withhold or delayed, the day falling
365 days after the commoncomont of such arbitration (if later than 30 November 2011) or such later dato as the Agent (with the
authorisation of the Majority Lenders) may agroo in writing Provided that any such extension shall not extend beyond the expiry
of the Refund Guarantee; "Finance Documents" means: (a) this Agreement; 

 

     

     

    

 

 

(b)
the Agency and Trust Agreement; (e) the Guarantees; (d) the Predelivery Seourity Assignment; (c) the General Assignment; (d) the
Charter Assignment (if any); (g)the Mortgage; (f)the Account Accounts Security Deed; (i) the Counter Guarantee; the Negative Pledge;
(g) (k)the any Fee Letter; (h) (l)any Transfer Certificate; (m) the Supplemental Letter; (j) any other document (whether creating
a Security Interest or not) which is executed at any time by the Borrower or any other person as security for, or to establish
any form of subordination or priorities arrangement in relation to, any amount payable to the Lenders under this Agreement and/or
any of the other documents referred to in this definition; and (j) any other document designated as such by the Agent and the
Borrower, "Financial Indebtedness" means, in relation to a person (the "debtor"), a liability of the debtor:
(a) for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor; (b) under any
loan stock, bond, note or other security issued by the debtor; (c) under any acceptance credit, guarantee or letter of credit
facility or dematerialised equivalent made available to the debtor; (d) under a financial lease, a deferred purchase consideration
arrangement or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; (e) under any
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 "Funding Rate" means any individual rate notified bv a Lender to the Facility Agent pursuant to sub-paragraph
(ii) of paragraph (a) of Clause 5.12 (Cost of funds). 

 

     

     

    

 

 

"General
Assignment" means a general assignment of the Earnings, the Insurances and any Requisition Compensation in the Agreed Form*,
"Group" means the Borrower and its Subsidiaries for the time being. "Holding Company" means in relation to
a person, any other person in respect of which it is a Subsidiary. "Guarantee A" moans a guarantee of Guarantor A in
the Agreed Form; "Guarantee B" moans a guarantee of Guarantor B in the Agreed Form; "Guarantees" moans, together,
Guarantee A and Guarantee B; "Guarantor A" moans J.M. Maritime Invostmonts Inc., a company incorporated in Panama whose
registered office is at Hong Kong Bank Building, 6th Floor, Samuol Lowis Avonuo, Panama City, Republic of Panama; "Guarantor
B" moans Euronav NV, a company incorporated in Belgium whoso registered office is at do Gorlachokoai 20, B 2000 Antwerp,
Belgium; "Guarantors" moans, together, Guarantor A and Guarantor B; "IFRS" means international accounting
standards within the meaning of the IAS Regulations 1606/2002 to the extent applicable to the relevant financial statements**
"Increased Amount" has the meaning given to that term in Clause 2Af2.5 (Increase of Loan). "Insurances" means:
(a) all policies and contracts of insurance, including entries of the Ship in any protection and indemnity or war risks association,
which are effected in respect of the Ship, her Earnings or otherwise in relation to her; 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** "Interest Period" means a
period determined in accordance with Clause 6 Interest Periods). "Interpolated Screen Rate" means, in relation to the
Loan or any part of the Loan, the rate which results from interpolating on a linear basis between: (a) the applicable Screen Rate
for the longest period (for which that Screen Rate is available) which is less than the Interest Period of the Loan or that part
of the Loan: and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds
the Interest Period of the Loan or that part of the Loan- each as of the Specified Time for dollars. "ISM Code" means
the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime
Organisation, 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 as adopted by the International Maritime Organisation,
as the same may be amended or supplemented from time to timet "ISSC" means a valid and current International Ship Security
Certificate issued under the ISPS Codef, "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 26.1428.14 (Change of lending office) or its transferee, successor or assign, which in each case
has not ceased to be a party in accordance with the terms of this Agreement?* "LIBOR" means, for an Intorost Poriod:in
relation to the Loan or any part of the Loan: (a) the applicable Screen Rate as of the Specified Time for dollars and for a period
equal in length to the Interest Period of the Loan or that part of the Loan: or (b) as otherwise determined pursuant to Clause
5.5 (Unavailability of Screen Rate), and if. in either case, that rate is less than zero. LIBOR shall be deemed to be zero. "LMA"
means the Loan Market Association. (a)—the rate per annum equal to the offered quotation for deposits in Dollars for a period
equal to, or as near as possiblo oqual to, the relevant Interest Period whioh appears on Reuters BBA Page LIBOR 01 at or about
11.00 a.m. (London time) on the Quotation Date for that Intorost Period (and, for the purposes of this Agreement, "Reuters
BBA Page LIBOR 01" moans the display designated as "Page 01" on the Routers Money News Servioo or such other page
as may replace Pago 01 on that service for the purpose of displaying rates eomparablo to that rate or on suoh othor servioo as
may be nominatod by the British Bankers' Association as the information vendor for the purpose of displaying the British Bankers'
Association Interest Settlement Rates for Dollars); (b)if no rate is quoted on REUTERS BBA Page LIBOR 01, the rate per annum determined
by the Agent to be the arithmetic mean (rounded upwards to 4 decimal places) of the rates, as supplied to the Agent at its request,
quoted by each Reference Bank to leading banks in the London Interbank Market as of 11 a.m. (London time) on the Quotation Date
for that period for the offering of deposits in the relevant currency and for a period oomparable to that period; "Loan"
means a loan made or to be made under this Agreement or the principal amount for the time being outstanding under this Agreement?*
"Major Casualty" means any casualty to the Ship in respect of which the claim or the aggregate of the claims against
all insurers, before adjustment for any relevant franchise or deductible exceeds $5,000,000 or the equivalent in any other currency**
"Majority Lenders" means: (a) before any Advance has been made, Lender or Lenders whose Commitments total more than
66.66 per cent, of the Total Commitments; and (b) at any other time, Lender or Lenders whose Contributions in the Loan outstanding
total more than 66.66 per cent, of all the Loan then outstanding?* 

 

     

     

    

 

 

Provided
that, for the avoidance of doubt, whilst Fortis Bank S.A./N.V., UK Branch and Doutscho Schiffsbank Aktiongosollschaft each hold
50 por cont. of the Total Commitmonts Majority Lenders shall moan both Fortis Bank S.A./N.V., UK Branch and Doutscho Schiffsbank
Aktiongosollschaft; "Mandatory Cost" moans the percentage rate, which roprosonts the cost to the Lenders, relative to
the Loan, of compliance with the requirements of the Bank of England, the Financial Services Authority or any other regulatory
authority, as determined by the Agent in accordance with the formula detailed in Schedule 5; "Margin" moans 1.15 "Margin"
means 1.5 per cent, per annum "Market Disruption Event" has the moaning given to that term in Clause 5.7(b); "Maturity
Date" means the earlier of the date falling 96 months after (i) the date of the delivery of the Ship to the Borrower and
(ii) 30 November 2011;'! January 2020. "Mortgage" means the first preferred Greek ship mortgage or the first priority
statutory ship mortgage or first preferred ship mortgage and, if applicable, collateral deed of covenant in the form appropriate
for the flag of the Ship in the event that the Approved Flag is not Greek flag in the Agreed Form "Negative Pledge"
moans the negative pledge in relation to the shares of the Borrower to bo oxocutod by the Shareholders in favour of the Security
Trustee in the Agreed Form; "Negotiation Period" has the moaning given in Clause 5.9; "Notifying Lender" has
the meaning given in Clause 23-A-25.1 (Illegality) or Clause 24.1 26.1 (Increased costs) as the context requires "Original
Borrower" means Larvotto Shipholding Limited, a company incorporated in Hong Kong whose registered office is at Room 2503-05.
25th Floor. Harcourt House. No.39 Gloucester Road. Wanchai. Hong Kong. "Participating Member State" means any member
state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating
to Economic and Monetary Union. "Payment Currency" has the meaning given in Clause 34t4*22.4
(Currency indemnity). "Permitted Holders" means each of Saverco and Victrix (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 the Ship not prohibited by this Agreement; (e) liens for master's disbursements incurred in the ordinary
course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair
or maintenance of the Ship or in the ordinary course of business of the Borrower, 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) and subject, in the case of liens for
repair or maintenance, to paragraph (f) of Clause 44r42(#15.13 (Restrictions on chartering, appointment of managers); (f) any
Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration as security for costs and expenses
where the Borrower is actively prosecuting or defending such proceedings or arbitration in good faith; 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 policy or contract of insurance contemplated by or referred to in Clause 43-14 (Insurance) or
any other provision of this Agreement or another Finance Document; (c) any other document contemplated by or referred to in any
Finance Document; and (d) 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 any policy, contract or document falling within paragraphs (b) or (c)f. "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; (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 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) above*. "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 signingf* "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** "Predelivery Security Assignment"—moans an assignment
in the Agreed Form of the Shipbuilding Contract, the Refund Guarantee and the Supervision Agreement; "Quotation PateDay"
means, in relation to any Intorost Period (or any othor period for which an interest rate is to be determined under any provision
of a Finance Document), the day on which quotations would ordinarily bo given by loading banks in the London Interbank Market
for deposits in the currency in relation to which such rate is to bo determined for delivery on . two Business Days before the
first day of that Intorost Period or othor poriod;period unless market practice differs in the Relevant Interbank Market in which
case the Quotation Day will be determined bv the Agent in accordance with market practice in the Relevant Interbank Market (and
if quotations would normally be given bv leading banks in the Relevant Interbank Market on more than one dayp the Quotation Day
will be the last of those days). "Reference Banks" means, subject to Clause 2&4628.16 (Replacement of Reference
Bank), the London branches of each of the Lenders or such other banks as may be appointed by the Agent in consultation with the
Borrower** "Reference Bank Quotation" means any quotation supplied to the Agent by a Reference Bank. "Reference
Bank Rate" means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its
request bv the Reference Banks: (a) (other than where paragraph (b) below applies) as the rate at which the relevant Reference
Bank could borrow funds in the London interbank market in dollars for the relevant period were it to do so bv asking for and then
accepting interbank offers for deposits in reasonable market size in that currency and for that period: or (b) if different, as
the rate (if any and applied to the relevant Reference Bank and the relevant currency and period) which contributors to the Screen
Rate are asked to submit to the relevant administrator. "Related Fund" in relation to a fund (the "first fund"),
means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed
by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate
of the investment manager or investment adviser of the first fund. "Refund Guarantee" moans the guarantee dated 2 Juno
2008 issued by the Refund Guarantor in favour of the Borrower under the Shipbuilding Contract; "Rofund Guarantor" moans
Korea Development Bank of 16 3 Yoouida Dong, Yoongdoungpo gu, Seoul, Koroa; "Relevant Interbank Market" means the London
Interbank Market** "Relevant PefsenLender" has the meaning given in Clause J9Sf5.7 (Market disruption). "Relevant
Person" means: (a) the Borrower:

 

     

     

    

 

 

(b)
each subsidiary of the Borrower; and (c) all respective directors, officers, employees, agents and representatives of each of
the persons mentioned in paragraphs (a) to fb) above. "Repayment Date" means a date on which a repayment is required
to be made under Clause 8 Repayment and Prepayment). "Representative" means any delegate, agent, manager, administrator,
nominee, attorney, trustee or custodian. "Requisition Compensation" includes all compensation or other moneys payable
by reason of any act or event such as is referred to in paragraph (b) of the definition of "Total Loss"?, "Resolution
Authority" means any body which has authority to exercise any Write-down and Conversion Powers. "Restricted Party"
means a person: (a) that is listed on any Sanctions List (whether designated by name or by reason of being included in a class
of person): (b) that is domiciled, registered as located or having its main place of business in. or is incorporated under the
laws of, a country which is subject to Sanctions Laws which attach legal effect to being domiciled, registered as located or having
its main place of business in such country: or (c) that is directly or indirectly owned or controlled by a person referred to
in paragraph (a) and/or (b) above: or (d) with which any member of the Group is prohibited from dealing or otherwise engaging
in a transaction with bv any Sanctions Laws: "Sanctions Authority" means the United Nations, the United Kingdom, the
European Union, the member states of the European Union, the United States of America, and any authority acting on behalf of any
of them in connection with Sanctions Laws. "Sanctions Laws" means the economic or financial sanctions laws and/or regulations,
trade embargoes, prohibitions, restrictive measures, decisions, executive orders or notices from regulators implemented, adapted,
imposed, administered, enacted and/or enforced by any Sanctions Authority. "Sanctions List" means any list of persons
or entities published in connection with Sanctions Laws by or on behalf of any Sanctions Authority as amended, revised, 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. "Screen Rate" means the London interbank offered rate administered
bv ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for dollars for
the relevant period displayed (before any correction, recalculation or republication by the administrator) on page LIBOR01 or
LIBOR02 of the Thomas Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate
page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or
service ceases to be available, the Agent mav specify another page or service displaying the relevant rate after consultation
with the Borrower.

 

     

     

    

 

 

"Secured
Liabilities" means all monies from time to time due or owing, and all obligations and other actual or contingent liabilities
incurred by the Borrower, the Security Parties or any of them to any Creditor Party, at the date of this Agreement or at any later
time or times, in whatever currency, whether due, owing or incurred alone or jointly with others or as principal, surety or otherwise
under or in connection with any Finance Document or any judgment relating to any Finance Document; 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 the Guarantors, the Counter Guarantor, each Shareholder and any e*fref-any_person (except the Borrower or 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 definition of "Finance Documents"** "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 Creditor Parties that: (a) all amounts which have become due for payment by the Borrower or any Security Party under the
Finance Documents have been paid; (b) no amount is owing or has accrued (without yet having become due for payment) under any
Finance Document; (c) neither the Borrower nor any Security Party has any future or contingent liability under Clause 20. 21 or
22 21 (Fees and expenses). 22 (indemnities) or 23 (No Set-Off or Tax Deduction) or any other provision of this Agreement or another
Finance Document; and (d) the Agent, the Security Trustee and the Majority Lenders do not consider that there is a significant
risk that any payment or transaction under a Finance Document would be set aside, or would have to be reversed or adjusted, in
any present or possible future bankruptcy of the Borrower or a Security Party or in any present or possible future proceeding
relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created by a Finance Document**
"Security Trustee" means Fortis Bank S.A./N.V.BNP Paribas. acting in such capacity through its UK Branch with its office
at 5 Aldormanbury Squarel6 rue de Hanovre, <=ef>def>75078 Paris, EC2V 7HRFrance, or any successor of it appointed under
clause 5 of the Agency and Trust Agreement** "Servicing Bank" means the Agent or the Security Trustee** "Shareholders"
means Bretta Tankers and Euronav Hong Kong;

 

     

     

    

 

 

"Ship"
means the Suezmax tanker with hull no. 1860 of-158,000 dwt which is to bo constructod by the Buildor for, and purchased by, the
Borrower undor the Shipbuilding Contract and upon delivery 157.523 dwt named m.t. "MARIA" registered in the name of
the Borrower under an Approved Flag** "Shipbuilding Contract" means the Shipbuilding Contract dated 18 April 2008 made
between the Builder and the Original Borrower for the construction by the Builder of the Ship and its purchase by the Borrower
as supplemented and amended from time to time* "Supervision Agreement"—moans the agroomont doted 23 June 2008
in rospoct of the supervision of the construction of the Ship between the Supervisor and the Borrower; "Supervisor"
means Guarantor B or any of its subsidiaries with the prior written consent of the Agent (acting with the authorisation of the
Majority Lenders) not to bo unreasonably withhold or delayed; "Supplemental—Letter"—moans tho—supplemental—letter
to—this Agreement—dated 2008 and made between the Agent, the Borrower and the Counter Guarantor; "Specified Time"
means a dav or time determined as follows: LIBOR is fixed Quotation Day as of 11.00 am London time Reference Bank Rate calculated
bv reference to Noon on the Quotation Dav available quota.tiojis_in_accordance with .Clause 5.6jCalculation of Reference Bank
Rate) "Subsidiary" means any company or entity directly or indirectly controlled by that person (for which purpose,
control means either the ownership of more than 50 per cent of the voting share capital for equivalent right of ownership) of
that company or entity, or the power to direct its policies and management, whether by contract or otherwise; and for the purposes
of this Agreement, a company is to be treated as a subsidiary even if the relevant shares are registered in the name of (a) a
nominee, or (b) any party holding security over those shares, or that secured party's nominee). "Tax" means any tax,
levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection
with any failure to pav or any delay in paying any of the same). "Total Commitments" means the aggregate of the Commitments
of all the Lenders being the lesserofji) $67,500,000 and (ii) 75 per cent, of the Contract Price at the date of this Agreement
29 August 2008 plus any increase to the Commitments made pursuant to Clause 2r4f2.5 (Increase of Loan). "Total Loss"
means: (a) actual, constructive, compromised, agreed or arranged total loss of the Ship; (b) any expropriation, confiscation,
requisition or acquiJition of the 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 aJthority (excluding a requisition for hire for a fixed period not exceeding
1 year without any right to an extension) unless it is within 3 months redelivered to the BDrrower's full control; and

 

     

     

    

 

 

(c)
any arrest, capture, seizure or detention of the Ship (including any hijacking or theft) unless it is within 3 months redelivered
to the Borrower's full control "Total Loss Date" means: (a) in the case of an actual loss of the Ship, the date on which
it occurred or, if that is unknown, the date when the Ship was last heard of; (b) in the case of a constructive, compromised,
agreed or arranged total loss of the Ship, the earliest of: (i) the date on which a notice of abandonment is given to the insurers;
and (ii) the date of any compromise, arrangement or agreement made by or on behalf of the Borrower with the Ship's insurers in
which the insurers agree to treat the Ship as a total loss; and (c) in the case of any other type of total loss, on the date (or
the most likely date) on which it appears to the Agent that the event constituting the total loss occurred** "Transfer Certificate"
has the meaning given in Clause 26.2; and28.2 (Transfer bv a Lender). "Trust Property" has the meaning given in clause
3.1 of the Agency and Trust Agreement. "Unpaid Sum" means any sum due and payable but unpaid by the Borrower under the
Finance Documents. "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. "Write-down and Conversion Powers" means: (a) in relation to any Bail-In Legislation
described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation
in the EU Bail-In Legislation Schedule ; and (b) in relation to any other applicable Bail-In Legislation: Hi any powers under
that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial
institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form
of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that Bail-In Legislation that are related to or ancillary to any of those powers: and

 

     

     

    

 

 

(ii)
any similar or analogous powers under that Bail-In Legislation. 1.2 Construction of certain termsr In this Agreement: In this
Agreement (unless a contrary indication appears): "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** the "Agent",
the "Borrower", any "Creditor Party", any "Lender", any "Party", any "Secured Party",
the "Security Trustee" or any other person shall be construed so as to include its successors in title, permitted assigns
and permitted transferees to. or of. its rights and/or obligations under the Finance Documents (including, for the avoidance of
doubt, any novatee of rights and/or obligations under a Hedging Agreement). "approved" means, for the purposes of Clause
4314 (Insurance), approved in writing by the Agents "asset" includes every kind of property, asset, interest or right,
including any present, future or contingent right to any revenues or other payments "company" includes any partnership,
joint venture and unincorporated association** "consent" includes an authorisation, consent, approval, resolution, licence,
exemption, filing, registration, notarisation and legalisation** "contingent liability" means a liability which is not
certain to arise and/orthe amount of which remains unascertained** "continuing" means, in relation to any Event of Default,
the Event of Default has not been remedied to the satisfaction of, or waived by the Majority Lenders** "document" includes
a deed; also a letter or fax** "excess risks" means the proportion of claims for general average, salvage and salvage
charges not recoverable under the hull and machinery policies in respect of the Ship in consequence of 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** "indebtedness"
includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or
future, actual or contingent. "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 ilMeanina of "month").

 

     

     

    

 

 

"obligatory
insurances" means all insurances effected, or which the Borrower is obliged to effect, under Clause 43-14 (Insurance) or
any other provision of this Agreement or another Finance Document "person" includes any individual, firm, company, corporation,
government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether
or not having separate legal personality). "paront company" has the moaning givon in Clause 1A; "person"—includes
any company; any state, political sub division of a state and local or municipal authority; and any international organisation;
"policy", in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing
the contract of insurance or its terms** "protection and indemnity risks" means the usual risks covered by a protection
and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any
other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the
incorporation in them of clause 6 of the International Hull Clauses (1/11/02-0 1/11/03), clause 8 of the Institute Time Clauses
(Hulls) (1/11/1995) or clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) 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 moaning given in Clause 1A;
"tax" includes any prosont or future tax, duty, impost, lovy or charge of any kind which is imposed by any state, any
political sub division of a stato or any local or municipal authority (including any such imposed in connection with exchange
controls), and any connected penalty, interest or fine; and "war risks" includes the risk of mines and all risks excluded
by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03J-op- clause 24 of the Institute Time Clauses (Hulls)J 1/11/95)
or clause 23 of the Institute Time Clauses (Hulls)-( 1/10/83). 1.3 Meaning of "month"* A.3A period of one or more "months"
ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period
started ("the numerically corresponding day"), but: (a) on the Business Day following the numerically corresponding
day if the numerically corresponding day is not a Business Day or, if there is no later Business Day in the same calendar month,
on the Business Day preceding the numerically corresponding day; or (b) on the last Business Day in the relevant calendar month,
if the period started on the last Business Day in a calendar month or if the last calendar month of the period has no numerically
corresponding day, and "month" and "monthly" shall be construed accordingly.

 

     

     

    

 

 

4*4
Meaning of "subsidiary". A company (S) is a subsidiary of another company (P) m (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 ore 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 (€) P has the direct or indirect power to appoint or remove a majority of the directors of
S; or (4) P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance with the wishes
of P; and any company of which S is a subsidiary is a parent company of S. 1.4 irSGeneral Interpretation In this Agreement: (a)
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; (b) 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; (c) words denoting the singular
number shall include the plural and vice versa;aod (d) "including" and "in particular" (and other similar
expressions) shall be construed as not limiting any general words or expressions in connection with which thev are used: (e) a
Potential Event of Default is "continuing" if it has not been remedied or waived and an Event of Default is "continuing"
if it has not been remedied or waived: and (Clauses 1.1 (Definitions) to 1.4 (General Interpretation) apply unless the contrary
intention appears. 1.5 Headings li6HoadingSi 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. 2 FACILITY 2.1 Amount of facility
2ilAmount of facility! Subject to the other provisions of this Agreement, the Lenders shall make-madfi available to the Original
Borrower a term loan facility in an aggregate amount equal to the Total Commitments to enable the Original Borrower to finance
its acquisition of the Ship by 5 Advances as follows: (a) a first Advance of up to $13,500,000 to enable the Original Borrower
to refinance the first predelivery instalment of the Contract Price under the Shipbuilding Contract paid to the Builder upon signing
of the Shipbuilding Contract;

 

     

     

    

 

 

(b)
a second Advance of up to $6,750,000 to enable the Original Borrower to meet the second pre-delivery instalment of the Contract
Price under the Shipbuilding Contract to bo paid to the Builder on the date falling twelve calendar months after the date of the
Shipbuilding Contract; (c) a third Advance of up to $6,750,000 to enable the Original Borrower to meet the third predelivery instalment
of the Contract Price under the Shipbuilding Contract to bo paid to the Builder upon keel laying; (d) a fourth Advance of up to
$6,750,000 to enable the Original Borrower to meet the fourth predelivery instalment of the Contract Price under the Shipbuilding
Contract to be paid to the Builder upon launching; (e) a fifth Advance of up to $33,750,000 to enable the Original Borrower to
meet the final instalment of the Contract Price under the Shipbuilding Contract to be paid to the Builder upon delivery of the
Ship. 2.2 Lenders' participations in LoanT 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. No Creditor
Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 2.3 Transfer of Loan The
Loan was transferred from the Original Borrower to the Borrower pursuant to an agreement dated the same date as this Agreement
was amended and restated and entered into between the Original Borrower and the Borrower. This transfer was approved bv the Creditor
Parties. 2.4 iriPurpose of LoanT The Borrower undertakes with each Creditor Party to use each Advance only for the purpose stated
in the preamble to this Agreement. 2.5 Increase of Loan 2i<1 Increase of Loani All the Lenders agree that they may increase
the amount of the Loan by an additional amount of $10,000,000 (the "Increased Amount") if requested to do so by the
Borrower subject to the following conditions: (a) the Borrower providing evidence that the Ship is on charter on terms, and to
a charterer, in each case acceptable to all the Lenders in their absolute discretion (which terms shall include without limitation
a daily hire rate which the Lenders are satisfied shall be sufficient to cover the operating expenses of the Ship, the repayments
of principal and interest under this Agreement and the increased repayments of principal and interest under this Agreement that
will result from an increase of the Loan by the Increased Amount); and (b) the Lenders and the Borrower agreeing the terms and
conditions of such increase including, but not limited to, amended pricing, repayment and the entry into documentation satisfactory
to the Lenders so as to amend this Agreement and the other Finance Documents so as to secure the Increase Amount of the Loan and
to provide new security to the extent required by the Lenders so as to maintain the same security for the Lenders.

 

     

     

    

 

 

3
POSITION OF THE LENDERS 3.1 Interests of Lenders several* The rights of the Lenders under this Agreement are several. 3.2 Individual
Lender's right of actioni Subject to Clause 3.3 3*3Subiect to Clause 3.3 (Proceedings bv individual Lender requiring Majority
Lender consent). each Lender shall be entitled to sue for any amount which has become due and payable by the Borrower to it under
this Agreement without joining the Agent, the Security Trustee or any other Lender as additional parties in the proceedings. 3.3
Proceedings by individual Lender requiring Majority Lender consent* No Lender may commence proceedings against the Borrower or
any Security Party in connection with a Finance Document without the prior consent of the Majority Lenders. 3.4 Obligations of
Lenders several* The obligations of the Lenders under this Agreement are several; and a failure of a Lender to perform its obligations
under this Agreement shall not result in: (a) the obligations of the other Lenders being increased; nor (b) the Borrower, any
Security Party or any other Lender being discharged (in whole or in part) from its obligations under any Finance Document, and
in no circumstances shall a Lender have any responsibility for a failure of another Lender to perform its obligations under this
Agreement. 4 DRAWDOWN 4.1 Request for Advance 4.1Roquest for Advance. Subject to the following conditions, the Original Borrower
may request requested an Advance to be made by ensuring that the Agent receives received a completed Drawdown Notice not later
than 11.00 a.m. (London time) 3 Business Days prior to the intended Drawdown Date or such shorter period as the Agent and the
Borrower mutually agrooaereed. 4.2 Availability* 4*3The conditions referred to in Clause 4.1 afe-(Request for Advance) were that:
(a) a Drawdown Date as-had to be a Business Day within the Availability Period (b) the amount of the Advance requested complios
complied with Clause 2.1 (Amount of faettity/gcyY/ty); (c) each Advance shati-should not exceed 75 per cent, of the amount of
the instalment under the Shipbuilding Contract which 4s-was_being financed by that Advance; (d) the aggregate amount of the Advances
sfrati-should not exceed the Total Commitments; (e) the proposed Interest Period complios complied with Clause 6 (Interest Periods);
and (f) and the conditions set out in Clause 9.1 are-(Documents. fees and no default) were met. 

 

     

     

    

 

 

4.3
Notification to Lenders of receipt of a Drawdown Noticci Tho Agent shall promptly notify the Lenders that it has rocoivod a Drawdown
Notice and shall inform oach Londor of: The Agent must have promptly notified the Lenders that it had received a Drawdown Notice
and must have informed each Lender of: (a) the amount of the Advance and the Drawdown Date; (b) the amount of that Lender's participation
in the Advance; and (c) the duration of the first Interest Period. 4.4 Drawdown Notice irrevocable! A Drawdown Notice must bo
signed by a director or officer or an authorised person of the Borrower; and onco served, a Drawdown Notice cannot bo revoked
without the prior consent of the Agent, acting on the authorisation of tho Majority Lenders. A Drawdown Notice must have been
signed bv a director or officer or an authorised person of the Original Borrower: and once served, a Drawdown Notice could not
be revoked without the prior consent of the Agent, acting on the authorisation of the Majority Lenders. 4.5 Lenders to make available
Contributions» Subject to the provisions of this Agreement, and in particular Clause 9, oach Londor shall, on and with value
on oach Drawdown Date, mako available to the Agent for the account of the Borrower the amount duo from that Londor on that Drawdown
Dato under Clause 2.2. Subject to the provisions of this Agreement, and in particular Clause 9 (Conditions Precedent). each Lender,
on and with value on each Drawdown Date, made available to the Agent for the account of the Original Borrower the amount due from
that Lender on that Drawdown Date under Clause 2.2 (Lenders' participations in Loan). 4.6 Disbursement of Advancd Subject to the
provisions of this Agreement, the Agent shall on oach Drawdown Dato pay to the Borrower the amounts which the Agent rocoivos from
the Londors under Clause 1.5; and that payment to the Borrower shall bo mado: Subject to the provisions of this Agreement, the
Agent on each Drawdown Date paid to the Original Borrower the amounts which the Agent received from the Lenders under Clause 4.5
(Lenders to make available Contributions): and that payment to the Original Borrower was made: (a) to the account of the Builder
which the Original Borrower spocifios specified in the Drawdown Notice; and (b) in the like funds as the Agent received the payments
from the Lenders. 4.7 Disbursement of Advance to third partyt Tho payment by the Agent under Clause 4.6 to the Builder shall constitute
the making of the Advance and the Borrower shall at that time bocomo indebted, as principal and direct obligor, to oach Londor
in an amount equal to that Lender's Contribution. The payment bv the Agent under Clause 4.6 (Disbursement of Advance) to the Builder
constituted the making of the Advance and the Original Borrower at that time and the Borrower from the date of this amended and
restated Agreement became indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender's Contribution.

 

     

     

    

 

 

4.8
Cancellation of Total Commitments. Tho Total Commitments shall bo 4i8Any undrawn portion of the Total Commitments shall have been
immediately cancelled at the end of the Availability Period. 5 INTEREST 5.1 Payment of normal interest Subject to the provisions
of this Agreement, interest on the Loan in respect of each Interest Period shall be paid by the Borrower on the last day of that
Interest Period. 5.2 Normal rate of interest Subject to the provisions of this Agreement, the rate of interest on the Loan in
respect of an Interest Period shall be the aggregate of: (a) the Margin: and (b)the Mandatory Cost, if any; and (b) (e)LIBOR for
that interest Period. 5.3 Payment of accrued interest In the case of an Interest Period longer than 3 months, accrued interest
shall be paid every 3 months during that Interest Period and on the last day of that Interest Period. 5.4 Notification of Interest
Periods and rates of normal interest The Agent shall notify the Borrower and each Lender of: (a) each rate of interest; and (b)
the duration of each Interest Period, as soon as reasonably practicable after each is determined. Market disruption. (a) If a
Market Disruption Event occurs in relation to an Advance for any Intorost Period, thon the rate of intorost on each Lender's share
of that Advance for the Interest Period shall bo the percentage rate per annum which is the sum of: the Margin; (it) the rato
notified to the Agent by that Lender as soon as practicable and in any event before intorost is duo to bo paid in rospect of that
Intorost Period, to bo that 

 

     

     

    

 

 

which
expresses as a porcontago rate per annum the cost to that Londor of funding its participation in that Loan from whatever source
it may reasonably select; and 0) the Mandatory Cost, if any, applicable to that Lender's participation in tho Advance. (b) In
this Agreement "Market Disruption Event" moans: 5.5 Unavailability of Screen Rate (a) Interpolated Screen Rate: If no
Screen Rate is available for LIBOR for the Interest Period of the Loan or any part of the Loan, the applicable LIBOR shall be
the Interpolated Screen Rate for a period equal in length to the Interest Period of the Loan or that part of the Loan. (b) Reference
Bank Rate: If no Screen Rate is available for LIBOR for: dollars: or (ii) the Interest Period of the Loan or any part of the Loan
and it is not possible to calculate the Interpolated Screen Rate. the applicable LIBOR shall be the Reference Bank Rate as of
the Specified Time and for a period equal in length to the Interest Period of the Loan or that part of the Loan. (c) Cost of funds:
If paragraph (b) above applies but no Reference Bank Rate is available for dollars or the relevant Interest Period there shall
be no LIBOR for the Loan or that part of the Loan (as applicable) and Clause 5.12 (Cost of funds) shall apply to the Loan or that
part of the Loan for that Interest Period. 5.6 Calculation of Reference Bank Rate (a) Subject to paragraph (b) below, if LIBOR
is to be determined on the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation bv the Specified Time,
the Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks. (b) (*)lLat or about
noon on the Quotation Date for the relevant Interest Period the Routers BBA Pago LIBOR 01 is not available and Dayjione or only
one of the Reference Banks supplies a rate to the Agent to determine LIBOR for dollars quotation, there shall be no Reference
Bank Rate for the relevant Interest Periodf-ef, 5.7 Market disruption f)Jlbefore close of business in London on the Quotation
Date for Day for the relevant Interest Period the Agent receives notification from a Lender or Lenders (whose participations in
the Loan or the relevant part of the Loan exceed 49 per cent, of the Loan or the relevant part of the Loan as appropriate) (the
"Relevant Lender") that the cost to it the relevant Interest Period, the Agent rocoivos notifications from a Londor
or Lenders that the cost to it or them obtaining matching deposits in the Rolovant Interbank Market of funding its participation
in the Loan or that part of the Loan from whatever source it may reasonably select would be in excess of LIBOR then Clause 5.12
(Cost of funds) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period. 5.8 Notification
of market disruption! Tho Agent shall promptly Si8The 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. 

 

     

     

    

 

 

Negotiation
of alternative rate of interest. If the Agent's notioo undor Clause 5.8 is eorved after an Advance is made, the Borrower, the
Agent and the Lenders or (as the case may bo) the Affootod Lender shall use reasonablo ondoavoure to agroo, within the 30 days
after the date on which the Agent servos its notice under Clouso 5.8 (the "Negotiation Period"), an alternative interest
rato or (as the case may bo) an alternativo basis for the Londors or (as the case may bo) the Affoctod Lender to fund orcontinuo
to fund thoirorits Contribution during the Interest Period concerned. §AQ—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 agrood. oVM—Alternative rate of interest in absence of agreement. If an altornative interest
rate or alternative basis is not agreed within the Negotiation Poriod, 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 intorest period and interest rate reprosonting the cost of funding of the Lenders or (as the case may be) the Affected
Lender in Dollars or in any available currency of their or its Contribution plus the Margin; and the procodure provided for by
this Clause 5.11 shall be ropoatod if the relevant circumstances are continuing at the end of the interest period so set by the
Agent. 5.9 Notice of prepayment 5il2Notico of propaymont. If the Borrower does not agree with an interest rate set by the Agent
under Clause 5r3Jr5.5 (Unavailability of Screen Rate), the Borrower may give the Agent not less than 15 Business Days' notice
of its intention to prepay at the end of the interest period set by the Agent. 5.10 SrWrepayment; termination of Commitments.—A
notice undor Clause 5.12 shall bo irrevocable; the Agent shall promptly notify the Londors or (as the case may require) tho Affoctod
Lender of the Borrower's notice of intended propaymont; and: A notice under Clause 5.8 (Notification of market disruption) shall
be irrevocable: the Agent shall promptly notify the Lenders or (as the case mav require) the Relevant Lender of the Borrower's
notice of intended prepayment: and: (a) on the date on which the Agent serves that notice, the Total Commitments or (as the case
may require) the Commitment of the Affoctod Relevant Lender shall be cancelled; and (b) on the last Business Day of the interest
period set by the Agent, the Borrower shall prepay (without premium or penalty) the Loan or, as the case may be, the Affected
Relevant Lender's Contribution, together with accrued interest thereon at the applicable rate plus the Margin. 5.11 SrMApplication
of prepayment! Tho provisions of Clause 8 shall apply in relation to tho prepayment made pursuant to Clause 5.12. The provisions
of Clause 8 (Repayment and Prepayment) shall apply in relation to the prepayment made pursuant to Clause 5.8 (Notification of
market disruption). 5.12 Cost of funds (a) if this Clause 5.12 (Cost of funds) applies, the rate of interest on the Loan or the
relevant part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of: (i) the
Margin; and 

 

     

     

    

 

 

(ii)
the weighted average of the rates notified to the Agent by each Lender as soon as practicable and in any event before interest
is due to be paid in respect of that Interest Period to be that which expresses as a percentage rate per annum the cost to the
relevant Lender of funding its participation in the Loan or that part of the Loan from whatever source it may reasonably select.
(b) If this Clause 5.12 (Cost of funds) applies and the Agent or the Borrower so requires, the Agent and the Borrower shall enter
into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate
of interest or (as the case may be) an alternative basis for funding. (c) Subject to Clause 29.4 (Replacement of Screen Rate),
any substitute or alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders and
the Borrower, be binding on all Parties. (d) If paragraph (e) below does not apply and any rate notified to the Agent under sub-paragraph
(ii) of paragraph (a) above is less than zero, the relevant rate shall be deemed to be zero. (e) If this Clause 5.12 (Cost of
funds) applies pursuant to Clause 5.7 (Market disruption) and: Jj) a Lender's Funding Rate is less than LIBOR: or (ii) a Lender
does not supply a quotation by the time specified in sub-paragraph (ii) of paragraph (a) above, the cost to that Lender of funding
its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of paragraph
(a) above, to be LIBOR. HI If this Clause 5.11 applies but any Lender does not supply a quotation bv the time specified in sub-paragraph
(ii) of paragraph (a) above the rate of interest shall be calculated on the basis of the quotations of the remaining Lenders.
5.13 Break Costs (a) The Borrower shall, within three Business Days of demand bv a Creditor Party, pay to that Creditor Party
its Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrower on a day other than the last
day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum. (b) Each Lender shall, as soon as reasonably
practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period
in which they accrue. 6 INTEREST PERIODS 6.1 Commencement of Interest Periodsr The first Interest Period applicable to an Advance
shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding Interest
Period. 6.2 Duration of normal Interest Periodsi Subject to Clauses 6.3 and 6.4, ooch Intorost Period shall bo: Subject to Clauses
6.3 (Duration of Interest Periods for repayment instalments) and 6.4 (Nonavailability of matching deposits for Interest Period
selected), each Interest Period shall be:

 

     

     

    

 

 

(a)
3,6,9 or 12 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
Advance, a period ending on the last day of the Interest Period applicable to the first Advance then current, whereupon all of
the Advances shall be consolidated and treated as a single Advance; (c) 3 months, if the Borrower fails to notify the Agent by
the time specified in paragraph (a); or (d) such other period as the Agent may, with the authorisation of the Majority Lenders,
agree with the Borrower. 6.3 Duration of Interest Periods for repayment instalmentsr4n respeet-efa ffioyntclMeto be repaid under
Clause 8 on a particular Repayment Date, an Intorost Period shall ond on that Repayment Data-in respect of an amount due to be
repaid under Clause 8 (Repayment and Prepayment) on a particular Repayment Date, an Interest Period shall end on that Repayment
Date. 6.4 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 third Business
Day before the commencement of the Interest Period that it is not satisfied that deposits in Dollars for a period equal to the
Interest Period will be available to it in the London Interbank Market when the Interest Period commences, the Interest Period
shall be of 3 months. 7 DEFAULT INTEREST 7.1 Payment of default interest on overdue amountsi—Tho Borrower shall pay intorost
in accordance with the following provisions of this Clause 7 jWhe Borrower shall pav 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 (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 3
420.4 (Acceleration of Loan), the date on which it became immediately due and payable. 7.2 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 1 per cent, above: (a) in the case of an overdue amount of principal,
the higher of the rates set out at Clauses 7.3(aparagraphs (a) and (b) of Clause 7.3 (Calculation of default rate of interest):
or (b) in the case of any other overdue amount, the rate set out at paragraph (b) of Clause 7.3(b (Calculation of default rate
of interest).

 

     

     

    

 

 

7.3
Calculation of default rate of in teres ti The rates referred to in Clause 7.2 are: 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); (b) the Margin and the Mandatory Cost, 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. 7.4 Notification of interest periods
and default ratesr Tho Agent shall promptly notify tho Lenders and the Borrower of oach interest rate determined by the Agent
undor Clause 7.3 7i4The Agent shall promptly notify the Lenders and the Borrower of each interest rate determined bv 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. 7.5 Payment of accrued default in teres tr Subject to the other provisions of this Agreement,
any interest due under this Clause shall be paid on the last day of the period by reference to which it was determined; and the
payment shall be made to the Agent for the account of the Creditor Party to which the overdue amount is due. 7.6 Compounding of
default interest Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon
be compounded. 8 REPAYMENT AND PREPAYMENT 8.1 Amount of repayment instalments,—Tho Borrower shall repay the Loan by 32 equal
consecutive quarterly instalments of $992,500 oach together with a balloon instalment of $35,740,000 payable simultaneously with
the final instalment. The Borrower shall repay the Loan bv 11 equal consecutive quarterly instalments of $992.500 each together
with a balloon instalment of $17,232.500 payable simultaneously with the final instalment. 8.2 Repayment Dates 8i2Ropaymont Patosi
The first instalment shoti-was to be repaid on the date falling 3 months after the last Drawdown Date and the last instalment
together with the balloon is to be repaid on the date falling 96 months after the last Drawdown Date. 

 

     

     

    

 

 

8.3
Maturity Date 8i3Maturity Dato. On the Maturity Date, the Borrower shall additionally pay to the Agent for the account of the
Creditor Parties all other sums then accrued or owing under any Finance Document. 8.4 Voluntary prepayment* Subject to the following
conditions, the Borrower may, without penalty, prepay the whole or any part of the Loan on the last day of an Interest Period
for that Advance. 8.5 Conditions for voluntary prepayment* The conditions referred to in Clause 8.4 (Voluntary prepayment) are
that: (a) a partial prepayment shall be $500,000 or a multiple of $500,000 or such other amount agreed by the Agent; (b) the Agent
has received from the Borrower at least 5 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. 8.6 Effect of notice of prepayment*
A prepayment notice may not be withdrawn or amended without the consent of the Agent, given with the 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. 8.7 Notification of notice of prepayment* The Agent shall notify the Lenders promptly upon
receiving a prepayment notice, and shall provide any Lender which so requests with a copy of any document delivered by the Borrower
under paragraph (c) of Clause 8.5(e (Conditions for voluntary prepayment). 8.8 Mandatory prepayment* The Borrower shall be obliged
to prepay the whole of the Loan: (a) if the Ship is sold, on or before the date on which such sale is completed by delivery of
the Ship to the buyer; or (b) if the Ship becomes a Total Loss, on the earlier of the date falling 180 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; pi (c) if the Borrower
is not in compliance with the financial covenants in Clause 11.1 (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 davs following
a request in writing from the Agent (acting on the instructions of the Majority Lenders) to the Borrower to repay the Loan: or

 

     

     

    

 

 

Provided
that the Borrower shall not bo required to prepay the Loan if the Ship is sold to a subsidiary of oithor Guarantor pursuant to
the proviso to Clause 11.3. (e) if any of the following occurs, on demand by the Agent: (d) 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 davs following the
occurrence of the Change of Control. oithor the Shipbuilding Contract or the Refund Guarantee is cancelled, terminated, rescinded
or suspended or otherwise coasos to remain in force for any reason; or (H-) the Shipbuilding Contract is materially amended or
materially varied without the prior written consent of the Majority Londors except for any such amendment or variation as is permitted
by this Agreement or any other relevant Finance Documont; or (w) the Ship has not for any roason boon delivered to, and accepted
by, the Borrower undor the Shipbuilding Contract by the date spocifiod in Article III.4 of the Shipbuilding Contract as the date
giving riso to the right of cancellation for excessive late delivery. 8.9 Amounts payable on prepayment A propaymont shall bo
made together with accrued interest (and any other amount payable undor Clause 21 or otherwise) in respect of tho amount prepaid
and, if the propaymont is not made on the last day of an Interest Poriod together with any sums payable undor Clause 21.1(b) but
without premium or penalty. A prepayment shall be made together with accrued interest (and any other amount payable under Clause
22 (Indemnities) or otherwise) in respect of the amount prepaid and, if the prepayment is not made on the last dav of an Interest
Period together with any sums payable under paragraph (b) of Clause 22.1 (Indemnities regarding borrowing and repayment of Loan)
but without premium or penalty. 8.10 Application of partial prepayment* Each partial prepayment shall be applied first against
the balloon and then against the repayment instalments specified in Clause 8.1 (Amount of repayment instalments) in inverse order
of maturity. 8.11 No reborrowing* SrllNo amount prepaid may be reborrowed. 9 CONDITIONS PRECEDENT 9.1 Documents, fees and no default*
Each Lender's obligation to contribute to an Advance is subject to the following conditions precedent: Each Lender's obligation
to contribute to an Advance was subject to the following conditions precedent: (a) that, on or before the service of the first
Drawdown Notice, the Agent receives received the documents described in Part A of Schedule 3 (Condition Precedent Documents) in
form and substance satisfactory to the Agent and its lawyers; (b) that, on or before the first Drawdown Date for, but prior to
the making of, an Advance (other than the final Advance), the Agent receives or is received or was satisfied that it w4ti-would

 

     

     

    

 

 

receive
on the making of such Advance the documents described in Part B of Schedule 3 (Condition Precedent Documents) in form and substance
satisfactory to it and its lawyers; (c) that before the final Drawdown Date for, but prior to the making of, the final Advance,
the Aeent receives or is received or was satisfied that itw+H-would receive on the making of such Advance the documents described
in Part C of Schedule 3 (Condition Precedent Documents) in form and substance satisfactory to it and its lawyers; (d) that, on
or before the service of the first Drawdown Notice, the Agent rocoivos received the arrangement fee referred to in Clause 30r3r21.1
(Arrangement, commitment fees), all accrued commitment fee-fees payable pursuant to Clause 20.1 and the first instalment of the
annual agency fee roforrod to in Clause 20.1 and has 21.1 (Arrangement, commitment fees) and had received payment of the expenses
referred to in Clause 3Qt3-21.2 (Costs of negotiation, preparation); and (e) 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-had_occurred or would result from the borrowing
of the Loan; (ii) the representations and warranties in Clause IQrJr- (Representations and Warranties) and those of the Borrower
or any Security Party which afe-were 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
kas-(Market disruption) had occurred aft44s-ojr_vvas_continuing; and (f) that, if the ratio set out in Clause 15.1 wore 16.1 (Minimum
required security cover) was applied immediately following the making of the Advance, the Original Borrower would not fee-have
been obliged to provide additional security or prepay part of the Loan under that Clause; and (g) that the Agent feas-had 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, request by notice to the Borrower prior to the Drawdown Date.
9.2 Waiver of conditions precedent 9i2Waivor of conditions precedent! If the Majority Lenders, at their discretion, were to permit
an Advance to be borrowed before certain of the conditions referred to in Clause 9.1 9fe-(Documents. fees and no default) were
satisfied, the Original Borrower sfeati-had to ensure that those conditions afe-were satisfied within 5 Business Days after the
Drawdown Date (or such longer period as the Agent may, with the authorisation of the Majority Lenders, specify have specified).
10 REPRESENTATIONS AND WARRANTIES 10.1 General WrlThe Borrower represents and warrants to each Creditor Party on the date of this
amended and restated Agreement as follows. 10.2 Status 10.2Status. The Borrower is duly incorporated and validly existing and
in good standing under the laws of Hong KongBelgiutn.

 

     

     

    

 

 

4&3—Share
capital and ownership. The Borrower has an authorised share capital of $10,000 divided into 10,000 shares of$1 oach, two (2) of
which shares have boon issued fully paid, and the legal titlo and bonoficial ownership of ono (1) share is hold free of any Security
Interest or other claim by Bretta Tankers and the other ono (1) sharo is held freo of any Security Interest or other claim by
Euronav Hong Kong. 10.3 40i4Corporate power* The Borrower has the corporate capacity, and has taken all corporate action and obtained
all consents necessary for it: (a) to oxocuto the Shipbuilding Contract, to purchase and pay for the Ship undor tho Shipbuilding
Contract and rogistor the Ship in its name under the Approved Flag; (a) (b)to execute the Finance Documents to which the Borrower
jjjs a party; andto borrow undor this Agreement and (b) (e)to make all the payments contemplated by, and to comply with, those
Finance Documents. 10.4 Consents in forcci All the consents referred to in Clause 10.4 40rSAII 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. 10.5 IQr&Legal
validity; effective Security Interests* The Finance Documents to which the Borrower is a party, do now or, as the case may be,
will, upon execution and delivery (and, where applicable, registration as provided for in the Finance Documents): (a) constitute
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. 10.6
40t7-No third party Security Interests Without
limiting the generality of Clause 10.6, at tho time of the oxocution and delivery of oach Finance Document: Without limiting the
generality of Clause 10.5 (Leaal validity: effective Security lnterests)r at the time of the execution and delivery of each Finance
Document: (a) the Borrower will have the right to create all the Security Interests which that Finance Document purports to create;
and (b) no third party will have any Security Interest (except for Permitted Security Interests) or any other interest, right
or claim over, in or in relation to any asset to which any such Security Interest, by its terms, relates. 10.7 No conflicts IO18N0
conflictSi—The execution by the Borrower of each Finance Document, and the borrowing by the Borrower of the Loan, and its
compliance with each Finance Document will not involve or lead to a contravention of:

 

     

     

    

 

 

(a)
any law or regulation; or (b) the constitutional documents of the Borrower; or (c) any contractual or other obligation or restriction
which is binding on the Borrower or any of its assets. 10.8 10i9Governing law and enforcement. (a) The choice of English law as
the governing law of the Finance Documents will be recognised and enforced in its jurisdiction of incorporation. (b) Any judgment
obtained in England in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation. 10.9
l&lONo withholding taxesi All payments which the Borrower is liable to make under the Finance Documents must bo mado without
deduction or withholding for or on account of any tax payable under any law of any Portinont Jurisdiction. All payments which
the Borrower is liable to make under the Finance Documents must be made without any Tax Deduction payable under any law of any
Pertinent Jurisdiction. 10.10 No default, lO.HNo Event of Default or Potential Event of Default has occurred. 10.11 Information
10il2lnformationi All information which has been provided in writing by or on behalf of the Borrower or any Security Party to
any Creditor Party in connection with any Finance Document satisfied the requirements of Clause 44rJ>12.5 (Information provided
to be accurate); all audited and unaudited accounts which have been so provided satisfied the requirements of Clause Mr7-12.7
(Form of financial statements): and there has been no material adverse change in the financial position or state of affairs of
the Borrower from that disclosed in the latest of those accounts. 10.12 No litigation 10il3No litigationi No legal or administrative
action involvingthe Borrower (including action relating to any alleged or actual breach of the ISM Code or the ISPS Code) has
been commenced or taken or, to the Borrower's knowledge, is likely to be commenced or taken which, in either case, would be likely
to have a material adverse effect on the Borrower's financial position or profitability. 10.14 Validity and completeness of Shipbuilding
Contract.—The Shipbuilding Contract constitutes valid, binding and enforGoablo obligations of the Builder and the Borrower
respoctivoly in accordance with its forms; and: (a) the copy of the Shipbuilding Contract dolivorod to the Agent before the dato
of this Agreement is a truo and comploto copy; and (b) no amondmonts or additions to the Shipbuilding Contract as dolivorod to
the Agent before the dato of this Agreement havo boon agreed (except for thoso amendments which are permitted under Clause 11.12)
nor has the Borrower or the Buildor waived any of thoir respective rights under the Shipbuilding Contract.

 

     

     

    

 

 

10.15
Validity and completeness of Supervision Agreement.—Tho Suporvision Agreement constitutes valid, binding and enforceable
obligations of the Supervisor and the Borrower respective in accordance with its terms; and: (a) the copy of the Suporvision Agreement
dolivorod to the Agent boforo the dote of this Agreement is a true and complete copy; and (b) no amendments or additions to the
Supervision Agreement as delivered to the Agent before the date of this Agreement have been agreed nor has the Borrower or the
Supervisor waived any of their respective rights undor the Supervision Agreement. 10.16 No rebates etd Thoro is no agroomont or
understanding to allow or pay any rebate, premium, commission, discount or other benefit or payment (howsoever described) to the
Borrower, the Builder or a third party in connection with the purchase by the Borrower of the Ship, other than as disclosed to
the Lenders in writing on or prior to the date of this Agreement. 10.13 40rl7Compliance with certain undertakings. At the dato
of this Agreement, the Borrower is in compliance with Clauses 11.2,11.4,11.9 and 11.13. At the date of this amended and restated
Agreement, the Borrower is in compliance with Clauses 12.2 (Title: negative pledge), 12.4 (No other liabilities or obligations
to be incurred). 12.9 (Consents) and 12.12 (Principal place of business). 10.14 Taxes paid. Tho Borrower has paid all taxes 40i48The
Borrower has paid all Taxes applicable to, or imposed on or in relation to the Borrower, its business or the Ship. 10.15 40rl9ISM
Code and ISPS Code compliance* All requirements of the ISM Code and the ISPS Code as they relate to the Borrower, the Approved
Manager and the Ship have been complied with or shall be complied with as from the delivery of the Ship to the Borrower under
the Shipbuilding Contract. 10.16 No money laundering 10.20No money laundering. Without prejudice to the generality of Clause £t32.4
(Purpose of Loan), in relation to the borrowing by the Borrower of the Loan, the performance and discharge of its obligations
and liabilities under the Finance Documents, and the transactions and other arrangements affected or contemplated by the Finance
Documents to which the Borrower is a party, the Borrower confirms (i) that it is acting for its own account; (ii) that it will
use the proceeds of the Loan for its own benefit, under its full responsibility and exclusively for the purposes specified in
this Agreement; and (iii) that the foregoing will not involve or lead to a 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 (91/308)
EEC 2005/60/EC of the European Parliament and of the Council of the European CommunitiosUnion of 26 October 2005). 10.17 Anti-Corruption
Laws Each Borrower has conducted its business in compliance with all applicable Anti-Corruption Laws and has instituted and maintained
policies and procedures designed to promote and achieve compliance with such laws. 10.18 Sanctions Each Relevant Person has been
and is in compliance with all Sanctions Laws and no Relevant Person:

 

     

     

    

 

 

(a)
is a Restricted Party, or is involved in any transaction through which it is likely to become a Restricted Party: or (b) has received
formal notice in writing of any inquiry, claim, action, suit, proceeding or investigation against it with respect to Sanctions
Laws. 11 FINANCIAL COVENANTS 11.1 Financial Covenants The Borrower will ensure that the consolidated financial position of the
Group shall at all times during the Security Period be such that: (a) Consolidated Working Capital shall not be less than SO:
(b) Free Liquid Assets are not less than the higher of: £2 S50.000.000: (ii) 5 per cent, of Total Indebtedness: cj 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 11.1 (Financial Covenants): "Cash" means, at any date of determination under this Agreement, the
aggregate value of the 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 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 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 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 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
having remaining maturities of more than 6 months; "I afoct D l nrn Clin/*!1" mnannc rat- nt~>\i r\si-a ■fKo
/■**"»!*» e/"\ I irlra+ari KIr\r~a choot- r\f f Kq f2rr\i ir* mAct' recently delivered to the Agent
pursuant to Clause 12.6 (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 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 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
Joans of the Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet. 11.2 Change
in IFRS If, at anytime 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 Group generally or any member of the 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' Eauitv". "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 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: IH to enable the Lenders to determine whether there is a breach
of any of the financial covenants in respect of the Group set out in Clause 11.1 (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 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 11.1 (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. 11.3 Change of accounting period
The Borrower shall not change its fiscal year end date being 31 December.

 

     

     

    

 

 

12
44GENERAL UNDERTAKINGS 12.1 General llilGonorad The Borrower undertakes with each Creditor Party to comply with the following
provisions of this Clause 44-12 (General Undertakings) at all times during the Security Period except as the Agent may, with the
authorisation of the Majority Lenders, otherwise permit (such consent not to be unreasonably withheld or delayed in the case of
Clause 11.1212.12 (Principal olgce of business)). 12.2 44r2Title; negative pledgd Tho Borrower will: (a)keep its rights under
the Shipbuilding Contract, the Supervision Agreement and the Refund Guarantee and with effect from delivery of the Ship under
the Shipbuilding Contract The Borrower will hold the legal title to, and own the entire beneficial interest in the Ship, the Insurances
and Earnings, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance
Documents and the effect of assignments contained in the Finance Documents and except for Permitted Security Interests* (fe) not
croato or permit to ariso any Security Interest (except for Permitted Security Interests) over any other asset, present or future.
12.3 44r3No disposal of assets Tho Borrower will not transfer, lease or otherwise dispose of: 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 for those in the ordinary course of business and for fair market value payable in cash upon completion
of such transaction-i-ef. with the exception of any charter of the Ship as to which Clause 15.14 (Time and consecutive vovaae
charters in excess of 36 months) applies. (fe) any debt payable to it or any other right (present, future or contingent right)
to receive a payment, including any right to damages or compensation.; but paragraph (a) does not apply to any charter of the
Ship as to which Clause 11.13 applies, Provided that the Borrower may sell the Ship to another subsidiary of either Guarantor
a Subsidiary subject to the following conditions: (i) there is no Event of Default or Potential Event of Default which is continuing;
(ii) the new owning company and the jurisdiction of incorporation being acceptable to the Lenders; (iii) the Borrower and the
Security Parties entering into such amendments to this Agreement and the other Finance Documents as may be required by the Lenders
in order to document the change of ownership; (iv) the new owning company entering into such other security documents which are
required by the Lenders so as to maintain the same security for the Lenders on the transfer of ownership; and (v) the new owner
shall pay to the Agent on demand all expenses (including but not limited to legal expenses) relating to the said documentation.
12.4 44r4No other liabilities or obligations to be incurred, Tho Borrower will not incur any liability or obligation except liabilities
and obligations under the Shipbuilding Contract, the

 

     

     

    

 

 

Suporvision
Agreement and the Finance Documonts and liabilities or obligations; incurred in the ordinary course of its business (including
operating and chartering the Ship). 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 fas 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 11.1 (Financial Covenants) would be breached,
on the date of such incurrence. 12.5 44*51 nformat ion 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. 12.6 4ir6Provision of financial statements* The Borrower will send to the Agent:
(a) as soon as possible, but in no event later than 180 days after the end of each financial year of the Borrower, (commencing
with the financial year ending 31 December 3Q4O2015), the audited consolidated accounts of the Borrower and its Subsidiaries;
(b) as soon as possible, but in no event later than 80-45_days after the end of each quarter in each financial ball-year of the
Borrower (commoncing with the financial half yoar ending 30 Juno 2010) unaudited management consolidated accounts of the Borrower
which are and its Subsidiaries certified as to their correctness by the chief financial officer of the Borrower; and (c) together
with the annual audited consolidated accounts referred to in paragraph (a) above, a compliance certificate (together with supporting
schedules, if any) signed bv 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
compliance with the financial undertakings in Clause 11.1 (Financial Covenants) and also listing the market value of the Ship.
12.7 44r7-Form of financial statements* All accounts (audited and unaudited) delivered under Clause 44t6-12.6
(Provision of financial statements) will: (a) be prepared in accordance with all applicable laws and IFRS consistently applied;
(b) fairly represent the financial condition of the Borrower at the date of those accounts and of its profit for the period to
which those accounts relate; and (c) fully disclose or provide for all significant liabilities of the Borrower and its Subsidiaries
(or the Borrower, as the case may be). 12.8 44*8Creditor notices* The Borrower will send the Agent, at the same time as they are
despatched, copies of all material communications which are despatched to the whole or any class of the Borrower's shareholders
or to the Borrower's creditors or any class of them.

 

     

     

    

 

 

12.9
Consents Hi9ConsontSi 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; (b) for the
validity or enforceability of any Finance Document; and (c) for the Borrower to continue to own and operate the Ship, and the
Borrower will comply with the terms of all such consents. 12.10 lltlOMaintenance 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
orsimilarta*-Iaxjn all Pertinent Jurisdictions in respect of any Finance Document, give any notice or take any other step which,
in the opinion of the Majority Lenders, is or has become necessary or desirable for any Finance Document to be valid, enforceable
or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates. 12.11 Notification of
litigation llillNotification of litigation. The Borrower will provide the Agent with details of any legal or administrative action
involving the Borrower, any Security Party, the Approved Manager or the Ship, the Earnings or the Insurances as soon as such action
is instituted or it becomes apparent to the Borrower that it is likely to be instituted, unless it is clear that the legal or
administrative action cannot be considered material in the context of any Finance Document. 11.12 No amendment to Shipbuilding
Contract The Borrower will not agroo to any material amendment or supplement to, or waive the Supervision Agreement or the Shipbuilding
Contract or any of their provisions without the prior written consent of the Agent save that the Borrower may without requiring
such consent of the Agent, agree with the Builder to amond the Shipbuilding Contract if such amendment: (a-) doos not alter the
intended size, commercial use or purpose of the Ship; 4te) doos not alter the construction milestones for payment of the instalments
of the Contract Price under the Shipbuilding Contract; (e) doos not alter the identity of the Refund Guarantor nor the form, and
amount, of the Refund Guarantee to bo provided nor impair the effectiveness of the Refund Guarantee; (4) will not materially reduce
the Ship's anticipated value when complotod. 12.12 iiriiPrincipai place of business* The Borrower wiii maintain its piaco of business,
and keep its corporate documents and records, at the address stated at the commoncomont

 

     

     

    

 

 

of
this Agreement; and the Borrower will not establish, or do anything as o result of which it would bo doomed to havo, a placo of
business in any country other than Hong Kong. The Borrower will notify the Agent if it has a place of business in any jurisdiction
which would require a Finance Document to which it is a party to be registered, filed or recorded with any court or authority
in that jurisdiction or if the centre of its main interests changes. 12.13 41r44Confirmation of no default* The Borrower will,
within 5 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors
of the Borrower and which: (a) states that no Event of Default or Potential Event of Default has occurred; or (b) states that
no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material
details are given. The Agent may serve requests under this Clause 34*34-12.13 (Confirmation of no default) from time to time but
only if reasonably asked to do so by a Lender or Lenders having Contributions exceeding 10 percent, of the Loan or (if the Loan
has not been made) Commitments exceeding 10 per cent of the Total Commitments; and this Clause 44r44-12.13 (Confirmation of no
default) does not affect the Borrower's obligations under Clause 44r4&12.14 (Notification of default). 12.14 44xl5Notification
of default* The Borrower will notify the Agent as soon as the Borrower becomes aware of: (a) the occurrence of an Event of Default
or a Potential Event of Default; or (b) any matter which indicates that an Event of Default or a Potential Event of Default may
have occurred; and will keep the Agent fully up-to-date with all developments. 12.15 44r46Provision of further information* The
Borrower will, as soon as practicable after receiving the request, provide the Agent with any additional financial or other information
relating to: (a) te-the Borrower, the Ship, the Earnings or the Insurances; or (b) any claim, action, suit, proceeding or investigation
with respect to Sanctions Laws against it. any of its direct or indirect owners, subsidiaries or any of their respective directors,
officers, employees, agents or representatives; or (c) (b)to any other matter relevant to, or to any provision of, a Finance Document,
which may reasonably be requested by the Agent, the Security Trustee or any Lender at any time. 12.16 "Know your customer"
checks* If: (a) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation
made after the date of this Agreement;

 

     

     

    

 

 

(b)
any change in the status of the Borrower or any Security Party after the date of this Agreement; or (c) a proposed assignment
or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such
assignment or transfer, obliges the Agent or any Lender (or, in the case of paragraph (c), any prospective new Lender) to comply
with "know your customer" or similar identification procedures in circumstances where the necessary information is not
already available to it, the Borrower shall promptly upon the request of the Agent or the Lender concerned supply, or procure
the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender)
or the Lender concerned (for itself or, in the case of the event described in paragraph (c), on behalf of any prospective new
Lender) in order for the Agent, the Lender concerned or, in the case of the event described in paragraph (c), any prospective
new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks
under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 12.17 Conduct of
business: compliance with laws The Borrower shall conduct its business in a proper and efficient manner in compliance with: (a)
its constitutional documents; (b) all Sanctions Laws; Is! all Anti-Corruption Laws: (d) all Environmental Laws: and (e) all other
laws and regulations applicable to its business, and shall notify the Agent immediately upon becoming aware of any breach of any
such document, law or regulation. 12.18 Compliance with Sanctions Laws The Borrower shall: (a) ensure that neither it nor any
of its subsidiaries is or will become a Restricted Party: (b) use reasonable endeavours to procure that no director, officer,
employee, agent or representative of any Borrower or any subsidiary of any Borrower is or will become a Restricted Partv: and
(c) procure that no proceeds of any Advance shall be made available, directly or indirectly, to or for the benefit of a Restricted
Party nor shall thev otherwise be applied in a manner for a purpose prohibited by Sanctions Laws. 13 CORPORATE UNDERTAKINGS 13.1
General 12ilGonorali The Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause
43-13 (Corporate Undertakings) at all times during the Security Period aftor the Ship has boon dolivorod to the Borrower under
the Shipbuilding Contract except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit.

 

     

     

    

 

 

13.2
12.2Maintenance of statusr The Borrower will maintain its separate corporate existence and remain in good standing under the laws
of Hong KonciBelgium. 13.3 43»SNegative undertakings* The Borrower will not: (a) carry on any business other than the ownership,
chartering and operation of the Ship; or (a) operate outside the scope of its Articles of Association.; or b) effect any form
of redemption purchase or return of share capital or effect any form of redemption, purchase or return of share capital; or (b)
provide any form of credit or financial assistance to: (i) a person who is directly or indirectly interested in the Borrower's
share or loan capital; or (h) any company in or with which such a person is directly
or indirectly interested or connected; or (ii) (ti+)enter into any transaction with or involving such a 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,
and the Borrower agrees to subordinate any inter-company loans to the Loan on such terms as the Lenders may reasonably require;
4d) issue, allot or grant any person a right to any shares in its capital or repurchase or reduce its issued share capital; (e)
acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit issued by major North American
or European banks, or enter into any transaction in a derivative; 13.4 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. enter
into any form of amalgamation, merger or do merger or any form of reconstruction or reorganisation; or enter into any freight
forwarding agreements. 13.5 42r4Payment of dividends Tho Borrower may pay dividends provided that no Event of Default has occurred
and is continuing. (a) The Borrower mav oav dividends provided that: iU no Event of Default has occurred and is continuing: and

 

     

     

    

 

 

(ii)
the payment of such dividend or distribution would not cause any breach of any of the financial covenants set out in Clause 11.1
(Financial Covenants). 13.6 Notification of Sanctions The Borrower shall: (a) supply to the Agent, promptly upon becoming aware
of them, the details of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanction Laws against (a) the
Borrower, (b) any other Relevant Person or (c) any owners of any Relevant Person (other than any owner of the Borrower), as well
as information on what steps are being taken with regards to answering or opposing the same: (b) inform the Agent promptly upon
becoming aware that any of (a) the Borrower, (b) any other Relevant Person or (c) any owners of any Relevant Person (other than
any owner of the Borrower), has become or is likely to become a Restricted Party. +2v5—Minimum Liquidity. The Borrower shall
ensure that from the delivery of the Ship to the Borrower under the Shipbuilding Contract and throughout the Security Period there
is at all times standing to the credit of the Earnings Account free of any Security Interest other than in favour of the Socurity
Trustoo an amount of not less than $300,000 increasing to $500,000 with affect from the first anniversary of the said delivery
date. M INSURANCE 14.1 General 13ilGonorali The Borrower also undertakes with each Creditor Party to comply with the following
provisions of this Clause 43-14 (Insurance) at all times during the Security Period (after the Ship has boon dolivorod to it undor
the Shipbuilding Contract) except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit (such consent
not to be unreasonably withheld or delayed in the case of paragraph (b) of Clauses 13.11(b) and 13.1214.11 (Compliance with terms
of insurances) and 14.12 (Alteration to terms of insurances)). 14.2 43r2Maintenance of obligatory insurances* The Borrower shall
keep the Ship insured at the expense of the Borrower against: (a) fire and usual marine risks (including hull and machinery and
excess risks); (b) war risks; (c) protection and indemnity risks; and (d) any other risks against which the Majority Lenders consider,
having regard to practices and other circumstances prevailing at the relevant time, it would in the opinion of the Majority Lenders
be reasonable for the Borrower to insure and which are specified by the Security Trustee by notice to the Borrower. 14.3 43r3Terms
of obligatory insurances* The Borrower shall effect such insurances: (a) in Dollars;

 

     

     

    

 

 

(b)
in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) 120
per cent, of the Loan and (ii) the market value of the Ship; and (c) in the case of oil pollution liability risks, for an aggregate
amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in
the international marine insurance market; (d) in relation to protection and indemnity risks in respect of the Ship's full tonnage;
(e) on approved terms; and (f) 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. 14.4 43r4Further
protections for the Creditor Parties, In addition to the torms sot out in Clause 13.3, the Borrower shall procure that the obligatory
insurances shall: In addition to the terms set out in Clause 14.13 (Settlement of claims), the Borrower shall procure that the
obligatory insurances shall: (a) 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. 14.5 43rSRenewal of obligatory insurances. The Borrower shall: (a) at least 14 days before the expiry of any obligatory
insurance, renew that obligatory insurance; and (b) promptly after each such renewal, there is provided to the Agent details of
the terms and conditions on which such obligatory insurances have been renewed. 14.6 13r6Copies of policies; letters of undertaking*
The Borrower shall ensure that all approved brokers provide the Security Trustee with a letter or letters of undertaking in a
form required by the Majority Lenders and including undertakings by the approved brokers that:

 

     

     

    

 

 

they
will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the
provisions of Clause JA414.14 (Provision of information); (b) they will hold such policies, and the benefit of such insurances,
to the order of the Security Trustee in accordance with the said loss payable clause; (c) they will advise the Security Trustee
immediately of any material change to the terms of the obligatory insurances; (d) they will notify the Security Trustee, not less
than 14 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions
from the Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security
Trustee of the terms of the instructions; and (e) they will not set off against any sum recoverable in respect of a claim relating
to the Ship under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect
of the Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect
of such premiums or other amounts, and they will not cancel such obligatory insurances by reason of non-payment of such premiums
or other amounts, and will arrange for a separate policy to be issued in respect of the Ship forthwith upon being so requested
by the Security Trustee. 14.7 43*?Copies of certificates of entry* The Borrower shall ensure that any protection and indemnity
and/or war risks associations in which the Ship is entered provides the Security Trustee with: (a) a certified copy of the certificate
of entry for the Ship; (b) a letter or letters of undertaking in such form as may be required by the Majority Lenders; and (c)
a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material
issued by the relevant certifying authority in relation to the Ship. 14.8 43r8Deposit 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. 14.9 4*r9Payment of premiums* The Borrower shall punctually pay all premiums or other sums payable in
respect of the obligatory insurances and produce all relevant receipts when so required by the Security Trustee. 14.10 Guarantees
IBilQGuaranteeSi The Borrower shall ensure that any guarantees required by a protection and indemnity or war risks association
are promptly issued and remain in full force and effect. 14.11 13.11 Compliance with terms of insurance The Borrower shall neither
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
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 (without limiting the obligation contained in paragraph (c) of Clause 43r€(el4.6 (Copies of policies:
letters of undertaking)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which
the Security Trustee has not given its prior approval; (b) the Borrower shall not make any changes relating to the classification
or classification society or manager or operator of the Ship approved by the underwriters of the obligatory insurances; (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 the 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 the Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions
of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra
premium or otherwise) which the insurers specify. 14.12 43rl3Alteration to terms of insurances* The Borrower shall neither make
or agree to any material alteration to the terms of any obligatory insurance nor waive any right relating to any obligatory insurance
without the consent of the Agent. 14.13 Settlement of claims 13il3Scttlemont 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 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. 14.14 43rl4Provision of information* In addition, the Borrower shall
promptly provide the Security Trustee (or any persons which it may designate) with any information which the Security Trustee
(or any such designated person) reasonably requests for the purpose of: (a) obtaining or preparing any report from an independent
marine insurance broker as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or (b) effecting,
maintaining or renewing any such insurances as are referred to in Clause 13.15 14.15 (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 incurred by or for the account of the Security
Trustee in connection with any such report as is referred to in paragraph (a). 14.15 Mortgagee's interest and additional perils
insurances 13ilSMortgagoo's interest and additional perils insurancosi The Security Trustee shall be entitled from time to time
to effect, maintain and renew a mortgagee's interest additional perils insurance and a mortgagee's interest marine insurance each
in an amount of 110 per cent, of the Loan and on such terms, through such insurers and generally in such manner as the Majority
Lenders may from time to time consider appropriate and the Borrower shall upon

 

     

     

    

 

 

demand
fully indemnify the Creditor Parties in respect of all premiums and other expenses which are incurred in connection with or with
a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any
such insurance. 15 14SHIP COVENANTS 15.1 General lfl.lGeneral. The Borrower also undertakes with each Creditor Party to comply
with the following provisions of this Clause 34-15 (Ship Covenants) at all times during the Security Period (after the Ship has
boon dolivorod to it under the Shipbuilding Contract) except as the Agent, with the authorisation of the Majority Lenders, may
otherwise permit. 15.2 Ship's name and registration* The Borrower shall keep the Ship registered in its name under the relevant
Approved Flag at its relevant port of registry; shall not do or omit to do or allow to be done anything as a result of which such
registration might be cancelled or imperilled; and shall not change the name or port of registry of the Ship. 15.3 44*3Repair
and classification* The Borrower shall keep the Ship in a good and safe condition and state of repair: (a) consistent with first-class
ship ownership and management practice; (b) so as to maintain the Ship's class (namely A1(E), "Oil Carrier ESP", AMS,
ACCU, SPM, VEC(-L), CSR, Safeship-CM, RES, ES,TEM, Green Passport, POT, UWILD (sea chest blanking devices shall not be provided),
CPS at American Bureau of Shipping) free of overdue recommendations and conditions; and (c) so as to comply with all laws and
regulations applicable to vessels registered at ports in Greece or to vessels trading to any jurisdiction to which the Ship may
trade from time to time, including but not limited to the ISM Code or the ISPS Code. 15.4 Modification 11 iflModification!—The
Borrower shall not make any modification or repairs to, or replacement of, the Ship or equipment installed on it which would or
might materially alter the structure, type or performance characteristics of the Ship or materially reduce its value. 15.5 Removal
of parts 1415Removal of parts. The Borrower shall not remove any material part of the Ship, or any item of equipment installed
on, the Ship unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition
as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person
other than the Security Trustee and becomes on installation on the Ship the property of the Borrower and subject to the security
constituted by the 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. 15.6 Surveys 14i6SurvoySi The Borrower shall submit the Ship regularly to all periodical
or other surveys which may be required for classification purposes and, if so required by the Majority Lenders provide the Security
Trustee, with copies of all survey reports.

 

     

     

    

 

 

15.7
Inspection 14i7lnspoction.—The Borrower shall permit the Security Trustee (by surveyors or other persons appointed by it
for that purpose) to board the Ship at all reasonable times to inspect its condition or to satisfy themselves about proposed or
executed repairs and shall afford all proper facilities for such inspections provided that prior to the occurrence of an Event
of Default reasonable notice of such inspection is given and such inspection does not materially affect the Ship's commercial
operation. 15.8 44*8Prevention 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 the Ship, the Earnings or the Insurances; (b)
all taxeslaxes, dues and other amounts charged in respect of the Ship, the Earnings or the Insurances; and (c) all other outgoings
whatsoever in respect of the Ship, the Earnings or the Insurances, and, forthwith upon receiving notice of the arrest of the Ship,
or of its detention in exercise or purported exercise of any lien or claim, the Borrower shall procure its release by providing
bail or otherwise as the circumstances may require. 15.9 44r9Compliance with laws etc. The Borrower shall: (a) comply, or procure
compliance with the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions Laws and all other laws or regulations relating
to the Ship, its ownership, operation and management or to the business of the Borrower; (b) not employ the Ship nor allow its
employment in any manner contrary to any law or regulation in any relevant jurisdiction including but not limited to the ISM Code
and the ISPS Code, all Environmental Laws and Sanctions Laws: and (c) in the event of hostilities in any part of the world (whether
war is declared or not), not cause or permit the Ship to enter or trade to any zone which is declared a war zone by any government
or by the Ship's war risks insurers unless the Borrower (at its expense) effected any necessary special, additional or modified
insurance cover and, upon the Agent's request, the Borrower will confirm that they have effected such insurance cover. 15.10 ISPS
Code Without limiting paragraph (a) of Clause 15.9 (Compliance with laws ). the Borrower shall: (a) procure that the Ship and
the company responsible for the Ship's compliance with the ISPS Code comply with the ISPS Code; and (b) maintain an ISSC for the
Ship; and l£i notify the Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or
modification of the ISSC.

 

     

     

    

 

 

15.11
14.10Provision of information. The Borrower shall promptly provide the Security Trustee with any information which the Majority
Lenders reasonably request regarding: (a) the Ship, its employment, position and engagements; (b) the Earnings and payments and
amounts due to the Ship's master and crew; (c) any expenses incurred, or likely to be incurred, in connection with the operation,
maintenance or repair of the Ship and any payments made in respect of the Ship; (d) any towages and salvages; and (e) the Borrower's,
the Approved Manager's or the Ship's compliance with the ISM code and the ISPS code, and, upon the Security Trustee's request,
provide copies of any current charter relating to the Ship and of any current charter guarantee, and copies of the Borrower's
or the Approved Manager's Document of Compliance. 15.12 44ri4Notification of certain events* The Borrower shall immediately notify
the Security Trustee by fax, 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 the Ship has become or is, by the passing of time or otherwise, likely to become
a Total Loss; (c) any overdue requirement or recommendation made by any insurer or classification society or by any competent
authority which is not immediately complied with; (d) any arrest or detention of the Ship, any exercise or purported exercise
of any lien on the Ship ,or its Earnings or any requisition of the Ship for hire; (e) any intended dry docking of the Ship other
than a routine dry docking; (f) any Environmental Claim made against the Borrower or in connection with the Ship, or any Environmental
Incident; (g) any claim for breach of the ISM Code or the ISPS Code being made against the Borrower, the Approved Manager or otherwise
in connection with the Ship; or (h) any other matter, event or incident, actual or threatened, the effect of which will or could
lead to the ISM Code or ISPS Code not being complied with, and the Borrower shall keep the Security Trustee advised in writing
on a regular basis and in such detail as the Security Trustee shall require of the Borrower's, the Approved Manager's or any other
person's response to any of those events or matters. 15.13 14.12Restrictions on chartering, appointment of managers etc. The Borrower
shall not: (a) let the Ship on demise charter for any period; 

 

     

     

    

 

 

(b)
enter into any charter in relation to the Ship under which more than 2 months' hire (or the equivalent) is payable in advance;
(c) charter the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed; (d) appoint a manager
of the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's appointment; (e)
de-activate or lay up the Ship; or (f) put the Ship into the possession of any person for the purpose of work being done upon
it in an amount exceeding or likely to exceed the Major Casualty amount 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 the Ship or its Earnings for
the cost of such work or for any other reason; or (ii) the Borrower has established to the reasonable satisfaction of the Security
Trustee that the Borrower has sufficient reserves to pay for the cost of such work. 15.14 14.13Time and consecutive voyage charters
in excess of 36 months* The Borrower agrees that if it should enter into any Charter the Borrower shall execute and deliver to
the Agent promptly upon such Charter being entered into a Charter Assignment in respect of that Charter in favour of the Security
Trustee unless such Charter contains a substitution clause or a clause with similar effect. If the Lenders agree to the increase
of the Loan pursuant to Clause 3 4-2.5 (Increase of Loan) of this Agreement, then the Borrower agrees that if it should enter
into any Charter (or has previously entered into any Charter) the Borrower shall execute and deliver to the Agent promptly upon
such Charter being entered into (or where such Charter has already been entered into on the date of the increase of the Loan pursuant
to Clause 2A2.5 (Increase of Loan)) a Charter Assignment in respect of that Charter in favour of the Security Trustee. 15.15 Notice
of Mortgage 11.1 1 Notice of MortgagOi The Borrower shall keep the Mortgage registered against the Ship as a valid first priority
mortgage, carry on board the Ship a certified copy of the Mortgage and place and maintain in a conspicuous place in the navigation
room and the Master's cabin of the Ship a framed printed notice stating that the Ship is mortgaged by the Borrower to the Security
Trustee. 15.16 Sharing of Earnings HilSSharingof EamingGi The Borrower shall not enter into any agreement or arrangement for the
sharing of any Earnings without the prior approval of the Agent such approval not to be unreasonably withheld. For the avoidance
of doubt the Agent's approval shall not be required in relation to: (a) any "profit split" of hire between the Borrower
and a charterer of the Ship; or (b) the entry into an established pool or a pool established by Euronav NV the Borrower in both
cases on usual commercial terms and at a market rate allocation.

 

     

     

    

 

 

16
15SECURITY COVER 16.1 15.1Minimum required security coven Clause 15.2 applies if (oftor the Ship has boon delivered to the Borrower
undor the Shipbuilding Contract) the Agent notifies tho Borrower that, according to the determination mochanism undor Clause 15.3:
Clause 16.2 (Provision of additional security: prepayment) applies if the Agent notifies the Borrower that, according to the determination
mechanism under Clause 16.3 (Valuation of Ship): (a) the market value (determined as provided in Clause 45t3-16.3 (Valuation of
Ship)) of the Ship; plus (b) the net realisable value of any additional security previously provided under this Clause 35-16 (Security
Cover). is below 120 per cent, of the Loan. 16.2 Provision of additional security; prepayment* If the Agent servos a notice on
the Borrower undor Clause 15.1 ASrllf the Agent serves a notice on the Borrower under Clause 16.1 (Minimum required security cover),
the Borrower shall, within 1 month after the date on which the Agent's notice is served, either: (a) provide, or ensure that a
third party provides, additional security which is acceptable to the Agent and, in the opinion of the Majority Lenders, has a
net realisable value 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; or (b) prepay such part (at least) of the Loan as will eliminate the shortfall. 16.3
4S*»Valuation of Ship* The market value of the Ship at any date is that shown by the average of 2 valuations addressed to
the Agent for the benefit of the Lenders and prepared: (a) as at a date not more than 14 days previously; (b) by 2 independent
first class sale and purchase shipbrokers which the Agent has approved or appointed for the purpose; (c) with or without physical
inspection of the Ship (as the Agent may require); (d) on the basis of a sale for prompt delivery for cash on normal arm's length
commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment;
and (e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the
sale. 16.4 Value of additional vessel security! The not realisable value of any additional security which is provided under Ciouso
15.2 and which consists of a Security interest ovor a vossoi shall bo that shown by a valuation complying with the requirements
of Clause 15.3. The net realisable value of any additional security which is provided under Clause 16.2 (Provision of additional
security: oreoavment) and which consists of a Security Interest over a

 

     

     

    

 

 

vessel
shall be that shown by a valuation complying with the requirements of Clause 16.3 (Valuation of Ship). 16.5 Valuations binding
lS.SValuations binding. Any valuation under Clause 15.2. 15.3 or 15.4 16.2 {Provision of additional security: prepayment). 16.3
{Valuation of Ship) or 16.4 [Value of additional vessel security) shall be binding and conclusive as regards the Borrower, as
shall be any valuation which the Majority Lenders make of any additional security which does not consist of or include a Security
Interest. 16.6 4S*6Provision of information* Tho Borrower shall promptly provide tho Agont and any shipbroker or export acting
undor Clause 15.3 or ISA with any information which tho Agont or tho shipbrokor or export may reasonably request for tho purposes
of tho valuation; The Borrower shall promptly provide the Agent and anv shipbroker or expert acting under Clause 16.3 [Valuation
of Ship) or 16.4 [Value of additional vessel security) with any information which the Agent or the shipbroker or expert mav reasonably
request for the, purposes of the valuation; 16.7 Payment of valuation expenses 15.7Paymont of valuation expenses. Without prejudice
to the generality of the Borrower's obligations under Clauses 2Qr221.2 [Costs of negotiation. 20.3 and 21.2preparation ). 21.3
(Costs of variations, amendments, enforcement) and 22.3 (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. 16.8 4&r8Application of
prepayment,—Clause 8 shall apply in relation to any propaymont pursuant to Clause 15.2(b). Clause 8 (Repayment and Prepayment)
shall apply in relation to anv prepayment pursuant to paragraph (b) of Clause 16.2 (Provision of additional security: prepayment).
1Z 46PAYMENTS AND CALCULATIONS 17.1 46rlCurrency 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 as the
Agent may advise from time to time; 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. 

 

     

     

    

 

 

17.2
4€r2-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. 17.3 4€*3Basis
for calculation of periodic payments* All interest, commitment fee and commission 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. 17.4 16*4Distribution of payments to Creditor Parties* Subject to Clauses 16.5,16.6 and 16.7:
Subject to Clauses 17.5 (Permitted deductions by Agent) 17.6 (Agent only obliged to pav when monies received) and 17.7 (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 or the Security Trustee shall be made available by the Agent to that Lender or, as the case may be, the Security Trustee
by payment, with funds having the same value as the funds received, to such account as the Lender or the Security Trustee may
have notified to the Agent not less than 5 Business Days previously; and (b) amounts to be applied in satisfying amounts of a
particular category which are due to the Lenders generally shall be distributed by the Agent to each Lender pro rata to the amount
in that category which is due to it. 17.5 Permitted deductions bv Agent 16.5Permitted 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,
deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender under any Finance Document
or any sum which the Agent is then entitled under any Finance Document to require that Lender to pay on demand. 17.6 46*6Agent
only obliged to pay when monies received* Notwithstanding any other provision of this Agreement or any other Finance Document,
the Agent shall not be obliged to make available to the Borrower or any Lender any sum which the Agent is expecting to receive
for remittance or distribution to the Borrower or that Lender until the Agent has satisfied itself that it has received that sum.
17.7 46*?Refund to Agent of monies not received* If and to the extent that the Agent makes available a sum to the Borrower or
a Lender, without first having received that sum, the Borrower or (as the case may be) the Lender concerned shall, on demand:
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. 17.8 Agent may assume receipt* Clause
16.7 4€*8Clause 17.7 (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. 17.9 16*0Creditor 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. 17.10 Agent's memorandum account 16.10Agent's momorandum account. The Agent shall maintain a memorandum
account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the Security Trustee and each Lender
from the Borrower and each Security Party under the Finance Documents and all payments in respect of those amounts made by the
Borrower and any Security Party. 17.11 Accounts prima facie evidence* If any accounts maintained under Clauses 16.9 and 16.10
AferJAIf any accounts maintained under Clauses 17.9 (Creditor Party accounts) and 17.10 (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. 18 ^APPLICATION OF RECEIPTS 18.1 47rlNormal 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 payment pro rata of any accrued interest or commission due but
unpaid under this Agreement; (c) THIRDLY: in or towards payment pro rata of any principal due but unpaid under this Agreement;
(d) FOURTHLY: in or towards payment pro rata of any other amounts due but unpaid under any Finance Document; (e) FIFTHLY: in retention
of an amount equal to any amount not then due and payable under any Finance Document but which the Agent, by notice to the Borrower,
the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and,
upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a).
17.1(bparaeraphs (a), (b). 17.1(c) and 47t4t4(c) and (d) of Clause 18.1 (Normal order of application): and  

 

     

     

    

 

 

(f)
SIXTHLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it. 18.2 17r2Variation of
order of application* The Agent may, with the authorisation of the Majority Lenders, by notice to the Borrower, the Security Parties
and the other Creditor Parties provide for a different manner of application from that set out in Clause 3t7t4-18.1 {Normal order
of application) either as regards a specified sum or sums or as regards sums in a specified category or categories. 18.3 Notice
of variation of order of application! Tho Agont may givo notices under Clauco 17.2 4?riThe Aeent mav give notices under Clause
18.2 {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. 18.4 Appropriation rights overriden. This Clause 17 and any notice which tho
Agont gives under Clause 17.2 43*4This Clause 18 {Application of Receipts) and any notice which the Agent gives under Clause 18.2
(Variation of order of application) shall override any right of appropriation possessed, and any appropriation made, by the Borrower
or any Security Party. 19 1SAPPLICATION OF EARNINGS 19.1 ISrlPayment of Earnings* The Borrower undertakes with each Creditor Party
to ensure that, throughout the Security Period (and subject only to the provisions of the General Assignment), all the Earnings
are paid to the Earnings Account unless the parties agree otherwise 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. 48*2—Interest accrued on Earnings Account
Any crodit balance on the Earnings Account shall bear interest at the rate from time to time offered by the Agent to its customers
for Dollar deposits of similar amounts and for periods similar to those for which such balances appear to the Agent likely to
remain on the Earnings Account. 48*3—Monies on Earnings. Any monies standing to the credit of the Earnings Account shall,
provided that the provisions of Clause 12.5 are complied with and provided that no Event of Default or Potential Event of Default
shall have occurred, be at the free disposal of the Borrower. 19.2 18*4Location 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 execute any documents
which the Agent 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.  

 

     

     

    

 

 

19.3
18.5 Debits for expenses etc. Following the occurrence of an Event of Default which is continuing-fcthe Agent shall be entitled
(but not obliged) from time to time to debit the Earnings Account without prior notice in order to discharge any amount due and
payable to it under Clause 20 or 21 21 (Fees and expenses) or 22 (Indemnities) to a Creditor Party or payment of which any Creditor
Party has become entitled to demand under Clause 20 or 21.21 (Fees and expenses) or 22 (Indemnities). 19-4 Interest accrued on
Earnings Account Anv credit balance on the Earnings Account shall bear interest at the rate from time to time offered by the Agent
to its customers for Dollar deposits of similar amounts and for periods similar to those for which such balances appear to the
Agent likely to remain on the Earnings Account. 19.5 Borrower's obligations unaffected The provisions of this Clause 19 (Application
of Earnings) do not affect: (a) the liability of the Borrower to make payments of principal and interest on the due dates; or
anv other liability or obligation of the Borrower or any Security Party under any Finance Document. 2g 49EVENTS OF DEFAULT 20.1
49r4Events 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 any sum payable under a Finance Document or under any document relating to a Finance Document; or (b)any
broach occurs of Clauso 9.2,11.2,11.3,12.2,12.3,12.4,12.5 or 15.2; or (b) anv breach occurs of Clause 9.2 (Waiver of conditions
precedent), Clause 10.18 (Sanctions). Clause 12.2 (Title: negative pledge). Clause 12.3 (No disposal of assets). Clause 13.2 (Maintenance
of status). Clause 12.17 (Conduct of business: compliance with laws) in so far as it relates to Sanctions Laws. Clause 12.18 (Compliance
with Sanctions Laws) Clause 13.3 (Negative undertakings). Clause 13.5 (Payment of dividends). Clause 13.6 (Notification of Sanctions),
Clause 16.2 (Provision of additional security: prepayment) or paragraph (b) of Clause 15.9 (Compliance with laws ); or (c) any
breach by the Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs
(a) or (b)) which, in the opinion of the Majority Lenders, is capable of remedy, and 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
or repeated 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 when it is made or repeated; or any of the following
occurs in relation to any Financial Indebtedness of a Relevant Person in respect of a sum, or sums aggregating, $5,000,000 or
more in tho case of tho Borrower and $15,000,000 or more in the case of oach Guarantor and tho Counter Guarantor the Borrower
or the equivalent in another currency:  

 

     

     

    

 

 

(i)
any Financial Indebtedness of a Relevant Person is not paid when due; or (ii) any Financial Indebtedness of a Relevant Person
becomes due and payable or capable of being declared due and payable prior to its stated maturity date as a consequence of any
event of default; or (iii) a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person
is terminated by the lessor or owner or becomes capable of being terminated as a consequence of any termination event; or (iv)
any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other facility, or any
swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant Person ceases to be available
or becomes capable of being terminated as a result of any event of default, or cash cover is required, or becomes capable of being
required, in respect of such a facility as a result of any event of default; or (v) any Security Interest securing any Financial
Indebtedness of 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) 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, $5,000,000 or more in tho case of tho Borrower and $15,000,000 or more in the case of oach Guarantor and
the Counter Guarantor the_Borrower or the equivalent in another currency; or (iii) any administrative or other receiver is appointed
over any asset of a Relevant Person; or (iv) an administrator is appointed (whether by the court or otherwise) in respect of a
Relevant Person; or (v) any formal declaration of bankruptcy or any formal statement to the effect that a Relevant Person is insolvent
or likely to become insolvent is made by a Relevant Person or by the directors of a Relevant Person or, in any proceedings, by
a lawyer acting for a Relevant Person; or (vi) a provisional liquidator is appointed in respect of a Relevant Person, a winding
up order is made in relation to a Relevant Person or a winding up resolution is passed by a Relevant Person; or (vii) a resolution
is passed, an administration notice is given or filed, an application or petition to a court is made or presented or any other
step is taken by (aa) a Relevant Person, (bb) the members or directors of a Relevant Person, (cc) a holder of Security Interests
which together relate to all or substantially all of the assets of a Relevant Person, or (dd) a government minister or public
or regulatory authority of a Pertinent Jurisdiction for or with a view to the winding up of that or another Relevant Person or
the appointment of a provisional liquidator or administrator in respect of that or another Relevant Person, or that or another
Relevant Person ceasing or suspending business operations or payments to creditors, save that this paragraph does not apply to
a fully solvent winding up of a Relevant Person other than the Borrower or either Guarantor or Counter Guarantor 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 (viii) an administration notice is given or filed, an application or petition to a court is made or presented
or any other step is taken by a creditor of a Relevant Person (other than a holder of Security Interests which together relate
to all or substantially all of the assets of a Relevant Person) for the winding up of a Relevant Person or the appointment of
a provisional liquidator or administrator in respect of a Relevant Person in any Pertinent Jurisdiction, unless the proposed winding
up, appointment of a provisional liquidator or administration is being contested in good faith, on substantial grounds and not
with a view to some other insolvency law procedure being implemented instead and either (aa) the application or petition is dismissed
or withdrawn within 30 days of being made or presented, or (bb) within 30 days of the administration notice being given or filed,
or the other relevant steps being taken, other action is taken which will ensure that there will be no administration and (in
both cases (aa) or (bb)) the Relevant Person will continue to carry on business in the ordinary way and without being the subject
of any actual, interim or pending insolvency law procedure; or (ix) a Relevant Person or its directors take any steps (whether
by making or presenting an application or petition to a court, or submitting or presenting a document setting out a proposal or
proposed terms, or otherwise) with a view to obtaining, in relation to that or another Relevant Person, any form of moratorium,
suspension or deferral of payments, reorganisation of debt (or certain debt) or arrangement with all or a substantial proportion
(by numberor value) of creditors or of any class of them orany such moratorium, suspension or deferral of payments, reorganisation
or arrangement is effected by court order, by the filing of documents with a court, by means of a contract or in any other way
at all; or (x) any meeting of the members or directors, or of any committee of the board or senior management, of a Relevant Person
is held or summoned for the purpose of considering a resolution or proposal to authorise or take any action of a type described
in paragraphs (iv) to (ix) or a step preparatory to such action, or (with or without such a meeting) the members, directors or
such a committee resolve or agree that such an action or step should be taken or should be taken if certain conditions materialise
or fail to materialise; or (xi) in a Pertinent Jurisdiction other than England, any event occurs, any proceedings are opened or
commenced or any step is taken 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 any consent necessary to enable
the Borrower to own, operate or charter the Ship or to enable the Borrower or any Security Party to comply with any provision
which the Majority Lenders consider material of a Finance Document or tho Shipbuilding Contract is not granted, expires without
being renewed, is revoked or becomes liable to revocation or any condition of such a consent is not fulfilled; or 

 

     

     

    

 

 

(i)
without tho prior written consent of tho Majority Londors thoro is a change of control in tho direct and ultimate ownership of
tho Borrower Providod that a transfer of shares in tho Borrower as between tho Guarantors or any of their subsidiaries is permitted
subject always to tho now sharoholdor entering into a Negative Pledge in substantially tho same form as ontorod into by tho Shareholders
at tho dato of this Agroomont; or (j) {k)any provision which the Majority Lenders reasonably consider material of a Finance Document
proves to have been or becomes invalid or unenforceable, or a Security Interest created by a Finance Document proves to have been
or becomes invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another
Security Interest or any other third party claim or interest; or (k) (t}the security constituted by a Finance Document is in any
way imperilled or in jeopardy; or {m)any event or circumstance occurs which the Majority Lenders determine has, or could reasonably
be expected to have a material adverse effect: (i) on the ability of the Borrower or a Guarantor or the Counter Guarantor to perform
its obligations under the Finance Documents; or (ii) on the property, assets, nature of assets, operations, liabilities or condition
(financial or otherwise) of the Borrower or Guarantor A or tho Counter Guarantor. 20.2 49r2Actions 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 cancelled; 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 are entitled to take under any Finance Document or any applicable
law. 20.3 Termination of Commitments. On tho service of a notice under Clause 19.2(a)(i A8r80n the service of a notice under paragraph
(aUi) of Clause 20.2 (Actions following an Event of Default), the Commitments and all other obligations of each Lender to the
Borrower under this Agreement shall be cancelled. 20.4 Acceleration of Loan l9.1Accoloration of Loan. On the service of a notice
under paragraph (aHii) of Clause 19.2(a)(ii20.2 (Actions following an Event of Default), 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. 

 

     

     

    

 

 

20.5
19.5 SMultiple notices; action without noticci Tho Agont may servo notices under Clauses 19.2(a)(i) or (ii) simultaneously or
on different dotos and it and/or tho Security Trustee may tako any action referred to in Clause 19.2 if no such notice is served
or simultaneously with or at any time aftor tho service of both or cither of such notices. The Aeent mav serve notices under paragraphs
(a)(\) or (ii) of Clause 20.2 (Actions following on Event of Default) simultaneously or on different dates and it and/or the Security
Trustee mav take anv action referred to in Clause 20.2 (Actions following an Event of Default) if no such notice is served or
simultaneously with or at anv time after the service of both or either of such notices. 20.6 Notification of Creditor Parties
and Security Partiesi The Agont shall sond to oach Londor, tho Security Trustoo and each Security Party a copy or tho toxt of
any notice which tho Agont servos on tho Borrower under Clause 19.2 49*6The Agent shall send to each Lender, the Security Trustee
and each Security Party a copy or the text of anv notice which the Agent serves on the Borrower under Clause 20.2 (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. 20.7 Lender's rights unimpaired* Nothing in this Clause shall be taken to impair
or restrict the exercise of any right given to individual Lenders under a Finance Document or the general law; and, in particular,
this Clause is without prejudice to Clause 3.1 (Interests of Lenders several). 20.8 4Sr8Exclusion 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. 20.9 Relevant Personst In this Clause 19 49*9ln this Clause 20 (Events of Default), a "Relevant Person"
means the Borrower and any Security Party. 20.10 Interpretation lntomrotation.19.10 In In paragraph (e) of Clause 49r4re20.1 (Events
of Default), 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 paragraph (f) of Clause 49*4(120.1
(Events of Default) "petition" includes an application.  

 

     

     

    

 

 

21
30FEES AND EXPENSES 21.1 aOrlArrangement, commitment ■ aconcv foosi Tho Borrowor shall pav:fees {a) to tho Load Arrangor
an arrangomont foo in tho amount and at tho times agreed in a Foo Letter; The Borrower shall pav to the Agent (for the account
of each Lender) quarterly in arrears during the period from (and including) the date of the acceptance of the term sheet to the
earlier of (i) the final Drawdown Date and (ii) the last day of the Availability Period, for the account of the Lenders, a commitment
fee at the rate of 0.5175 per cent, per annum on the amount of the Total Commitments less the amount of the Loan, for distribution
among the Lenders pro rata to their CommitmentST-aftd* (e) to tho Agent (for its own account) a non^ refundable agency foo in
tho amount and at tho times agreed in a Foe Letter. 21.2 20r2Costs 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. 21.3 20r3Costs 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 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 45-16
(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 Taxation or other procedure carried out under such rules. 20.4DoGumentary taxes.
The Borrower shall promptly pay any tax payable* on or by roforence to any Finance Document, and shall, on the Agont's domand,
fully indomnify each Creditor Party against any claims; expenses; liabilities and losses resulting from any failuro or delay by
tho Borrowor to pay such a tax. 21.4 Certification of amounts aOiSCertification 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
30-21 (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.  

 

     

     

    

 

 

22
21INDEMNITIES 22.1 Indemnities regarding borrowing and repayment of Loan* MrrlThe 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, or which that Creditor Party reasonably and with due diligence
estimates that it will incur, as a result of or in connection with: (a) an Advance not being borrowed on the date specified in
the Drawdown Notice for any reason other than a default by the Lender claiming the indemnity; (b) the receipt or recovery of all
or any part of the Loan or an overdue sum otherwise than on the last day of an Interest Period or other relevant period; (c) any
failure (for whatever reason) by the Borrower to make payment of any amount due under a Finance Document on the due date or, if
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 of an Event of Default or a Potential Event of Default and/or the acceleration of repayment
of the Loan under Clause J9j20 (Events of Default). and in rospoct of any tax (othor than tax on its overall not 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. 22.2 Breakage costsi Without limiting its generality, Clause 21.1 24i3Without limiting
its generality. Clause 22.1 (Indemnities regarding borrowing and repayment of Loan) covers anv claim, expense, liability or loss,
including a loss of a prospective profit, incurred by a Lender: (a) in liquidating or employing deposits from third parties acquired
or arranged to fund or maintain all or any part of its Contribution and/or any overdue amount (or an aggregate amount which includes
its Contribution or any overdue amount); and (b) in terminating, or otherwise in connection with, any interest and/or currency
swap or any other transaction entered into (whether with another legal entity or with another office or department of the Lender
concerned) to hedge any exposure arising under this Agreement or a number of transactions of which this Agreement is one. In the
circumstances referred to in paragraph (b) of Clause HA^dll.l (Indemnities regarding borrowing and repayment of Loan) such costs
shall include an amount equal to the Margin which would, but, for receipt or recovery of the relevant part of the Loan, have accrued
on the relevant part of the Loan, from the date of such receipt or recovery to the end of the then current Interest Period relating
thereto. 22.3 24riMiscellaneous 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; or  

 

     

     

    

 

 

(b)
any other Pertinent Matter, other than claims, expenses, liabilities and losses which are shown to have been directly and mainly
caused by the dishonesty, gross negligence or wilful misconduct of the officers or employees of the Creditor Party concerned.
Without prejudice to its generality, this Clause 24*3-22.3 (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 or any Environmental Law. 22.4 Currency indemnity 21i4Curroncy 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 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 24r422.4 (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 24*4-22.4
(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. 22.5 Certification of amounts
21.5Certification 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 24-22 (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. 22.6 Sums deemed due to a Lender. For tho purposes of this Clause 21 34*6For
the purposes of this Clause 22 (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. 22.7 Sanctions and regulatory indemnities The Borrower shall pay to
the Agent on demand, and the Borrower shall indemnify each Lender against, all costs, charges, expenses, claims, liabilities,
losses, duties and fees (including, but not limited to, legal fees and expenses on a full indemnity basis) and taxes  

 

     

     

    

 

 

thereon
suffered or incurred by a Lender (otherthan in each case by reason of a Lender's gross negligence, dishonesty or wilful misconduct):
(a) arising or asserted under or in connection with anv law relating to safety at sea, the ISM Code, anv Environmental Law or
anv Sanctions Law: or (b) as a result of anv claim, action, civil penalty or fine against, any settlement, and anv other kind
of loss or liability, and as a result of conduct of the Borrower or anv of their partners, directors, officers, employees or agents
that violates any Sanctions Laws. 2j| 22NO SET-OFF OR TAX DEDUCTION 23.1 33rlNo 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-Iax_deduction except a tax-Tax deduction which the Borrower is required by law to make. 22r2—Grossing-up for taxes.
If the Borrower is required by law to mako a fax doduction from any payment: {a) tho Borrower shall notify tho Agont as soon as
it becomes aware of tho requiromont; (b) tho Borrower shall pay tho tax deducted to tho appropriate taxation authority promptly,
and in any evont before any fine or penalty arises; and (e) tho amount duo in rospoct of tho payment shall bo increased by tho
amount necessary to ensure that oach Creditor Party rocoivos and retains (froo from any liability relating to tho tax doduction)
a net amount which, after tho tax deduction, is equal to tho full amount which it would otherwise have rocoivod. 22t3—Evidence
of payment of taxes. Within 1 month after making any tax deduction, the Borrower shall deliver to the Agent documentary evidence
satisfactory to the Agent that the tax had been paid to the appropriate taxation authority. 22A—Tax credits. If a Creditor
Party receives for its own account a repayment or credit in respect of tax on account of which the Borrower has made an increased
payment under Clause 22.2, it shall pay to the Borrower a sum equal to the proportion of the repayment or credit which it allocates
to the amount due from the Borrower in respect of which the Borrower made the increased payment: {a) a Creditor Party shall not
bo 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 shall oblige a Creditor Party to arrange its tax affairs in any particular manner, to claim any
typo of roliof, credit, allowance or doduction instead of, or in priority to, another or to make any such claim within any particular
timo; (e) nothing in this Clause 22.4 shall oblige a Creditor Party to mako a payment which would loovo it in a worso position
than it would have boon in if tho Borrower hod not boon required to mako a tax doduction from a payment; and (4) any allocation
or determination mado by a Creditor Party undor or in connection with this Clause 22.4 shall bo conclusive and binding on tho
Borrower. 

 

     

     

    

 

 

24
TAX GROSS UP AND INDEMNITIES 24.1 Definitions (a) In this Agreement: "Protected Party" means a Creditor Party which
is or will be subject to any liability, or required to make anv payment, for or on account of Tax in relation to a sum received
or receivable (or anv sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. "Tax Credit"
means a credit against relief or remission for, or repayment of anv Tax. 22.5Exclusion of tax on ovorall not income. In this Clause
22 "tax deduction" moans any "Tax Deduction" means a deduction or withholding for or on account of any present
or future tax oxcopt tax on a Creditor Party's ovorall not incomo.Tax from a payment under a Finance Document, other than a FATCA
Deduction. "Tax Payment" means either the increase in a payment made by the Borrower to a Creditor Party under Clause
24.2 (Tax aross-up) or a payment under Clause 24.3 (Tax indemnity). (a) Unless a contrary indication appears, in this Clause 24
(Tax Gross Up and Indemnities) reference to "determines" or "determined" means a determination made in the
absolute discretion of the person making the determination. 24.2 Tax eross-up (a) The Borrower shall make all payments to be made
by it without any Tax Deduction, unless a Tax Deduction is required by law. (b) The Borrower shall promptly upon becoming aware
that it must make a Tax Deduction (or that there is anv change in the rate or the basis of a Tax Deduction) notify the Agent accordingly.
Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives
such notification from a Lender it shall notify the Borrower. (c) If a Tax Deduction is required by law 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 Tax Deduction) leaves
an amount equal to the payment which would have been due if no Tax Deduction had been required. (d) If the Borrower is required
to make a Tax Deduction, the Borrower shall make that Tax Deduction and anv payment required in connection with that Tax Deduction
within the time allowed and in the minimum amount required bv law. (e) Within 30 days of making either a Tax Deduction or any
payment required in connection with that Tax Deduction, the Borrower making that Tax Deduction shall deliver to the Agent for
the Creditor Party entitled to the payment evidence reasonably satisfactory to that Creditor Party that the Tax Deduction has
been made or (as applicable) any appropriate payment paid to the relevant taxing authority. 24.3 Tax indemnity (a) The Borrower
shall (within three Business Days of demand bv the Agent) oav to a Protected Party an amount equal to the loss, liability or cost
which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax bv that Protected
Party in respect of a Finance Document. 

 

     

     

    

 

 

(b)
Paragraph (a) above shall not applv: Jjl with respect to anv Tax assessed on a Creditor Party: (A) under the law of the jurisdiction
in which that Creditor Party is incorporated or. if different, the jurisdiction (or jurisdictions) in which that Creditor Party
is treated as resident for tax purposes: or (B) under the law of the Jurisdiction in which that Creditor Party's Facility Office
is located in respect of amounts received or receivable in that Jurisdiction. if that Tax is imposed on or calculated bv reference
to the net income received or receivable (but not any sum deemed to be received or receivable) bv that Creditor Party: or (ii)
to the extent a loss, liability or cost: (A) is compensated for bv an increased payment under Clause 24.2 (Tax aross-up); or (B)
relates to a FATCA Deduction required to be made bv a Party. (c) A Protected Party making, or intending to make, a claim under
paragraph (a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which
the Agent shall notify the Borrower. (d) A Protected Party shall, on receiving a payment from the Borrower under this Clause 24.3
(Tax indemnity), notify the Agent. 24.4 Tax Credit If the Borrower makes a Tax Payment and the relevant Creditor Party determines
that: (a) a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to
a Tax Deduction in consequence of which that Tax Payment was received: and (b) that Creditor Party has obtained and utilised that
Tax Credit. the Creditor Party shall pay an amount to the Borrower which that Creditor Party determines will leave it (after that
payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made bv the Borrower.
24.5 Stamp taxes The Borrower shall pay and, within three Business Days of demand, indemnify each Creditor Party against any cost,
loss or liability which that Creditor Party incurs in relation to all stamp duty, registration and other similar Taxes payable
in respect of anv Finance Document. 24.6 VAT (a) All amounts expressed to be payable under a Finance Document bv anv Party to
a Creditor Party which (in whole or in part) constitute the consideration for anv supply for VAT purposes are deemed to be exclusive
of anv VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable
on anv supply made bv anv Creditor Party to anv Party under a Finance Document and such Creditor Party is required to account
to the relevant tax authority for the VAT, that Party must pay to such Creditor Party (in addition to and at the same time as
paving anv other consideration for such supply) 

 

     

     

    

 

 

an
amount equal to the amount of the VAT (and such Creditor Party must promptly provide an appropriate VAT invoice to that Party).
(b) If VAT is or becomes chargeable on any suppIv made bv anv Creditor Party (the "Supplier") to any other Creditor
Party (the "Recipient") under a Finance Document, and anv Party other than the Recipient (the "Relevant Party")
is required bv the terms of anv Finance Document to oav an amount equal to the consideration for that supply to the Supplier (rather
than being required to reimburse or indemnify the Recipient in respect of that consideration): HI (where the Supplier is the person
required to account to the relevant tax authority for the VAT) the Relevant Party must also pav to the Supplier (at the same time
as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this sub-paragraph (i) applies)
promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevanttax authority
which the Recipient reasonably determines relates to the VAT chargeable on that supply: and (ii) (where the Recipient is the person
required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient,
pay to the Recipient an amount eoual to the VAT chargeable on that supply but only to the extent that the Recipient reasonably
determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. (c) Where a
Finance Document requires anv Party to reimburse or indemnify a Creditor Party for any cost or expense, that Party shall reimburse
or indemnify fas the case may be) such Creditor Party for the full amount of such cost or expense, including such part of it as
represents VAT, save to the extent that such Creditor Party reasonably determines that it is entitled to credit or repayment in
respect of such VAT from the relevant tax authority. (d) Any reference in this Clause 24.6 (VAT) to anv Party shall, at anv time
when that Party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and
unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate)
receiving the supply, under the grouping rules (provided for in Article 11 of Council Directive 2006/112/EC (or as implemented
bv the relevant member state of the European Union) so that a reference to a Party shall be construed as a reference to that Party
or the relevant group or unity (or fiscal unity) of which that Party is a member for VAT purposes at the relevant time or the
relevant representative member (or representative or head) of that group or unity at the relevant time (as the case may be). (e)
In relation to any supply made by a Creditor Party to any Party under a Finance Document, if reasonably requested by such Creditor
Party, that Party must promptly provide such Creditor Party with details of that Party's VAT registration and such other information
as is reasonably requested in connection with such Creditor Party's VAT reporting requirements in relation to such supply. 24.7
FATCA Information (a) Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another
Party: HI confirm to that other Party whether it is: (A) a FATCA Exempt Party: or (B) not a FATCA Exempt Party: and  

 

     

     

    

 

 

(ii)
supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party
reasonably requests for the purposes of that other Party's compliance with FATCA: and (iii) supply to that other Party such forms,
documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other
Party's compliance with anv other law, regulation, or exchange of information regime. fb) If a Party confirms to another Party
pursuant to sub-paragraph (i) of paragraph (a) above that it is a FATCA Exempt Party and it subsequently becomes aware that it
is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. (c) Paragraph
(a) above shall not oblige any Creditor Party to do anything and sub-paragraph (iii) of paragraph (a) above shall not oblige any
other Party to do anything which would or might in its reasonable opinion constitute a breach of: Jjl any law or regulation: (ii)
any fiduciary dutv: or (iii) any duty of confidentiality. (d) If a Party fails to confirm whether or not it is a FATCA Exempt
Party or to supply forms- documentation or other information requested in accordance with sub-paragraphs (i) or (ii) of paragraph
(a) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the
purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party
in question provides the requested confirmation, forms, documentation or other information. 24.8 FATCA Deduction (a) Each Party
mav make any FATCA Deduction it is required to make bv FATCA. and anv payment required in connection with that FATCA Deduction,
and no Party shall be required to increase anv payment in respect of which it makes such a FATCA Deduction or otherwise compensate
the recipient of the payment for that FATCA Deduction. (b) Each Party shall promptly, upon becoming aware that it must make a
FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is
making the payment and, in addition, shall notify each Obligor and the Agent and the Agent shall notify the other Creditor Parties.
25 381 (.LEGALITY, ETC 25.1 Illegality 23,Illegality. This Clause 33-25 I 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 Laws. for the Notifying Lender to maintain or give effect to any of its
obligations under this Agreement in the manner contemplated by this Agreement.  

 

     

     

    

 

 

25.2
23.2 Notification of illegality* The Agent shall promptly notify the Borrower, the Security Parties, the Security Trustee and
the other Lenders of the notice under Clause HtJ-25.1 {Illegality) which the Agent receives from the Notifying Lender. 25.3 23i3Prepayment;
termination of Commitment. On tho Agont notifying tho Borrowor under Clause 23.2, tho Notifying Lender's Commitment shall terminate;
and thereupon or, if later, -on the dato spocifiod in tho Notifying Lender's notice under Clause 23.1 as the date on which tho
notified event would become effective tho Borrowor shall propay the Notifying Lender's Contribution in accordance with Clause
8: On the Agent notifying the Borrower under Clause 25.2 (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 25.1 (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. 25.4 Mitigation 23.4Mitigation. If circumstances arise which would result in a notification under Clause 33ri 25.1
(Illegality) then, without in any way limiting the rights of the Notifying Lender under Clause 23t325.3 (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 (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. 2§ 24INCREASED COSTS 26.1 Increased costs. This Clause 24 24r3rThis Clause 26 (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); or (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 Agreement7; (c) the implementation, application of or compliance with Basel III or CRD IV or
any law or regulation that implements or applies Basel III or CRD IV. the Notifying Lender (or a parent company of it) has incurred
or will incur an "increased cost".

 

     

     

    

 

 

 26.2
24.2 Moaning of "increased cost". In this Clause 21, "incroasod cost" moans, in relation to a Notifying Londor:26
(increased Costs): (a) "increased cost" means.: HI a reduction in the rate of return from the Loan or on a Creditor
Party's (or its Affiliate's) overall capital: ^a) an additional or incroasod cost incurred as a result of, or in connection with,
tho Notifying Lender having ontorod into, or boing a party to, this Agroomont or a Transfer Cortificoto, of funding or maintaining
its Commitment or Contribution or performing its obligations undor this Agroomont, or of having outstanding all or any part of
its Contribution or othor unpaid sums; (te) a reduction in the amount of any payment to the Notifying Lender undor this Agroomont
or in tho effective return which such a payment represents to the Notifying Lender or on its capital; (ii) {e}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
tho Notifying Lender's Contribution or (as tho case may require) tho proportion of that cost attributable to tho Contribution:
or: or (iii) a reduction of any amount due and payable under any Finance Document. 4^) a liability to make o payment, or a return
foregone, which is calculated by roforonco to any amounts rocoivod or rocoivablo by tho Notifying Lender undor this Agreement;
but not an itom attributable to a change in the rate of tax on tho ovorall not income of the Notifying Lender (or a parent company
of it) or an item covered by tho indemnity for tax in Clause 21.1 or bv Clause 22 or an itom arising diroctlv out of tho implementation
or which is incurred or suffered bv a Creditor Party or anv of its Affiliates to the extent that it is attributable to that Creditor
Party having entered into its Commitment or funding application of or complianco with tho "International Convergence of Capital
Measurement and Capital Standards, a Revised Framework" published by tho Basel Committee on Banking Supervision in Juno 2004,
in tho form existing on the date of this Agroomont ("Basel II") or any othor law or regulation which implements Basel
II (whether such implementation, application or complianco is by a government, regulator, Creditor Party or any of its affiliatos.oLPerforming
its obligations under any Finance Document. For the purposes of this Clause 24.2 26.2 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. M "Basel III" means: H! the agreements on capital requirements, a leverage ratio and liquidity
standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems". "Basel
III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities
operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision in December 2010. each
as amended, supplemented or restated; (ii) the rules for global systemicallv important banks contained in "Global svstemicallv
important banks: assessment methodology and the additional loss absorbencv requirement - Rules text" published by the Basel
Committee on Banking Supervision in November 2011. as amended, supplemented or restated: and 

 

     

     

    

 

 

(iii)
any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel IN". (cj
"CRD IV" means: HI Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012: (ii) Directive 2013/36/EU
of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential
supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and
2006/49/EC: and (iii) anv other law or regulation which implements Basel III. 26.3 24i3Notification 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 34t3:26.1 {Increased costs). 26.4 Payment of increased costs* 24*4The 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. 26.5 Notice
of prepayment 21>5Notico of propaymonti If the Borrower is not willing to continue to compensate the Notifying Lender for the
increased cost under Clause 34t426.4 {Payment of increased costs), the Borrower may give the Agent not less than 14 days' notice
of its intention to prepay the Notifying Lender's Contribution at the end of an Interest Period. 26.6 Prepayment; termination
of Commitment. A notice under Clause 24.5 24.6A notice under Clause 26.5 {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 Margin. 26.7 Exceptions Clause 26.1 {Increased costs) does not apply
to the extent any Increased Cost is: (a) attributable to a Tax Deduction required by law to be made by the Borrower: (b) attributable
to a FATCA Deduction required to be made bv a Partv: (c) compensated for bv Clause 24.3 {Tax indemnity) (or would have been compensated
for under Clause 24.3 {Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause
24.3 (Tax indemnity) applied).

 

     

     

    

 

 

26.8
24.7 Application of prepayment. Clause 8 (Repayment and Prepayment) shall apply in relation to the prepayment. 21 3SSET-OFF 27.1
3SrlApplication of credit balances* At any time after the occurrence of an Event of Default which is continuing, each Creditor
Party may 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; and (iii) enter into any other transaction or make any entry with regard to the credit balance
which the Creditor Party concerned considers appropriate. 27.2 Existing rights unaffected* No Creditor Party shall bo obliged
to exorcise any of its rights under Clause 25.1 25t2No Creditor Party shall be obliged to exercise anv of its rights under Clause
27.1 (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). 27.3 Sums deemed due to a Lender 25i8Sums doomed duo to a Lender. For the purposes of this Clause 2527 (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. 27.4 No Security Interest. This Clause 25 3S*4This Clause 27 (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. 28 36TRANSFERS AND CHANGES IN LENDING OFFICES 28.1 26rlTransfer by Borrower* The Borrower
may not transfer any of its rights, liabilities or obligations under any Finance Document. 28.2 Transfer bv a Lender 26.2Transfor
by a Lender. Subject to Clause 2€r428.4 (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) or without the consent of the Borrower if an Event of Default or a Potential Event
of Default has occurred and is continuing, cause: (a) its rights in respect of all or part of its Contribution; or (b) its obligations
in respect of all or part of its Commitment; or (c) a combination of (a) and (b), to be (in the case of its rights) transferred
to, or (in the case of its obligations) assumed by, another bank or financial institution or a trust; fund or the entity which
is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial
assets (a "Transferee Lender") by delivering to the Agent a completed certificate in the form set out in Schedule 4
(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 cause such transfer without needing the consent
of the Borrower or any Security Party if an Event of Default has occurred and is continuing or if the Transferee Lender is: (d)
{a}another branch of the Transferor Lender; (e) (b}a direct or indirect subsidiary or affiliate Subsidiary or Affiliate of the
Transferor Lender; £Q {e)a company of which the Transferor Lender is a subsidiarySubsidiary; or (g) {d)a company which is
under the same control as the Lender. 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 Agreement. 28.3 24»3Transfer
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; (b) on behalf of the
Transferee Lender, send to the Borrower letters or faxes notifying them of the Transfer Certificate and attaching a copy of it;
(c) send to the Transferee Lender copies of the letters or faxes sent under paragraph (b) above, but the Agent shall only be obliged
to execute a Transfer Certificate delivered to it by the Transferor Lender and the Transferee Lender once it is satisfied it has
complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in
relation to the transfer to that Transferee Lender. 28.4 26.4Effective 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 27.3 (Sums deemed due to a Lender) on or before that date.  

 

     

     

    

 

 

28.5
No transfer without Transfer Certificate* 3€t6No 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. 28.6 Lender re-organisation; waiver of Transfer Certificate*
36»6However, 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. 28.7 26*7Effect of Transfer Certificate* A Transfer Certificate takes effect in accordance with English law as follows:
(a) to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent) which the Transferor
Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender absolutely, free of any defects in
the Transferor Lender's title and of any rights or equities which the Borrower or any Security Party had against the Transferor
Lender; (b) the Transferor Lender's Commitment is discharged to the extent specified in the Transfer Certificate; (c) the Transferee
Lender becomes a Lender with the Contribution previously held by the Transferor Lender and a Commitment of an amount specified
in the Transfer Certificate; (d) the Transferee Lender becomes bound by all the provisions of the Finance Documents which are
applicable to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and
the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those
provisions (other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them; (e) any part
of the Loan which the Transferee Lender advances after the Transfer Certificate's effective date ranks in point of priority and
security in the same way as it would have ranked had it been advanced by the transferor, assuming that any defects in the transferor's
title and any rights or equities of the Borrower or any Security Party against the Transferor Lender had not existed; (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
2921 (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.  

 

     

     

    

 

 

28.8
Maintonanco of rogistor 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 2&A28A (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. 28.9 Reliance on register
of Lenders 26.9Reliance 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. 28.10 26*10Authorisation of Agent to sign Transfer Certificates* The Borrower, the Security Trustee
and each Lender irrevocably authorise the Agent to sign Transfer Certificates on its behalf. 28.11 24riiRegistration fee* In respect
of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $3,000 from the Transferee Lender. 28.12
24*3r2Sub-participation; subrogation assignment* A Lender may sub-participate all or any part of its rights and/or obligations
under or in connection with the Finance Documents without the consent of, or any notice to, the Borrower, any Security Party,
the Agent or the Security Trustee; and the Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent
and the Security Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them. 28.13 Disclosure
of information 26.1iDisclosure of information. A Lender may with the consent of the Borrower (such consent not to be unreasonably
withheld or delayed) disclose to a potential Transferee Lender or sub-participant any information which the 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 of a confidential nature. 28.14 24r44Change 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. 28.15 Notification
26.15Notification. On receiving such a notice, the Agent shall notify the Borrower and the Security Trustee; and, until the Agent
receives such a notice, it shall be entitled to assume that a Lender is acting through the lending office of which the Agent last
had notice. 

 

     

     

    

 

 

28.16
Replacement of Reference Bank 26il6Roplacomont of Roforonco 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. 28.17 34r4r?Tax indemnity, tax gross-up and increased
costs on assignment, transfer and change of lending officer-4fe Ji (a) the Lender assigns or transfers any rights or obligations
under the Finance Documents pursuant to Clause 3&2-28.2 (Transfer bv a Lender) or changes its lending office; and (b) as a
result of circumstances existing at the date of 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 34^22.1 (Indemnities regarding borrowing
and repayment of Loan) in respect of any tax, Clause 22 or 2423 (No Set-Off or Tax Deduction) or 25 (llleaglitv. etc). 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. 28.18 Security over Lenders' rights In addition to the other rights provided to Lenders under
this Clause 28 (Trgnsfers gnd Chgnqes in Lending Offices), each Lender may without consulting with or obtaining consent from the
Borrower, at anv time charge, assign or otherwise create a Security Interest in or over (whether bv wav of collateral or otherwise)
all or anv of its rights under anv 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, bv that Lender as security for those obligations or securities. except
that no such charge, assignment or Security Interest shall: £U 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 require any payments to be made by the Borrower other than or in excess of. or grant to any person
any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.  

 

     

     

    

 

 

29
27VARIATIONS AND WAIVERS 29.1 Variations, waivers etc. by Majority Lenders* Subject to Clause 27.2 37rtSubiect to Clause 29.2
(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. 29.2 Variations, waivers etc. requiring agreement of all Lenders,—However, as regards
tho following, Clause 27.1 37r3However. as regards the following. Clause 29.1 (Variations, waivers etc. bv 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 change in the Margin or in the definition of LIBOR; (b) a change to the date for, the amount of, any
payment of principal, interest, fees, or other sum payable under this Agreement; (c) a change to any Lender's Commitment; (d)
an extension of Availability Period; (e) a change to the definition of "Majority Lenders" or "Finance Documents";
(f) a change to the preamble or to Clause 2i-3^4 {Facility). 3 (Position of the Lenders). 4 (Drawdown). 5.1.17.18 or 30 (Payment
of normal interest). 18 (Application of Receipts). 19 (Application of Earnings) or 35 (Law and Jurisdiction): (g) a change to
this Clause 22*29 (Variations and Waivers): (h) any release of, or material variation to, a Security Interest, guarantee, indemnity
or subordination arrangement set out in a Finance Document; and (i) any other change or matter as regards which this Agreement
or another Finance Document expressly provides that each Lender's consent is required. 29.3 Exclusion of other or implied variations
27i3Exclusion of other or implied variations! Except for a document which satisfies the requirements of Clauses 27.1 and 27.229.1
{Variations, waivers etc. bv Majority Lenders) and 29.2 (Variations, waivers etc. reguirinq gqreement of oil Lenders), no document,
and no act, course of conduct, failure or neglect to act, delay or acquiescence on the part of the Creditor Parties or any of
them (or any person acting on behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting
on behalf of any of them) being taken to have varied, waived, suspended or limited, or being precluded (permanently or temporarily)
from enforcing, relying on or exercising: (a) a provision of this Agreement or another Finance Document; or (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. 29.4 Replacement of Screen Rate If the Screen Rate is not available for dollars, any amendment or waiver which relates to
providing for another benchmark rate to apply in relation to dollars, in place of that Screen Rate (or which relates to aligning
anv provision of a Finance Document to the use of that benchmark rate) may be made with the consent of the Maioritv Lenders and
the Borrower. 30 BAIL-iN Notwithstanding any other term of anv Finance Document or anv other agreement, arrangement or understanding
between the parties to a Finance Document, each Party acknowledges and accepts that any liability of anv party to a Finance Document
under or in connection with the Finance Documents mav be subject to Bail-In Action by the relevant Resolution Authority and acknowledges
and accepts to be bound bv the effect of: (a) any Bail-In Action in relation to any such liability, including (without limitation):
|j] a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest)
in respect of any such liability; (ii) a conversion of all, or part of. anv such liability into shares or other instruments of
ownership that may be issued to, or conferred on, it; and (iii) a cancellation of anv such liability: and (b) a variation of any
term of anv Finance Document to the extent necessary to give effect to anv Bail-In Action in relation to anv such liability. 31
38NOTICES 31.1 28.1 Communications in writing* Any communication to be made under or in connection with the Finance Documents
shall be made in writing and, unless otherwise stated, may be made by fax or letter. 31.2 Addresses 28i2Addressesi The address
and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each party to this
Agreement for any communication or document to be made or delivered under or in connection with the Finance Documents is: (a)
in the case of the Borrower, that identified with its name below; (b) in the case of each Lender or any Security Party, that notified
in writing to the Agent on or prior to the date on which it becomes a party to this Agreement; (c) in the case of the Agentr or
the Security Trustee or tho Load Arranger that identified with its name below, 

 

     

     

    

 

 

or
any substitute address or fax number or department or officer as the party to this Agreement may notify to the Agent (or the Agent
may notify to the parties to this Agreement, if a change is made by the Agent) by not less than five Business Days' notice: to
the Borrower: c/o Euronav NVDe Gerlachekaai 20 2000 Antwerp Fax No: +32 3 247 4409 to the Lender: At the address below its name
in Schedule 1 or (as the case may require) in the relevant Transfer Certificate to the Agent Merchant & Private Banking g
Aldormanbury Square London E€3V- 744R Fef L-eafi Administration Matters Attention: Simon Cornick/Karon Jeffries Fax No: -Ml
3206 8101/1A<\ 3296 8810 4 Fortis Bank S.A./N.V., UK Branch F©f N©h L-eati Administration Matters Attention: Syndicated
Loans Agency Fax No:-Ml (0)20 3296 8156 to tho JLSecurity TrusteeFortis Bank S.A./N.V., UK Branch: BNP Paribas-TGMO 16 rue de
Hanovre 75002 Paris Cedex 2 Code ACI: CAT04B1 Attention: TGMO Emaiktgmo.shippingObnpparibas.com Fax No: +33 1 42 98 43 55 or Load
Arranger: Merchant & Private Banking g Aldormanbury Square London E€2V 744R Attention: Syndicated Loans Agency Fax No:
Ml 3296 8156 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 and the Security Parties. 31.3 28.3Delivery. (a) Any communication or document made
or delivered by one person to another under or in connection with the Finance Documents will only be effective: (i) if by way
of fax, when received in legible form; or (ii) if by way of letter, when it has been left at the relevant address or five Business
Days after being deposited in the post postage prepaid in an envelope addressed to it at that address;  

 

     

     

    

 

 

and,
if a particular department or officer is specified as part of its address details provided under Clause 2&3r2UL[Addresses),
if addressed to that department or officer. (b) Any communication or document to be made or delivered to the Agent will be effective
only when actually received by the Agent and then only if it is expressly marked for the attention of the department or officer
identified with the Agent's signature below (or any substitute department or officer as the Agent shall specify for this purpose).
(c) All notices from or to the Borrower or a Security Party shall be sent through the Agent. (d) Any communication or document
made or delivered to the Borrower in accordance with this Clause will be deemed to have been made or delivered to each Security
Party. 31.4 28r4Notification of address and fax number* Promptly upon rocoipt of notification of an address or fax number or change
of address or fax numbor pursuant to Clause 28.2 (Addresses) or changing its own address or fax number, tho Agont shall notify
tho othor parties to this Agreement. Promptly upon receipt of notification of an address or fax number or change of address or
fax number pursuant to Clause 31.2 (Addresses) or changing its own address or fax number, the Agent shall notify the other parties
to this Agreement. 31.5 28rJ»Electronic communication. (a) Any communication to be made between the Agent and a Lender under
or in connection with the Finance Documents may be made by electronic mail or other electronic means, if the Agent and the relevant
Lender: (i) agree that, unless and until notified to the contrary, this is to be an accepted form of communication; (ii) notify
each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt
of information by that means; and (iii) notify each other of any change to their address or any other such information supplied
by them. (b) Any electronic communication made between the Agent and a Lender will be effective only when actually received in
readable form and in the case of any electronic communication made by a Lender to the Agent only if it is addressed in such a
manner as the Agent shall specify for this purpose. 31.6 28.6 English language. (a) Any notice given under or in connection with
any Finance Document must be in English. (b) All other documents provided under or in connection with any Finance Document must
be: (i) in English; or (ii) if not in English, and if so required by the Agent, accompanied by a certified English translation
and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document. 

 

     

     

    

 

 

32.1
Confidentiality Each Creditor Party agrees to keep all Confidential Information confidential and not to disclose it to anyone,
save to the extent permitted bv Clause 32.2 (Disclosure of Confidential Information) and Clause 32.3 (Disclosure to numbering
service providers) and to ensure that all Confidential Information is protected with security measures and a degree of care that
would apply to its own confidential information. 32.2 Disclosure of Confidential Information Any Creditor Party may disclose:
fa) to any of its Affiliates and Related Funds and any of its or their officers, directors, employees-professional advisers, auditors,
partners and Representatives such Confidential Information as that Creditor Party shall consider appropriate if anv person to
whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature
and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement
to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is
otherwise bound by requirements of confidentiality in relation to the Confidential Information: (b) to anv person: Hi to (or through)
whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or
more Finance Documents or which succeeds for which may potentially succeed) it as Agent or Security Trustee and, in each case,
to anv of that person's Affiliates, Related Funds. Representatives and professional advisers; (ii) with (or through) whom it enters
into (or may potentially enter into), whether directly or indirectly, any sub-participation or risk participation in relation
to. or anv other transaction under which payments are to be made or may be made bv reference to. one or more Finance Documents
and/or the Borrower and to anv of that person's Affiliates, Related Funds. Representatives and professional advisers: (iii) appointed
by any Creditor Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b) above applies to receive communications,
notices, information or documents delivered pursuant to the Finance Documents on its behalf; (iv) who invests in or otherwise
finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in sub-paragraph
(i) or (ii) of paragraph (b) above; (v) to whom information is required or requested to be disclosed by any court of competent
jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation: (vi) to whom information is required to be disclosed in connection with,
and for the purposes of. anv litigation, arbitrations, administrative or other investigations. proceedings or disputes: (vii)
to whom or for whose benefit that Creditor Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause
28.18 (Security over Lenders' rights): 

 

     

     

    

 

 

(viii)
who is a Party, a member of the Group or any related entity of the Borrower: (ix) as a result of the registration of any Finance
Document as contemplated bv anv Finance Document or anv legal opinion obtained in connection with anv Finance Document: or (x)
with the consent of the Borrower: in each case, such Confidential Information as that Creditor Party shall consider appropriate
It (A) in relation to sub-paragraphs (i). (ii) and (iii) of paragraph (b) above, the 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; (B) in relation to sub-paragraph (iv) of paragraph (b) above, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality
in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may
be price-sensitive information: (C) in relation to sub-paragraphs (v). (vi) and (vii) of paragraph (b) above, the person to whom
the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
mav be price-sensitive information except that there shall be no requirement to so inform if. in the opinion of that Creditor
Party, it is not practicable so to do in the circumstances: (c) to anv person appointed bv that Creditor Party or bv a person
to whom sub-paragraph (i) or (ii) of paragraph (b) above applies to provide administration or settlement services in respect of
one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of
the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide
any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given
has entered in to a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use
With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrower
and the relevant Creditor Party; (d) to any rating agency (including its professional advisers) such Confidential Information
as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance
Documents and/or the Borrower. 32.3 Disclosure to numbering service providers (a) Anv Creditor Party may disclose to any national
or international numbering service provider appointed bvthat Creditor Party to provide identification numbering services in respect
of this Agreement, the Loan and/or the Borrower the following information: HI name of the Borrower: (ii) country of domicile of
the Borrower; (iii) place of incorporation of the Borrower: 

 

     

     

    

 

 

(v)
Clause 35 (Law and Jurisdiction): (vi) the name of the Agent: (vii) date of each amendment and restatement of this Agreement:
(viii) amount of Total Commitments: (ix) currency of the Loan; (x) type of Loan; (xi) ranking of Loan; (xii) Maturity Date for
Loan: (xiii) changes to any of the information previously supplied pursuant to sub-paragraphs (i) to (xii) above: and (xiv) such
other information agreed between such Creditor Party and the Borrower, to enable such numbering service provider to provide its
usual syndicated loan numbering identification services. (b) The Parties acknowledge and agree that each identification number
assigned to this Agreement, the Loan and/or the Borrower by a numbering service provider and the information associated with each
such number mav be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service
provider. (c) The Borrower represents that none of the information set out in sub-paragraphs (i) to (xiv) of paragraph (a) above
is, nor will at any time be. unpublished price-sensitive information. 32.4 Entire agreement This Clause 32 (Confidential Information)
constitutes the entire agreement between the Parties in relation to the obligations of the Creditor Parties under the Finance
Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential
Information. 32.5 Inside information Each of the Creditor Parties acknowledges that some or all of the Confidential Information
is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation
including securities law relating to insider dealing and market abuse and each of the Creditor Parties undertakes not to use any
Confidential Information for any unlawful purpose. 32.6 Notification of disclosure Each of the Creditor Parties agrees (to the
extent permitted by law and regulation) to inform the Borrower: (a) of the circumstances of anv disclosure of Confidential Information
made pursuant to subparagraph (v) of paragraph (b) of Clause 32.2 (Disclosure of Confidential Information) except where such disclosure
is made to anv of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function:
and  

 

     

     

    

 

 

(b)
upon becoming aware that Confidential Information has been disclosed in breach of this Clause 32 (Confidential Information). 32.7
Continuing obligations The obligations in this Clause 32 (Confidential Information) are continuing and, in particular-shall survive
and remain binding on each Creditor Party for a period of 12 months from the earlier of: (a) the date on which all amounts payable
by the Borrower under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise
cease to be available: and (b) the date on which such Creditor Party otherwise ceases to be a Creditor Party. 12 CONFIDENTIALITY
OF FUNDING RATES AND REFERENCE BANK QUOTATIONS 33.1 Confidentiality and disclosure (a) The Agent and the Borrower agree to keep
each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone,
save to the extent permitted by paragraphs (i). (j) and (k) below. (b) The Agent may disclose: ill any Funding Rate (but not,
for the avoidance of doubt, any Reference Bank Quotation) to the Borrower pursuant to Clause 5.4 (Notification of Interest Periods
and rates of normal interest): and (ii) anv Funding Rate or anv Reference Bank Quotation to anv person appointed by it to provide
administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider
to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement
substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers
or such other form of confidentiality undertaking agreed between the Facility Agent and the relevant Lender or Reference Bank,
as the case may be. (c) The Agent may disclose any Funding Rate or any Reference Bank Quotation, and the Borrower may disclose
anv Funding Rate, to: HI anv of its Affiliates and any of its or their officers, directors, employees, professional advisers,
auditors, partners and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant
to this sub-paragraph (i) is informed in writing of its confidential nature and that it may be price sensitive information except
that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality
of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it: (ii)
anv person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental,
banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to anv applicable
law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of
its confidential nature and that it mav be price sensitive information except that there shall be no requirement to so inform
if. in the opinion of the Facility Agent or the relevant Obligor, as the case mav be. it is not practicable to do so in the circumstances:

 

     

     

    

 

 

(iii)
any person to whom information is required to be disclosed in connection with, and for the purposes of. any litigation, arbitration,
administrative or other investigations. proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation
is to be given is informed in writing of its confidential nature and that it mav be price sensitive information except that there
shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it
is not practicable to do so in the circumstances: and (iv) any person with the consent of the relevant Lender or Reference Bank,
as the case may be. (d) The Agent's obligations in this Clause 33 (Confidentiality of Funding Rates and Reference Bank Quotations)
relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause 5.4 (Notification
of Interest Periods and rates of normal interest) provided that (other than pursuant to sub-paragraph (i) of paragraph (i) above)
the Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification. 33.2 Related
obligations (a) The Agent and the Borrower acknowledge that each Funding Rate (and, in the case of the Agent, each Reference Bank
Quotation) is or may be price sensitive information and that its use may be regulated or prohibited by applicable legislation
including securities law relating to insider dealing and market abuse and the Agent and the Borrower undertake not to use any
Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful purpose. (b) The Agent and the Borrower
agree (to the extent permitted by law and regulation) to inform the relevant Lender or Reference Bank, as the case mav be: JjI
of the circumstances of anv disclosure made pursuant to sub-paragraph (ii) of paragraph (j) of Clause 33.1 (Confidentiality and
disclosure) except where such disclosure is made to anv of the persons referred to in that paragraph during the ordinary course
of its supervisory or regulatory function: and (ii) upon becoming aware that anv information has been disclosed in breach of this
Clause 33 (Confidentiality of Funding Rates and Reference Bank Quotations). 33.3 No Event of Default No Event of Default will
occur under paragraph (c) of Clause 20.1 (Events of Default) by reason only of the Borrower's failure to comply with this Clause
33 (Confidentiality of Funding Rotes and Reference Bank Quotations). M ^SUPPLEMENTAL 34.1 29.1Rights 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.  

 

     

     

    

 

 

34.2
23*2Severability 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. 34.3 Counterparts* 24rr3A Finance Document may be executed in any number of counterparts. 34.4
29r4Third 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. 35 30LAW AND JURISDICTION 35.1 SOriEnglish law* This
Agreement shall be governed by, and construed in accordance with, English law. 35.2 Exclusive English jurisdiction! Subject to
Clause 30.3 aOrgSubject to Clause 35.3 (Choice of forum for the exclusive benefit of the Creditor Parties}. the courts of England
shall have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Agreement. 35.3 Choice
of forum for the exclusive benefit of the Creditor Parties* Clause 30.2 3Q*3Clause 35.2 (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
matter which arises out of or in connection with this Agreement in the courts of any country other than England and which have
or claim jurisdiction to that matter; and (b) to commence such proceedings in the courts of any such country or countries concurrently
with or in addition to proceedings in England or without commencing proceedings in England. 35.4 Process agent 30.4Process agent.
The Borrower irrevocably appoints Unisoa Maritime Ltd Euronav (UK) Agencies Limited at its registered office for the time being,
presently at 14 Headfort PlaceSS King's Road, London SW1 7DM, SW3 4PA. England, to act as its agent to receive and accept on its
behalf any process or other document relating to any proceedings in the English courts which are connected with this Agreement.
35.5 Creditor Party rights unaffected* Nothing in this Clause 30 30*&Nothing in this Clause 35 (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. 35.6 Meaning of "proceedings"* In this Clause 30 30*61 n this
Clause 35 (Law and Jurisdiction), "proceedings" means proceedings of any kind, including an application for a provisional
or protective measure. 

 

     

     

    

 

 

THIS
AGREEMENT This Agreement has been entered into on the date stated at the beginning of this Agreement. 

 

     

     

    

 

 

SCHEDULE
1 SCHEDULE 1 LENDERS AND COMMITMENTS Lender Lending Office Commitment (US Dollars) FORTIS BANK S.A./N.V., UK S Aldormanburv33.750.000
S 28.150.000 BRAN€HBNP Paribas ' SquaroLondon EC2V7HR16* rue de Hanovre. 75078
Paris Cedex 02. France Fax no.: +33 (0)1 42 98 43 55 Department/Officer: Transportation Group Middle Office - Shipping & offshore
Shipping Finance. ACI: CAT04B1 DEUTSCHE SCHIFFSBANK Domshof47- 33,750,000 AKTIENGESELLSCHAFT 28105 Bnmon Germany  

 

     

     

    

 

 

SCHEDULE
2 SCHEDULE 2 DRAWDOWN NOTICE Tes Fortis Bank SA/N.V., UK Branch Iqi BNP PARIBAS acting
through its office at 5 Aldormanburv SauaroLondon EC2V 7HR16, rue de Hanovre 75078 Paris Cedex02 France Attention: [Loans Administration]
[•]2008 DRAWDOWN NOTICE 1 We refer to the loan agreement (the "Loan Agreement") dated ff-29 August 2008 las amended
and restated on f 1 March 2017) and made between ourselves, as Borrower, the Lenders referred to therein, and yourselves as Load
Arranger, Agent and as Security Trustee in connection with a facility of up to US$67,500,000. Terms defined in the Loan Agreement
have their defined meanings when used in this Drawdown Notice. 2 We request to borrow as follows: (a) Amount: US$[»]; (b)
Advance as specified in Clause 2.1 {Amount of facility) [first, second, third, etcj; (c) Drawdown Date: [•]; (d) Duration
of the first Interest Period shall be [•] months; and (e) Payment instructions: account of [•] and numbered [•]
with [•] of [•]. 3 We represent and warrant that: (a) the representations and warranties in Clause clause 10 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; and (b) no Event of Default or Potential Event of Default has occurred or will result from the borrowing of the
Loan. 4 This notice cannot be revoked without the prior consent of the Majority Lenders. 5 We authorise you to deduct the arrangement
fee referred to in Clause 20-21 {Fees and expenses) from the amount of the Advance. [Name of Signatory]  

 

     

     

    

 

 

Director
for and on behalf of EURONAV NV 

 

     

     

    

 

 

LARVOTTO
SHIPHOLDING LIMITED SCHEDULE 3 SCHEDULE 3CONDITION PRECEDENT DOCUMENTS PART A PART A The following are the documents referred
to in paragraph (a) of Clause 9.1la {Documents, fees and no default) before the service of the first Drawdown Notice. 1 A duly
executed original of this Agreement, the Supplemental Letter, the Agency and Trust Agreement, the Negative Pledge, each Guarantee,
the Counter Guarantee and the Account Security Deed. 2 Copies of the certificate of incorporation and constitutional documents
of the Borrower, each Guarantor, the Counter Guarantor and each Shareholder (and in relation to the Borrower a copy of the shareholders
agreement or joint venture agreement entered into by its shareholders). 3 Copies of resolutions of directors of the Borrower,
each Guarantor (except for Guarantor B), the Counter Guarantor and each Shareholder and copies of resolutions of the shareholders
of the Borrower and the Counter Guarantor authorising the execution of each of the Finance Documents to which the Borrower, that
Guarantor, the Counter Guarantor or that Shareholder is a party and, in the case of the Borrower, authorising named officers to
give the Drawdown Notices and other notices underthis Agreement and ratifying the execution of the Shipbuilding Contract and the
Supervision Agreement. 4 The original of any power of attorney under which any Finance Document is executed on behalf of the Borrower,
a Guarantor, the Counter Guarantor or the Shareholder. 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 the Shipbuilding Contract or the Supervision Agreement. 6 The
originals of any mandates or other documents required in connection with the opening or operation of the Earnings Account. 7 Documentary
evidence that the agent for service of process named in Clause 36-31 (Notices) has accepted its appointment. 8 Favourable legal
opinions from lawyers appointed by the Lender on such matters concerning the laws of Hong Kong, Belgium, Panama, Bermuda and such
other relevant jurisdictions as the Lender may require. 

 

     

     

    

 

 

PART
B

 

     

     

    

 

 

PART
B The following are the documents referred to in paragraph (b) of Clause 9.1(fe (Documents, fees and no default) required before
the drawdown of an Advance (other than the final Advance): 1 Evidence that the relevant pre-delivery instalment of the Contract
Price payable under the Shipbuilding Contract has fallen due for payment and that such part of such instalment not being met out
of the proceeds of an Advance has been paid or shall be paid by the Borrower simultaneously with the making of such Advance. 2
A duly executed original of the Predelivery Security Assignment (and of each document required to be delivered thereunder). 3
A certified copy of the Shipbuilding Contract and Supervision Agreement and a certified copy of the Refund Guarantee. 4 Such documentary
evidence as the Lender and its legal advisers may require in relation to the due authorisation and execution by the Builder of
the Shipbuilding Contract, by the Supervisor of the Supervision Agreement and by the Refund Guarantor of the Refund Guarantee.
5 Favourable legal opinions from lawyers appointed by the Lender on such matters concerning the laws of Korea and such other relevant
jurisdictions as the Lender may require. 

 

     

     

    

 

 

PART
C 

 

     

     

    

 

 

PART
C The following are the documents referred to in paragraph (c) of Clause 9.1{€ [Documents, fees and no default) required
before the Drawdown of the final Advance. 1 A duly executed original of the Mortgage, of the Charter Assignment (if any) and of
the General Assignment (and of each document to be delivered by each of them). 2 Documentary evidence that: (a) the Ship has been
unconditionally delivered by the Builder to, and accepted by, the Borrower under the Shipbuilding Contract, and the full purchase
price payable under the Shipbuilding Contract (in addition to the part to be financed by the Loan) has been duly paid; (b) the
Ship is definitively and permanently registered in the name of the Borrower under the relevant Approved Flag at its relevant port
of registry; (c) the Ship is in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance Documents;
(d) the Ship maintains the class (namely A1(E), "Oil Carrier ESP", AMS, ACCU, SPM, VEC(-L), CSR, Safeship-CM, RES, ES,
TEM, Green Passport, POT, UWILD (sea chest blanking devices shall not be provided), CPS with American Bureau of Shipping free
of all recommendations and conditions of such Classification Society; (e) the Mortgage has been duly recorded against the Ship
as a valid first preferred/priority ship mortgage in accordance with the laws of the relevant Approved Flag; (f) the Ship is insured
in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with;
and (g) such part of the acquisition cost of the Ship which has not been funded out of the proceeds of the Loan and which has
been borrowed by the Borrower is subordinated to the obligations of the Borrower to the Lender under this Agreement in terms satisfactory
to the Lender in its absolute discretion; 3 Documents establishing that the Ship will, as from the final Drawdown Date, be managed
by the Approved Manager on terms acceptable to the Lender, together with: (a) a letter of undertaking executed by the Approved
Manager in favour of the Lender in the terms agreed between the Lender and the Approved Manager agreeing certain matters in relation
to the management of the Ship and subordinating the rights of the Approved Manager against the Ship and the Borrower to the rights
of the Lender under the Finance Documents; and (b) copies of the 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 Lender requires)
and ISSC. 4 A favourable opinion from an independent insurance consultant acceptable to the Lender on such matters relating to
the insurances for the Ship as the Lender may require. 5 Favourable legal opinions opinion from lawyers appointed by the Lender
on such matters concerning the laws of Greece (or such other jurisdiction as may be appropriate if the Ship is not registered
on Greek flag) and such other relevant jurisdictions jurisdiction as the Lender may require. 

 

     

     

    

 

 

SCHEDULE
4 SCHEDULE 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:
Fortis Bank S.A./NiV.i UK Branch BNP Paribas as Agent. From: [The Existing-Transferor Lender] (the "Transferor") and
[The New-Transferee Lender] (the "Transferee") Dated: [•] 2008 US$67,500,000 Loan Agreement to Larvotto Shioholding
Limiteddated fi-Euronav NV dated 29 August 2008 (as amended and restated on CI March 2017) (the "Agreement") 1 We refer
to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate
unless given a different meaning in this Transfer Certificate. 2 We refer to Clause 36-28 (Transfers and Changes in Lending Offices)
of the Agreement*: (a) The Transferor Existing Lender and the Transferee New Lender agree to the Transferor Existing Lender transferring
to the Transferee New Lender by novation all or part of the Transferor's Commitment. Existing Lender's rights and obligations
referred to under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment
and participation in the Loan under the Agreement as specified in the Schedule in accordance with Clause 3628 {Trgnsfers and Changes
in Lending Offices) of the Agreement. (b) The proposed Transfer Date is [•]. (c) tho lending office The Facility Office and
address, fax number and attention details for notices of the Transferee New Lender for the purposes of Clause 38*2— 31.2
(Addresses) of the Agreement are set out in the Schedule. 3 The Transferee New Lender expressly acknowledges the limitations on
the Transferor's Existing Lender's obligations set out in Clause 26.paragraph 28 (Transfers and Changes in Lending Offices) of
the Agreement. 4 [The Transferee confirms that the person beneficially entitled to interest payable to that Lender in respect
of an advance under a Finance Document is either: (a) a company resident in the United Kingdom for United Kingdom tax purposes;
or {b) a partnership each number of which is: (i) a oompany so resident in the United Kingdom; or f«) a Company not so resident
in the United Kingdom which carrios on a trade in tho United Kingdom through a permanent establishment and which brings into account
in oomputing its chargeable profits (for tho purposes of section 11(2) of tho [Taxes Act] tho whole of any sharo of interest payable
in respect of that advance that falls to it by reason of sections 1H and 115 of the [Taxos Act]; or  

 

     

     

    

 

 

(e)
a company not so rosidont in the United Kingdom whioh carries on a trade in the United Kingdom through a permanent establishment
and which brings into account interest payable in respect of that advance in oomputing the chargeable profits (for the purposes
of Seotion 11(2) of the [Taxes Act] of that company.] 4 [4/5]This Transfer Certificate may be executed in any number of counterparts
and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate. 5 [5/6]This
Transfer Certificate fe-and any non-contractual obligations arising out of or in connection with it are governed by English law.
fi This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate-Note: The
execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender's interest in the Transaction
Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities
are required to perfect a transfer of such a share in the Existing Lender's Transaction Security in any jurisdiction and, if so.
to arrange for execution of those documents and completion of those formalities. 

 

     

     

    

 

 

THE
SCHEDULE Commitment/rights and obligations to be transferred [insert relevant details] [Facility Office address, fax number and
attention details | for notices and account details for payments}*] I ^Transferor Lender] [Transferee Lender] I ^Bv: fl Bv: f
1 This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as [•]. [Agent] I by: 

 

     

     

    

 

 

SCHEDULE
5 MANDATORY COST i Tho Mandatory Cost is an addition to tho intorost rate to oomponsato Lenders for the cost of oomplianoo with
(a) tho requirements of tho Bank of England and/or tho Finanoial Services Authority (or, in either oaso, any othor authority which
replaces all or any of its Amotions) 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 oach Lender
in the Loan) 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 notioo to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender's
participation in all Loans made from that lending office) of oomplying 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 londing from a lending offioo
in the United Kingdom will be oaloulatod by tho Agont as follows: (a) in relation to a sterling Loam percent, per annum {b) in
relation to a Loan in any ou. , Where: A is the percentage of Eligible Liabilities (assuming those to bo in oxcoss of any stated
minimum) which that Lender is from timo to time required to maintain as an intorost froo cash ratio deposit with tho Bank of England
to comply with cash ratio requirements. 6 is tho percentage rate of interest (excluding the Margin and the Mandatory Cost and,
if the Loan is an Unpaid Sum, tho additional rate of intorost specified in paragraph (a) of Clause 7.2 (Default rate of interest))
payable for tho relevant Intorost Period on tho Loan. € is the percentage (if any) of Eligible Liabilities which that Lender
is required from time to timo to maintain as intorost bearing Special Deposits with tho Bank of England. © is tho porcontogo
rate per annum payable by tho Bank of England to tho Agont on intorost bearing Special Deposits. ■E is designed to compensate
Lenders for amounts payable undor tho Foes Ruios and is calculated by tho Agont as being tho average of tho most recent rates
of charge supplied by tho Reference Banks to tho Agont pursuant to paragraph 7 bolow and expressed in pounds per £1,000,000.
5 For the purposes of this Schedule:  

 

     

     

    

 

 

(a)
"Eligible Liabilities" and "Special Deposits" havo tho meanings given to them from time to time under or pursuant
to tho Bank of England Act 1998 or (as may be appropriate) by tho Bank of England; (b) "Fees Rules" means tho rules
on poriodio fees contained in the FSA Supervision Manual or such other law or regulation as may bo in foroo from time to time
in respect of the payment of fees for tho aoooptanoo of doposits; (e) "Fee Tariffs" means the fee tariffs spooified
in the Fees Rules undor tho activity group A.l Deposit aooeptors (ignoring any minimum fee or zero rated fee required pursuant
to the Fees Rules but taking into account any applicable discount rate); and (d) "Tariff Base" has tho meaning given
to it in, and will be calculated in accordance with, the Fees Rules. (e) "Unpaid Sum" means any sum duo and payable
but unpaid by the Borrower or a Security Party under the Finance Documents. % In application of the above formulae, A, B, C and
D will be included in the formulao as percentages (i.e. 5 per cent, will bo included in the formula as 5 and not as 0.05). A negative
result obtained by subtracting D from B shall be taken as zoro. Tho rosulting figures shall bo rounded to four decimal plaoo3;
3 If requested by tho Agent, oach Roforonco Bank shall, as soon as praotioablo after publication by tho Financial Services Authority,
supply to tho Agent, tho 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 Roforonoe
Bank as being the average of the Foo Tariffs applicable to that Reference Bank for that financial year) and oxprossed in pounds
per £1,000,000 of tho Tariff Baso of that Roforonco Bank. % Each Lendor shall supply any information requirod by the Agont
for the purposo of calculating its Additional Cost Rato. In particular^ but without limitation, each Lender shall supply the following
information on or prior to tho dato on which it becomes a Londor: {a) the jurisdiction of its lending office; and (b) any other
information that the Agent may reasonably require for such purpose- Each Londor shall promptly notify tho Agont of any change
to the information provided by it pursuant to this paragraph. 9 The percentages of each Lender for the purpose of A and C above
and the rates of charge of each Reference Bank for the purpose of E abovo shall be determined by the Agent based upon the information
supplied to it pursuant to paragraphs 7 and 8 above and on tho assumption that, unless a Lendor notifios the Agont to the contrary,
each Londor's obligations in relation to cash ratio doposits and Special Doposits aro tho same as those of a typical bank from
its jurisdiction of incorporation with a lending office in tho 3amo jurisdiction as its lending office. 10 The Agent shall havo
no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lendor
and shall bo entitled to assume that the information provided by any Londor or Roforonco Bank pursuant to paragraphs 3, 7 and
8 above is truo and correct in all rospeots. 11 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 oach Reference Bank pursuant to paragraphs 3, 7 and 8 above; 42 Any determination by tho Agont 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 absenoe of manifest error, be conclusive and binding on all parties to the Loan Agreement. 43 The Agent may from time to
time, after consultation with the Borrower and the Lenders, determine and notify to all parties to the Loan Agreement 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 Bank of England, 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 to the Loan Agreement. By: SCHEDULE 5  

 

     

     

    

 

 

FORM
OF CERTIFICATE OF COMPLIANCE To: BNP Paribas acting through its office at 16, rue de Hanovre 75078 Paris Cedex 02 France From:
Euronav NV [Date] OFFICER'S CERTIFICATE This Certificate is rendered pursuant to clause 12.6 (c) [Provision of financial statements)
of the loan agreement dated f ] 2017 (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 and (iii) BNP Paribas as Agent and Security Trustee,
relating to a facility of originally up to US$67,500,000. Words and expressions defined in the Loan Agreement shall have the same
meanings when used herejrK I. the Chief Financial Officer of the Borrower, hereby certify that 1 Attached to this Certificate
farelMsl the latest [audited consolidated accounts of the Group and audited individual accounts of the Borrower for the financial
year ending on f ]] (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 Group as at fl: US&oJias Cash If] Consolidated Current Assets [•] Consolidated Current.Liabilities [•] Free
Liquid Assets [•] Stockholders' Equity [•] TotaLAssets [•] lotaM ndebtedness [•] 3
Accordingly, as at the date of this Certificate the financial covenants set out in clause 11.1 (Financial Covenants) of
the Loan Agreement fare) fare not] complied with, in that as at [•]: (a) Consolidated Working Capital is USSf]: (b) Free
Liquid Assets are USSf ]; icJt Cash is USSf 1: and (d) the ratio of Stockholders' Equity to Total Assets is fl per cent.:  

 

     

     

    

 

 

[or.
as the case may be. specify in what respect any of the financial covenants are not complied with.] 4 As at f 1 no Event of Default
has occurred and is continuing. [or, specify/identify any Event of Default] I The Borrower is in compliance with clause 16.1 of
the Loan Agreement. [If not, specify this and what is proposed as regards Clause 16.2] The market value of the Ship is as follows
as at [date]: Name of Ship Name of first shipbroker Name of second shipbroker Average market value providing valuation providing
valuation [•] [•! [•] IfJ Chief Financial Officer EURONAV NV Note: Supporting Schedules to be attached.  

 

     

     

    

 

 

EXECUTION
PAGES BORROWER SIGNED by ) | > for and on behalf of ) | LARVOTTO SHIPHOLDING LIMITED ) I EURONAV NV ) in the presence of: )
LENDERS | SIGNED by }) for and on behalf of ) FORTIS BANK S.A./N.V., UK BRANCH ) BNP PARIBAS ) in the presence of: ) I AGENT |
SIGNED by }) for and on behalf of ) | DEUTSCHE SCHIFFSBANK } I BNP PARIBAS ) I AKTIENGESELLSCHAFT } in the presence of: ) I SECURITY
TRUSTEE I AGENT I SIGNED by }) for and on behalf of ) I FORTIS BANK S.A./N.V., UK BRANCH } I BNP PARIBAS ) in the presence of:
) SECURITY TRUSTEE SIGNED by ) , ) for and on behalf of } FORTIS BANK S.A./N.V., UK BRANCH }  

 

     

     

    

 

 

in
tho presence of: LEAD ARRANGER SIGNED by for and on behalf of FORTIS BANK S.A./N.V., UK BRANCH in-tho presence of: 

 

     

     

    

 

Appendix

Part B

 

Form of
clean copy Amended and Restated Loan Agreement

 

    	 	13	 

     

    

 

Dated 29 August 2008

(as amended by a supplemental letter dated 28
November 2011, as further amended by a

 supplemental letter dated 1 June 2016 and as amended and restated on 31 March 2017)

 

EURONAV NV

as Borrower

 

and

 

THE BANKS AND
FINANCIAL INSTITUTIONS listed in Schedule 1

as Lenders

 

and

 

BNP PARIBAS

as Agent

and as Security Trustee

 

LOAN AGREEMENT

 

relating to

a US$67,500,000 facility to finance m.t. "MARIA"

 

 

 

     

     

    

 

Index

 

	Clause	 	Page
	 	 	 
	1	Interpretation	1
	2	Facility	17
	3	Position of the Lenders	18
	4	Drawdown	18
	5	Interest	20
	6	Interest Periods	22
	7	Default Interest	23
	8	Repayment and Prepayment	24
	9	Conditions Precedent	26
	10	Representations and Warranties	27
	11	Financial Covenants	29
	12	General Undertakings	31
	13	Corporate Undertakings	35
	14	Insurance	36
	15	Ship Covenants	40
	16	Security Cover	44
	17	Payments and Calculations	45
	18	Application of Receipts	47
	19	Application of Earnings	48
	20	Events of Default	49
	21	Fees and expenses	53
	22	Indemnities	54
	23	No Set-Off or Tax Deduction	56
	24	Tax Gross Up and Indemnities	56
	25	Illegality, etc	60
	26	Increased Costs	61
	27	Set-Off	63
	28	Transfers and Changes in Lending Offices	63
	29	Variations and Waivers	68
	30	Bail-In	69
	31	Notices	69
	32	Confidential Information	71
	33	Confidentiality of Funding Rates and Reference Bank Quotations	75
	34	Supplemental	76
	35	Law and Jurisdiction	77

 

	Schedules	 
	 	 
	Schedule 1 Lenders and Commitments	78
	Schedule 2 Drawdown Notice	79
	Schedule 3 Condition Precedent Documents	80
	Part A	80
	Part B	81
	Part C	82
	Schedule 4 Transfer Certificate	83
	Schedule 5 Form of Certificate of Compliance	85
	 	 
	Execution	 
	 	 
	Execution Pages	87

 

     

     

    

 

THIS AGREEMENT is made on 29 August
2008 (as amended and restated on 31 March 2017)

 

PARTIES

 

		(1)	EURONAV NV a company incorporated in Belgium whose registered office is at De Gerlachekaai
20, B-2000 Antwerp 1, Belgium (the "Borrower")

 

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

 

		(3)	BNP PARIBAS, as (the "Agent")

 

		(4)	BNP PARIBAS, as (the "Security Trustee")

 

BACKGROUND

 

The Lenders agreed to make available to the
Original Borrower a facility of the lesser of (i) $67,500,000 and (ii) 75 per cent. of the Contract Price for the purpose of part
financing the purchase price of the Ship constructed by the Builder. The Borrower has purchased the Ship from the Original Borrower
as the borrower under this Agreement.

 

OPERATIVE
PROVISIONS

 

		1	Interpretation

 

		1.1	Definitions

 

Subject to Clause 1.4 (General
Interpretation), in this Agreement:

 

"Accounts
Security Deed" means a deed creating security over the Earnings Account in the Agreed Form.

 

"Advance"
means the principal amount of each borrowing by the Borrower under this Agreement.

 

"Affiliate"
means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that
Holding Company.

 

"Agency
and Trust Agreement" means the agency and trust agreement dated the same date as this Agreement and made between
the same parties.

 

"Agent"
means BNP Paribas, acting in such capacity through its office at 16 rue de Hanovre, 75078 Paris, France, or any successor of it
appointed under clause 5 of the Agency and Trust Agreement.

 

"Agreed
Form" means in relation to any document, that document in the form approved in writing by the Agent (acting with
the instructions of all the Lenders) and mutually agreed with the Borrower or as otherwise approved in accordance with any other
approval procedure specified in any relevant provision of any Finance Document.

 

"Anti-Corruption
Laws" means the England and Wales Bribery Act 2010, the United States Foreign Corrupt Practices Act 1977 or other
applicable anti-corruption legislation in any other jurisdictions.

 

"Approved
Flag" means Greek flag or such other flag as the Agent (acting with the authorisation of all the Lenders) may approve
as the flag on which the Ship shall be registered at delivery.

 

     

     

    

 

"Approved
Manager" means Euronav Ship Management (Hellas) Ltd. or any of its subsidiaries or any other company incorporated
by the Borrower with the prior written consent of the Agent (acting with the authorisations of the Majority Lenders) not to be
unreasonably withheld or delayed.

 

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

 

		(a)	the Final Availability Date; or

 

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

 

"Bail-In
Action" means the exercise of any Write-down and Conversion Powers.

 

"Bail-In
Legislation" means in relation to an EEA Member Country which has implemented, or which at any time implements,
Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time.

 

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

 

		(a)	the interest 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 an Unpaid Sum to the last day of the current Interest Period in relation to the
Loan, the relevant part of the Loan or that 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 Relevant 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.

 

"Builder"
means Samsung Heavy Industries Co., Ltd., a company incorporated in the Republic of Korea whose registered office is at 647-9,
Yeoksam-Dong, Kangnam-Gu, Seoul, Korea 135-080.

 

"Business
Day" means a day on which banks are open in London, Antwerp and Paris 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 in each case 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.

 

"Charter"
means any time or consecutive voyage charter in respect of the Ship which exceeds, or which by virtue of any optional extensions
may exceed, 36 months in duration.

 

"Charter
Assignment" means an assignment of any Charter and any supporting guarantee for a Charter (if any) in the Agreed
Form.

 

    	 	2	 

     

    

 

"Code"
means the US Internal Revenue Code of 1986.

 

"Commitment"
means, in relation to a Lender, the amount set opposite its name in 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.

 

"Confidential
Information" means all information relating to the Borrower, the 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 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 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:

 

		(i)	information that:

 

		(A)	is or becomes public information other than as a direct or indirect result of any breach by that
Creditor Party of Clause 32 (Confidential Information); or

 

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

 

		(C)	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 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; and

 

		(ii)	any Funding Rate or Reference Bank Quotation.

 

"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.

 

"Contract
Price" means the contract price paid by the Original Borrower to the Builder under the Shipbuilding Contract which,
as of 29 August 2008 was $90,750,000.

 

"Contractual
Currency" has the meaning given in Clause 22.4 (Currency indemnity).

 

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

 

"Creditor
Party" means the Agent, the Security Trustee or any Lender, whether as at the date of this Agreement or at any
later time.

 

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

 

    	 	3	 

     

    

 

"Drawdown
Date" means, in relation to each 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 2 (Drawdown Notice) (or in any other form which the
Agent approves or reasonably requires).

 

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

 

		(a)	except to the extent that they fall within paragraph (b);

 

		(i)	all freight, hire and passage moneys;

 

		(ii)	compensation payable to the Borrower or the Security Trustee in the event of requisition of the
Ship for hire;

 

		(iii)	remuneration for salvage and towage services;

 

		(iv)	demurrage and detention moneys;

 

		(v)	damages for breach (or payments for variation or termination) of any charterparty or other contract
for the employment of the Ship; and

 

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

 

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

 

"Earnings
Account" means an account in the name of the Borrower with BNP Paribas Fortis SA/NV in Belgium designated "Euronav
- Earnings Account", or any other account which is designated by the Agent as the Earnings Account for the purposes of this
Agreement.

 

"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 the Ship; or

 

    	 	4	 

     

    

 

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

 

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

 

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

 

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

 

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

 

"Event
of Default" means any of the events or circumstances described in Clause 20.1 (Events of Default).

 

"Facility
Office" means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes
a Lender (or, following that date, by not less than 5 Business Days' written notice) as the office or offices through which it
will perform its obligations under this Agreement.

 

"FATCA"
means:

 

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

 

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

 

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

 

"FATCA
Application Date" means:

 

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

 

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

 

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

 

    	 	5	 

     

    

 

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

 

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

 

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

 

"Fee
Letter" means any letter or letters between the Agent and the Borrower setting out any of the fees referred to
in Clause 21 (Fees and expenses).

 

"Final
Availability Date" means 12 January 2012;

 

"Finance
Documents" means:

 

		(a)	this Agreement;

 

		(b)	the Agency and Trust Agreement;

 

		(c)	the General Assignment;

 

		(d)	the Charter Assignment (if any);

 

		(e)	the Mortgage;

 

		(f)	the Accounts Security Deed;

 

		(g)	any Fee Letter;

 

		(h)	any Transfer Certificate;

 

		(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 under this Agreement and/or any of the other documents referred to in this definition; and

 

		(j)	any other document designated as such by the Agent and the Borrower.

 

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

 

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

 

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

 

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

 

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

 

		(e)	under any 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

 

    	 	6	 

     

    

 

		(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.

 

"Funding
Rate" means any individual rate notified by a Lender to the Facility Agent pursuant to sub-paragraph (ii)
of paragraph (a) of Clause 5.12 (Cost of funds).

 

"General
Assignment" means a general assignment of the Earnings, the Insurances and any Requisition Compensation in the
Agreed Form.

 

"Group"
means the Borrower and its Subsidiaries for the time being.

 

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

 

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

 

"Increased
Amount" has the meaning given to that term in Clause 2.5 (Increase of Loan).

 

"Insurances"
means:

 

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

 

"Interest
Period" means a period determined in accordance with Clause 6 (Interest Periods).

 

"Interpolated
Screen Rate" means, in relation to the Loan or any part of the Loan, the rate which results from interpolating
on a linear basis between:

 

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

 

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

 

each as of the Specified Time for
dollars.

 

"ISM
Code" means the International Safety Management Code (including the guidelines on its implementation), adopted
by the International Maritime Organisation, 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 as adopted by the International Maritime Organisation,
as the same may be amended or supplemented from time to time

 

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

 

    	 	7	 

     

    

 

"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 28.14 (Change
of lending office) or its transferee, successor or assign, which in each case has not ceased to be a party in accordance with
the terms of this Agreement.

 

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

 

		(a)	the applicable Screen Rate as of the Specified Time for dollars and for a period equal in length
to the Interest Period of the Loan or that part of the Loan; or

 

		(b)	as otherwise determined pursuant to Clause 5.5 (Unavailability of Screen Rate),

 

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

 

"LMA"
means the Loan Market Association.

 

"Loan"
means a loan made or to be made under this Agreement or the principal amount for the time being outstanding under this Agreement.

 

"Major
Casualty" means any casualty to the Ship in respect of which the claim or the aggregate of the claims against all
insurers, before adjustment for any relevant franchise or deductible exceeds $5,000,000 or the equivalent in any other currency.

 

"Majority
Lenders" means:

 

		(a)	before any Advance has been made, Lender or Lenders whose Commitments total more than 66.66 per
cent. of the Total Commitments; and

 

		(b)	at any other time, Lender or Lenders whose Contributions in the Loan outstanding total more than
66.66 per cent. of all the Loan then outstanding.

 

"Margin"
means 1.5 per cent. per annum.

 

"Maturity
Date" means 4 January 2020.

 

"Mortgage"
means the first preferred Greek ship mortgage or the first priority statutory ship mortgage or first preferred ship mortgage and,
if applicable, collateral deed of covenant in the form appropriate for the flag of the Ship in the event that the Approved Flag
is not Greek flag in the Agreed Form.

 

"Notifying
Lender" has the meaning given in Clause 25.1 (Illegality) or Clause 26.1 (Increased costs) as the
context requires.

 

"Original
Borrower" means Larvotto Shipholding Limited, a company incorporated in Hong Kong whose registered office is at
Room 2503-05, 25th Floor, Harcourt House, No.39 Gloucester Road, Wanchai, Hong Kong.

 

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

 

"Payment
Currency" has the meaning given in Clause 22.4 (Currency indemnity).

 

"Permitted
Holders" means each of Saverco and Victrix (and (in each case) any parallel vehicle thereof and their respective
alternative investment vehicles) and their affiliates.

 

"Permitted
Security Interests" means:

 

    	 	8	 

     

    

 

		(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 the Ship not prohibited by this Agreement;

 

		(e)	liens for master's disbursements incurred in the ordinary course of trading and any other lien
arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of the Ship or in the ordinary
course of business of the Borrower, 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) and subject, in the case of liens for repair or maintenance,
to paragraph (f) of Clause 15.13 (Restrictions on chartering, appointment of managers );

 

		(f)	any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration
as security for costs and expenses where the Borrower is actively prosecuting or defending such proceedings or arbitration in good
faith; 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 policy or contract of insurance contemplated by or referred to in Clause 14 (Insurance)
or any other provision of this Agreement or another Finance Document;

 

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

 

		(d)	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 any policy, contract or document falling within paragraphs (b) or (c).

 

"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;

 

		(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 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

 

    	 	9	 

     

    

 

		(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) above.

 

"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.

 

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

 

"Reference
Banks" means, subject to Clause 28.16 (Replacement of Reference Bank), the London branches of each of the
Lenders or such other banks as may be appointed by the Agent in consultation with the Borrower.

 

"Reference
Bank Quotation" means any quotation supplied to the Agent by a Reference Bank.

 

"Reference
Bank Rate" means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent
at its request by the Reference Banks:

 

		(a)	(other than where paragraph (b) below applies) as the rate at which the relevant Reference Bank
could borrow funds in the London interbank market in dollars for the relevant period were it to do so by asking for and then accepting
interbank offers for deposits in reasonable market size in that currency and for that period; or

 

		(b)	if different, as the rate (if any and applied to the relevant Reference Bank and the relevant currency
and period) which contributors to the Screen Rate are asked to submit to the relevant administrator.

 

"Related
Fund" in relation to a fund (the "first fund"), means a fund which is managed or advised
by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or
investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment
adviser of the first fund.

 

"Relevant
Interbank Market" means the London Interbank Market.

 

"Relevant
Lender" has the meaning given in Clause 5.7 (Market disruption).

 

"Relevant
Person" means:

 

		(a)	the Borrower;

 

    	 	10	 

     

    

 

		(b)	each subsidiary of the Borrower; and

 

		(c)	all respective directors, officers, employees, agents and representatives of each of the persons
mentioned in paragraphs (a) to (b) above.

 

"Repayment
Date" means a date on which a repayment is required to be made under Clause 8 (Repayment and Prepayment).

 

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

 

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

 

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

 

"Restricted
Party" means a person:

 

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

 

		(b)	that is domiciled, registered as located or having its main place of business in, or is incorporated
under the laws of, a country which is subject to Sanctions Laws which attach legal effect to being domiciled, registered as located
or having its main place of business in such country; or

 

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

 

		(d)	with which any member of the Group is prohibited from dealing or otherwise engaging in a transaction
with by any Sanctions Laws;

 

"Sanctions
Authority" means the United Nations, the United Kingdom, the European Union, the member states of the European
Union, the United States of America, and any authority acting on behalf of any of them in connection with Sanctions Laws.

 

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

 

"Sanctions
List" means any list of persons or entities published in connection with Sanctions Laws by or on behalf of any
Sanctions Authority as amended, revised, 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.

 

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

 

    	 	11	 

     

    

 

"Secured
Liabilities" means all monies from time to time due or owing, and all obligations and other actual or contingent
liabilities incurred by the Borrower, the Security Parties or any of them to any Creditor Party, at the date of this Agreement
or at any later time or times, in whatever currency, whether due, owing or incurred alone or jointly with others or as principal,
surety or otherwise under or in connection with any Finance Document or any judgment relating to any Finance Document; 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 (except the Borrower or 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 definition of "Finance
Documents".

 

"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 Creditor Parties that:

 

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

 

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

 

		(c)	neither the Borrower nor any Security Party has any future or contingent liability under Clause
21 (Fees and expenses), 22 (Indemnities) or 23 (No Set-Off or Tax Deduction) or any other provision of this
Agreement or another Finance Document; and

 

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

 

"Security
Trustee" means BNP Paribas, acting in such capacity through its office at 16 rue de Hanovre, 75078 Paris, France,
or any successor of it appointed under clause 5 of the Agency and Trust Agreement.

 

"Servicing
Bank" means the Agent or the Security Trustee.

 

"Ship"
means the Suezmax tanker with hull no. 1860 of 157,523 dwt named m.t. "MARIA" registered in the name of the Borrower
under an Approved Flag.

 

    	 	12	 

     

    

 

"Shipbuilding
Contract" means the Shipbuilding Contract dated 18 April 2008 made between the Builder and the Original Borrower
for the construction by the Builder of the Ship and its purchase by the Borrower as supplemented and amended from time to time

 

"Specified
Time" means a day or time determined as follows:

 

	LIBOR is fixed	 	Quotation Day as of 11:00 am London time
	 	 	 
	Reference Bank Rate calculated by reference to available quotations in accordance with Clause 5.6 (Calculation of Reference Bank Rate)	 	Noon on the Quotation Day

 

"Subsidiary"
means any company or entity directly or indirectly controlled by that person (for which purpose, control means either the ownership
of more than 50 per cent of the voting share capital (or equivalent right of ownership) of that company or entity, or the power
to direct its policies and management, whether by contract or otherwise; and for the purposes of this Agreement, a company is to
be treated as a subsidiary even if the relevant shares are registered in the name of (a) a nominee, or (b) any party holding security
over those shares, or that secured party's nominee).

 

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

 

"Total
Commitments" means the aggregate of the Commitments of all the Lenders being the lesser of (i) $67,500,000 and
(ii) 75 per cent. of the Contract Price at 29 August 2008 plus any increase to the Commitments made pursuant to Clause 2.5 (Increase
of Loan).

 

"Total
Loss" means:

 

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

 

		(b)	any expropriation, confiscation, requisition or acquisition of the Ship, whether for full consideration,
a consideration less than 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 3 months
redelivered to the Borrower's full control; and

 

		(c)	any arrest, capture, seizure or detention of the Ship (including any hijacking or theft) unless
it is within 3 months redelivered to the Borrower's full control.

 

"Total
Loss Date" means:

 

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

 

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

 

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

 

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

 

    	 	13	 

     

    

 

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

 

"Transfer
Certificate" has the meaning given in Clause 28.2 (Transfer by a Lender).

 

"Trust
Property" has the meaning given in clause 3.1 of the Agency and Trust Agreement.

 

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

 

"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.

 

"Write-down
and Conversion Powers" means:

 

		(a)	in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time
to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule ; and

 

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

 

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

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

 

		1.2	Construction of certain terms

 

In this Agreement (unless a contrary
indication appears):

 

"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.

 

the "Agent", the
"Borrower", any "Creditor Party", any "Lender", any "Party",
any "Secured Party", the "Security Trustee" or any other person shall be construed so as to include
its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance
Documents (including, for the avoidance of doubt, any novatee of rights and/or obligations under a Hedging Agreement).

 

    	 	14	 

     

    

 

"approved"
means, for the purposes of Clause 14 (Insurance), approved in writing by the Agent.

 

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

 

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

 

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

 

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

 

"continuing"
means, in relation to any Event of Default, the Event of Default has not been remedied to the satisfaction of, or waived by the
Majority Lenders.

 

"document"
includes a deed; also a letter or fax.

 

"excess
risks" means the proportion of claims for general average, salvage and salvage charges not recoverable under the
hull and machinery policies in respect of the Ship in consequence of 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.

 

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

 

"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 all insurances effected, or which the Borrower is obliged to effect, under Clause 14 (Insurance)
or any other provision of this Agreement or another Finance Document.

 

"person"
includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture,
consortium, partnership or other entity (whether or not having separate legal personality).

 

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

 

"protection
and indemnity risks" means the usual risks covered by a protection and indemnity association managed in London,
including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which
are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International
Hull Clauses (1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running
Down Clause (1/10/71) or any equivalent provision.

 

    	 	15	 

     

    

 

"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.

 

"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).

 

		1.3	Meaning of "month"

 

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

 

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

 

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

 

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

 

		1.4	General Interpretation

 

In this Agreement:

 

		(a)	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;

 

		(b)	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;

 

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

 

		(d)	"including" and "in particular" (and other similar expressions)
shall be construed as not limiting any general words or expressions in connection with which they are used;

 

		(e)	a Potential Event of Default is "continuing" if it has not been remedied or waived
and an Event of Default is "continuing" if it has not been remedied or waived; and

 

		(f)	Clauses 1.1 (Definitions) to 1.4 (General Interpretation) apply unless the contrary
intention appears.

 

		1.5	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.

 

    	 	16	 

     

    

 

		2	Facility

 

		2.1	Amount of facility

 

Subject to the other provisions of
this Agreement, the Lenders made available to the Original Borrower a term loan facility in an aggregate amount equal to the Total
Commitments to enable the Original Borrower to finance its acquisition of the Ship by 5 Advances as follows:

 

		(a)	a first Advance of up to $13,500,000 to enable the Original Borrower to refinance the first pre-delivery
instalment of the Contract Price under the Shipbuilding Contract paid to the Builder upon signing of the Shipbuilding Contract;

 

		(b)	a second Advance of up to $6,750,000 to enable the Original Borrower to meet the second pre-delivery
instalment of the Contract Price under the Shipbuilding Contract paid to the Builder on the date falling twelve calendar months
after the date of the Shipbuilding Contract;

 

		(c)	a third Advance of up to $6,750,000 to enable the Original Borrower to meet the third pre-delivery
instalment of the Contract Price under the Shipbuilding Contract paid to the Builder upon keel laying;

 

		(d)	a fourth Advance of up to $6,750,000 to enable the Original Borrower to meet the fourth pre-delivery
instalment of the Contract Price under the Shipbuilding Contract paid to the Builder upon launching;

 

		(e)	a fifth Advance of up to $33,750,000 to enable the Original Borrower to meet the final instalment
of the Contract Price under the Shipbuilding Contract paid to the Builder upon delivery of the Ship.

 

		2.2	Lenders' participations in Loan

 

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

 

		2.3	Transfer of Loan

 

The Loan was transferred
from the Original Borrower to the Borrower pursuant to an agreement dated the same date as this Agreement was amended and restated
and entered into between the Original Borrower and the Borrower. This transfer was approved by the Creditor Parties.

 

		2.4	Purpose of Loan

 

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

 

		2.5	Increase of Loan

 

All the Lenders agree that they may
increase the amount of the Loan by an additional amount of $10,000,000 (the "Increased Amount") if requested to
do so by the Borrower subject to the following conditions:

 

		(a)	the Borrower providing evidence that the Ship is on charter on terms, and to a charterer, in each
case acceptable to all the Lenders in their absolute discretion (which terms shall include without limitation a daily hire rate
which the Lenders are satisfied shall be sufficient to cover the operating expenses of the Ship, the repayments of principal and
interest under this Agreement and the increased repayments of principal and interest under this Agreement that will result from
an increase of the Loan by the Increased Amount); and

 

    	 	17	 

     

    

 

		(b)	the Lenders and the Borrower agreeing the terms and conditions of such increase including, but
not limited to, amended pricing, repayment and the entry into documentation satisfactory to the Lenders so as to amend this Agreement
and the other Finance Documents so as to secure the Increase Amount of the Loan and to provide new security to the extent required
by the Lenders so as to maintain the same security for the Lenders.

 

		3	Position of the Lenders

 

		3.1	Interests of Lenders several

 

The rights of the Lenders under this
Agreement are several.

 

		3.2	Individual Lender's right of action

 

Subject to Clause 3.3 (Proceedings
by individual Lender requiring Majority Lender consent), each Lender shall be entitled to sue for any amount which has become
due and payable by the Borrower to it under this Agreement without joining the Agent, the Security Trustee or any other Lender
as additional parties in the proceedings.

 

		3.3	Proceedings by individual Lender requiring Majority Lender consent

 

No Lender may commence proceedings
against the Borrower or any Security Party in connection with a Finance Document without the prior consent of the Majority Lenders.

 

		3.4	Obligations of Lenders several

 

The obligations of the Lenders under
this Agreement are several; and a failure of a Lender to perform its obligations under this Agreement shall not result in:

 

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

 

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

 

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

 

		4	Drawdown

 

		4.1	Request for Advance

 

Subject to the following conditions,
the Original Borrower requested an Advance to be made by ensuring that the Agent received a completed Drawdown Notice not later
than 11.00 a.m. (London time) 3 Business Days prior to the intended Drawdown Date or such shorter period as the Agent and the Borrower
mutually agreed.

 

		4.2	Availability

 

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

 

		(a)	a Drawdown Date had to be a Business Day within the Availability Period

 

		(b)	the amount of the Advance requested complied with Clause 2.1 (Amount of facility);

 

    	 	18	 

     

    

 

		(c)	each Advance should not exceed 75 per cent. of the amount of the instalment under the Shipbuilding
Contract which was being financed by that Advance;

 

		(d)	the aggregate amount of the Advances should not exceed the Total Commitments;

 

		(e)	the proposed Interest Period complied with Clause 6 (Interest Periods); and

 

		(f)	and the conditions set out in Clause 9.1 (Documents, fees and no default) were met.

 

		4.3	Notification to Lenders of receipt of a Drawdown Notice

 

The Agent must have promptly notified
the Lenders that it had received a Drawdown Notice and must have informed each Lender of:

 

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

 

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

 

		(c)	the duration of the first Interest Period.

 

		4.4	Drawdown Notice irrevocable

 

A Drawdown Notice must have been
signed by a director or officer or an authorised person of the Original Borrower; and once served, a Drawdown Notice could not
be revoked without the prior consent of the Agent, acting on the authorisation of the Majority Lenders.

 

		4.5	Lenders to make available Contributions

 

Subject to the provisions of this
Agreement, and in particular Clause 9 (Conditions Precedent), each Lender, on and with value on each Drawdown Date, made
available to the Agent for the account of the Original Borrower the amount due from that Lender on that Drawdown Date under Clause
2.2 (Lenders' participations in Loan).

 

		4.6	Disbursement of Advance

 

Subject to the provisions of this
Agreement, the Agent on each Drawdown Date paid to the Original Borrower the amounts which the Agent received from the Lenders
under Clause 4.5 (Lenders to make available Contributions); and that payment to the Original Borrower was made:

 

		(a)	to the account of the Builder which the Original Borrower specified in the Drawdown Notice; and

 

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

 

		4.7	Disbursement of Advance to third party

 

The payment by the Agent under Clause
4.6 (Disbursement of Advance) to the Builder constituted the making of the Advance and the Original Borrower at that time
and the Borrower from the date of this amended and restated Agreement became indebted, as principal and direct obligor, to each
Lender in an amount equal to that Lender's Contribution.

 

		4.8	Cancellation of Total Commitments

 

Any undrawn portion of the Total
Commitments shall have been immediately cancelled at the end of the Availability Period.

 

    	 	19	 

     

    

 

		5	Interest

 

		5.1	Payment of normal interest

 

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

 

		5.2	Normal rate of interest

 

Subject to the provisions of this
Agreement, the rate of interest on the Loan in respect of an Interest Period shall be the aggregate of:

 

		(a)	the Margin; and

 

		(b)	LIBOR for that Interest Period.

 

		5.3	Payment of accrued interest

 

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

 

		5.4	Notification of Interest Periods and rates of normal interest

 

The Agent shall notify the Borrower
and each Lender of:

 

		(a)	each rate of interest; and

 

		(b)	the duration of each Interest Period,

 

as soon as reasonably practicable
after each is determined.

 

		5.5	Unavailability of Screen Rate

 

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

 

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

 

		(i)	dollars; or

 

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

 

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

 

		(c)	Cost of funds: If paragraph (b) above applies but no Reference Bank Rate is available for
dollars or the relevant Interest Period there shall be no LIBOR for the Loan or that part of the Loan (as applicable) and Clause
5.12 (Cost of funds) shall apply to the Loan or that part of the Loan for that Interest Period.

 

		5.6	Calculation of Reference Bank Rate

 

		(a)	Subject to paragraph (b) below, if LIBOR is to be determined on the basis of a Reference Bank Rate
but a Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated on the basis
of the quotations of the remaining Reference Banks.

 

    	 	20	 

     

    

 

		(b)	If at or about noon on the Quotation Day none or only one of the Reference Banks supplies a quotation,
there shall be no Reference Bank Rate for the relevant Interest Period.

 

		5.7	Market disruption

 

If before close of business in London
on the Quotation Day for the relevant Interest Period the Agent receives notification from a Lender or Lenders (whose participations
in the Loan or the relevant part of the Loan exceed 49 per cent. of the Loan or the relevant part of the Loan as appropriate) (the
"Relevant Lender") that the cost to it of funding its participation in the Loan or that part of the Loan from
whatever source it may reasonably select would be in excess of LIBOR then Clause 5.12 (Cost of funds) shall apply to the
Loan or that part of the Loan (as applicable) for the relevant Interest Period.

 

		5.8	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.

 

		5.9	Notice of prepayment

 

If the Borrower does not agree with
an interest rate set by the Agent under Clause 5.5 (Unavailability of Screen Rate), the Borrower may give the Agent not
less than 15 Business Days' notice of its intention to prepay at the end of the interest period set by the Agent.

 

		5.10	Prepayment; termination of Commitments

 

A notice under Clause 5.8 (Notification
of market disruption) shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Relevant
Lender of the Borrower's notice of intended prepayment; and:

 

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

 

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

 

		5.11	Application of prepayment

 

The provisions of Clause 8 (Repayment
and Prepayment) shall apply in relation to the prepayment made pursuant to Clause 5.8 (Notification of market disruption).

 

		5.12	Cost of funds

 

		(a)	If this Clause 5.12 (Cost of funds) applies, the rate of interest on the Loan or the relevant
part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:

 

		(i)	the Margin; and

 

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

 

		(b)	If this Clause 5.12 (Cost of funds) applies and the Agent or the Borrower so requires, the
Agent and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute
basis for determining the rate of interest or (as the case may be) an alternative basis for funding.

 

    	 	21	 

     

    

 

		(c)	Subject to Clause 29.4 (Replacement of Screen Rate), any substitute or alternative basis
agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.

 

		(d)	If paragraph (e) below does not apply and any rate notified to the Agent under sub-paragraph (ii)
of paragraph (a) above is less than zero, the relevant rate shall be deemed to be zero.

 

		(e)	If this Clause 5.12 (Cost of funds) applies pursuant to Clause 5.7 (Market disruption)
and:

 

		(i)	a Lender's Funding Rate is less than LIBOR; or

 

		(ii)	a Lender does not supply a quotation by the time specified in sub-paragraph (ii) of paragraph (a)
above,

 

the cost to that Lender of funding
its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of paragraph
(a) above, to be LIBOR.

 

		(f)	If this Clause 5.11 applies but any Lender does not supply a quotation by the time specified in
sub-paragraph (ii) of paragraph (a) above the rate of interest shall be calculated on the basis of the quotations of the remaining
Lenders.

 

		5.13	Break Costs

 

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

 

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

 

		6	Interest Periods

 

		6.1	Commencement of Interest Periods

 

The first Interest Period applicable
to an Advance shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding
Interest Period.

 

		6.2	Duration of normal Interest Periods

 

Subject to Clauses 6.3 (Duration
of Interest Periods for repayment instalments) and 6.4 (Non-availability of matching deposits for Interest Period selected),
each Interest Period shall be:

 

		(a)	3, 6, 9 or 12 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 Advance, a
period ending on the last day of the Interest Period applicable to the first Advance then current, whereupon all of the Advances
shall be consolidated and treated as a single Advance;

 

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

 

    	 	22	 

     

    

 

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

 

		6.3	Duration of Interest Periods for repayment instalments

 

In respect of an amount due to be
repaid under Clause 8 (Repayment and Prepayment) on a particular Repayment Date, an Interest Period shall end on that Repayment
Date.

 

		6.4	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 third Business Day before the commencement of the Interest Period that it is not satisfied that deposits in Dollars for
a period equal to the Interest Period will be available to it in the London Interbank Market when the Interest Period commences,
the Interest Period shall be of 3 months.

 

		7	Default Interest

 

		7.1	Payment of default interest on overdue amounts

 

The Borrower shall pay interest in
accordance with the following provisions of this Clause 7 (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

 

		(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 20.4 (Acceleration of Loan),
the date on which it became immediately due and payable.

 

		7.2	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 1 per cent. above:

 

		(a)	in the case of an overdue amount of principal, the higher of the rates set out at paragraphs (a)
and (b) of Clause 7.3 (Calculation of default rate of interest); or

 

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

 

		7.3	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);

 

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

 

		(i)	LIBOR; or

 

    	 	23	 

     

    

 

		(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.

 

		7.4	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.

 

		7.5	Payment of accrued default interest

 

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

 

		7.6	Compounding of default interest

 

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

 

		8	Repayment and Prepayment

 

		8.1	Amount of repayment instalments

 

The Borrower shall repay the Loan
by 11 equal consecutive quarterly instalments of $992,500 each together with a balloon instalment of $17,232,500 payable simultaneously
with the final instalment.

 

		8.2	Repayment Dates

 

The first instalment was to be repaid
on the date falling 3 months after the last Drawdown Date and the last instalment together with the balloon is to be repaid on
the date falling 96 months after the last Drawdown Date.

 

		8.3	Maturity Date

 

On the Maturity Date, the Borrower
shall additionally pay to the Agent for the account of the Creditor Parties all other sums then accrued or owing under any Finance
Document.

 

		8.4	Voluntary prepayment

 

Subject to the following conditions,
the Borrower may, without penalty, prepay the whole or any part of the Loan on the last day of an Interest Period for that Advance.

 

		8.5	Conditions for voluntary prepayment

 

The conditions referred to in Clause
8.4 (Voluntary prepayment) are that:

 

		(a)	a partial prepayment shall be $500,000 or a multiple of $500,000 or such other amount agreed by
the Agent;

 

    	 	24	 

     

    

 

		(b)	the Agent has received from the Borrower at least 5 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.

 

		8.6	Effect of notice of prepayment

 

A prepayment notice may not be withdrawn
or amended without the consent of the Agent, given with the 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.

 

		8.7	Notification of notice of prepayment

 

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

 

		8.8	Mandatory prepayment

 

The Borrower shall be obliged to
prepay the whole of the Loan:

 

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

 

		(b)	if the Ship becomes a Total Loss, on the earlier of the date falling 180 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; or

 

		(c)	if the Borrower is not in compliance with the financial covenants in Clause 11.1 (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; or

 

		(d)	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.

 

		8.9	Amounts payable on prepayment

 

A prepayment shall be made together
with accrued interest (and any other amount payable under Clause 22 (Indemnities) or otherwise) in respect of the amount
prepaid and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under paragraph
(b) of Clause 22.1 (Indemnities regarding borrowing and repayment of Loan) but without premium or penalty.

 

		8.10	Application of partial prepayment

 

Each partial prepayment shall be
applied first against the balloon and then against the repayment instalments specified in Clause 8.1 (Amount of repayment instalments)
in inverse order of maturity.

 

    	 	25	 

     

    

 

		8.11	No reborrowing

 

No amount prepaid may be reborrowed.

 

		9	Conditions Precedent

 

		9.1	Documents, fees and no default

 

Each Lender's obligation to contribute
to an Advance was subject to the following conditions precedent:

 

		(a)	that, on or before the service of the first Drawdown Notice, the Agent received the documents described
in Part A of Schedule 3 (Condition Precedent Documents) in form and substance satisfactory to the Agent and its lawyers;

 

		(b)	that, on or before the first Drawdown Date for, but prior to the making of, an Advance (other than
the final Advance), the Agent received or was satisfied that it would receive on the making of such Advance the documents described
in Part B of Schedule 3 (Condition Precedent Documents) in form and substance satisfactory to it and its lawyers;

 

		(c)	that before the final Drawdown Date for, but prior to the making of, the final Advance, the Agent
received or was satisfied that it would receive on the making of such Advance the documents described in Part C of Schedule
3 (Condition Precedent Documents) in form and substance satisfactory to it and its lawyers;

 

		(d)	that, on or before the service of the first Drawdown Notice, the Agent received the arrangement
fee referred to in Clause 21.1 (Arrangement, commitment fees), all accrued commitment fees payable pursuant to Clause 21.1
(Arrangement, commitment fees) and had received payment of the expenses referred to in Clause 21.2 (Costs of negotiation,
preparation ); and

 

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

 

		(i)	no Event of Default or Potential Event of Default had occurred or would result from the borrowing
of the Loan;

 

		(ii)	the representations and warranties in Clause 10 (Representations and Warranties) and those
of the Borrower or any Security Party which were 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) had occurred or
was continuing; and

 

		(f)	that, if the ratio set out in Clause 16.1 (Minimum required security cover) was applied
immediately following the making of the Advance, the Original Borrower would not have been obliged to provide additional security
or prepay part of the Loan under that Clause; and

 

		(g)	that the Agent had 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,
request by notice to the Borrower prior to the Drawdown Date.

 

		9.2	Waiver of conditions precedent

 

If the Majority Lenders, at their
discretion, were to permit an Advance to be borrowed before certain of the conditions referred to in Clause 9.1 (Documents,
fees and no default) were satisfied, the Original Borrower had to ensure that those conditions were satisfied within 5 Business
Days after the Drawdown Date (or such longer period as the Agent may, with the authorisation of the Majority Lenders have specified).

 

    	 	26	 

     

    

 

		10	Representations and Warranties

 

		10.1	General

 

The Borrower represents and warrants
to each Creditor Party on the date of this amended and restated Agreement as follows.

 

		10.2	Status

 

The Borrower is duly incorporated
and validly existing and in good standing under the laws of Belgium.

 

		10.3	Corporate power

 

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

 

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

 

		(b)	to make all the payments contemplated by, and to comply with, those Finance Documents.

 

		10.4	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.

 

		10.5	Legal validity; effective Security Interests

 

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

 

		(a)	constitute 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.

 

		10.6	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:

 

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

 

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

 

    	 	27	 

     

    

 

		10.7	No conflicts

 

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

 

		(a)	any law or regulation; or

 

		(b)	the constitutional documents of the Borrower; or

 

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

 

		10.8	Governing law and enforcement.

 

		(a)	The choice of English law as the governing law of the Finance Documents will be recognised and
enforced in its jurisdiction of incorporation.

 

		(b)	Any judgment obtained in England in relation to a Finance Document will be recognised and enforced
in its jurisdiction of incorporation.

 

		10.9	No withholding taxes

 

All payments which the Borrower is
liable to make under the Finance Documents must be made without any Tax Deduction payable under any law of any Pertinent Jurisdiction.

 

		10.10	No default

 

No Event of Default or Potential
Event of Default has occurred.

 

		10.11	Information

 

All information which has been provided
in writing by or on behalf of the Borrower or any Security Party to any Creditor Party in connection with any Finance Document
satisfied the requirements of Clause 12.5 (Information provided to be accurate); all audited and unaudited accounts which
have been so provided satisfied the requirements of Clause 12.7 (Form of financial statements); and there has been no material
adverse change in the financial position or state of affairs of the Borrower from that disclosed in the latest of those accounts.

 

		10.12	No litigation

 

No legal or administrative action
involving the Borrower (including action relating to any alleged or actual breach of the ISM Code or the ISPS Code) has been commenced
or taken or, to the Borrower's knowledge, is likely to be commenced or taken which, in either case, would be likely to have a material
adverse effect on the Borrower's financial position or profitability.

 

		10.13	Compliance with certain undertakings

 

At the date of this amended and restated
Agreement, the Borrower is in compliance with Clauses 12.2 (Title; negative pledge), 12.4 (No other liabilities or obligations
to be incurred), 12.9 (Consents) and 12.12 (Principal place of business).

 

		10.14	Taxes paid

 

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

 

    	 	28	 

     

    

 

		10.15	ISM Code and ISPS Code compliance

 

All requirements of the ISM Code
and the ISPS Code as they relate to the Borrower, the Approved Manager and the Ship have been complied with or shall be complied
with as from the delivery of the Ship to the Borrower under the Shipbuilding Contract.

 

		10.16	No money laundering

 

Without prejudice to the generality
of Clause 2.4 (Purpose of Loan), in relation to the borrowing by the Borrower of the Loan, the performance and discharge
of its obligations and liabilities under the Finance Documents, and the transactions and other arrangements affected or contemplated
by the Finance Documents to which the Borrower is a party, the Borrower confirms (i) that it is acting for its own account; (ii)
that it will use the proceeds of the Loan for its own benefit, under its full responsibility and exclusively for the purposes specified
in this Agreement; and (iii) that the foregoing will not involve or lead to a contravention of any law, official requirement or
other regulatory measure or procedure implemented to combat "money laundering" (as defined in Article 1 of the Directive
2005/60/EC of the European Parliament and of the Council of the European Union of 26 October 2005).

 

		10.17	Anti-Corruption Laws

 

Each Borrower has conducted its business
in compliance with all applicable Anti-Corruption Laws and has instituted and maintained policies and procedures designed to promote
and achieve compliance with such laws.

 

		10.18	Sanctions

 

Each Relevant Person has been and
is in compliance with all Sanctions Laws and no Relevant Person:

 

		(a)	is a Restricted Party, or is involved in any transaction through which it is likely to become a
Restricted Party; or

 

		(b)	has received formal notice in writing of any inquiry, claim, action, suit, proceeding or investigation
against it with respect to Sanctions Laws.

 

		11	Financial Covenants

 

		11.1	Financial Covenants

 

The Borrower will ensure that the
consolidated financial position of the 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 11.1 (Financial
Covenants):

 

    	 	29	 

     

    

 

"Cash"
means, at any date of determination under this Agreement, the aggregate value of the 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
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 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 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 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 having remaining maturities of more than 6 months;

 

"Latest
Balance Sheet” means, at any date, the consolidated balance sheet of the Group most recently delivered to the
Agent pursuant to Clause 12.6 (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
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 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 Group determined on a consolidated basis in
accordance with IFRS and as shown in the Latest Balance Sheet.

 

		11.2	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 Group generally or any member of the
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:

 

    	 	30	 

     

    

		(a)	a description of the change and what adjustments would need to be made to the financial statements
of the 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 Group set out in Clause 11.1 (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 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 11.1 (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.

 

		11.3	Change of accounting period

 

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

 

		12	General Undertakings

 

		12.1	General

 

The Borrower undertakes with each
Creditor Party to comply with the following provisions of this Clause 12 (General Undertakings) at all times during the
Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit (such consent not to
be unreasonably withheld or delayed in the case of Clause 12.12 (Principal place of business)).

 

		12.2	Title; negative pledge

 

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

 

		12.3	No 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 for those in the ordinary course of business and for fair market value payable in cash upon completion of
such transaction, with the exception of any charter of the Ship as to which Clause 15.14 (Time and consecutive voyage charters
in excess of 36 months) applies,

 

Provided that the Borrower
may sell the Ship to a Subsidiary subject to the following conditions:

 

		(i)	there is no Event of Default or Potential Event of Default which is continuing;

 

		(ii)	the new owning company and the jurisdiction of incorporation being acceptable to the Lenders;

 

    	 	31	 

     

    

 

		(iii)	the Borrower and the Security Parties entering into such amendments to this Agreement and the other
Finance Documents as may be required by the Lenders in order to document the change of ownership;

 

		(iv)	the new owning company entering into such other security documents which are required by the Lenders
so as to maintain the same security for the Lenders on the transfer of ownership; and

 

		(v)	the new owner shall pay to the Agent on demand all expenses (including but not limited to legal
expenses) relating to the said documentation.

 

		12.4	No other liabilities or obligations to be incurred

 

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 11.1 (Financial Covenants) would be breached, on the date of such incurrence.

 

		12.5	Information provided to be accurate

 

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

 

		12.6	Provision of financial statements

 

The Borrower will send to the Agent:

 

		(a)	as soon as possible, but in no event later than 180 days after the end of each financial year of
the Borrower, (commencing with the financial year ending 31 December 2015), the audited consolidated accounts of the Borrower and
its Subsidiaries;

 

		(b)	as soon as possible, but in no event later than 45 days after the end of each quarter in each financial
year of the Borrower unaudited consolidated accounts of the Borrower and its Subsidiaries certified as to their correctness by
the chief financial officer of the Borrower; and

 

		(c)	together with the annual audited consolidated accounts referred to in paragraph (a) above, 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 compliance with the financial undertakings in Clause 11.1 (Financial Covenants)
and also listing the market value of the Ship.

 

		12.7	Form of financial statements

 

All accounts (audited and unaudited)
delivered under Clause 12.6 (Provision of financial statements) will:

 

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

 

		(b)	fairly represent the financial condition of the Borrower at the date of those accounts and of its
profit for the period to which those accounts relate; and

 

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

 

    	 	32	 

     

    

 

		12.8	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 the whole or any class of
the Borrower’s shareholders or to the Borrower's creditors or any class of them.

 

		12.9	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;

 

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

 

		(c)	for the Borrower to continue to own and operate the Ship,

 

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

 

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

 

		12.11	Notification of litigation

 

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

 

		12.12	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 which it is a party to be registered,
filed or recorded with any court or authority in that jurisdiction or if the centre of its main interests changes.

 

		12.13	Confirmation of no default

 

The Borrower will, within 5 Business
Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2 directors of the Borrower
and which:

 

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

 

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

 

    	 	33	 

     

    

 

The Agent may serve requests under
this Clause 12.13 (Confirmation of no default) from time to time but only if reasonably asked to do so by a Lender or Lenders
having Contributions exceeding 10 per cent. of the Loan or (if the Loan has not been made) Commitments exceeding 10 per cent of
the Total Commitments; and this Clause 12.13 (Confirmation of no default) does not affect the Borrower's obligations under
Clause 12.14 (Notification of default).

 

		12.14	Notification of default

 

The Borrower will notify the Agent
as soon as the Borrower becomes aware of:

 

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

 

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

 

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

 

		12.15	Provision of further information

 

The Borrower will, as soon as practicable
after receiving the request, provide the Agent with any additional financial or other information relating to:

 

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

 

		(b)	any claim, action, suit, proceeding or investigation with respect to Sanctions Laws against it,
any of its direct or indirect owners, subsidiaries or any of their respective directors, officers, employees, agents or representatives;
or

 

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

 

which may reasonably be requested
by the Agent, the Security Trustee or any Lender at any time.

 

		12.16	"Know your customer" checks

 

If:

 

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

 

		(b)	any change in the status of the Borrower or any Security Party after the date of this Agreement;
or

 

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

 

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

 

    	 	34	 

     

    

 

		12.17	Conduct of business; compliance with laws

 

The Borrower shall conduct its business
in a proper and efficient manner in compliance with:

 

		(a)	its constitutional documents;

 

		(b)	all Sanctions Laws;

 

		(c)	all Anti-Corruption Laws;

 

		(d)	all Environmental Laws; and

 

		(e)	all other laws and regulations applicable to its business,

 

and shall notify the Agent immediately
upon becoming aware of any breach of any such document, law or regulation.

 

		12.18	Compliance with Sanctions Laws

 

The Borrower shall:

 

		(a)	ensure that neither it nor any of its subsidiaries is or will become a Restricted Party;

 

		(b)	use reasonable endeavours to procure that no director, officer, employee, agent or representative
of any Borrower or any subsidiary of any Borrower is or will become a Restricted Party; and

 

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

 

		13	Corporate Undertakings

 

		13.1	General

 

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

 

		13.2	Maintenance of status

 

The Borrower will maintain its separate
corporate existence and remain in good standing under the laws of Belgium.

 

		13.3	Negative undertakings

 

The Borrower will not:

 

		(a)	operate outside the scope of its Articles of Association.; or

 

		(b)	provide any form of credit or financial assistance to:

 

		(i)	a person; or

 

		(ii)	enter into any transaction with or involving such a 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,

 

    	 	35	 

     

    

 

and the Borrower agrees to subordinate
any inter-company loans to the Loan on such terms as the Lenders may reasonably require;

 

		13.4	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.

 

		13.5	Payment of dividends

 

		(a)	The Borrower may pay dividends provided that:

 

		(i)	no Event of Default has occurred and is continuing; and

 

		(ii)	the payment of such dividend or distribution would not cause any breach of any of the financial
covenants set out in Clause 11.1 (Financial Covenants).

 

		13.6	Notification of Sanctions

 

The Borrower shall:

 

		(a)	supply to the Agent, promptly upon becoming aware of them, the details of any inquiry, claim, action,
suit, proceeding or investigation pursuant to Sanction Laws against (a) the Borrower, (b) any other Relevant Person or (c) any
owners of any Relevant Person (other than any owner of the Borrower), as well as information on what steps are being taken with
regards to answering or opposing the same;

 

		(b)	inform the Agent promptly upon becoming aware that any of (a) the Borrower, (b) any other Relevant
Person or (c) any owners of any Relevant Person (other than any owner of the Borrower), has become or is likely to become a Restricted
Party.

 

		14	Insurance

 

		14.1	General

 

The Borrower also undertakes with
each Creditor Party to comply with the following provisions of this Clause 14 (Insurance) at all times during the Security
Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit (such consent not to be unreasonably
withheld or delayed in the case of paragraph (b) of Clauses 14.11 (Compliance with terms of insurances) and 14.12 (Alteration
to terms of insurances)).

 

		14.2	Maintenance of obligatory insurances

 

The Borrower shall keep the Ship
insured at the expense of the Borrower against:

 

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

 

		(b)	war risks;

 

		(c)	protection and indemnity risks; and

 

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

 

    	 	36	 

     

    

 

		14.3	Terms of obligatory insurances

 

The Borrower shall effect such insurances:

 

		(a)	in Dollars;

 

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

 

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

 

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

 

		(e)	on approved terms; and

 

		(f)	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.

 

		14.4	Further protections for the Creditor Parties

 

In addition to the terms set out
in Clause 14.13 (Settlement of claims), the Borrower shall procure that the obligatory insurances shall:

 

		(a)	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.

 

		14.5	Renewal of obligatory insurances

 

The Borrower shall:

 

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

 

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

 

    	 	37	 

     

    

 

		14.6	Copies of policies; letters of undertaking

 

The Borrower shall ensure that all
approved brokers provide the Security Trustee with a letter or letters of undertaking in a form required by the Majority Lenders
and including undertakings by the approved brokers that:

 

		(a)	they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice
of assignment complying with the provisions of Clause 14.14 (Provision of information);

 

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

 

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

 

		(d)	they will notify the Security Trustee, not less than 14 days before the expiry of the obligatory
insurances, in the event of their not having received notice of renewal instructions from the Borrower or its agents and, in the
event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions;
and

 

		(e)	they will not set off against any sum recoverable in respect of a claim relating to the Ship under
such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of the Ship or otherwise,
they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other
amounts, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will
arrange for a separate policy to be issued in respect of the Ship forthwith upon being so requested by the Security Trustee.

 

		14.7	Copies of certificates of entry

 

The Borrower shall ensure that any
protection and indemnity and/or war risks associations in which the Ship is entered provides the Security Trustee with:

 

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

 

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

 

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

 

		14.8	Deposit of original policies

 

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

 

		14.9	Payment of premiums

 

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

 

		14.10	Guarantees

 

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

 

    	 	38	 

     

    

 

		14.11	Compliance with terms of insurances

 

The Borrower shall neither 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 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 (without limiting the obligation contained in paragraph (c) of Clause 14.6
(Copies of policies; letters of undertaking)) ensure that the obligatory insurances are not made subject to any exclusions
or qualifications to which the Security Trustee has not given its prior approval;

 

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

 

		(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 the 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 the Ship, nor allow it to be employed, otherwise than in conformity
with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with
any requirements (as to extra premium or otherwise) which the insurers specify.

 

		14.12	Alteration to terms of insurances

 

The Borrower shall neither make or
agree to any material alteration to the terms of any obligatory insurance nor waive any right relating to any obligatory insurance
without the consent of the Agent.

 

		14.13	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 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.

 

		14.14	Provision of information

 

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

 

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

 

		(b)	effecting, maintaining or renewing any such insurances as are referred to in Clause 14.15 (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 incurred by or for the account of the Security
Trustee in connection with any such report as is referred to in paragraph (a).

 

    	 	39	 

     

    

 

		14.15	Mortgagee's interest and additional perils insurances

 

The Security Trustee shall be entitled
from time to time to effect, maintain and renew a mortgagee's interest additional perils insurance and a mortgagee's interest marine
insurance each in an amount of 110 per cent. of the Loan and on such terms, through such insurers and generally in such manner
as the Majority Lenders may from time to time consider appropriate and the Borrower shall upon demand fully indemnify the Creditor
Parties in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining
or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance.

 

		15	Ship Covenants

 

		15.1	General

 

The Borrower also undertakes with
each Creditor Party to comply with the following provisions of this Clause 15 (Ship Covenants) at all times during the Security
Period except as the Agent, with the authorisation of the Majority Lenders, may otherwise permit.

 

		15.2	Ship's name and registration

 

The Borrower shall keep the Ship
registered in its name under the relevant Approved Flag at its relevant port of registry; shall not do or omit to do or allow to
be done anything as a result of which such registration might be cancelled or imperilled; and shall not change the name or port
of registry of the Ship.

 

		15.3	Repair and classification

 

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

 

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

 

		(b)	so as to maintain the Ship's class (namely A1(E), "Oil Carrier ESP", AMS, ACCU, SPM,
VEC(-L), CSR, Safeship-CM, RES, ES, TEM, Green Passport, POT, UWILD (sea chest blanking devices shall not be provided), CPS at
American Bureau of Shipping) free of overdue recommendations and conditions; and

 

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

 

		15.4	Modification

 

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

 

		15.5	Removal of parts

 

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

 

    	 	40	 

     

    

 

		15.6	Surveys

 

The Borrower shall submit the Ship
regularly to all periodical or other surveys which may be required for classification purposes and, if so required by the Majority
Lenders provide the Security Trustee, with copies of all survey reports.

 

		15.7	Inspection

 

The Borrower shall permit the Security
Trustee (by surveyors or other persons appointed by it for that purpose) to board the Ship at all reasonable times to inspect its
condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections
provided that prior to the occurrence of an Event of Default reasonable notice of such inspection is given and such inspection
does not materially affect the Ship's commercial operation.

 

		15.8	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 the Ship, the Earnings or the Insurances;

 

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

 

		(c)	all other outgoings whatsoever in respect of the Ship, the Earnings or the Insurances,

 

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

 

		15.9	Compliance with laws etc.

 

The Borrower shall:

 

		(a)	comply, or procure compliance with the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions
Laws and all other laws or regulations relating to the Ship, its ownership, operation and management or to the business of the
Borrower;

 

		(b)	not employ the Ship nor allow its employment in any manner contrary to any law or regulation in
any relevant jurisdiction including but not limited to the ISM Code and the ISPS Code, all Environmental Laws and Sanctions Laws;
and

 

		(c)	in the event of hostilities in any part of the world (whether war is declared or not), not cause
or permit the Ship to enter or trade to any zone which is declared a war zone by any government or by the Ship's war risks insurers
unless the Borrower (at its expense) effected any necessary special, additional or modified insurance cover and, upon the Agent's
request, the Borrower will confirm that they have effected such insurance cover.

 

		15.10	ISPS Code

 

Without limiting paragraph (a) of
Clause 15.9 (Compliance with laws ), the Borrower shall:

 

		(a)	procure that the Ship and the company responsible for the Ship's compliance with the ISPS Code
comply with the ISPS Code; and

 

		(b)	maintain an ISSC for the Ship; and

 

    	 	41	 

     

    

 

		(c)	notify the Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation
or modification of the ISSC.

 

		15.11	Provision of information

 

The Borrower shall promptly provide
the Security Trustee with any information which the Majority Lenders reasonably request regarding:

 

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

 

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

 

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

 

		(d)	any towages and salvages; and

 

		(e)	the Borrower's, the Approved Manager's or the Ship's compliance with the ISM code and the ISPS
code,

 

and, upon the Security Trustee's
request, provide copies of any current charter relating to the Ship and of any current charter guarantee, and copies of the Borrower's
or the Approved Manager's Document of Compliance.

 

		15.12	Notification of certain events

 

The Borrower shall immediately notify
the Security Trustee by fax, 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 the Ship has become or is, by the passing of time or otherwise,
likely to become a Total Loss;

 

		(c)	any overdue requirement or recommendation made by any insurer or classification society or by any
competent authority which is not immediately complied with;

 

		(d)	any arrest or detention of the Ship, any exercise or purported exercise of any lien on the Ship
or its Earnings or any requisition of the Ship for hire;

 

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

 

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

 

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

 

		(h)	any other matter, event or incident, actual or threatened, the effect of which will or could lead
to the ISM Code or ISPS Code not being complied with,

 

and the Borrower shall keep the Security
Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the Borrower's, the Approved
Manager's or any other person's response to any of those events or matters.

 

		15.13	Restrictions on chartering, appointment of managers etc.

 

The Borrower shall not:

 

    	 	42	 

     

    

 

		(a)	let the Ship on demise charter for any period;

 

		(b)	enter into any charter in relation to the Ship under which more than 2 months' hire (or the equivalent)
is payable in advance;

 

		(c)	charter the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed;

 

		(d)	appoint a manager of the Ship other than the Approved Manager or agree to any alteration to the
terms of the Approved Manager's appointment;

 

		(e)	de-activate or lay up the Ship; or

 

		(f)	put the Ship into the possession of any person for the purpose of work being done upon it in an
amount exceeding or likely to exceed the Major Casualty amount 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 the Ship or its Earnings for the cost of such work or for any other reason; or

 

		(ii)	the Borrower has established to the reasonable satisfaction of the Security Trustee that the Borrower
has sufficient reserves to pay for the cost of such work.

 

		15.14	Time and consecutive voyage charters in excess of 36 months

 

The Borrower agrees that if it should
enter into any Charter the Borrower shall execute and deliver to the Agent promptly upon such Charter being entered into a Charter
Assignment in respect of that Charter in favour of the Security Trustee unless such Charter contains a substitution clause or a
clause with similar effect.

 

If the Lenders agree to the increase
of the Loan pursuant to Clause 2.5 (Increase of Loan) of this Agreement, then the Borrower agrees that if it should enter
into any Charter (or has previously entered into any Charter) the Borrower shall execute and deliver to the Agent promptly upon
such Charter being entered into (or where such Charter has already been entered into on the date of the increase of the Loan pursuant
to Clause 2.5 (Increase of Loan)) a Charter Assignment in respect of that Charter in favour of the Security Trustee.

 

		15.15	Notice of Mortgage

 

The Borrower shall keep the Mortgage
registered against the Ship as a valid first priority mortgage, carry on board the Ship a certified copy of the Mortgage and place
and maintain in a conspicuous place in the navigation room and the Master's cabin of the Ship a framed printed notice stating that
the Ship is mortgaged by the Borrower to the Security Trustee.

 

		15.16	Sharing of Earnings

 

The Borrower shall not enter into
any agreement or arrangement for the sharing of any Earnings without the prior approval of the Agent such approval not to be unreasonably
withheld. For the avoidance of doubt the Agent's approval shall not be required in relation to:

 

		(a)	any "profit split" of hire between the Borrower and a charterer of the Ship; or

 

		(b)	the entry into an established pool or a pool established by the Borrower in both cases on usual
commercial terms and at a market rate allocation.

 

    	 	43	 

     

    

 

		16	Security Cover

 

		16.1	Minimum required security cover

 

Clause 16.2 (Provision of additional
security; prepayment) applies if the Agent notifies the Borrower that, according to the determination mechanism under Clause
16.3 (Valuation of Ship):

 

		(a)	the market value (determined as provided in Clause 16.3 (Valuation of Ship)) of the Ship;
plus

 

		(b)	the net realisable value of any additional security previously provided under this Clause 16 (Security
Cover),

 

is below 120 per cent. of the Loan.

 

		16.2	Provision of additional security; prepayment

 

If the Agent serves a notice on the
Borrower under Clause 16.1 (Minimum required security cover), the Borrower shall, within 1 month after the date on which
the Agent's notice is served, either:

 

		(a)	provide, or ensure that a third party provides, additional security which is acceptable to the
Agent and, in the opinion of the Majority Lenders, has a net realisable value 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; or

 

		(b)	prepay such part (at least) of the Loan as will eliminate the shortfall.

 

		16.3	Valuation of Ship

 

The market value of the Ship at any
date is that shown by the average of 2 valuations addressed to the Agent for the benefit of the Lenders and prepared:

 

		(a)	as at a date not more than 14 days previously;

 

		(b)	by 2 independent first class sale and purchase shipbrokers which the Agent has approved or appointed
for the purpose;

 

		(c)	with or without physical inspection of the Ship (as the Agent may require);

 

		(d)	on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as
between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and

 

		(e)	after deducting the estimated amount of the usual and reasonable expenses which would be incurred
in connection with the sale.

 

		16.4	Value of additional vessel security

 

The net realisable value of any additional
security which is provided under Clause 16.2 (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 16.3 (Valuation of Ship).

 

		16.5	Valuations binding

 

Any valuation under Clause 16.2 (Provision
of additional security; prepayment), 16.3 (Valuation of Ship) or 16.4 (Value of additional vessel security) shall
be binding and conclusive as regards the Borrower, as shall be any valuation which the Majority Lenders make of any additional
security which does not consist of or include a Security Interest.

 

    	 	44	 

     

    

 

		16.6	Provision of information

 

The Borrower shall promptly provide
the Agent and any shipbroker or expert acting under Clause 16.3 (Valuation of Ship) or 16.4 (Value of additional vessel
security) with any information which the Agent or the shipbroker or expert may reasonably request for the purposes of the valuation;

 

		16.7	Payment of valuation expenses

 

Without prejudice to the generality
of the Borrower's obligations under Clauses 21.2 (Costs of negotiation, preparation ), 21.3 (Costs of variations, amendments,
enforcement ) and 22.3 (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.

 

		16.8	Application of prepayment

 

Clause 8 (Repayment and Prepayment)
shall apply in relation to any prepayment pursuant to paragraph (b) of Clause 16.2 (Provision of additional security; prepayment).

 

		17	Payments and Calculations

 

		17.1	Currency and method of payments

 

All payments to be made by the Lenders
or by the Borrower under a Finance Document shall be made to the Agent or to the Security Trustee, in the case of an amount payable
to it:

 

		(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 as the Agent may advise from time to time; 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.

 

		17.2	Payment on non-Business Day

 

If any payment by the Borrower under
a Finance Document would otherwise fall due on a day which is not a Business Day:

 

		(a)	the due date shall be extended to the next succeeding Business Day; or

 

		(b)	if the next succeeding Business Day falls in the next calendar month, the due date shall be brought
forward to the immediately preceding Business Day;

 

and interest shall be payable during
any extension under paragraph (a) at the rate payable on the original due date.

 

    	 	45	 

     

    

 

		17.3	Basis for calculation of periodic payments

 

All interest, commitment fee and
commission 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.

 

		17.4	Distribution of payments to Creditor Parties

 

Subject to Clauses 17.5 (Permitted
deductions by Agent) 17.6 (Agent only obliged to pay when monies received) and 17.7 (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
or the Security Trustee shall be made available by the Agent to that Lender or, as the case may be, the Security Trustee by payment,
with funds having the same value as the funds received, to such account as the Lender or the Security Trustee may have notified
to the Agent not less than 5 Business Days previously; and

 

		(b)	amounts to be applied in satisfying amounts of a particular category which are due to the Lenders
generally shall be distributed by the Agent to each Lender pro rata to the amount in that category which is due to it.

 

		17.5	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, deduct and withhold
from that amount any sum which is then due and payable to the Agent from that Lender under any Finance Document or any sum which
the Agent is then entitled under any Finance Document to require that Lender to pay on demand.

 

		17.6	Agent only obliged to pay when monies received

 

Notwithstanding any other provision
of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the Borrower or any Lender
any sum which the Agent is expecting to receive for remittance or distribution to the Borrower or that Lender until the Agent has
satisfied itself that it has received that sum.

 

		17.7	Refund to Agent of monies not received

 

If and to the extent that the Agent
makes available a sum to the Borrower or a Lender, without first having received that sum, the Borrower or (as the case may be)
the Lender concerned shall, on demand:

 

		(a)	refund the sum in full to the Agent; and

 

		(b)	pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against
any funding or other loss, liability or expense incurred by the Agent as a result of making the sum available before receiving
it.

 

		17.8	Agent may assume receipt

 

Clause 17.7 (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.

 

    	 	46	 

     

    

 

		17.9	Creditor Party accounts

 

Each Creditor Party shall maintain
accounts showing the amounts owing to it by the Borrower and each Security Party under the Finance Documents and all payments in
respect of those amounts made by the Borrower and any Security Party.

 

		17.10	Agent's memorandum account

 

The Agent shall maintain a memorandum
account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the Security Trustee and each Lender
from the Borrower and each Security Party under the Finance Documents and all payments in respect of those amounts made by the
Borrower and any Security Party.

 

		17.11	Accounts prima facie evidence

 

If any accounts maintained under
Clauses 17.9 (Creditor Party accounts) and 17.10 (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.

 

		18	Application of Receipts

 

		18.1	Normal order of application

 

Except as any Finance Document may
otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall
be applied:

 

		(a)	FIRST: in or towards 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 payment pro rata of any accrued interest or commission due but unpaid under
this Agreement;

 

		(c)	THIRDLY: in or towards payment pro rata of any principal due but unpaid under this Agreement;

 

		(d)	FOURTHLY: in or towards payment pro rata of any other amounts due but unpaid under any Finance
Document;

 

		(e)	FIFTHLY: in retention of an amount equal to any amount not then due and payable under any Finance
Document but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its 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 paragraphs (a), (b), (c) and (d) of Clause 18.1 (Normal order of application);
and

 

		(f)	SIXTHLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled
to it.

 

		18.2	Variation of order of application

 

The Agent may, with the authorisation
of the Majority Lenders, by notice to the Borrower, the Security Parties and the other Creditor Parties provide for a different
manner of application from that set out in Clause 18.1 (Normal order of application) either as regards a specified sum or
sums or as regards sums in a specified category or categories.

 

    	 	47	 

     

    

 

		18.3	Notice of variation of order of application

 

The Agent may give notices under
Clause 18.2 (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.

 

		18.4	Appropriation rights overriden

 

This Clause 18 (Application of
Receipts) and any notice which the Agent gives under Clause 18.2 (Variation of order of application) shall override
any right of appropriation possessed, and any appropriation made, by the Borrower or any Security Party.

 

		19	Application of Earnings

 

		19.1	Payment of Earnings

 

The Borrower undertakes with each
Creditor Party to ensure that, throughout the Security Period (and subject only to the provisions of the General Assignment), all
the Earnings are paid to the Earnings Account unless the parties agree otherwise 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.

 

		19.2	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 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.

 

		19.3	Debits for expenses etc.

 

Following the occurrence of an Event
of Default which is continuing, the Agent shall be entitled (but not obliged) from time to time to debit the Earnings Account without
prior notice in order to discharge any amount due and payable under Clause 21 (Fees and expenses) or 22 (Indemnities)
to a Creditor Party or payment of which any Creditor Party has become entitled to demand under Clause 21 (Fees and expenses)
or 22 (Indemnities).

 

		19.4	Interest accrued on Earnings Account

 

Any credit balance on the Earnings
Account shall bear interest at the rate from time to time offered by the Agent to its customers for Dollar deposits of similar
amounts and for periods similar to those for which such balances appear to the Agent likely to remain on the Earnings Account.

 

		19.5	Borrower's obligations unaffected

 

The provisions of this Clause 19
(Application of Earnings) do not affect:

 

		(a)	the liability of the Borrower to make payments of principal and interest on the due dates; or

 

		(b)	any other liability or obligation of the Borrower or any Security Party under any Finance Document.

 

    	 	48	 

     

    

 

		20	Events of Default

 

		20.1	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 any
sum payable under a Finance Document or under any document relating to a Finance Document; or

 

		(b)	any breach occurs of Clause 9.2 (Waiver of conditions precedent), Clause 10.18 (Sanctions),
Clause 12.2 (Title; negative pledge), Clause 12.3 (No disposal of assets), Clause 13.2 (Maintenance of status),
Clause 12.17 (Conduct of business; compliance with laws) in so far as it relates to Sanctions Laws, Clause 12.18 (Compliance
with Sanctions Laws) Clause 13.3 (Negative undertakings), Clause 13.5 (Payment of dividends), Clause 13.6 (Notification
of Sanctions), Clause 16.2 (Provision of additional security; prepayment) or paragraph (b) of Clause 15.9 (Compliance
with laws ); or

 

		(c)	any breach by the Borrower or any Security Party occurs of any provision of a Finance Document
(other than a breach covered by paragraphs (a) or (b)) which, in the opinion of the Majority Lenders, is capable of remedy, and
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 or repeated 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 when it is made or repeated; or

 

		(e)	any of the following occurs in relation to any Financial Indebtedness of a Relevant Person in respect
of a sum, or sums aggregating, $15,000,000 or more in the case of the Borrower or the equivalent in another currency:

 

		(i)	any Financial Indebtedness of a Relevant Person is not paid when due; or

 

		(ii)	any Financial Indebtedness of a Relevant Person becomes due and payable or capable of being declared
due and payable prior to its stated maturity date as a consequence of any event of default; or

 

		(iii)	a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person
is terminated by the lessor or owner or becomes capable of being terminated as a consequence of any termination event; or

 

		(iv)	any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange
or other facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant
Person ceases to be available or becomes capable of being terminated as a result of any event of default, or cash cover is required,
or becomes capable of being required, in respect of such a facility as a result of any event of default; or

 

		(v)	any Security Interest securing any Financial Indebtedness of 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

 

    	 	49	 

     

    

 

		(ii)	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, $15,000,000 or more in the case of the Borrower or the equivalent in another
currency; or

 

		(iii)	any administrative or other receiver is appointed over any asset of a Relevant Person; or

 

		(iv)	an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person;
or

 

		(v)	any formal declaration of bankruptcy or any formal statement to the effect that a Relevant Person
is insolvent or likely to become insolvent is made by a Relevant Person or by the directors of a Relevant Person or, in any proceedings,
by a lawyer acting for a Relevant Person; or

 

		(vi)	a provisional liquidator is appointed in respect of a Relevant Person, a winding up order is made
in relation to a Relevant Person or a winding up resolution is passed by a Relevant Person; or

 

		(vii)	a resolution is passed, an administration notice is given or filed, an application or petition
to a court is made or presented or any other step is taken by (aa) a Relevant Person, (bb) the members or directors of a Relevant
Person, (cc) a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant Person,
or (dd) a government minister or public or regulatory authority of a Pertinent Jurisdiction for or with a view to the winding up
of that or another Relevant Person or the appointment of a provisional liquidator or administrator in respect of that or another
Relevant Person, or that or another Relevant Person ceasing or suspending business operations or payments to creditors, 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

 

		(viii)	an administration notice is given or filed, an application or petition to a court is made or presented
or any other step is taken by a creditor of a Relevant Person (other than a holder of Security Interests which together relate
to all or substantially all of the assets of a Relevant Person) for the winding up of a Relevant Person or the appointment of a
provisional liquidator or administrator in respect of a Relevant Person in any Pertinent Jurisdiction, unless the proposed winding
up, appointment of a provisional liquidator or administration is being contested in good faith, on substantial grounds and not
with a view to some other insolvency law procedure being implemented instead and either (aa) the application or petition is dismissed
or withdrawn within 30 days of being made or presented, or (bb) within 30 days of the administration notice being given or filed,
or the other relevant steps being taken, other action is taken which will ensure that there will be no administration and (in both
cases (aa) or (bb)) the Relevant Person will continue to carry on business in the ordinary way and without being the subject of
any actual, interim or pending insolvency law procedure; or

 

		(ix)	a Relevant Person or its directors take any steps (whether by making or presenting an application
or petition to a court, or submitting or presenting a document setting out a proposal or proposed terms, or otherwise) with a view
to obtaining, in relation to that or another Relevant Person, any form of moratorium, suspension or deferral of payments, reorganisation
of debt (or certain debt) or arrangement with all or a substantial proportion (by number or value) of creditors or of any class
of them or any such moratorium, suspension or deferral of payments, reorganisation or arrangement is effected by court order, by
the filing of documents with a court, by means of a contract or in any other way at all; or

 

    	 	50	 

     

    

 

		(x)	any meeting of the members or directors, or of any committee of the board or senior management,
of a Relevant Person is held or summoned for the purpose of considering a resolution or proposal to authorise or take any action
of a type described in paragraphs (iv) to (ix) or a step preparatory to such action, or (with or without such a meeting) the members,
directors or such a committee resolve or agree that such an action or step should be taken or should be taken if certain conditions
materialise or fail to materialise; or

 

		(xi)	in a Pertinent Jurisdiction other than England, any event occurs, any proceedings are opened or
commenced or any step is taken 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 consent necessary to enable the Borrower to own, operate or charter the Ship or to enable the
Borrower or any Security Party to comply with any provision which the Majority Lenders consider material of a Finance Document
is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent is
not fulfilled; or

 

		(j)	any provision which the Majority Lenders reasonably consider material of a Finance Document proves
to have been or becomes invalid or unenforceable, or a Security Interest created by a Finance Document proves to have been or becomes
invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another Security Interest
or any other third party claim or interest; or

 

		(k)	the security constituted by a Finance Document is in any way imperilled or in jeopardy; or

 

		(l)	any event or circumstance occurs which the Majority Lenders determine has, or could reasonably
be expected to have a material adverse effect:

 

		(i)	on the ability of the Borrower to perform its obligations under the Finance Documents; or

 

		(ii)	on the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise)
of the Borrower.

 

		20.2	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 cancelled; and/or

 

    	 	51	 

     

    

 

		(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 are entitled to take under any Finance Document or
any applicable law.

 

		20.3	Termination of Commitments

 

On the service of a notice under
paragraph (a)(i) of Clause 20.2 (Actions following an Event of Default), the Commitments and all other obligations of each
Lender to the Borrower under this Agreement shall be cancelled.

 

		20.4	Acceleration of Loan

 

On the service of a notice under
paragraph (a)(ii) of Clause 20.2 (Actions following an Event of Default), 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.

 

		20.5	Multiple notices; action without notice

 

The Agent may serve notices under
paragraphs (a)(i) or (ii) of Clause 20.2 (Actions following an Event of Default) simultaneously or on different dates and
it and/or the Security Trustee may take any action referred to in Clause 20.2 (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.

 

		20.6	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
20.2 (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.

 

		20.7	Lender's rights unimpaired

 

Nothing in this Clause shall be taken
to impair or restrict the exercise of any right given to individual Lenders under a Finance Document or the general law; and, in
particular, this Clause is without prejudice to Clause 3.1 (Interests of Lenders several).

 

		20.8	Exclusion of Creditor Party liability

 

No Creditor Party, and no receiver
or manager appointed by the Security Trustee, shall have any liability to the Borrower or a Security Party:

 

		(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

 

    	 	52	 

     

    

 

		(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.

 

		20.9	Relevant Persons

 

In this Clause 20 (Events of Default),
a "Relevant Person" means the Borrower and any Security Party.

 

		20.10	Interpretation

 

In paragraph (e) of Clause 20.1 (Events
of Default), 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 paragraph (f) of Clause 20.1 (Events
of Default) "petition" includes an application.

 

		21	Fees and expenses

 

		21.1	Arrangement, commitment fees

 

The Borrower shall pay to the Agent
(for the account of each Lender) quarterly in arrears during the period from (and including) the date of the acceptance of the
term sheet to the earlier of (i) the final Drawdown Date and (ii) the last day of the Availability Period, for the account of the
Lenders, a commitment fee at the rate of 0.5175 per cent. per annum on the amount of the Total Commitments less the amount of the
Loan, for distribution among the Lenders pro rata to their Commitments.

 

		21.2	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.

 

		21.3	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 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 16 (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.

 

    	 	53	 

     

    

 

There shall be recoverable under
paragraph (d) the full amount of all legal expenses, whether or not such would be allowed under rules of court or any Taxation
or other procedure carried out under such rules.

 

		21.4	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 (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.

 

		22	Indemnities

 

		22.1	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, or which that Creditor Party reasonably and with
due diligence estimates that it will incur, as a result of or in connection with:

 

		(a)	an Advance not being borrowed on the date specified in the Drawdown Notice for any reason other
than a default by the Lender claiming the indemnity;

 

		(b)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the
last day of an Interest Period or other relevant period;

 

		(c)	any failure (for whatever reason) by the Borrower to make payment of any amount due under a Finance
Document on the due date or, if 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 of an Event of Default or a Potential Event of Default and/or the acceleration of
repayment of the Loan under Clause 20 (Events of Default).

 

		22.2	Breakage costs

 

Without limiting its generality,
Clause 22.1 (Indemnities regarding borrowing and repayment of Loan) covers any claim, expense, liability or loss, including
a loss of a prospective profit, incurred by a Lender:

 

		(a)	in liquidating or employing deposits from third parties acquired or arranged to fund or maintain
all or any part of its Contribution and/or any overdue amount (or an aggregate amount which includes its Contribution or any overdue
amount); and

 

		(b)	in terminating, or otherwise in connection with, any interest and/or currency swap or any other
transaction entered into (whether with another legal entity or with another office or department of the Lender concerned) to hedge
any exposure arising under this Agreement or a number of transactions of which this Agreement is one.

 

In the circumstances referred to
in paragraph (b) of Clause 22.1 (Indemnities regarding borrowing and repayment of Loan) such costs shall include an
amount equal to the Margin which would, but, for receipt or recovery of the relevant part of the Loan, have accrued on the relevant
part of the Loan, from the date of such receipt or recovery to the end of the then current Interest Period relating thereto.

 

    	 	54	 

     

    

 

		22.3	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;
or

 

		(b)	any other Pertinent Matter,

 

other than claims, expenses, liabilities
and losses which are shown to have been directly and mainly caused by the dishonesty, gross negligence or wilful misconduct of
the officers or employees of the Creditor Party concerned.

 

Without prejudice to its generality,
this Clause 22.3 (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 or any Environmental Law.

 

		22.4	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 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
22.4 (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 22.4 (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.

 

		22.5	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
22 (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.

 

    	 	55	 

     

    

 

		22.6	Sums deemed due to a Lender

 

For the purposes of this Clause 22
(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.

 

		22.7	Sanctions and regulatory indemnities

 

The Borrower shall pay to the Agent
on demand, and the Borrower shall indemnify each Lender against,
all costs, charges, expenses, claims, liabilities, losses, duties and fees (including, but not limited to, legal fees and expenses
on a full indemnity basis) and taxes thereon suffered or incurred by a Lender (other than in each case by reason of a Lender's
gross negligence, dishonesty or wilful misconduct):

 

		(a)	arising or asserted under or in connection with any law relating to safety at sea, the ISM Code,
any Environmental Law or any Sanctions Law; or

 

		(b)	as a result of any claim, action, civil penalty or fine against, any settlement, and any other
kind of loss or liability, and as a result of conduct of the Borrower or any of their partners, directors, officers, employees
or agents that violates any Sanctions Laws.

 

		23	No Set-Off or Tax Deduction

 

		23.1	No deductions

 

All amounts due from the Borrower
under a Finance Document shall be paid:

 

		(a)	without any form of set-off, cross-claim or condition; and

 

		(b)	free and clear of any Tax deduction except a Tax deduction which the Borrower is required by law
to make.

 

		24	Tax Gross Up and Indemnities

 

		24.1	Definitions

 

		(a)	In this Agreement:

 

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

 

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

 

"Tax
Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other
than a FATCA Deduction.

 

"Tax
Payment" means either the increase in a payment made by the Borrower to a Creditor Party under Clause 24.2 (Tax
gross-up) or a payment under Clause 24.3 (Tax indemnity).

 

		(a)	Unless a contrary indication appears, in this Clause 24 (Tax Gross Up and Indemnities) reference
to "determines" or "determined" means a determination made in the absolute discretion of the
person making the determination.

 

    	 	56	 

     

    

 

		24.2	Tax gross-up

 

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

 

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

 

		(c)	If a Tax Deduction is required by law 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 Tax Deduction) leaves an amount equal to the payment
which would have been due if no Tax Deduction had been required.

 

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

 

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

 

		24.3	Tax indemnity

 

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

 

		(b)	Paragraph (a) above shall not apply:

 

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

 

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

 

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

 

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

 

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

 

		(A)	is compensated for by an increased payment under Clause 24.2 (Tax gross-up); or

 

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

 

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

 

    	 	57	 

     

    

 

		(d)	A Protected Party shall, on receiving a payment from the Borrower under this Clause 24.3 (Tax
indemnity), notify the Agent.

 

		24.4	Tax Credit

 

If the Borrower makes a Tax Payment
and the relevant Creditor Party determines that:

 

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

 

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

 

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

 

		24.5	Stamp taxes

 

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

 

		24.6	VAT

 

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

 

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

 

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

 

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

 

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

 

    	 	58	 

     

    

 

		(d)	Any reference in this Clause 24.6 (VAT) to any Party shall, at any time when that Party
is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context
otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the
supply, under the grouping rules (provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant
member state of the European Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant
group or unity (or fiscal unity) of which that Party is a member for VAT purposes at the relevant time or the relevant representative
member (or representative or head) of that group or unity at the relevant time (as the case may be).

 

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

 

		24.7	FATCA Information

 

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

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party; and

 

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

 

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

 

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

 

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

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

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

 

    	 	59	 

     

    

 

		24.8	FATCA Deduction

 

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

 

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

 

		25	Illegality, etc

 

		25.1	Illegality

 

This Clause 25 (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 Laws,

 

for the Notifying Lender to maintain
or give effect to any of its obligations under this Agreement in the manner contemplated by this Agreement.

 

		25.2	Notification of illegality

 

The Agent shall promptly notify the
Borrower, the Security Parties, the Security Trustee and the other Lenders of the notice under Clause 25.1 (Illegality)
which the Agent receives from the Notifying Lender.

 

		25.3	Prepayment; termination of Commitment

 

On the Agent notifying the Borrower
under Clause 25.2 (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 25.1 (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.

 

		25.4	Mitigation

 

If circumstances arise which would
result in a notification under Clause 25.1 (Illegality) then, without in any way limiting the rights of the Notifying
Lender under Clause 25.3 (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

 

    	 	60	 

     

    

 

		(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.

 

		26	Increased Costs

 

		26.1	Increased costs

 

This Clause 26 (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); or

 

		(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;

 

		(c)	the implementation, application of or compliance with Basel III or CRD IV or any law or regulation
that implements or applies Basel III or CRD IV,

 

the Notifying Lender (or a parent
company of it) has incurred or will incur an "increased cost".

 

		26.2	In this Clause 26 (Increased Costs):

 

		(a)	"increased cost" means,:

 

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

 

		(ii)	an additional or increased cost; or

 

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

 

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

 

For the purposes of this Clause 26.2
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.

 

		(b)	"Basel III" means:

 

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

 

    	 	61	 

     

    

 

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

 

		(iii)	any further guidance or standards published by the Basel Committee on Banking Supervision relating
to "Basel III".

 

		(c)	"CRD IV" means:

 

		(i)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012;

 

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

 

		(iii)	any other law or regulation which implements Basel III.

 

		26.3	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 26.1 (Increased
costs).

 

		26.4	Payment of increased costs

 

The Borrower shall pay to the Agent,
on the Agent's demand, for the account of the Notifying Lender the amounts which the Agent from time to time notifies the Borrower
that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost.

 

		26.5	Notice of prepayment

 

If the Borrower is not willing to
continue to compensate the Notifying Lender for the increased cost under Clause 26.4 (Payment of increased costs), the Borrower
may give the Agent not less than 14 days' notice of its intention to prepay the Notifying Lender's Contribution at the end of an
Interest Period.

 

		26.6	Prepayment; termination of Commitment

 

A notice under Clause 26.5 (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
Margin.

 

		26.7	Exceptions

 

Clause 26.1 (Increased costs)
does not apply to the extent any Increased Cost is:

 

		(a)	attributable to a Tax Deduction required by law to be made by the Borrower;

 

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

 

    	 	62	 

     

    

 

		(c)	compensated for by Clause 24.3 (Tax indemnity) (or would have been compensated for under
Clause 24.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 24.3
(Tax indemnity) applied).

 

		26.8	Application of prepayment. Clause 8 (Repayment and Prepayment) shall apply in relation
to the prepayment.

 

		27	Set-Off

 

		27.1	Application of credit balances

 

At any time after the occurrence
of an Event of Default which is continuing, each Creditor Party may 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; and

 

		(iii)	enter into any other transaction or make any entry with regard to the credit balance which the
Creditor Party concerned considers appropriate.

 

		27.2	Existing rights unaffected

 

No Creditor Party shall be obliged
to exercise any of its rights under Clause 27.1 (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).

 

		27.3	Sums deemed due to a Lender

 

For the purposes of this Clause 27
(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.

 

		27.4	No Security Interest

 

This Clause 27 (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.

 

		28	Transfers and Changes in Lending Offices

 

		28.1	Transfer by Borrower

 

The Borrower may not transfer any
of its rights, liabilities or obligations under any Finance Document.

 

    	 	63	 

     

    

 

		28.2	Transfer by a Lender

 

Subject to Clause 28.4 (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) or without the consent of the Borrower if an Event of Default
or a Potential Event of Default has occurred and is continuing, cause:

 

		(a)	its rights in respect of all or part of its Contribution; or

 

		(b)	its obligations in respect of all or part of its Commitment; or

 

		(c)	a combination of (a) and (b),

 

to be (in the case of its rights)
transferred to, or (in the case of its obligations) assumed by, another bank or financial institution or a trust; fund or the entity
which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial
assets (a "Transferee Lender") by delivering to the Agent a completed certificate in the form set out in Schedule
4 (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
cause such transfer without needing the consent of the Borrower or any Security Party if an Event of Default has occurred and is
continuing or if the Transferee Lender is:

 

		(d)	another branch of the Transferor Lender;

 

		(e)	a direct or indirect Subsidiary or Affiliate of the Transferor Lender;

 

		(f)	a company of which the Transferor Lender is a Subsidiary; or

 

		(g)	a company which is under the same control as the Lender.

 

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 Agreement.

 

		28.3	Transfer Certificate, delivery and notification

 

As soon as reasonably practicable
after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the Transfer Certificate
may be defective):

 

		(a)	sign the Transfer Certificate on behalf of itself, the Borrower, the Security Parties, the Security
Trustee and each of the other Lenders;

 

		(b)	on behalf of the Transferee Lender, send to the Borrower letters or faxes notifying them of the
Transfer Certificate and attaching a copy of it;

 

		(c)	send to the Transferee Lender copies of the letters or faxes sent under paragraph (b) above,

 

but the Agent shall only be obliged
to execute a Transfer Certificate delivered to it by the Transferor Lender and the Transferee Lender once it is satisfied it has
complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in
relation to the transfer to that Transferee Lender.

 

    	 	64	 

     

    

 

		28.4	Effective Date of Transfer Certificate

 

A Transfer Certificate becomes effective
on the date, if any, specified in the Transfer Certificate as its effective date Provided that it is signed by the Agent
under Clause 27.3 (Sums deemed due to a Lender) on or before that date.

 

		28.5	No transfer without Transfer Certificate

 

No assignment or transfer of any
right or obligation of a Lender under any Finance Document is binding on, or effective in relation to, the Borrower, any Security
Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate.

 

		28.6	Lender re-organisation; waiver of Transfer Certificate

 

However, if a Lender enters into
any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the "successor"),
the Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for the execution
and delivery of a Transfer Certificate; and, upon service of the Agent's notice, the successor shall become a Lender with the same
Commitment and Contribution as were held by the predecessor Lender.

 

		28.7	Effect of Transfer Certificate

 

A Transfer Certificate takes effect
in accordance with English law as follows:

 

		(a)	to the extent specified in the Transfer Certificate, all rights and interests (present, future
or contingent) which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender
absolutely, free of any defects in the Transferor Lender's title and of any rights or equities which the Borrower or any Security
Party had against the Transferor Lender;

 

		(b)	the Transferor Lender's Commitment is discharged to the extent specified in the Transfer Certificate;

 

		(c)	the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor
Lender and a Commitment of an amount specified in the Transfer Certificate;

 

		(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable
to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification
of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions (other than
those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;

 

		(e)	any part of the Loan which the Transferee Lender advances after the Transfer Certificate's effective
date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the transferor, assuming
that any defects in the transferor's title and any rights or equities of the Borrower or any Security Party against the Transferor
Lender had not existed;

 

		(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 21 (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

 

    	 	65	 

     

    

 

		(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.

 

		28.8	Maintenance of register of Lenders

 

During the Security Period the Agent
shall maintain a register in which it shall record the name, Commitment, Contribution and administrative details (including the
lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause
28.4 (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.

 

		28.9	Reliance on register of Lenders

 

The entries on that register shall,
in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments
and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to
the Finance Documents for all purposes relating to the Finance Documents.

 

		28.10	Authorisation of Agent to sign Transfer Certificates

 

The Borrower, the Security Trustee
and each Lender irrevocably authorise the Agent to sign Transfer Certificates on its behalf.

 

		28.11	Registration fee

 

In respect of any Transfer Certificate,
the Agent shall be entitled to recover a registration fee of $3,000 from the Transferee Lender.

 

		28.12	Sub-participation; subrogation assignment

 

A Lender may sub-participate all
or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any notice
to, the Borrower, any Security Party, the Agent or the Security Trustee; and the Lenders may assign, in any manner and terms agreed
by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who has become
subrogated to them.

 

		28.13	Disclosure of information

 

A Lender may with the consent of
the Borrower (such consent not to be unreasonably withheld or delayed) disclose to a potential Transferee Lender or sub-participant
any information which the 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 of a confidential nature.

 

		28.14	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

 

    	 	66	 

     

    

 

		(b)	the date, if any, specified in the notice as the date on which the change will come into effect.

 

		28.15	Notification

 

On receiving such a notice, the Agent
shall notify the Borrower and the Security Trustee; and, until the Agent receives such a notice, it shall be entitled to assume
that a Lender is acting through the lending office of which the Agent last had notice.

 

		28.16	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.

 

		28.17	Tax indemnity, tax gross-up and increased costs on assignment, transfer and change of lending office

 

If:

 

		(a)	the Lender assigns or transfers any rights or obligations under the Finance Documents pursuant
to Clause 28.2 (Transfer by a Lender) or changes its lending office; and

 

		(b)	as a result of circumstances existing at the date of 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
22.1 (Indemnities regarding borrowing and repayment of Loan) in respect of any tax, Clause 23 (No Set-Off or Tax Deduction)
or 25 (Illegality, etc),

 

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.

 

		28.18	Security over Lenders' rights

 

In addition to the other rights provided
to Lenders under this Clause 28 (Transfers and Changes in Lending Offices), each Lender may without consulting with or obtaining
consent from the Borrower, 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

 

    	 	67	 

     

    

 

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

 

		29	Variations and Waivers

 

		29.1	Variations, waivers etc. by Majority Lenders

 

Subject to Clause 29.2 (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.

 

		29.2	Variations, waivers etc. requiring agreement of all Lenders

 

However, as regards the following,
Clause 29.1 (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 change in the Margin or in the definition of LIBOR;

 

		(b)	a change to the date for, the amount of, any payment of principal, interest, fees, or other sum
payable under this Agreement;

 

		(c)	a change to any Lender's Commitment;

 

		(d)	an extension of Availability Period;

 

		(e)	a change to the definition of "Majority Lenders" or "Finance Documents";

 

		(f)	a change to the preamble or to Clause 2 (Facility), 3 (Position of the Lenders),
4 (Drawdown), 5.1 (Payment of normal interest), 18 (Application of Receipts), 19 (Application of Earnings)
or 35 (Law and Jurisdiction);

 

		(g)	a change to this Clause 29 (Variations and Waivers);

 

		(h)	any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination
arrangement set out in a Finance Document; and

 

		(i)	any other change or matter as regards which this Agreement or another Finance Document expressly
provides that each Lender's consent is required.

 

		29.3	Exclusion of other or implied variations

 

Except for a document which satisfies
the requirements of Clauses 29.1 (Variations, waivers etc. by Majority Lenders) and 29.2 (Variations, waivers etc. requiring
agreement of all Lenders), no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on
the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties
or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being
precluded (permanently or temporarily) from enforcing, relying on or exercising:

 

		(a)	a provision of this Agreement or another Finance Document; or

 

		(b)	an Event of Default; or

 

    	 	68	 

     

    

 

		(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.

 

		29.4	Replacement of Screen Rate

 

If the Screen Rate is not available
for dollars, any amendment or waiver which relates to providing for another benchmark rate to apply in relation to dollars, in
place of that Screen Rate (or which relates to aligning any provision of a Finance Document to the use of that benchmark rate)
may be made with the consent of the Majority Lenders and the Borrower.

 

		30	Bail-In

 

Notwithstanding any other term of
any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party
acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents
may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

		(a)	any Bail-In Action in relation to any such liability, including (without limitation):

 

		(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including
any accrued but unpaid interest) in respect of any such liability;

 

		(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership
that may be issued to, or conferred on, it; and

 

		(iii)	a cancellation of any such liability; and

 

		(b)	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In
Action in relation to any such liability.

 

		31	Notices

 

		31.1	Communications in writing

 

Any communication to be made under
or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter.

 

		31.2	Addresses

 

The address and fax number (and the
department or officer, if any, for whose attention the communication is to be made) of each party to this Agreement for any communication
or document to be made or delivered under or in connection with the Finance Documents is:

 

		(a)	in the case of the Borrower, that identified with its name below;

 

		(b)	in the case of each Lender or any Security Party, that notified in writing to the Agent on or prior
to the date on which it becomes a party to this Agreement;

 

		(c)	in the case of the Agent or the Security Trustee that identified with its name below,

 

    	 	69	 

     

    

 

or any substitute address or fax
number or department or officer as the party to this Agreement may notify to the Agent (or the Agent may notify to the parties
to this Agreement, if a change is made by the Agent) by not less than five Business Days' notice:

 

	to the Borrower:	De Gerlachekaai 20
	 	2000 Antwerp
	 	Fax No: +32 3 247 4409
	 	 
	to the Lender:	At the address below its name in Schedule 1 or (as the case may require) in the relevant Transfer Certificate
	 	 
	to the Agent & Security Trustee:	BNP Paribas – TGMO
	 	16 rue de Hanovre
	 	75002 Paris Cedex 2
	 	Code ACI: CAT04B1
	 	 
	 	Attention: TGMO
	 	Email:tgmo.shipping@bnpparibas.com
	 	Fax No: +33 1 42 98 43 55

 

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 and the Security
Parties.

 

		31.3	Delivery

 

		(a)	Any communication or document made or delivered by one person to another under or in connection
with the Finance Documents will only be effective:

 

		(i)	if by way of fax, when received in legible form; or

 

		(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after
being deposited in the post postage prepaid in an envelope addressed to it at that address;

 

and, if a particular department or
officer is specified as part of its address details provided under Clause 31.2 (Addresses), if addressed to that department
or officer.

 

		(b)	Any communication or document to be made or delivered to the Agent will be effective only when
actually received by the Agent and then only if it is expressly marked for the attention of the department or officer identified
with the Agent's signature below (or any substitute department or officer as the Agent shall specify for this purpose).

 

		(c)	All notices from or to the Borrower or a Security Party shall be sent through the Agent.

 

		(d)	Any communication or document made or delivered to the Borrower in accordance with this Clause
will be deemed to have been made or delivered to each Security Party.

 

		31.4	Notification of address and fax number

 

Promptly upon receipt of notification
of an address or fax number or change of address or fax number pursuant to Clause 31.2 (Addresses) or changing its own address
or fax number, the Agent shall notify the other parties to this Agreement.

 

    	 	70	 

     

    

 

		31.5	Electronic communication.

 

		(a)	Any communication to be made between the Agent and a Lender under or in connection with the Finance
Documents may be made by electronic mail or other electronic means, if the Agent and the relevant Lender:

 

		(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication;

 

		(ii)	notify each other in writing of their electronic mail address and/or any other information required
to enable the sending and receipt of information by that means; and

 

		(iii)	notify each other of any change to their address or any other such information supplied by them.

 

		(b)	Any electronic communication made between the Agent and a Lender will be effective only when actually
received in readable form and in the case of any electronic communication made by a Lender to the Agent only if it is addressed
in such a manner as the Agent shall specify for this purpose.

 

		31.6	English language.

 

		(a)	Any notice given under or in connection with any Finance Document must be in English.

 

		(b)	All other documents provided under or in connection with any Finance Document must be:

 

		(i)	in English; or

 

		(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation
and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

 

		32	Confidential Information

 

		32.1	Confidentiality

 

Each Creditor Party agrees to keep
all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 32.2 (Disclosure
of Confidential Information) and Clause 32.3 (Disclosure to numbering service providers) and to ensure that all Confidential
Information is protected with security measures and a degree of care that would apply to its own confidential information.

 

		32.2	Disclosure of Confidential Information

 

Any Creditor Party may disclose:

 

		(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees,
professional advisers, auditors, partners and Representatives such Confidential Information as that Creditor Party shall consider
appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing
of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that
there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality
of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

 

    	 	71	 

     

    

 

		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any
of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as
Agent or Security Trustee and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional
advisers;

 

		(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation or risk participation in relation to, or any other transaction under which payments are to be made or may
be made by reference to, one or more Finance Documents and/or the Borrower and to any of that person's Affiliates, Related Funds,
Representatives and professional advisers;

 

		(iii)	appointed by any Creditor Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b)
above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf;

 

		(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly
or indirectly, any transaction referred to in sub-paragraph (i) or (ii) of paragraph (b) above;

 

		(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange
or pursuant to any applicable law or regulation;

 

		(vi)	to whom information is required to be disclosed in connection with, and for the purposes of, any
litigation, arbitrations, administrative or other investigations, proceedings or disputes;

 

		(vii)	to whom or for whose benefit that Creditor Party charges, assigns or otherwise creates Security
(or may do so) pursuant to Clause 28.18 (Security over Lenders' rights);

 

		(viii)	who is a Party, a member of the Group or any related entity of the Borrower;

 

		(ix)	as a result of the registration of any Finance Document as contemplated by any Finance Document
or any legal opinion obtained in connection with any Finance Document; or

 

		(x)	with the consent of the Borrower;

 

in each case, such Confidential Information
as that Creditor Party shall consider appropriate if:

 

		(A)	in relation to sub-paragraphs (i), (ii) and (iii) of paragraph (b) above, the 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;

 

		(B)	in relation to sub-paragraph (iv) of paragraph (b) above, the person to whom the Confidential Information
is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information;

 

    	 	72	 

     

    

 

		(C)	in relation to sub-paragraphs (v), (vi) and (vii) of paragraph (b) above, the person to whom the
Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Creditor Party,
it is not practicable so to do in the circumstances;

 

		(c)	to any person appointed by that Creditor Party or by a person to whom sub-paragraph (i) or (ii)
of paragraph (b) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential
Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this
paragraph (c) if the service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement
substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers
or such other form of confidentiality undertaking agreed between the Borrower and the relevant Creditor Party;

 

		(d)	to any rating agency (including its professional advisers) such Confidential Information as may
be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents
and/or the Borrower.

 

		32.3	Disclosure to numbering service providers

 

		(a)	Any Creditor Party may disclose to any national or international numbering service provider appointed
by that Creditor Party to provide identification numbering services in respect of this Agreement, the Loan and/or the Borrower
the following information:

 

		(i)	name of the Borrower;

 

		(ii)	country of domicile of the Borrower;

 

		(iii)	place of incorporation of the Borrower;

 

		(iv)	date of this Agreement;

 

		(v)	Clause 35 (Law and Jurisdiction);

 

		(vi)	the name of the Agent;

 

		(vii)	date of each amendment and restatement of this Agreement;

 

		(viii)	amount of Total Commitments;

 

		(ix)	currency of the Loan;

 

		(x)	type of Loan;

 

		(xi)	ranking of Loan;

 

		(xii)	Maturity Date for Loan;

 

		(xiii)	changes to any of the information previously supplied pursuant to sub-paragraphs (i) to (xii) above;
and

 

    	 	73	 

     

    

 

		(xiv)	such other information agreed between such Creditor Party and the Borrower,

 

to enable such numbering service
provider to provide its usual syndicated loan numbering identification services.

 

		(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the
Loan and/or the Borrower by a numbering service provider and the information associated with each such number may be disclosed
to users of its services in accordance with the standard terms and conditions of that numbering service provider.

 

		(c)	The Borrower represents that none of the information set out in sub-paragraphs (i) to (xiv) of
paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.

 

		32.4	Entire agreement

 

This Clause 32 (Confidential Information)
constitutes the entire agreement between the Parties in relation to the obligations of the Creditor Parties under the Finance Documents
regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

 

		32.5	Inside information

 

Each of the Creditor Parties acknowledges
that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information
may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse
and each of the Creditor Parties undertakes not to use any Confidential Information for any unlawful purpose.

 

		32.6	Notification of disclosure

 

Each of the Creditor Parties agrees
(to the extent permitted by law and regulation) to inform the Borrower:

 

		(a)	of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph
(v) of paragraph (b) of Clause 32.2 (Disclosure of Confidential Information) except where such disclosure is made to any
of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

 

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 32
(Confidential Information).

 

		32.7	Continuing obligations

 

The obligations in this Clause 32
(Confidential Information) are continuing and, in particular, shall survive and remain binding on each Creditor Party for
a period of 12 months from the earlier of:

 

		(a)	the date on which all amounts payable by the Borrower under or in connection with this Agreement
have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

 

		(b)	the date on which such Creditor Party otherwise ceases to be a Creditor Party.

 

    	 	74	 

     

    

 

		33	Confidentiality of Funding Rates and Reference Bank Quotations

 

		33.1	Confidentiality and disclosure

 

		(a)	The Agent and the Borrower agree to keep each Funding Rate (and, in the case of the Agent, each
Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (i), (j) and
(k) below.

 

		(b)	The Agent may disclose:

 

		(i)	any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the Borrower
pursuant to Clause 5.4 (Notification of Interest Periods and rates of normal interest); and

 

		(ii)	any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration
services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide
those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially
in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other
form of confidentiality undertaking agreed between the Facility Agent and the relevant Lender or Reference Bank, as the case may
be.

 

		(c)	The Agent may disclose any Funding Rate or any Reference Bank Quotation, and the Borrower may disclose
any Funding Rate, to:

 

		(i)	any of its Affiliates and any of its or their officers, directors, employees, professional advisers,
auditors, partners and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant
to this sub-paragraph (i) is informed in writing of its confidential nature and that it may be price sensitive information except
that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality
of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;

 

		(ii)	any person to whom information is required or requested to be disclosed by any court of competent
jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is
to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there
shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is
not practicable to do so in the circumstances;

 

		(iii)	any person to whom information is required to be disclosed in connection with, and for the purposes
of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding
Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price sensitive
information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor,
as the case may be, it is not practicable to do so in the circumstances; and

 

		(iv)	any person with the consent of the relevant Lender or Reference Bank, as the case may be.

 

		(d)	The Agent's obligations in this Clause 33 (Confidentiality of Funding Rates and Reference Bank
Quotations) relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause
5.4 (Notification of Interest Periods and rates of normal interest) provided that (other than pursuant to sub-paragraph
(i) of paragraph (i) above) the Agent shall not include the details of any individual Reference Bank Quotation as part of any such
notification.

 

    	 	75	 

     

    

 

		33.2	Related obligations

 

		(a)	The Agent and the Borrower acknowledge that each Funding Rate (and, in the case of the Agent, each
Reference Bank Quotation) is or may be price sensitive information and that its use may be regulated or prohibited by applicable
legislation including securities law relating to insider dealing and market abuse and the Agent and the Borrower undertake not
to use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful purpose.

 

		(b)	The Agent and the Borrower agree (to the extent permitted by law and regulation) to inform the
relevant Lender or Reference Bank, as the case may be:

 

		(i)	of the circumstances of any disclosure made pursuant to sub-paragraph (ii) of paragraph (j) of
Clause 33.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that
paragraph during the ordinary course of its supervisory or regulatory function; and

 

		(ii)	upon becoming aware that any information has been disclosed in breach of this Clause 33 (Confidentiality
of Funding Rates and Reference Bank Quotations).

 

		33.3	No Event of Default

 

No Event of Default will occur under
paragraph (c) of Clause 20.1 (Events of Default) by reason only of the Borrower's failure to comply with this Clause 33
(Confidentiality of Funding Rates and Reference Bank Quotations).

 

		34	Supplemental

 

		34.1	Rights cumulative, non-exclusive

 

The rights and remedies which the
Finance Documents give to each Creditor Party are:

 

		(a)	cumulative;

 

		(b)	may be exercised as often as appears expedient; and

 

		(c)	shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude
or limit any right or remedy conferred by any law.

 

		34.2	Severability of provisions

 

If any provision of a Finance Document
is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality of the
other provisions of that Finance Document or of the provisions of any other Finance Document.

 

		34.3	Counterparts

 

A Finance Document may be executed
in any number of counterparts.

 

		34.4	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.

 

    	 	76	 

     

    

 

		35	Law and Jurisdiction

 

		35.1	English law

 

This Agreement shall be governed
by, and construed in accordance with, English law.

 

		35.2	Exclusive English jurisdiction

 

Subject to Clause 35.3 (Choice
of forum for the exclusive benefit of the Creditor Parties), the courts of England shall have exclusive jurisdiction to settle
any disputes which may arise out of or in connection with this Agreement.

 

		35.3	Choice of forum for the exclusive benefit of the Creditor Parties

 

Clause 35.2 (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 matter which arises out of or in connection with this
Agreement in the courts of any country other than England and which have or claim jurisdiction to that matter; and

 

		(b)	to commence such proceedings in the courts of any such country or countries concurrently with or
in addition to proceedings in England or without commencing proceedings in England.

 

		35.4	Process agent

 

The Borrower irrevocably appoints
Euronav (UK) Agencies Limited at its registered office for the time being, presently at 99 King’s Road, London, SW3 4PA,
England, to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the
English courts which are connected with this Agreement.

 

		35.5	Creditor Party rights unaffected

 

Nothing in this Clause 35 (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.

 

		35.6	Meaning of "proceedings"

 

In this Clause 35 (Law and Jurisdiction),
"proceedings" means proceedings of any kind, including an application for a provisional or protective measure.

 

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

 

    	 	77	 

     

    

 

Schedule
1

 

Lenders
and Commitments

 

	Lender	 	Lending Office	 	Commitment
 (US Dollars)	 
	 	 	 	 	 	 	 
	BNP Paribas	 	16, rue de Hanovre, 
75078 Paris Cedex 02, France 
  
Fax no.: +33 (0)1 42 98 43 55 
  
Department/Officer: Transportation Group 
  
Middle Office – Shipping & offshore 
  
Shipping Finance, ACI: CAT04B1	 	$	28,150,000	 

 

    	 	78	 

     

    

 

Schedule
2

 

Drawdown
Notice

 

		To:	BNP PARIBAS

acting through its office at

16, rue de Hanovre

75078 Paris Cedex 02

France

 

Attention: [Loans Administration]

 

[·]
2008

 

DRAWDOWN NOTICE

 

		1	We refer to the loan agreement (the "Loan Agreement") dated 29 August 2008 (as
amended and restated on [·] March 2017) and made between ourselves,
as Borrower, the Lenders referred to therein, and yourselves Agent and as Security Trustee in connection with a facility of up
to US$67,500,000. Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice.

 

		2	We request to borrow as follows:

 

		(a)	Amount: US$[·];

 

		(b)	Advance as specified in Clause 2.1 (Amount of facility) [first, second, third, etc.];

 

		(c)	Drawdown Date: [·];

 

		(d)	Duration of the first Interest Period shall be [·]
months; and

 

		(e)	Payment instructions: account of [·]
and numbered [·] with [·]
of [·].

 

		3	We represent and warrant that:

 

		(a)	the representations and warranties in clause 10 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; and

 

		(b)	no Event of Default or Potential Event of Default has occurred or will result from the borrowing
of the Loan.

 

		4	This notice cannot be revoked without the prior consent of the Majority Lenders.

 

		5	We authorise you to deduct the arrangement fee referred to in Clause 21 (Fees and expenses)
from the amount of the Advance.

 

[Name of Signatory]

 

Director

for and on behalf of

EURONAV NV

 

    	 	79	 

     

    

 

Schedule
3

 

Condition
Precedent Documents

 

Part A

 

The following are the documents referred to
in paragraph (a) of Clause 9.1 (Documents, fees and no default) before the service of the first Drawdown Notice.

 

		1	A duly executed original of this Agreement, the Supplemental Letter, the Agency and Trust Agreement,
the Negative Pledge, each Guarantee, the Counter Guarantee and the Account Security Deed.

 

		2	Copies of the certificate of incorporation and constitutional documents of the Borrower, each Guarantor,
the Counter Guarantor and each Shareholder (and in relation to the Borrower a copy of the shareholders agreement or joint venture
agreement entered into by its shareholders).

 

		3	Copies of resolutions of directors of the Borrower, each Guarantor (except for Guarantor B), the
Counter Guarantor and each Shareholder and copies of resolutions of the shareholders of the Borrower and the Counter Guarantor
authorising the execution of each of the Finance Documents to which the Borrower, that Guarantor, the Counter Guarantor or that
Shareholder is a party and, in the case of the Borrower, authorising named officers to give the Drawdown Notices and other notices
under this Agreement and ratifying the execution of the Shipbuilding Contract and the Supervision Agreement.

 

		4	The original of any power of attorney under which any Finance Document is executed on behalf of
the Borrower, a Guarantor, the Counter Guarantor or the Shareholder.

 

		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 the Shipbuilding Contract or the Supervision Agreement.

 

		6	The originals of any mandates or other documents required in connection with the opening or operation
of the Earnings Account.

 

		7	Documentary evidence that the agent for service of process named in Clause 31 (Notices)
has accepted its appointment.

 

		8	Favourable legal opinions from lawyers appointed by the Lender on such matters concerning the laws
of Hong Kong, Belgium, Panama, Bermuda and such other relevant jurisdictions as the Lender may require.

 

    	 	80	 

     

    

 

Part B

 

The following are the documents referred to
in paragraph (b) of Clause 9.1 (Documents, fees and no default) required before the drawdown of an Advance (other than the
final Advance):

 

		1	Evidence that the relevant pre-delivery instalment of the Contract
Price payable under the Shipbuilding Contract has fallen due for payment and that such part of such instalment not being met out
of the proceeds of an Advance has been paid or shall be paid by the Borrower simultaneously with the making of such Advance.

 

		2	A duly executed original of the Predelivery Security Assignment (and of each document required
to be delivered thereunder).

 

		3	A certified copy of the Shipbuilding Contract and Supervision Agreement and a certified copy of
the Refund Guarantee.

 

		4	Such documentary evidence as the Lender and its legal advisers may require in relation to the due
authorisation and execution by the Builder of the Shipbuilding Contract, by the Supervisor of the Supervision Agreement and by
the Refund Guarantor of the Refund Guarantee.

 

		5	Favourable legal opinions from lawyers appointed by the Lender on such matters concerning the laws
of Korea and such other relevant jurisdictions as the Lender may require.

 

    	 	81	 

     

    

 

Part C

 

The following are the documents referred to
in paragraph (c) of Clause 9.1 (Documents, fees and no default) required before the Drawdown of the final Advance.

 

		1	A duly executed original of the Mortgage, of the Charter Assignment
(if any) and of the General Assignment (and of each document to be delivered by each of them).

 

		2	Documentary evidence that:

 

		(a)	the Ship has been unconditionally delivered by the Builder to, and accepted by, the Borrower under
the Shipbuilding Contract, and the full purchase price payable under the Shipbuilding Contract (in addition to the part to be financed
by the Loan) has been duly paid;

 

		(b)	the Ship is definitively and permanently registered in the name of the Borrower under the relevant
Approved Flag at its relevant port of registry;

 

		(c)	the Ship is in the absolute and unencumbered ownership of the Borrower save as contemplated by
the Finance Documents;

 

		(d)	the Ship maintains the class (namely A1(E), "Oil Carrier ESP", AMS, ACCU, SPM, VEC(-L),
CSR, Safeship-CM, RES, ES, TEM, Green Passport, POT, UWILD (sea chest blanking devices shall not be provided), CPS with American
Bureau of Shipping free of all recommendations and conditions of such Classification Society;

 

		(e)	the Mortgage has been duly recorded against the Ship as a valid first preferred/priority ship mortgage
in accordance with the laws of the relevant Approved Flag;

 

		(f)	the Ship is insured in accordance with the provisions of this Agreement and all requirements therein
in respect of insurances have been complied with; and

 

		(g)	such part of the acquisition cost of the Ship which has not been funded out of the proceeds of
the Loan and which has been borrowed by the Borrower is subordinated to the obligations of the Borrower to the Lender under this
Agreement in terms satisfactory to the Lender in its absolute discretion;

 

		3	Documents establishing that the Ship will, as from the final Drawdown Date, be managed by the Approved
Manager on terms acceptable to the Lender, together with:

 

		(a)	a letter of undertaking executed by the Approved Manager in favour of the Lender in the terms agreed
between the Lender and the Approved Manager agreeing certain matters in relation to the management of the Ship and subordinating
the rights of the Approved Manager against the Ship and the Borrower to the rights of the Lender under the Finance Documents; and

 

		(b)	copies of the 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 Lender requires) and ISSC.

 

		4	A favourable opinion from an independent insurance consultant acceptable to the Lender on such
matters relating to the insurances for the Ship as the Lender may require.

 

		5	Favourable legal opinion from lawyers appointed by the Lender on such matters concerning the laws
of Greece (or such other jurisdiction as may be appropriate if the Ship is not registered on Greek flag) and such other relevant
jurisdiction as the Lender may require.

 

    	 	82	 

     

    

 

Schedule
4

 

Transfer
Certificate

 

The Transferor and the Transferee accept
exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory
requirements applicable to them respectively.

 

To:BNP Paribas as Agent.

 

From:[The Transferor Lender] (the
"Transferor") and [The Transferee Lender] (the "Transferee")

 

Dated:[·]
2008

 

US$67,500,000 Loan Agreement to Euronav NV

dated 29 August 2008 (as amended and restated on [·] March
2017) (the "Agreement")

 

		1	We refer to the Agreement. This is a Transfer Certificate. Terms
defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

 

		2	We refer to Clause 28 (Transfers and Changes in Lending Offices) of the Agreement:

 

		(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender
by novation all of the Existing Lender's rights and obligations under the Agreement and the other Finance Documents which relate
to that portion of the Existing Lender's Commitment and participation in the Loan under the Agreement as specified in the Schedule
in accordance with Clause 28 (Transfers and Changes in Lending Offices) of the Agreement.

 

		(b)	The proposed Transfer Date is [·].

 

		(c)	The Facility Office and address, fax number and attention details for notices of the New Lender
for the purposes of Clause 31.2 (Addresses) of the Agreement are set out in the Schedule.

 

		3	The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set
out in paragraph 28 (Transfers and Changes in Lending Offices) of the Agreement.

 

		4	This Transfer Certificate may be executed in any number of counterparts and this has the same effect
as if the signatures on the counterparts were on a single copy of this Transfer Certificate.

 

		5	This Transfer Certificate and any non-contractual obligations arising out of or in connection with
it are governed by English law.

 

		6	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer
Certificate.

 

Note: The execution of this Transfer Certificate
may not transfer a proportionate share of the Existing Lender's interest in the Transaction Security in all jurisdictions. It is
the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer
of such a share in the Existing Lender's Transaction Security in any jurisdiction and, if so, to arrange for execution of those
documents and completion of those formalities.

 

    	 	83	 

     

    

 

THE SCHEDULE

Commitment/rights and obligations to be transferred

 

[insert relevant details]

 

[Facility Office address, fax number and attention
details

 

for notices and account details for payments.]

 

	[Transferor Lender]	[Transferee Lender]
	 	 
	By: [·]	By: [·]

 

This Transfer Certificate is accepted by the
Agent and the Transfer Date is confirmed as [·].

 

[Agent]

 

By: [·]

 

    	 	84	 

     

    

 

Schedule
5 Form of Certificate of Compliance

 

		To:	BNP Paribas

acting through its office at

16, rue de Hanovre

75078 Paris Cedex 02

France

 

		From:	Euronav NV

 

[Date]

 

OFFICER'S CERTIFICATE

 

This Certificate is rendered pursuant to clause
12.6 (c) (Provision of financial statements) of the loan agreement dated [·]
2017 (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 and (iii) BNP Paribas as Agent and Security Trustee, relating to a facility
of originally up to US$67,500,000. Words and expressions defined in the Loan Agreement shall have the same meanings when used herein.

 

I, the Chief Financial Officer of the Borrower,
hereby certify that:

 

		1	Attached to this Certificate [are][is] the latest [audited consolidated accounts of the Group and
audited individual accounts of the Borrower for 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 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 11.1
(Financial Covenants) 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

 

		(d)	the ratio of Stockholders' Equity to Total Assets is [·]
per cent.;

 

    	 	85	 

     

    

 

[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]

 

		5	The Borrower is in compliance with clause 16.1 of the Loan Agreement.

 

[If not, specify this
and what is proposed as regards Clause 16.2]

 

The market value of the Ship 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.

 

    	 	86	 

     

    

 

Execution Pages

 

BORROWER

 

	SIGNED by	)
	for and on behalf of	)
	EURONAV NV	)
	in the presence of:	)
	 	 
	LENDERS	 
	 	 
	SIGNED by	)
	for and on behalf of	)
	BNP PARIBAS	)
	in the presence of:	)
	 	 
	AGENT	 
	 	 
	SIGNED by	)
	for and on behalf of	)
	BNP PARIBAS	)
	in the presence of:	)
	 	 
	SECURITY TRUSTEE	 
	 	 
	SIGNED by	)
	for and on behalf of	)
	BNP PARIBAS	)
	in the presence of:	)

 

    	 	87

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