Document:

EX-4.3

 Exhibit 4.3 

Private & Confidential 
 Date 25 June
2020 
 APHRODITE SHIPPING CORPORATION 

- and — 
 DIONE
SHIPPING CORPORATION 
 as joint and several Borrowers 

- and - 
 THE BANKS AND
FINANCIAL INSTITUTIONS 
 listed in Schedule 1 

as Lenders 
 - and 

EUROBANK S.A. 
 as Agent,
Arranger, and Security Agent 
  
  

LOAN AGREEMENT 
 (No. 242
/25 June 2020) 
  
  

relating to a loan facility of up to $20,800,000 
  

 
 PIRAEUS 

 INDEX 
  

							
	Clause	  	 	  	Page	 
	1	  	INTERPRETATION	  	 	1	 
	2	  	LOAN FACILITY	  	 	18	 
	3	  	POSITION OF THE LENDERS ETC	  	 	19	 
	4	  	DRAWDOWN	  	 	20	 
	5	  	INTEREST	  	 	21	 
	6	  	INTEREST PERIODS	  	 	23	 
	7	  	DEFAULT INTEREST	  	 	23	 
	8	  	REPAYMENT AND PREPAYMENT	  	 	24	 
	9	  	CONDITIONS PRECEDENT	  	 	26	 
	10	  	REPRESENTATIONS AND WARRANTIES	  	 	26	 
	11	  	GENERAL UNDERTAKINGS	  	 	30	 
	12	  	CORPORATE UNDERTAKINGS	  	 	34	 
	13	  	INSURANCE	  	 	37	 
	14	  	SHIP COVENANTS	  	 	42	 
	15	  	SECURITY COVER	  	 	46	 
	16	  	PAYMENTS AND CALCULATIONS	  	 	47	 
	17	  	APPLICATION OF RECEIPTS	  	 	48	 
	18	  	APPLICATION OF EARNINGS	  	 	49	 
	19	  	EVENTS OF DEFAULT	  	 	51	 
	20	  	FEES AND EXPENSES	  	 	55	 
	21	  	INDEMNITIES	  	 	56	 
	22	  	NO SET-OFF OR TAX DEDUCTION	  	 	58	 
	23	  	ILLEGALITY, ETC	  	 	59	 
	24	  	INCREASED COSTS	  	 	60	 
	25	  	SET-OFF/13AIL-IN	  	 	61	 
	26	  	TRANSFERS AND CHANGES IN LENDING OFFICES	  	 	63	 
	27	  	VARIATIONS AND WAIVERS	  	 	67	 
	28	  	NOTICES	  	 	68	 
	 29 SUPPLEMENTAL
	  	 	70	 
	30	  	LAW AND JURISDICTION	  	 	70	 
	 SCHEDULE 1 LENDERS AND COMMITMENTS
	  	 	71	 
	 SCHEDULE 2
	  	 	71	 
	 DRAWDOWN NOTICE
	  	 	71	 
	 SCHEDULE 3
	  	 	71	 
	 CONDITION PRECEDENT DOCUMENTS
	  	 	71	 
	 SCHEDULE 4 TRANSFER CERTIFICATE
	  	 	71	 
	 EXECUTION PAGE
	  	 	72	 

 THIS LOAN AGREEMENT (No. 242) is made on 25 June 2020 

BETWEEN: 
  

	(1)	 APHRODITE SHIPPING CORPORATION and DIONE SHIPPING CORPORATION, each being a corporation
incorporated and existing under the laws of the Republic of Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road Ajeltake Islands, Majuro, MH96960, Marshall Islands, as joint and several Borrowers;

  

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

 

	(3)	 EUROBANK S.A. a banking societe anonyme duly incorporated under the laws of Greece, having its
registered office at 8 Othonos Street, Athens, Greece, acting for the purposes of this Agreement through its office at 83 Akti Miaouli & Flessa Street, 5th floor, 185 38 Piraeus, Greece, as Agent; 

 

	(4)	 EUROBANK S.A. a banking societe anonyme duly incorporated under the laws of Greece, having its
registered office at 8 Othonos Street, Athens, Greece, acting for the purposes of this Agreement through its office at 83 Akti Miaouli & Flessa Street, 5th floor, 185 38 Piraeus, Greece, as Arranger; and 

 

	(5)	 EUROBANK S.A. a banking societe anonyme duly incorporated under the laws of Greece, having its
registered office at 8 Othonos Street, Athens, Greece, acting for the purposes of this Agreement through its office at 83 Akti Miaouli & Flessa Street, 5th floor, 185 38 Piraeus, Greece, as Security Agent. 

WHEREAS 
 The Lenders have agreed to make available to the
Borrowers, jointly and severally, a loan of up to the lesser of (i) $20,800,000 and (ii) the Cash Collateral as at the Drawdown Date plus 55% of the aggregate Market Value of the Ships to be determined no more than one month prior to the
Drawdown Date, in a single advance for the purpose of refinancing (aa) any outstanding indebtedness under the Existing Loan Agreement or (bb) if the same has already been repaid, any outstanding indebtedness which has been otherwise incurred by the
Borrowers for the purpose of repaying any indebtedness under the Existing Loan Agreement, upon and subject to the terms and conditions contained in 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 Eurobank S.A. a banking societe anonyme duly incorporated under the
laws of Greece, having its registered office at 8 Othonos Street, Athens, Greece, acting for the purposes of this Agreement through its office at 83 Akti Miaouli & Flessa Street, 5th floor, 185 38 Piraeus, Greece or Eurobank Cyprus Ltd,
acting through its office at 41, Arch. Makarios III Ave, 1065 Nicosia, Cyprus or such other bank as the Agent may agree to be an Account Bank for the purposes of this Agreement; 

“Accounts Pledges” means the deeds of pledge of the Earnings Accounts and the Retention Account in such form as the
Agent may approve or require, as security for the Secured Liabilities and in the singular means any one of them; 
 “Affected
Lender” has the meaning given in Clause 5.5 (Market Disruption — Non Availability); 

“Agency and Trust Deed” means the agency and trust deed executed or to be executed between the Borrowers, the Lenders,
the Agent, the Security Agent and the Arranger in such form as the Lenders may approve or require; 

  
 1 

 “Agent” means Eurobank S.A. a banking societe anonyme duly incorporated
under the laws of Greece, having its registered office at 8 Othonos Street, Athens, Greece, acting for the purposes of this Agreement through its office at 83 Akti Miaouli & Flessa Street, 5th floor, 185 38 Piraeus, Greece or any
successor appointed under clause 5 of the Agency and Trust Deed; 
 “Aphrodite” means Aphrodite Shipping Corporation a
corporation incorporated and existing under the laws of the Republic of Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road Ajeltake Islands, Majuro, MH96960; 

“Approved Flag” means the the Panama flag or such other flag as the Lenders may, in their sole and absolute
discretion, approve as the flag on which either Ship shall be registered; 
 “Approved Flag State” means the Republic of
Panama or any other country in which the Lenders may in their sole and absolute discretion, approve that either Ship be registered; 

“Approved Manager” means, in relation to each Ship, Navios Tankers Management Inc., a corporation incorporated under
the laws of the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 or any other parent or subsidiary or Related Person of the Approved Manager
and/or of Angeliki Frangou or any other entity which the Agent may, with the authorisation of the Majority Lenders, approve from time to time as the technical and/or commercial manager of a Ship (such approval not to be unreasonably withheld); 

“Approved Manager’s Undertakings” means the letters of undertaking and assignment of insurances executed by the
Approved Manager in respect of each Ship in favour of the Security Agent incorporating a subordination of their respective rights against each Ship and the relevant Owner to the rights of the Creditor Parties under the Finance Documents, in such
form as the Agent may approve or require and in the singular means any one of them; 
 “Asset Cover Ratio” means, on any
day, the ratio of the Security Value to the Loan on that day; 
 “Availability Period” means the period commencing on the
date of this Agreement and ending on the earlier of: 
  

	 	(a)	 20 July 2020 or such later date as the Lenders may agree with the Borrowers; and 

 

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

“Balloon Instalment” means, in relation to the Loan, the repayment instalment referred to as the “Balloon
Instalment” in Clause 8.1 (Amount of repayment instalments); 
 “Borrower” means each of Aphrodite and Dione
and in the plural means both of 
 them; “Breakage Costs” means the amount (if any) by which: 

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 an
Advance, the Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Advance, the Loan or Unpaid Sum), had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

exceeds: 
 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 

  
 2 

 or, if applicable, CIRR Break Costs; 

“Business Day” means a day (other than Saturday and Sunday) on which banks are open in London, Athens, Nicosia and
Piraeus and, in respect of a day on which a payment is required to be made under a Finance Document, also in New York City and, in respect of the Drawdown Date, Frankfurt and Panama City, Republic of Panama; 

“Cash Collateral” means as at the Drawdown Date the amount standing to the credit of the Retention Account in
accordance with Clause 11.19; 
 “Change of Control Event” means the occurrence after the date of this Agreement of any
of the following: 
  

	 	(a)	 the Permitted Owners sell any shares in the Corporate Guarantor which would reduce the proportion of issued
voting shares owned by them in aggregate in the Corporate Guarantor to below 20%; or 

  

	 	(b)	 the Corporate Guarantor issues further shares which would reduce the proportion of issued voting shares in the
Corporate Guarantor owned by the Permitted Owners in aggregate to below 20%; or 

  

	 	(c)	 a Borrower is not or ceases to be wholly-owned (including beneficially owned) or controlled by the Corporate
Guarantor; 

 “Charter” means any time charter or other contract of employment (including any entry in
a pool) in respect of a Ship in excess of 12 months duration (excluding extension options) in form and substance acceptable to the Agent; 

“Charterer” means any charterer who may enter into a Charter with a Borrower in respect of its Ship; 

“Charterparty Assignment” means, with respect to any Charter, an assignment of the relevant Owner’s rights under
such Charter (and any guarantee issued in respect of the performance of the Charterer under such Charter) to be executed by such Borrower in favour of the Security Agent (including any notices and/or acknowledgments and/or undertakings associated
therewith) in such form as the Agent may approve or require and, in the plural, means all of them; 
 “Code” means the US
Internal Revenue Code of 1986, as amended, and the regulations promulgated and rulings issued thereunder; 
 “Commitment”
means, in relation to a Lender, the amount set opposite its name in Schedule 1, or, as the case may require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance
with this Agreement (and “Total Commitments” means the aggregate of the Commitments of all the Lenders); 

“Compliance Certificate” means a certificate in the form set out in Schedule 6 (or in any other form which the Agent,
acting with the authorisation of all the Lenders, approves or requires); 
 “Contractual Currency” has the meaning given in
Clause 21.5 (Currency 

  
 3 

 indemnity); “control” means, in respect of a company: 

 

	 	(a)	 the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to cast, or control the
casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of that company or to appoint or remove all, or the majority, of the directors or other equivalent officers
of that company or to give directions with respect to the operating and financial policies of that company which the directors or other equivalent officers of that company are obliged to comply with; or 

 

	 	(b)	 the holding of more than one-half of the issued share capital of that
company (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital), and references to controlling and controlled shall be construed accordingly;

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

“Corporate Guarantee” means the guarantee and indemnity of the Borrowers’ obligations under this Agreement and the
other Finance Documents to be given by the Corporate Guarantor in such form as the Agent may approve or require; 
 “Corporate
Guarantor” means Navios Maritime Acquisition Corporation, a corporation incorporated and existing under the laws of the Republic of Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road Ajeltake Islands,
Majuro, M1196960; 
 “Creditor Party” means the Agent, the Arranger, the Security Agent and the Account Bank or any
Lender, whether as at the date of this Agreement or at any later time and in the plural means all of them, 
 “Dione” means
Dione Shipping Corporation, a corporation incorporated and existing under the laws of the Republic of Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road Ajeltake Islands, Majuro, M1196960; 

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

“Drawdown Date” means, the date requested by the Borrowers for the Loan to be made available, or (as the context
requires) the date on which the Loan is actually advanced; 
 “Drawdown Notice” means a notice in the form set out in
Schedule 2 (or in any other form which the Agent approves or reasonably requires); 
 “Earnings” means, in respect of
each Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to a Borrower or the Security Agent and which arise out of the use or operation of such Ship, including (but not limited to): 

 

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

  

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

  

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

  
 4 

 “Earnings Account” means, with respect to each Borrower, an account in the
name of such 
 Borrower with the Account Bank at its Branch 29 (or any other office of the Account Bank) which is designated by the Account
Bank in writing as the Earnings Account of such Borrower for the purposes of this Agreement; 
 “EIAPP Certificate” means
the Engine International Air Pollution Prevention Certificate issued or to be issued pursuant to Annex VI of the International Convention for the Prevention of Pollution from Ship, MARPOL 73/78 (Regulations for the Prevention of Air Pollution
from Ships) (as currently in force and as the same may be amended from time to time) in relation to a Ship; 
 “Environmental
Affiliate” means any agent or employee of a Borrower or any person having a contractual relationship with a Borrower in connection with its Ship or its operation or the carriage of cargo and/or passengers thereon and/or the provision
of goods and/or services on or from such Ship; 
 “Environmental Approvals” means all authorisations, consents, licences,
permits, exemptions or other approvals whatsoever required under applicable Environmental Laws; 
 “Environmental Claim”
means: 
  

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

  

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

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

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

 

	 	(b)	 any incident in which Environmentally Sensitive Material is released from a vessel other than a Ship and which
involves a collision between a Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which a Ship is actually or potentially liable to be arrested, attached, detained or injuncted and/or a
Ship or either Borrower and/or any operator or manager of a 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 a Ship and in
connection with which a Ship is actually or potentially liable to be arrested and/or where either Borrower and/or any operator or manager of a 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; 
 “Event of
Default” means any of the events or circumstances described in Clause 19.1 (Events of Default); 

  
 5 

 “Existing Loan Agreement” means the loan agreement dated 18 December
2019 made between (amongst others) (i) Aphrodite and Dione as joint and several borrowers and (ii) Deutsche Bank AG as lender in respect of a loan of up to $32,500,000; 

“FATCA” means: 
  

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

  

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

  

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

 “FATCA
Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA; 
 “FATCA
Exempt Party” means a party to a Finance Document that is entitled to receive payments free from any FATCA Deduction; 

“Finance Documents” means: 
  

	 	(a)	 this Agreement; 

  

	 	(b)	 the Agency and Trust Deed; 

 

	 	(c)	 the Corporate Guarantee; 

 

	 	(d)	 the Mortgages; 

  

	 	(e)	 the General Assignments; (0 the Accounts Pledges; 

 

	 	(g)	 the Approved Manager’s Undertakings; 

 

	 	(h)	 any Charterparty Assignment; 

 

	 	(i)	 any Insurances Assignment; and 

 

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

 “Final Maturity Date” means the date falling 48 months
following the Drawdown Date; 
 “Financial Indebtedness” means, in relation to a person (the “debtor”), a
liability of the debtor: 
  

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

  

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

 

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

  
 6 

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

  

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

  

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

“General Assignment” means in relation to a Ship the general assignment of the Earnings, the Insurances and any
Requisition Compensation of that Ship executed or to be executed by the relevant Owner in favour of the Security Agent, in such form as the Agent may approve or require; 

“Group” means at any relevant time the Borrowers, the Corporate Guarantor and their subsidiaries and “member of
the Group” shall be construed accordingly; 
 “IACS” means the International Association of Classification
Societies; 
 “IAPP Certificate” means the International Air Pollution Prevention Certificate issued or to be issued
pursuant to Annex VI of the International Convention for the Prevention of Pollution from Ship, MARPOL 73/78 (Regulations for the Prevention of Air Pollution from Ships) (as currently in force and as the same may be amended from time to time) in
relation to a Ship; 
 “Insurances” means, in relation to a Ship: 

 

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

 “Insurances Assignment” means the assignment of Insurances of a Ship executed or
to be executed by any co-assured (other than a Borrower and the Approved Manager) in such form as the Agent may approve or require; 

“Interest Period” means a period determined in accordance with Clause 6 (Interest Periods); 

“ISM Code” means, in relation to its application to each Borrower, an Approved Manager, its Ship and its operation:

  

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

  

	 	(b)	 all further resolutions, circulars, codes, guidelines, regulations and recommendations which are now or in the
future issued by or on behalf of the International Maritime Organisation or any other entity with responsibility for implementing the ISM Code, including without limitation, the ‘Guidelines on implementation or administering of the
International Safety Management (ISM) Code by Administrations’ produced by the International Maritime Organisations pursuant to Resolution A.788(19) adopted on 25 November 1995, 

  
 7 

 as the same may be amended, supplemented or replaced from time to time; 

“ISM Code Documentation” includes: 
  

	 	(a)	 the document of compliance (DOC) and safety management certificate (SMC) issued pursuant to the ISM Code in
relation to the Ships or either of them within the periods specified by the ISM Code; and 

  

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

  

	 	(c)	 any other documents which are prepared or which, are otherwise relevant to establish and maintain the
Ships’ or the Borrowers’ or the Approved Managers’ compliance with the ISM Code which the Agent may require; 

“ISM SMS” means the safety management system for each Ship which is required to be developed, implemented and
maintained under the ISM Code; 
 “ISPS Code” means the International Ship and Port Facility Security Code constituted
pursuant to resolution A.924(22) of the International Maritime Organisation (“IMO”) now set out in Chapter XI-2 of the Safety of Life at Sea Convention (SOLAS) 1974 (as amended) and the
mandatory ISPS Code as adopted by a Diplomatic Conference of the IMO on Maritime Security in December 2002 and includes any amendments or extensions to it and any regulation issued pursuant to it but shall only apply to a Ship insofar as it is
applicable law in that Ship’s flag state and any jurisdiction on which such Ship is operated; 
 “ISPS Code Documentation”
includes: 
  

	 	(a)	 the International Ship Security Certificate issued pursuant to the ISPS Code in relation to each Ship within
the period specified in the ISPS Code; and 

  

	 	(b)	 all other documents and data which arc relevant to the ISPS Code and its implementation and verification which
the Agent may require; 

 “Latest Accounts” means, as at the date of calculation or, as the case may be,
in respect of an accounting period, the annual audited consolidated financial statements of the Corporate Guarantor which the Corporate Guarantor is obliged to deliver to the Agent pursuant to Clause 11.7 (Provisions of financial
statements); 
 “Lender” means, subject to Clause 26.6 (Lender
re-organisation; waiver of Transfer Certificate): 
  

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

  

	 	(b)	 any bank, financial institution or other entity which has become a Party in accordance with Clause 26
(Error! Reference source not found), 

 which in each case has not ceased to be a Party as such 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 at or about 11.00 a.m. (London time) on the Quotation Date for Dollars and for a
period equal in length to the Interest Period then applicable to the Loan or that part of the Loan; or 

  
 8 

	 	(b)	 if on the Quotation Date no Screen Rate is displayed, the arithmetic mean (rounded upwards, if necessary, to
the nearest one-sixteenth of one per cent) of the rates per annum quoted to the Agent by two leading banks in the London Interbank Market as their offered rates for deposits of Dollars in an amount comparable
to the amount in relation to which LIBOR is to be determined and for a period equivalent to such period to prime banks in the London Interbank Market at or about 11:00 a.m. (London time) on the Quotation Date for Dollars and for a period equal in
length to the Interest Period, 

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

 “Liquidity” means: 
  

	 	(a)	 cash in hand legally and beneficially owned by any Group Member; and 

 

	 	(b)	 cash deposits legally and beneficially owned by any Group Member and which are deposited with (A) the
Account Bank or (B) any other bank or financial institution 

 which in each case is at the free and unrestricted
disposal of the relevant Group Member by which it is owned, including any funds held with any bank from time to time to satisfy minimum liquidity requirements; 

“Loan” means the amount of up to $20,800,000 to be made available by the Lenders to the Borrowers or, as the context
requires, the principal amount for the time being outstanding under this Agreement; 
 “Major Casualty” means any casualty
to a 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 $750,000 or the equivalent in any other currency; 

“Majority Lenders” means: 
  

	 	(a)	 before the Loan has been made, Lenders whose Commitments total 66.67 per cent. or more of the Total
Commitments; and 

  

	 	(b)	 after the Loan has been made, Lenders whose Contributions total 66.67 per cent. or more of the Loan;

 “Margin” means three per cent (3.00%) per annum; 

“Market Value” means, in respect of a Ship, the market value of such Ship determined from time to time in accordance
with Clause 15.2 (Valuation of a Ship); 
 “Material Adverse Effect” means, in the reasonable opinion of the Majority
Lenders, a material adverse effect on: 
  

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

  

	 	(b)	 the ability of a Security Party to perform its obligations under the Finance Documents; or

  

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

  
 9 

 “Money Laundering” has the meaning given to it in Article 1 of Directive
2015/849/EC of the Council of the European Communities; 
 “Mortgage” means, in respect of each Ship, a first
preferred Panamanian ship mortgage executed or to be executed by the relevant Owner in favour of the Security Agent, in such form as the Agent may approve or require and in the plural means both of them; 

“Negotiation Period” has the meaning given in Clause 5.6 (Alternative basis of interest or
funding); 
 “Net Worth” means, at any relevant time, the Total Assets less Total Liabilities; 

“Notifying Lender” has the meaning given in Clause 23.1 (Illegality) or Clause 24.1
(Increased Costs) as the context requires; 
 “Owner” means, in respect of each Ship, the Borrower
which is at any relevant time the owner thereof; 
 “Payment Currency” has the meaning given in Clause 21.5
(Currency Indemnity); 
 “Permitted Owners” (i) Angeliki Frangou; (ii) each of her spouse, siblings,
ancestors, descendants (whether by blood, marriage or adoption, and including stepchildren) and the spouses, siblings, ancestors and descendants thereof (whether by blood, marriage or adoption, and including stepchildren) of such natural persons,
the beneficiaries, estates and legal representatives of any of the foregoing, the trustee of any bona fide trust of which any of the foregoing, individually or in the aggregate, are the majority in interest beneficiaries or grantors, and any
corporation, partnership, limited liability company or other Person in which any of the foregoing, individually or in the aggregate, own or control a majority in interest; (iii) Navios Holdings; and (iv) all Affiliates controlled by the
Persons named in clauses (i) and (ii) above; 
 “Permitted Security Interests” means: 

 

	 	(a)	 Security Interests created by the Finance Documents; 

 

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

 

	 	(c)	 liens for salvage; 

  

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

  

	 	(e)	 liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by
operation of law or otherwise in the ordinary course of the operation (including any lien for bunkers and port disbursements at any time in aggregate not exceeding $500,000), repair or maintenance of a Ship, provided such liens do not secure amounts
more than 30 days overdue (unless the overdue amount is being contested by the relevant Owner in good faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to Clause 14.12(h) (Restrictions on chartering,
appointment of managers etc.);  

  

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

 

	 	(g)	 Security Interests arising by operation of law in respect of taxes which are not overdue 

  
 10 

 for payment other than taxes being contested in good faith by appropriate steps and in
respect of which appropriate reserves have been made; 
  

	 	(h)	 any guarantees granted by the Corporate Guarantor in the ordinary course of its business 

“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’s central management and control is or has recently been exercised;

  

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

  

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

  

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

“Potential Event of Default” means an event or circumstance which, with the giving of any notice, the lapse of time, 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 respect of any period in respect of which LIBOR falls to be determined under this Agreement,
the second Business Day before the first day of such period; 
 “Related Person” of a person means any subsidiary of such
person, any company or other entity of which such person is a subsidiary and any subsidiary of any such company or entity, including any publically listed subsidiaries; 

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

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

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

 “Replacement Benchmark” means a benchmark rate which is: 

 

	 	(a)	 formally designated, nominated or recommended as the replacement for a Screen Rate by: 

 

	 	(i)	 the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate
measures is the same as that measured by that Screen Rate); or 

  

	 	(ii)	 any Relevant Nominating Body, 

  
 11 

 and if replacements have, at the relevant time, been formally designated, nominated or
recommended under both paragraphs, the “Replacement Benchmark” will be the replacement under paragraph (ii) above; 
  

	 	(b)	 in the opinion of the Majority Lenders and the Borrowers, generally accepted in the international loan markets
as the appropriate successor to a Screen Rate; or 

  

	 	(c)	 in the opinion of the Majority Lenders and the Borrowers, an appropriate successor to a Screen Rate.

 “Required Security Amount” means the amount in $ (as certified by the Agent) which is 120% of
the Loan; 
 “Requisition Compensation” includes all compensation or other moneys payable by reason of any act or
event such as is referred to in paragraph (b) of the definition of “Total Loss”; 
 “Restricted Person” means
a person that is (i) listed on, or owned or controlled by a person listed on any Sanctions List; (ii) located in, incorporated under the laws of, or owned or controlled by, or acting on behalf of, a person located in or organised
under the laws of a country or territory that is the target of country-wide Sanctions (including, without limitation, at the date of this Agreement Cuba, Iran, Myanmar (Burma), North Korea, Syria and Sudan); or (iii) otherwise a target of
Sanctions; 
 “Retention Account” means the account in the name of the Borrowers with the Account Bank at its Branch
29 (or any other office of the Account Bank) which is designated by the Account Bank in writing as the Retention Account for the purposes of this Agreement; 

“Sanctions” means any economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or
enforced by: (i) the United States government; (ii) the United Nations; (iii) the European Union or its Member States; (iv) the United Kingdom; (v) any country to which any Security Party or an Approved Manager, or any other
member of the Group or any Related Person of any of them is bound; or (vi) the respective governmental institutions and agencies of any of the foregoing, including without limitation, the Office of Foreign Assets Control of the US Department of
Treasury (“OFAC”), the United States Department of State, and Her Majesty’s Treasury (“HMT”) (together, “Sanctions Authorities” and each a “Sanctions Authority”); 

“Sanctions List” means the “Specially Designated Nationals and Blocked Persons” list issued by OFAC, the
Consolidated List of Financial Sanctions Targets and Investment Ban List issued by HMT, or any similar list issued or maintained or made public by any of the Sanctions Authorities; 

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

  
 12 

	 	(a)	 the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority
Lenders and the Borrowers, materially changed; 

  

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

  

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

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

 

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

  

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

  

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

  

	 	(c)	 in the opinion of the Majority Lenders and the Borrowers, that Screen Rate is otherwise no longer appropriate
for the purposes of calculating interest under this Agreement; 

 “Secured Liabilities” means all
liabilities which the Borrowers, the other Security Parties, the Approved Managers or any of them have, at the date of this Agreement or at any later time or times, under or by virtue of the Finance Documents or any judgment relating to the
Finance Documents; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other
procedure under the insolvency laws of any country; 
 “Security Agent” means Eurobank S.A. a banking societe anonyme duly
incorporated under the laws of Greece, having its registered office at 8 Othonos Street, Athens, Greece, acting for the purposes of this Agreement through its office at 83 Akti Miaouli & Flessa Street, 5th floor, 185 38 Piraeus,
Greece or any successor appointed under clause 5 of the Agency and Trust Deed; 
 “Security Interest” means: 

 

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

  

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

  

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

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

  
 13 

 “Security Parties” means together the Borrowers, the Corporate Guarantor
and any other person (except a Creditor Party and the Approved Manager) who, as a surety or mortgagor, as a party to any subordination or priorities arrangement, or in any similar capacity, executes a Finance Document and “Security
Party” means any one of them; 
 “Security Period” means the period commencing on the date of this Agreement and
ending on the date on which the Agent notifies the Security Parties and the Lenders that: 
  

	 	(a)	 all amounts which have become due for payment by the Borrowers 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)	 no Borrower nor any Security Party has any future or contingent liability under Clause 20

 (Fees and Expenses), 21 (Indemnities) or 22 (No Set-Off or Tax
Deduction) below or any other provision of this Agreement or another Finance Document; and 
  

	 	(d)	 the Agent and the Security Agent 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 a 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 Value” means, at any time, the amount in Dollars which, at that time, is the aggregate of (a) the Market
Value of all the Ships subject to a Mortgage at the relevant time and (b) the net realisable value of any additional security then held by the Security Agent provided under Clause 

15 (Security cover); 

“Ships” means together Ship A and Ship B and in the singular means either one of them; 

“Total Assets” means, as at the date of calculation or, as the case may be, for any accounting period, the total assets
(based on book values) (which shall have the meaning given thereto undcr US GAAP but excluding the effect of the application of ASU 2016-02 “Leases (Topic 842)” effective for any financial years
beginning after 15 December 2018) of the Corporate Guarantor as at that date or for that period as shown in the Latest Accounts. 

“Total Liabilities” means, as at the date of calculation or, as the case may be, for any accounting period, the total
liabilities (which shall have the meaning given thereto under US GAAP but excluding the effect of the application of ASU 2016-02 “Leases (Topic 842)” effective for any financial years beginning
after 15 December 2018) of the Corporate Guarantor as at that date or for that period as shown in the Latest Accounts. 
 “Total
Loss” means, in relation to a Ship: 
  

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

 

	 	(b)	 any expropriation, confiscation, requisition or acquisition of such Ship, whether for full consideration, a
consideration less than her proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority,
excluding a requisition for hire for a fixed period not exceeding one year without any right to an extension; 

  

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

  
 14 

	 	(d)	 in the case of any arrest, capture, seizure, confiscation or detention of such Ship (including any hijacking or
theft), other than piracy, within 90 days and in the case of piracy, if the relevant underwriters confirm to the Agent in writing prior to the end of such 90-day period that such Ship is subject to an approved
piracy insurance cover, the earlier of 270 days after the date on which the Ship is captured by pirates and the date on which the piracy insurance cover expires. 

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

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

  

	 	(b)	 in the case of a constructive, compromised, agreed or arranged total loss of such 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 relevant Owner, with such
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 (Transfer by a Lender); 

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

“Unpaid Sum” means any sum due and payable but unpaid by a Security Party under the Finance Documents; and 

“US GAAP” means the generally accepted accounting principles applied from time to time in the United States of America.

 Words and expressions defined in Schedule 5 (ship and Third Party Manager Details) when used in this Agreement shall have the
meanings given to them in Schedule 5 (Ship and Third Party Manager Details) as if the same were set out in full in this clause Error! Reference source not found. (Definitions) 

 

	1.2	 Construction of certain terms. In this Agreement:  

“approved” means, for the purposes of Clause 13 (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, permission, permit and legalisation; 
 “contingent liability” means a liability which is not certain to arise
and/or the amount of which remains unascertained; 
 “document” includes a deed; also a letter, fax or telex; 

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

  
 15 

 “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” means any obligation
howsoever arising (whether present or future, actual or contingent, secured or unsecured as principal, surety or otherwise) for the payment or repayment of money; 

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

“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; 
 “material” means material in the sole opinion of the
Security Agent and/or the Agent; 
 “months” shall be construed in accordance with Clause 1.3 (Meaning of
“month”); 
 “obligatory insurances” means all insurances effected, or which a Borrower is obliged to effect
in relation to its Ship under Clause 13 (Insurance) below 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 (including oil pollution and freight, demurrage and defence cover) covered by a protection and indemnity association managed in London which is a member of the International Group of P&I
Clubs (or, if the International Group of P&I Clubs ceases to exist, any other leading protection and indemnity association or other leading provider of protection and indemnity insurance), including (without limitation) pollution risks and the
proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation therein of clause 1 (Interpretation) of the Institute
Time Clauses (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision and including, without limitation, protection and indemnity war risks with
a separate limit and in excess of the amount for war risks (hull); 
 “regulation” references to a “regulation”
include any present or future regulation, rule, directive, requirement, request or guideline (whether or not having the force of law) of any Government Entity, central bank or any self-regulatory or other supra-national authority (including,
without limitation, any regulation implementing or complying with (1) the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking
Supervision in June 2004, in the form existing on the date of this Agreement (“Basel II”), and/or (2) “Basel III: International framework for liquidity risk measurement, standards and monitoring” and
“Basel III:• A global regulatoryframeworkfor more resilient banks and banking systems”, published by the Basel Committee on Banking Supervision in December 2010, in the form existing on the date of this
Agreement (“Basel III”), (3) any 

  
 16 

 amendment, replacement or refinement of Basel III (“Basel IV” and
(4) any other law or regulation which, at any time and from time to time, implements and/or amends and/or supplements and/or re-enacts and/or supersedes, whether in whole or in part, Basel II and/or Basel
III and/or Basel IV (including Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms (“CRD IV”) and Regulation (EU) No 575/2013 on prudential
requirements for credit institutions and investment firms (“CRR”)), and whether such implementation, application or compliance is by a Government Entity, a lender or any company affiliated to it); 

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

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

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

“war risks” means the risks according to Institute War and Strike Clauses (Hull Time) (1/10/83) or (1/11/95), or
equivalent conditions, including, but not limited to risk of mines, blocking and trapping, missing vessel, confiscation excess risks and the risk of war and terrorism excluded from protection and indemnity with a separate limit and all risks
excluded from the standard form of English or other marine policy. 
  

	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 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. 
  

	1.5	 General Interpretation. 

 

	 	(a)	 In this Agreement: 

  

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

  

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

  
 17 

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

 

	 	(b)	 Clauses 1.1 (Definitions) to 1.4 (Meaning of “subsidiary’) and paragraph (a) of
this Clause 1.5 (General Interpretation) apply unless the contrary intention appears; and  

  

	 	(c)	 references in Clause 1.1 (Interpretation) to a document being in the form of a particular Schedule
include references to that form with any modifications to that form which the Agent approves or reasonably requires; and 

  

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

 

	2	 LOAN FACILITY 

 

	2.1	 Amount of facility. Subject to the other provisions of this Agreement, the Lenders shall make
available to the Borrowers a loan facility in an amount of up to the lesser of (i) $20,800,000 and (ii) the Cash Collateral as at the Drawdown Date plus 55% of the aggregate Market Value of the Ships to be determined no more than one month
prior to the Drawdown Date in one advance. 

  

	2.2	 Lenders’ participations in the Loan. Subject to the other provisions of this Agreement, each
Lender shall participate in the Loan in the amounts set out in Schedule 1. 

  

	2.3	 Purpose of Loan. Each Borrower undertakes with each Creditor Party to borrower the Loan only for
the purpose stated in the preamble to this Agreement and in accordance with the terms of Clause 4.2 (Availability.). 

  

	2.4	 Use of Proceeds. 

 

	 	(a)	 Without prejudice to the Borrowers’ obligations under Clause 13.9 (Payment of premiums), the
Lenders shall have no responsibility for the Borrowers’ use of the proceeds of any part of the Loan. 

  

	 	(b)	 The Borrowers shall not, and shall procure that each Security Party and each other Group Member and any
subsidiary of any of them shall not, permit or authorise any other person to, directly or indirectly, use, lend, make payments of, contribute or otherwise make available, all or any part of the proceeds of any part of the Loan or other transactions
contemplated by this Agreement to fund or facilitate trade, business or other activities: (i) involving or for the benefit of any Restricted Person; or (ii) in any other manner that could result in a Borrower, any other Security Party or
any Creditor Party being in breach of any Sanctions or becoming a Restricted Person. 

  

	2.5	 Cancellation of Commitment. The Borrowers may, at any time request, in writing to the Agent by
giving no less than 5 Business Days prior notice, the reduction of all or any part of the Total Commitments, whereupon such cancelled part shall cease to be available, and the Commitment of each Lender shall be reduced according to such
cancellation, provided that such cancellation shall be irrevocable. 

  

	2.6	 Borrowers’ rights and obligations 

 

	2.6.1	 The obligations of each Borrower under this Agreement are joint and several and shall continue until all
amounts which may be or become payable by the Borrowers under or in connection with the Finance Documents have been irrevocably and unconditionally paid or discharged in full, regardless of any intermediate payment or discharge in whole or in part.
Each Borrower declares that it is and will remain, throughout the Security Period, a principal debtor for all amounts owing hereunder and under the other Finance Documents and that it shall be construed to be a surety for the obligations of any
other Borrower hereunder. 

  
 18 

	2.6.2	 The obligations of each Borrower shall not be impaired by (i) any obligation under this agreement being or
becoming void, unenforceable or illegal as regards any other Borrower (ii) any amendment of any Finance Document (iii) any rescheduling, refinancing or similar arrangement of any kind with any other Borrower (iv) the release (in whole
or in part) of any other Security Party from its obligations under, or the release of any Security Interest created by, any Finance Document. 

  

	2.6.3	 If any payment by a Borrower or any discharge given by a Creditor Party (whether in respect of the obligations
of either Borrower or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event then (i) the liability of each Borrower under the Finance Documents shall continue as if the payment,
release, avoidance or reduction had not occurred and (ii) each Finance Party shall be entitled to recover the value or amount of that security or payment from each Borrower, as if the payment, release, avoidance or reduction had not occurred.

  

	2.6.4	 No Borrower shall, during the Security Period (i) claim any amount due to it from any other Borrower, or
(ii) prove for any such amount in any liquidation, administration, arrangement or similar procedure or (iii) take or enforce any security from or against any other Borrower. 

 

	2.6.5	 Each Borrower waives any right it may have of first requiring any Creditor Party to proceed against or enforce
any other rights or security or claim payment from any person before claiming from that Borrower under a Finance Document. 

  

	3	 POSITION OF THE LENDERS ETC. 

 

	3.1	 Interests of Lenders several. The rights of the Lenders under this Agreement are several;
accordingly each Lender shall be entitled to sue for any amount which has become due and payable by either Borrower to it under this Agreement without joining any other Creditor Party as additional parties in the proceedings.

  

	3.2	 Proceedings requiring Majority Lenders’ consent. However, without the prior written consent
of the Majority Lenders, no Lender may bring proceedings in respect of: 

  

	 	(a)	 any other liability or obligation of either Borrower or a Security Party under or connected with a Finance
Document; or 

  

	 	(b)	 any misrepresentation or breach of warranty by either Borrower or a Security Party in or connected with a
Finance Document. 

  

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

  

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

 

	 	(b)	 either 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. 
  

	3.4	 Parties bound by certain actions of Agent. Every Lender, each Borrower and each Security Party
shall be bound by any determination made, or action taken, by the Agent or the Security Agent under any provision of a Finance Document; 

  

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

  

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

  
 19 

	3.5	 Reliance on action of Agent. However, the Borrowers and each Security Party: 

  

	 	(a)	 shall be entitled to assume that the Lenders have duly given any instruction or authorisation which, under any
provision of a Finance Document, is required in relation to any action which the Agent has taken or is about to take; and 

  

	 	(b)	 shall not be entitled to require any evidence that such an instruction or authorisation has been given.

  

	3.6	 Construction. In Clauses 3.4 (Parties bound by certain actions of Agent) and 3.5
(Reliance on action of Agent) references to action taken include (without limitation) the granting of any waiver or consent, an approval of any document and an agreement to any matter. 

 

	4	 D R A W D O W N 

 

	4.1	 Request for the Loan. Subject to the following conditions, the Borrowers may request the Loan to
be made available by ensuring that the Agent receives a completed Drawdown Notice not later than 11.00 a.m. (London time) 2 Business Days prior to the intended Drawdown Date. 

 

	4.2	 Availability. The conditions referred to in Clause 4.1 (Request for the Loan) are
that:  

  

	 	(a)	 the Drawdown Date is a Business Day during the Availability Period; and 

 

	 	(b)	 the amount of the aggregate of the Loan shall not exceed $20,800,000. 

 

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

  

	 	(a)	 the amount to be borrowed and the Drawdown Date; 

 

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

 

	 	(c)	 the duration of the first Interest Period. 

 

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

 

	4.5	 Lenders to make available Contributions. Subject to the provisions of this Agreement, each Lender
shall, on and with value on the Drawdown Date either, at its option, (i) make available to the Agent for the account of the Borrowers or (ii) make available directly to the Borrowers to the account or accounts which the Borrowers specify
in the relevant Drawdown Notice, the amount due from that Lender on the Drawdown Date under Clause 4.3 (Notification to Lenders of receipt of a Drawdown Notice). 

 

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

 

	 	(a)	 to the account or accounts which the Borrowers specify in the Drawdown Notice; and 

 

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

 

	4.7	 Disbursement of the Loan to third party. The payment by the Agent under Clause 4.6
(Disbursement of Loan) and a Lender under Clause 4.5 (Lenders to make available contributions) shall constitute the making of the Loan and the Borrowers shall thereupon become indebted as principal and direct obligor, to
each Lender in an amount equal to that Lender’s Contribution. 

  
 20 

	4.8	 Restricted Persons. The Borrowers undertake that they shall not, and shall procure that no
Security Party, an Approved Manager or other member of the Group or any subsidiary of any of them shall, permit or authorise any other person to, directly or indirectly, use, lend, make payments of, contribute, effect payment by use of accounts
held with the Account Bank or otherwise make available, all or any part of the proceeds of the Loan or other transactions contemplated by this Agreement to fund or facilitate trade, business or other activities: (i) involving or for the benefit
of any Restricted Person; or (ii) in any other manner that could result in a Borrower, any other Security Party, an Approved Manager or a Creditor Party being in breach of any Sanctions or becoming a Restricted Person. 

 

	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 Borrowers on the last day of that Interest Period. 

  

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

  

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

  

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

  

	 	(a)	 each rate of interest; and 

 

	 	(b)	 the duration of each Interest Period; 

as soon as reasonably practicable after each is determined. 
  

	5.5	 Market disruption — Non Availability 

 

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

  

	 	(i)	 the Margin; and 

  

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

  

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

  
 21 

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

  

	 	(i)	 at or about noon on the Quotation Date for the relevant Interest Period LIBOR is not is available; and/or

  

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

  

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

 

	5.6	 Alternative basis of interest or funding 

 

	 	(a)	 If a Market Disruption Event occurs and the Affected Lender or the Borrowers so requires, the Affected
Lender, the Agent and the Borrowers shall enter into negotiations (for a period of not more than fifteen (15) days (the “Negotiation Period”)) after the giving of the relevant Determination Notice with a view to agreeing a
substitute basis for determining the rate of interest. 

  

	 	(b)	 Any alternative basis agreed pursuant to paragraph (a) above shall be binding on the Lenders and all
Security Parties 

  

	5.7	 Alternative rate of interest in absence of agreement. If an alternative interest rate or
alternative basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing at the end of the Negotiation Period, then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected
Lender, set an interest period and interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender in Dollars or in any available currency of their or its Contribution plus the Margin; and the procedure
provided for by this Clause 5.7 shall be repeated if the relevant circumstances are continuing at the end of the interest period so set by the Agent. 

  

	5.8	 Notice of prepayment. If the Borrowers do not agree with an interest rate set by the Agent under
Clause 5.7 (Alternative rate of interest in absence of agreement), the Borrowers may give the Agent not less than 5 Business Days’ notice of their intention to prepay the Loan at the end of the interest period set by the Agent.

  

	5.9	 Prepayment; termination of Commitments. A notice under Clause 5.8 (Notice of
Prepayment) shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Affected Lender of the Borrowers’ 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 Affected Lender shall be cancelled; and 

  

	 	(b)	 on the date specified in its notice of intended prepayment, the Borrowers shall prepay (without premium or
penalty) the Loan or, as the case may be, the Affected Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin and, if the prepayment or repayment is not made on the last day of the interest period
set by the Agent, any sums payable in respect of Breakage Costs. 

  

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

  
 22 

	6	 INTEREST PERIODS 

 

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

  

	6.2	 Duration of normal Interest Periods. Subject to Clauses 6.3 (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 Borrowers to the Agent (subject to availability in the London Interbank
Market (as determined by the Agent)) not later than 11.00 a.m. (London time) 2 Business Days before the commencement of the Interest Period; or 

  

	 	(b)	 3 months, if the Borrowers fail to notify the Agent by the time specified in paragraph (a) above; or

  

	 	(c)	 such other period as the Agent, acting on the instructions of the Lenders, may, subject to availability, agree
with the Borrowers, 

 provided that the selection of Interest Periods under this Clause 6.2 (Duration of normal
Interest Periods) shall be made in such manner as to ensure that a separate Interest Period shall be selected in respect of an amount of the Loan equal to the repayment instalment which is then due to be repaid under Clause 8.1
(Amount of repayment instalments) to expire on the Repayment Date applicable to such repayment instalment. 
  

	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 in relation to the amount to be repaid in respect of the Loan shall end on that Repayment Date. 

 

	6.4	 Non-availability of matching deposits for Interest Period selected.
If, after the Borrowers have selected an Interest Period longer than 3 months, any Lender notifies the Agent by 11.00 a.m. (London time) on the second Business Day before the commencement of 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. 

 

	6.5	 Interest Rate Hedging. 

A Borrower may not hedge interest payable under this Agreement. 
  

	7	 DEFAULT INTEREST 

 

	7.1	 Payment of default interest on overdue amounts. The Borrowers shall pay interest in accordance
with the following provisions of this Clause 7 (Default interest) on any amount payable by the Borrowers under any Finance Document which the Agent, the Security Agent 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 19.4 (Acceleration of Loan), the date
on which it became immediately due and payablc.  

  

	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 (i) two point five per cent. (2.5%) above the rate set out 

  
 23 

 at paragraph (b) of Clause 7.3 (Calculation of default rate of interest) and
(ii) in the event that Eurobank Cyprus Ltd ever becomes a Lender and in relation to its Contribution only, two per cent. (2%) above the rate set out at paragraph (b) of Clause 7.3 (Calculation of default rate of interest) and
for the remaining of any Contributions default interest under (i) above will apply. 
  

	7.3	 Calculation of default rate of interest. The rate referred to in Clause 7.2 (Default rate
of interest) is the Margin plus, in respect of successive periods of any three (3) months or longer duration which the Agent may select from time to time: 

 

	 	(a)	 LIBOR; or 

  

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

  

	7.4	 Notification of interest periods and default rates. The Agent shall promptly notify the Lenders
and the Borrowers 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 Borrowers are 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 Security 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 Borrowers shall repay the Loan by (i) sixteen (16)
consecutive quarterly instalments of $800,000 each followed by (ii) a Balloon Instalment of $8,000,000 payable together with the last instalment Provided that if the amount of the Loan is less than $20,800,000, the amount of each repayment
instalment including the Balloon Instalment shall be reduced pro rata by an amount equal to such undrawn amount. 

  

	8.2	 Repayment Dates. The first instalment shall be repaid on the date falling three (3) months after
the Drawdown Date and the last instalment, along with the Balloon Instalment, shall be repaid on the Final Maturity Date. 

  

	8.3	 Final Maturity Date. On the Final Maturity Date, the Borrowers shall additionally pay to the
Security 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 Borrowers may prepay the whole or
any part of the Loan on the last day of an Interest Period and may prepay the whole Loan at any time if any of the situations described in Clauses 21.1(f) (Indemnities regarding borrowing and repayment of Loan), 22.2 (Grossing-up for taxes) or 24.1 (Increased Costs) arise, without prejudice to the Borrowers’ obligations under those Clauses. 

 

	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 higher multiple thereof; 

  
 24 

	 	(b)	 the Agent has received from the Borrowers 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; 

  

	 	(c)	 the Borrowers have provided evidence satisfactory to the Agent that any consent required by either Borrowers 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 either Borrower or any Security Party has been complied with; and 

 

	 	(d)	 each partial prepayment shall be applied against the Loan in reducing the repayment instalments under Clause
8.1 (Amount of repayment instalments) in order of maturity. 

  

	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 Borrowers 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 Borrowers under Clause 8.5(c) (Conditions for voluntary prepayment).  

 

	8.8	 Mandatory prepayment. Upon the sale of a Ship, which sale shall be subject to prior notification
to the Agent and provided that no Event of Default has occurred, or Total Loss of a Ship, the Borrowers shall be obliged to prepay the Loan by the Relevant Amount: 

 

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

  

	 	(b)	 in the case of a Total Loss, on the earlier of the date falling 180 days after the relevant Total Loss Date and
the date of receipt by the Security Agent of the proceeds of insurance relating to such Total Loss, 

 which prepayment
shall be applied towards prepayment of the Loan in pro rata reduction of the remaining repayment instalments under Clause 8.1 (Amount of repayment instalments) including the Balloon Instalment, 

wher e 
 “Relevant
Amount” means an amount which is the higher of (a) the amount required so that the Asset Cover Ratio immediately following such prepayment is equal to the Asset Cover Ratio before such sale or Total Loss and (b) such amount
which will ensure that the Security Value, immediately following such prepayment, is no less than the Required Security Amount at that time. 
  

	8.9	 Mandatory prepayment — Illegality. Upon the circumstances referred to in Clause 23
(Illegality etc.) arising, the Borrowers shall be obliged to prepay the whole Loan in accordance with that Clause, and any undrawn part of the Total Commitment shall be cancelled. 

 

	8.10	 Amounts payable on prepayment. A prepayment shall be made together with accrued interest (and any
other amount payable under Clause 21 (Indemnities) below or otherwise) in respect of the Loan and, if the prepayment is not made on the last day of an Interest Period, together with any Breakage Costs. 

 

	8.11	 No reborrowing. No amount prepaid or repaid may be reborrowed.  

  
 25 

	9	 CONDITIONS PRECEDENT 

 

	9.1	 Documents, fees and no default. Each Lender’s obligation to make the Loan available to the
Borrowers is subject to the following conditions precedent: 

  

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

  

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

  

	 	(c)	 that, on or before the service of a Drawdown Notice, the Agent has received payment of the fees and expenses
payable pursuant to Clause 20.1 (Arrangement Fee); 

  

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

 

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

  

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

 

	 	(iii)	 none of the circumstances contemplated by Clauses 5.5 (Market disruption — Non
Availability) or 19.1(w) (x) (Events of Default) has occurred and is continuing; 

  

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

 

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

 

	9.2	 Waiver of conditions precedent. If the Majority Lenders, at their discretion, permit the Loan to
be borrowed before certain of the conditions referred to in Clause 9.1 (Documents, fees and no default) are satisfied, the Borrowers shall ensure that those conditions are satisfied within 10 Business days after the Drawdown
Date (or such longer period as the Agent may specify). 

  

	9.3	 Conditions Subsequent. The Borrowers undertake to deliver or to cause to be delivered to the
Agent on, or as soon as practicable after, each Drawdown Date the additional documents and other evidence listed in Part C (Conditions Subsequent) of Schedule 3. 

 

	10	 REPRESENTATIONS AND WARRANTIES 

 

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

  

	10.2	 Status. Each Borrower is duly incorporated and validly existing and in good standing under the
laws of Marshall Islands. 

  

	10.3	 Share capital and ownership. Each Borrower has an authorised share capital of 500 hundred
registered and/or bearer shares with par value U.S.$1.00 each, all of which shares have been issued in registered form and are fully paid. 

  
 26 

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

  

	 	(a)	 to register the Ship in its name under the Approved Flag; 

 

	 	(b)	 to execute the Finance Documents to which such Borrower is a party; 

 

	 	(c)	 to borrow under this Agreement; and 

 

	 	(d)	 to make all the payments contemplated by, and to comply with, those Finance Documents to which that Borrower is
a party. 

  

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

  

	10.6	 Ownership of Borrowers and Corporate Guarantor. All the shares in the Borrowers are beneficially
owned by the persons disclosed to the Lenders prior to the date of this Agreement. 

  

	10.7	 Legal validity; effective Security Interests. The Finance Documents to which each 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 relevant Borrower’s legal, valid and binding obligations enforceable against that Borrower
in accordance with their respective terms and admissible in evidence; 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. 
  

	10.8	 No third party Security Interests. Without limiting the generality of Clause 10.7
(Legal validity; effective Security Interests), at the time of the execution and delivery of each Finance Document: 

  

	 	(a)	 each 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. 

  

	10.9	 No conflicts. The execution by the Borrowers of each Finance Document to which each is a party,
and the borrowing by the Borrowers of the Loan and their compliance with each Finance Document to which each is a party will not involve or lead to a contravention of: 

 

	 	(a)	 any law or regulation; or 

 

	 	(b)	 the constitutional documents of the Borrowers; or 

 

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

  

	10.10	 No withholding taxes. 

 

	 	(a)	 All payments which the Borrowers are liable to make under the Finance Documents may be made without deduction
or withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction. 

  

	 	(b)	 No taxes anywhere are imposed whatsoever by withholding or deduction or otherwise on any payment to be made by
any Security Party under the Finance Documents to which such Security Party is or is to be a party or are imposed on or by virtue of the execution or delivery by the Security Parties of the Finance Documents or any other document or instrument to be
executed or delivered under any of the Finance Documents. 

  
 27 

	10.11	 No default. No Event of Default or Potential Event of Default has occurred and is continuing or
might reasonably be expected to result from the making of the Loan or any part thereof available or the entry into, the performance of, or any transaction contemplated by, any Finance Document. No other event or circumstance is outstanding which
constitutes a default or a termination event (however described) under any other agreement or instrument which is binding on a Security Party, or to which its assets are subject, which would be expected to have a Material Adverse Effect (i) on
the business, assets or financial condition of any Security Party or (ii) on the security constituted by any of the Finance Documents or the enforceability of that security in accordance with its terms.. 

 

	10.12	 Information. All information which has been provided in writing by or on behalf of the Borrowers
or any Security Party or an Approved Manager to any Creditor Party in connection with any Finance Document satisfied the requirements of Clause 11.7 (Information provided to be accurate); all audited and unaudited accounts which have been
so provided satisfied the requirements of Clause 11.7 (Provision offinancial statements); and there has been no material adverse change in the financial position or state of affairs of the Borrowers and/or the Corporate Guarantor and/or the
Approved Managers from that disclosed in the latest of those accounts. 

  

	10.13	 No litigation. No legal or administrative action involving either Borrower has been commenced or
taken or, to a Borrower’s knowledge, is likely to be commenced or taken which, in either case, would be likely to have a Material Adverse Effect. 

  

	10.14	 Compliance with certain undertakings. At the date of this Agreement, each Borrower is in
compliance with Clauses 11.2 (Title: Negative Pledge), 11.3 (No disposal of assets), 11.4 (No other liabilities or obligations to be incurred), 11.10 (Consents), 11.13 (Principal place of business),
12.5 (Ownership) and 12.6 (Sanctions).  

  

	10.15	 Taxes paid. Each Borrower has paid all taxes applicable to, or imposed on or in relation to such
Borrower, its business or its Ship. 

  

	10.16	 Ranking of Borrowers’ obligations. Each Borrower’s obligations to make payments under this
Agreement rank ahead of any obligation owed by such Borrower to any other person, except as the same may be preferred by any applicable law or regulation. 

 

	10.17	 Insolvency etc. 

 

	 	(a)	 No bankruptcy, insolvency, administration or similar proceedings have been commenced against either Borrower
with a view to winding up such Borrower. 

  

	 	(b)	 None of the Security Parties is unable or has admitted inability to pay its debts as they fall due; has
suspended making payments on any of its debts or has announced an intention to do so; is or has become insolvent; or has suffered the declaration of a moratorium in respect of any of its Financial Indebtedness. 

 

	10.18	 Anti-bribery. None of the improper or illegal acts referred to in Clause 12.7
(Anti-bribery) have occurred prior to the date of execution of this Agreement 

  

	10.19	 ISM Code and ISPS Code compliance. The Borrowers and the Approved Managers have obtained all
necessary ISM Code Documentation and ISPS Code Documentation in connection with each Ship and are in full compliance with the ISM Code and the ISPS Code. 

  

	10.20	 Restricted Persons, unlawful activity. 

 

	 	(a)	 None of the shares in the Borrowers or in the Ships are or will be at any time during the Security Period
legally and beneficially owned and controlled by a Restricted Person; 

  
 28 

	 	(b)	 no Restricted Person has or will have at any time during the Security Period any legal or beneficial interest
of any nature whatsoever in any of the shares of any of the Security Parties (other than the Corporate Guarantor) or an Approved Manager or to the best of the Borrowers’ knowledge and belief, in any of the shares of the Corporate Guarantor;

  

	 	(c)	 to the best of the Borrowers’ knowledge and belief, no title in any property or other assets subject to a
Security Interest created by a Finance Document has been obtained in breach of any existing applicable law, statute, rule or regulation. 

  

	10.21	 Choice of law. The choice of English law to govern the Finance Documents (other than the choice
of (i) the law of the Approved Flag State to govern the Mortgage and (ii) the lex loci to govern the Accounts Pledge) and the submissions by the Security Parties to the jurisdiction of the English courts and the obligations of such
Security Parties associated therewith, are valid and binding other than as otherwise provided in any legal opinions delivered to the Agent under Clause 9 (Conditions Precedent). 

 

	10.22	 No filings required. Except for the registration of each Mortgage in the relevant register under
the laws of the Approved Flag State, it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of any of the Finance Documents that they or any other instrument be notarised, filed, recorded, registered or
enrolled in any court, public office or elsewhere in any Pertinent Jurisdiction or that any stamp, registration or similar tax or charge be paid in any Pertinent Jurisdiction on or in relation to any of the Finance Documents and each of the Finance
Documents is in proper form for its enforcement in the courts of each Pertinent Jurisdiction. 

  

	10.23	 Pad passu. The obligations of the Borrowers under this Agreement and the obligations of the
Corporate Guarantor under the Corporate Guarantee are direct, general and unconditional obligations of the Borrowers and the Corporate Guarantor respectively and rank at least pari passu with all other present and future unsecured and
unsubordinated indebtedness of the Borrowers and the Corporate Guarantor except for obligations which are mandatorily preferred by operation of law and not by contract. 

 

	10.24	 Accounting reference date. The Borrowers’ and the Corporate Guarantor’s accounting
reference date is 31 December. 

  

	10.25	 Environmental Matters. Except as may already have been disclosed by the Borrowers in writing to,
and acknowledged and accepted in writing by, the Lenders: 

  

	 	(a)	 the Borrowers and, to the best of the Borrowers’ knowledge and belief (having made due enquiry), their
Environmental Affiliates have complied with the provisions of all Environmental Laws; 

  

	 	(b)	 the Borrowers and, to the best of the Borrowers’ knowledge and belief (having made due
enquiry), their Environmental Affiliates have obtained all Environmental Approvals and are in compliance with all such Environmental Approvals; 

  

	 	(c)	 no Environmental Claim has been made or threatened or pending against either Borrower or, to the best of the
Borrowers’ knowledge and belief (having made due enquiry), any of their Environmental Affiliates; and 

  

	 	(d)	 there has been no Environmental Incident; 

 

	10.26	 Adverse consequences. The jurisdiction of incorporation of each Borrower will not in any way
adversely affect the Lenders or their rights under the Finance Documents. 

  

	10.27	 Immunity. No Security Party nor any of their assets is entitled to immunity on the grounds of
sovereignty or otherwise from any legal or administrative proceedings whatsoever. 

  
 29 

	10.28	 Legal compliance. No Security Party has in any way contravened any applicable law, statute, rule
or regulation (including, but not limited to, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, the Foreign Corrupt Practices Act of 1977 of the USA and all such as relate
to Money Laundering, terrorism and/or bribery). 

  

	10.29	 Money laundering. In relation to the borrowing by the Borrowers of the Loan, the performance and
discharge of their obligations and liabilities under this Agreement or any of the Finance Documents and the transactions and other arrangements effected or contemplated by this Agreement or any of the Finance Documents to which either Borrower is a
party, each Borrower is acting for its own account and that the foregoing will not involve or lead to a contravention of any law, official requirement or other regulatory measure or procedure which has been implemented to combat Money Laundering.

  

	10.30	 Sanctions. No Security Party, nor any member of the Group nor any director, officer, agent,
employee of any Security Party or any member of the Group or any person acting on behalf of any Security Party or a member of the Group, is a Restricted Person nor acts directly or indirectly on behalf of a Restricted Person.

  

	10.31	 Centre of main interests and establishments. For the purposes of Regulation (EU) 2015/848 of
20 May 2015 on insolvency proceedings (recast) (the “Regulation”), its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in Greece and it has no “establishment” (as that
term is used in Article 2(10) of the Regulation) in any other jurisdiction. 

  

	10.32	 Labour laws. Each Borrower is in compliance in all material respects with any law or regulation
applicable to it and pertaining to the labour and employment conditions, the occupational health and safety and the public health, safety and security and implement the necessary measures and carry out any necessary and designated action for the
effective dealing with and remedy of the issues which, in the course of ordinary audits, are indicated to each Borrower either from the competent authorities of its jurisdiction of incorporation or from advisors specialised in this field having the
required expertise. 

  

	10.33	 Personal data. Each Borrower is in compliance in all material respects with any law or regulation
applicable to it and pertaining on the protection of the individual from the processing of personal data and no claim, notice or other communication is received by it in respect of any actual or alleged breach of, or liability under, any such
law or regulation which have or are reasonably likely to have a Material Adverse Effect. 

  

	10.34	 Repetition of representations. The representations and warranties set out in this Clause 10
(Representations and Warranties) are complete, true, accurate and not misleading (whether by omission of any material fact or consideration or otherwise) and the same, including this Clause 10.34 (Repetition of
representations), shall be deemed to be repeated on the date of a Drawdown Notice and on the Drawdown Date. 

  

	11	 GENERAL UNDERTAKINGS 

General. Each Borrower undertakes with each Creditor Party to comply with the following provisions of this Clause 11 (General
Undertakings) at all times during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit in writing such permission not to be unreasonably withheld. 

 

	11.2	 Title; negative pledge. Each Borrower will:  

 

	 	(a)	 hold the legal title to, and own the entire beneficial interest in its Ship and its Insurances and Earnings,
free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents and the effect of assignments contained in the Finance Documents; and 

  
 30 

	 	(b)	 not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other
asset, present or future. 

  

	11.3	 No disposal of assets. No Borrower will transfer, lease or otherwise dispose of: 

  

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

  

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

  

	11.4	 No other liabilities or obligations to be incurred. No Borrower will incur any liability or
obligation except liabilities and obligations under the Finance Documents to which it is a party and liabilities or obligations reasonably incurred in the ordinary course of operating and chartering its Ship. 

 

	11.5	 Subordination. Each Borrower shall ensure that all indebtedness of such Borrower to any of its
Related Persons is fully subordinated, and to subordinate any indebtedness issued to it by any of its Related Persons, all in a form acceptable to the Lenders. 

 

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

 

	11.7	 Provision of financial statements. The Borrowers will, and shall procure that the Corporate
Guarantor will, send to the Agent, commencing with the financial year ending 31 December 2020, as soon as possible, but in no event later than 180 days after the end of each of its financial year: 

 

	 	11.7.1	 the annual audited consolidated financial statements of the Corporate Guarantor for that financial year; and

  

	 	11.7.2	 as soon as possible, but in no event later than 90 days after the end of each financial half-year (commencing
with the financial half-year ending 30 June 2020) of the Corporate Guarantors, the consolidated management-prepared accounts of the Corporate Guarantor for that financial half-year, duly certified as to their correctness by the chief financial
officer of the Corporate Guarantor; 

  

	 	11.7.3	 promptly after each request by the Agent, such further financial information about the Borrower, the Corporate
Guarantor, the Group and/or the Ships including, but not limited to, charter arrangements, Financial Indebtedness, financial condition, operating expenses, commitments and loan repayment profiles, as the Agent may request. 

 

	11.8	 Form of financial statements. All financial statements (audited and unaudited) delivered under
Clause 11.7 (Provision offinancial statements) will: 

  

	 	(a)	 be prepared in accordance with all applicable laws and generally US GAAP (or other accounting standards
acceptable to the Agent) consistently applied; 

  

	 	(b)	 give a true and fair view of the state of affairs of the Borrowers and the Corporate Guarantor at the date of
those financial statements and of their profit for the period to which those financial statements relate; and 

  

	 	(c)	 fully disclose or provide for all significant liabilities of the Borrowers and the Corporate Guarantor.

  
 31 

	11.9	 Creditor notices. Following the written request of the Agent, the Borrowers will send to the
Agent, at the same time as they are despatched, copies of all communications which are despatched to the Borrowers’ creditors or any class of them. 

  

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

  

	 	(a)	 for the Borrowers to perform their obligations under any Finance Document to which each is a party;

  

	 	(b)	 for the validity or enforceability of any Finance Document to which each is a party; 

 

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

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

	11.11	 Maintenance of Security Interests. Each 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) above, 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 (including any duties or taxes payable by any of
the Creditor Parties but excluding any FATCA Deduction), 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. 

  

	11.12	 Notification of litigation. Each Borrower will provide the Agent with details of any legal or
administrative action involving a Borrower, any Security Party, the Approved Managers or a Ship, its Earnings or Insurances as soon as such action is instituted or it becomes apparent to a 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. 

  

	11.13	 Principal place of business. Each Borrower will maintain its place of business, and keep its
corporate documents and records, at the address stated at the commencement of this Agreement (though it may change its place of business with the prior approval of the Agent), and no Borrower will establish, or do anything as a result of which
it would be deemed to have, a place of business in either the United Kingdom or the United States of America. 

  

	11.14	 Confirmation of no default. The Borrowers will, within 5 Business Days after service by the Agent
of a written request, serve on the Agent a notice which is signed by a director of each Borrower and which: 

  

	 	(a)	 states that no Event of Default has occurred and is continuing; or 

 

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

  

	11.15	 Notification of default. The Borrowers will notify the Agent as soon as any of them become aware
of: 

  

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

  

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

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

  
 32 

	11.16	 Provision of further information. The Borrowers will, and shall procure that the Corporate
Guarantor and the Approved Managers will, as soon as practicable after receiving a request from the Agent, provide the Agent with any additional financial or other information relating: 

 

	 	(a)	 to the Borrowers, the Ships, the Insurances or the Earnings, the Corporate Guarantor, the Approved Managers or
any member of the Group; 

  

	 	(b)	 the financial condition of any of the Borrowers and the Corporate Guarantor; 

 

	 	(c)	 to any other matter relevant to, or to any provision of, a Finance Document which may be requested by the
Lenders at any time; and 

  

	 	(d)	 all other documentation and information as any Creditor Party may reasonably request, 

and will keep the Agent, and shall procure that the Corporate Guarantor keeps the Agent, advised, without the need for any request therefor, of
any major financial developments relating to any member of the Group, including, but not limited to, any sale or purchase of vessels, the incurrence of any new Financial Indebtedness, any restructuring or rescheduling of any Financial Indebtedness
and the entry into any long term employment of any vessel owned by such member. 
  

	11.17	 Provision of copies and translation of documents. The Borrowers will supply the Agent (if it so
requires) with a sufficient number of copies of the documents referred to above to provide one copy for each Creditor Party; and if the Agent so requires in respect of any of those documents, the Borrowers will provide a certified English
translation prepared by a translator approved by the Agent. 

  

	11.18	 Unencumbered Liquidity. The Borrowers shall ensure that there shall be maintained at all times in
an account or accounts with the Account Bank (including but not limited to any amount standing to the credit of the Retention Account pursuant to Clause 11.19) in the names of the Borrowers and/or the Corporate Guarantor and/or any other entity
acceptable to the Lenders, free of any Security Interest (other than any created by the Finance Documents) an average quarterly aggregate amount of no less than $800,000 multiplied by the number of Ships which is at any relevant time subject to a
Mortgage. 

  

	11.19	 Cash Collateral. The Borrowers shall ensure that there shall be maintained at all times in the
Retention Account no less than $800,000, provided that the Borrowers may, provided that no Event of Default has occurred which is continuing, apply all or part of such amount in or towards payment of a Loan repayment instalment under Clause 8
(Repayment and Prepayment). 

  

	11.20	 Know your Customer. The Borrowers will provide, and will procure that the Corporate Guarantor and
any other member of the Group which maintains an account with the Account Bank will, prior to the Drawdown Date to occur, provide all information and documentation as the Agent may in its sole discretion require in order to satisfy its “Know
Your Customer” procedures. 

  

	11.21	 Restricted Persons. Each Borrower shall not, and each Borrower shall procure that neither the
Corporate Guarantor nor any shipowning company whose ships operate under the management of the Approved Manager (other than an Approved Manager which is not affiliated to the Corporate Guarantor) will, have any course of dealings, directly or
indirectly, with any Restricted Person. 

  

	11.22	 Change in constitutional documents. Each Borrower shall not, and each Borrower shall procure that
the Corporate Guarantor will not, amend or vary its constitutional documents in a way which is likely to have Material Adverse Effect. 

  

	11.23	 Use of proceeds. The Borrowers shall use the Loan and/or any part thereof exclusively for the
purposes specified in Clause 2.3 (Purpose of Loan). 

  
 33 

	11.24	 Labour laws. Each Borrower shall comply with the applicable from time to time legislation which
relates to the labor and employment conditions, the occupational health and safety and the public health, safety and security, in each case, where failure to do so has or is reasonably likely to have a Material Adverse Effect. Each Borrower
shall ensure that no claim, notice or other communication is received by it in respect of any actual or alleged breach of, or liability under, any such law or regulation where any such breach or liability has or is reasonably likely to have a
Material Adverse Effect. The Borrowers shall promptly upon becoming aware of the same, inform the Agent in writing of any claim against a Borrower which is current, pending or threatened or any communication, notice or the imposition of any fine
against a Borrower in respect of any actual or alleged breach of, or liability under, any such law or regulation. The Borrowers must deliver to the Agent, as soon as requested, all the documents and details deemed necessary by the latter, in order
to ascertain that each Borrower complies with its obligations as stated in this clause. Similarly to the above, each Borrower is obliged to accept whenever deemed necessary (in the reasonable opinion of the Agent), any inspection carried out by the
Agent’s directors, officers or employees or by third parties having the desired and necessary expertise and provide to the aforementioned persons every required assistance for the purposes of this clause. The relevant cost shall be borne by the
Borrowers. For any action taken by the Agent under this clause, the Agent may be entitled but not obliged to request the prior written consent of the Majority Lenders. 

 

	11.25	 Personal data. Each Borrower shall comply with any law or regulation applicable to it and
pertaining on the protection of the individual from the processing of personal data where failure to do so has or is reasonably likely to have a Material Adverse Effect. Each Borrower shall ensure that no claim, notice or other communication is
received by it in respect of any actual or alleged breach of, or liability under, any such law or regulation where ally such breach or liability has or is reasonably likely to have a Material Adverse Effect. Each Borrower shall promptly upon
becoming aware of the same, inform the Agent in writing of any claim against a Borrower which is current, pending or threatened or any communication, notice or the imposition of any fine against a Borrower in respect of any actual or alleged breach
of, or liability under, any such law or regulation. 

  

	11.26	 Additional Covenants. The Borrowers shall procure that, if the Corporate Guarantor is required by
any other contract to which either of them is a party to comply with (i) any financial covenants or (ii) any covenants which are equivalent or similar to the ones set out in this Clause 11 or Clause 11 of the Corporate Guarantee but
which, in either case, impose greater obligations, the Corporate Guarantor shall comply with those covenants as amended and/or waived from time to time as if the same were set out (up-dated mutatis
mutandis) in full in this Clause 11 and Clause 11 of the Corporate Guarantee respectively. 

 12    CORPORATE
UNDERTAKINGS 
  

	12.1	 General. The Borrowers also undertake with each Creditor Party to comply with the following
provisions of this Clause 12 at all times during the Security Period except as the Agent, with the authorisation of the Majority Lenders, may otherwise permit in writing such permission not to be unreasonably withheld. 

 

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

  

	12.3	 Negative undertakings. Neither Borrower will:  

 

	 	(a)	 carry on any business other than the ownership, chartering and operation of its Ship; or 

 

	 	(b)	 , if there has occurred an Event of Default which is continuing, or an Event of Default would thereby be caused
thereby to occur, pay any dividend or make any other form of distribution or effect any form of redemption, purchase or return of share capital; or 

  

	 	(c)	 provide any form of credit or financial assistance to any person or company; or 

  
 34 

	 	(d)	 open or maintain any account with any bank or financial institution except accounts with a bank or financial
institution already opened or maintained or accounts approved by the Agent for the purposes of the Finance Documents; or 

  

	 	(e)	 issue, allot or grant any person a right to any shares in its capital or repurchase or reduce its issued share
capital; or 

  

	 	(0	 acquire any shares or other securities or enter into any transaction in a derivative; or 

 

	 	(g)	 enter into any form of amalgamation, merger or de-merger or any form of
reconstruction or reorganisation which would (in the case of the Borrower) give rise to a Change of Control Event; or 

  

	 	(h)	 incur any Financial Indebtedness (including issuing any guarantee or making any loans or advances) other than
in the ordinary course of owning and operating its Ship or an unsecured guarantee in respect of the Indenture dated November 13, 2013 as otherwise contemplated by this Agreement. 

 

	12.4	 Inter-company Loans. Each Borrower shall procure that any Financial Indebtedness incurred from
any of their respective shareholders or any other company which is controlled (directly or indirectly) by the Corporate Guarantor or the Borrowers is so incurred on terms that the same is fully subordinated to the Borrowers’ obligations
under the Finance Documents in form and substance acceptable to the Agent. 

  

	12.5	 Ownership. The Borrowers will ensure that throughout the Security Period there is no change in
the ownership of the Borrowers or in the beneficial ownership of the Borrowers from that which has been disclosed to the Lenders prior to the execution of this Agreement. 

 

	12.6	 Sanctions. Each Borrower undertakes that it shall:  

 

	 	(a)	 not be, and shall procure that any Security Party and other member of the Group and an Approved Manager or any
Related Person of any of them, or any director, officer, agent, employee or person acting on behalf of the foregoing is not, a Restricted Person and does not act directly or indirectly on behalf of a Restricted Person or have a course of dealings
with a Restricted Person; 

  

	 	(b)	 and shall procure that each Security Party, each Approved Manager and each other member of the Group and each
Related Person of any of them shall, not use any revenue or benefit derived from any activity or dealing with a Restricted Person in discharging any obligation due or owing to the Creditor Parties; 

 

	 	(c)	 and shall procure that each Security Party, each Approved Manager and each other member of the Group and each
Related Person of any of them shall not take any action, make any omission or use (directly or indirectly) any proceeds of the Loan in a manner that is a breach of Sanctions; and/or causes (or will cause) a breach of Sanctions by any Creditor Party;

  

	 	(d)	 procure that no proceeds from any activity or dealing with a Restricted Person are credited to any bank account
held with any Creditor Party in its name or in the name of any other member of the Group or any Related Person of any of them; 

  

	 	(e)	 take, and shall procure that each Security Party, each Approved Manager and each other member of the Group and
each Related Person of any of them has taken, reasonable measures to ensure compliance with Sanctions; 

  

	 	(f)	 and shall procure that each Security Party, each Approved Manager and each other member of the Group shall, to
the extent permitted by law promptly upon becoming aware of them, supply to the Agent details of any claim, action, suit, proceedings or investigation against it with respect to Sanctions by any Sanctions Authority; and 

  
 35 

	 	(g)	 not accept, obtain or receive any goods or services from any Restricted Person, except (without limiting Clause
12.5(b)), to the extent relating to any warranties and/or guarantees given and/or liabilities incurred in respect of an activity or dealing with a Restricted Person by a Borrower, any other Security Party, an Approved Manager or any other member of
the Group in accordance with this Agreement. 

  

	12.7	 Anti-bribery. The Borrowers shall ensure that no Security Party nor any of their respective
affiliates, officers, directors, employees or agents acting on their behalf will, offer, give, insist on, receive or solicit any illegal payment or improper advantage to influence the action of any person in connection with any of its business.

  

	12.8	 FATCA Information 

 

	 	(a)	 Subject to paragraph (c) below, the Borrowers shall, within 10 Business Days of a reasonable request by
the Agent: 

  

	 	(i)	 confirm to the Agent whether it or any Security Party is: 

 

	 	(A)	 a FATCA Exempt Party; or 

 

	 	(B)	 not a FATCA Exempt Party; and 

 

	 	(ii)	 supply to the requesting party such forms, documentation and other information relating to its status, or the
status of such Security Party, under FATCA as the Agent reasonably requests for the purposes of its compliance with FATCA. 

  

	 	(b)	 If a Borrower confirms pursuant to this Clause 12.8 (a) (i) that it, or a Security Party, is a FATCA
Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, such Borrower shall notify the Agent reasonably promptly. 

 

	 	(c)	 If a Borrower fails to confirm its status, or the status of a Security Party, or to supply forms, documentation
or other information requested in accordance with subclause (a) above, then such Security 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 (in each case) such
time as a Borrower provides the requested confirmation, forms, documentation or other information. 

  

	12.9	 Financial covenants. At all times during the Security Period, by reference to the Latest Accounts,
the Borrowers shall ensure that: 

  

	 	(d)	 at no time shall the Liquidity of the Group be less than $30,000,000; 

 

	 	(e)	 the Total Liabilities less cash (which shall have the meaning given thereto under US GAAP) divided by the Total
Assets (adjusted for market values of owned vessels) less cash (which shall have the meaning given thereto under US GAAP meaning both restricted and freely available cash) shall be at all times less than 85%; and 

 

	 	(f)	 the Net Worth shall at all times be equal to or more than USD50,000,000. 

 

	12.10	 Compliance Check. Compliance with the undertakings contained in Clause 12.9 (Financial covenants)
shall be determined by reference to the audited consolidated accounts for each Financial Year of the Corporate Guarantor and commencing with the Financial Year ending 31 December 2020, each delivered to the Agent pursuant to Clause 11.7
(Provision of financial statements) of this Agreement. Unless and until the Agent (acting with the authorisation of the Majority Lenders) otherwise agrees in writing, at the same time as it delivers those consolidated accounts (audited and
unaudited) for each Financial Year, the Corporate Guarantor shall deliver to the Agent a Compliance Certificate, signed by the chief financial officer of the Corporate Guarantor, evidencing calculations and compliance with the financial covenants.

  
 36 

 1 3 I N S U R A N C E 
  

	13.1	 General. The Borrowers undertake with each Creditor Party to comply with the following provisions
of this Clause 13 at all times during the Security Period except as the Agent, with the authority of the Majority Lenders, may otherwise permit in writing such permission not to be unreasonably withheld. 

 

	13.2	 Maintenance of obligatory insurances. Each Borrower shall keep the Ship owned by it insured at
the expense of that Borrower against: 

  

	 	13.2.1	 fire and usual marine risks (including hull and machinery, hull interest and excess risks);

  

	 	13.2.2	 war risks (including war P & I liabilities and the London Blocking and Trapping Addendum or similar
arrangement); and 

  

	 	13.2.3	 protection and indemnity risks (which cover shall include freight, demurrage and defence) in excess of the
limit of cover for oil pollution liability risks included within the protection and indemnity risks; and 

  

	 	13.2.4	 any other risks against which the Agent considers, having regard to practices and other circumstances
prevailing at the relevant time, it would in the opinion of the Agent be reasonable for that Borrower to insure and which are specified by the Agent by notice to that Borrower. 

 

	13.3	 Terms of obligatory insurances. Each 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) such amount, which when aggregated with the amount for which any other Ship then subject to a Mortgage is insured, is at least equal to 120% of the Loan and (ii) the Market Value of the Ships; 

 

	 	(c)	 in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from
time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (and which shall be no less than $1,000,000,000);

  

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

  

	 	(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 association (which is of a rating acceptable to the Agent) and protection and indemnity risks association (which is of a rating acceptable to the Agent and is a signatory to the International
Group Agreement 1985). 

  
 37 

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

  

	 	(a)	 (except in relation to risks referred to in Clause 13.2.3 (Maintenance of obligatory insurances)
(name (or be amended to name) the Security Agent as additional named  

 assured for its rights and interests,
warranted no operational interest and with full waiver of rights of subrogation against the Security Agent, but without the Security Agent 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 Agent as sole loss payee on such terms and with such directions for payment as the Security
Agent may specify (and in particular on terms that the deductible in respect of the hull and machinery insurances shall not exceed the amount agreed upon and stated in the loss payable clause); 

 

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

  

	 	(d)	 provide that the insurers shall waive, to the fullest extent permitted by English law, their entitlement (if
any) (whether by statute, common law, equity, or otherwise) to be subrogated to the rights and remedies of the Security Agent in respect of any rights or interests (secured or not) held by or available to the Security Agent in respect of the Secured
Liabilities, until the Secured Liabilities shall have been fully repaid and discharged, except that the insurers shall not be restricted by the terms of this paragraph 

 

	 	(d)	 from making personal claims against persons (other than the Borrowers or any Creditor Party) in circumstances
where the insurers have fully discharged their liabilities and obligations under the relevant obligatory insurances; 

  

	 	(e)	 provide that such obligatory insurances shall be primary without right of contribution from other insurances
which may be carried by the Security Agent; 

  

	 	(f)	 provide that the Security Agent may make proof of loss if the Borrowers fail to do so; and

  

	 	(g)	 provide that if any obligatory insurance is validly cancelled, or if any substantial change is made in the
coverage which adversely affects the interest of the Security Agent, or if any obligatory insurance is allowed to lapse for non-payment of premium, such cancellation, charge or lapse shall not be effective
with respect to the Security Agent for 14 days (or 7 days in the case of war risks) after receipt by the Security Agent of prior written notice from the insurers of such cancellation, change or lapse. 

 

	13.5	 Renewal of obligatory insurances. Each Borrower shall:  

 

	 	(a)	 at least 21 days (or such shorter period as the Agent may agree) before the expiry of any obligatory insurance:

  

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

  

	 	(ii)	 in case of any substantial change in insurance cover, obtain the Agent’s approval to the matters referred
to in paragraph (i) above; 

  

	 	(b)	 at least 14 days (or such shorter period as the Agent may agree)before the expiry of any obligatory insurance,
renew the insurance; and 

  

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

  
 38 

	13.6	 Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers
provide the Security Agent with copies of all policies relating to the obligatory 

 insurances which they effect or
renew and of a letter or letters or undertaking in a form required by the Agent and including undertakings by the approved brokers that: 
  

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

  

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

  

	 	(c)	 they will advise the Security Agent without undue delay of any material change to the terms of the obligatory
insurances; 

  

	 	(d)	 they will notify the Security Agent, 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 relevant Owner or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Agent of the terms of the instructions;
and 

  

	 	(e)	 they will not set off against any sum recoverable in respect of a claim relating to either Ship under such
obligatory insurances any premiums or other amounts due to them or any other person whether in respect of a 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 each Ship
forthwith upon being so requested by the Security Agent. 

  

	13.7	 Copies of certificates of entry. Each Borrower shall ensure that any protection and indemnity
and/or war risks associations in which the Ship owned by it is entered provide to the Security Agent: 

  

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

 

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

  

	 	(c)	 where required to be issued under the terms of insurance/indemnity provided by the relevant Owner’s
protection and indemnity association, a certified copy of each United States of America voyage quarterly declaration (or other similar document or documents) made by such Borrower in relation to its Ship in accordance with the requirements of
such protection and indemnity association; and 

  

	 	(d)	 if applicable, 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 relevant Ship. 

  

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

  

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

  

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

  

	13.11	 Restrictions on employment. No Borrower shall employ its Ship, nor permit her to be employed,
outside the cover provided by any obligatory insurances. 

  
 39 

	13.12	 Compliance with terms of insurances. No Borrower shall do or omit to do (or permit to be done or
not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable thereunder repayable in whole or in part; and, in particular: 

 

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

  

	 	(b)	 no Borrower shall make any changes relating to the classification or classification society (unless the new
classification society is a member of IACS) or manager or operator of its Ship unless approved by the underwriters of the obligatory insurances; 

  

	 	(c)	 each Borrower shall make all quarterly or other voyage declarations which may be required by the protection and
indemnity risks association in which its 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)	 no Borrower shall employ its Ship, nor allow her to be employed, otherwise than in conformity with the terms
and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

 

	13.13	 Alteration to terms of insurances. No Borrower shall make, or agree to, any alteration to the
terms of any obligatory insurance or waive any right relating to any obligatory insurance without the prior written consent of the Security Agent. 

  

	13.14	 Settlement of claims. No Borrower shall settle, except with the prior written consent of the
Security Agent, 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 Agent to collect
or recover any moneys which at any time become payable in respect of the obligatory insurances. 

  

	13.15	 Provision of copies of communications. Each Borrower shall on the Agent’s written request,
provide the Agent, with copies of all written communications between that Borrower and: 

  

	 	(a)	 the approved brokers; 

 

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

 

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

  

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

  

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

  
 40 

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

  

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

  

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

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

	13.17	 Mortgagee’s interest. The Security Agent shall be entitled from time to time to effect, maintain
and renew all or any of the following insurances in such amounts, on such terms, through such insurers and generally in such manner as the Agent may from time to time reasonably consider appropriate: 

 

	 	(a)	 a mortgagee’s interest marine insurance (in an amount of no less than 110% of the Loan at any relevant
time) providing for the indemnification of the Creditor Parties for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to either Ship or a liability of either Ship or of either
Borrower, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of
an allegation concerning: 

  

	 	(i)	 any act or omission on the part of a Borrower, of any operator, charterer, manager or sub-manager of the Ship owned by it or of any officer, employee or agent of a Borrower or of any such person, including any breach of warranty or condition or any
non-disclosure relating to such obligatory insurance; 

  

	 	(ii)	 any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a Borrower,
any other person referred to in paragraph (i) above, or of any officer, employee or agent of that Borrower or of such a person, including the casting away or damaging of the Ship owned by it and/or the Ship owned by it being unseaworthy; and/or

  

	 	(iii)	 any other matter capable of being insured against under a mortgagee’s interest marine insurance policy
whether or not similar to the foregoing; and 

  

	 	(b)	 if required, a mortgagee’s interest additional perils policy (in an amount of no less than 110% of the
Loan at any relevant time) providing for the indemnification of the Creditor Parties against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of
detention of a Ship, the imposition of any Security Interest over a Ship and/or any other matter capable of being insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing,

 and the Borrowers shall upon demand fully indemnify the Security Agent in respect of all premiums and other expenses
which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance. 

 

	13.18	 Review of insurance requirements. The Majority Lenders shall be entitled to review the
requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date of this Agreement which are, in the opinion of the Majority Lenders, significant and capable of affecting either Borrower or
either Ship and its insurance (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Borrowers may be subject), and may appoint insurance consultants in relation to this review at the
cost of the Borrowers. 

  
 41 

	13.19	 Modification of insurance requirements. The Agent shall notify the Borrowers of any proposed
modification under Clause 13.1813.17 (Review of insurance requirements) to the requirements of this Clause 13 (Insurance) which the Majority Lenders reasonably consider appropriate in the circumstances, and such modification shall
take effect without undue delay on and from the date it is notified in writing to the Borrowers as an amendment to this Clause 13 (Insurance) and shall bind the Borrowers accordingly. 

 

	13.20	 Compliance with mortgagee’s instructions. The Agent shall be entitled (without prejudice to or
limitation of any other rights which it may have or acquire under any Finance Document) to require a Ship to remain at any safe port or to proceed to and remain at any safe port designated by the Agent until the Borrowers implement any
amendments to the terms of the obligatory insurances and any operational changes required as a result of a notice served under Clause 13.18 (Review of insurance requirements).  

 

	14	 SHIP COVENANTS 

 

	14.1	 General. Each Borrower also undertakes with each Creditor Party to comply with the following
provisions of this Clause 14 at all times during the Security Period except as the Agent, with the authority of the Majority Lenders, may otherwise reasonably permit in writing such permission not to be unreasonably withheld.

  

	14.2	 Ship’s name, registration and classification. Each Borrower shall keep its Ship registered in
its name under the Approved Flag; shall not do or allow to be done anything as a result of which such registration might be cancelled or imperilled; and shall not change the name or port of registry of its Ship; and shall not make any changes
relating to the classification or classification society of its Ship (unless the new classification society is a member of IACS). 

  

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

  

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

 

	 	(b)	 so as to maintain the highcst class applicable to vessels of the same age, type and specification as such Ship
at American Bureau of Shipping (or an equivalent IACS classification society acceptable to the Agent in its reasonable discretion) free of overdue recommendations and conditions affecting class that ship’s class that have not been complied with
in accordance with their terms class; and 

  

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

 

	14.4	 Modification. No Borrower shall make any modification or repairs to, or replacement of, its Ship or
equipment installed on her which would or might materially alter the structure, type or performance characteristics of such Ship or materially reduce her value. 

 

	14.5	 Removal of parts. No Borrower shall remove any material part of its Ship or any item of equipment
installed on such 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 Agent and becomes on installation on such Ship the property of the relevant Owner and subject to the security constituted by the Mortgage Provided that the relevant Owner may install equipment owned by a
third party if the equipment can be removed without any risk of damage to its Ship. 

  

	14.6	 Survey. Each Borrower shall submit its Ship regularly to all periodical or other surveys which may be
required for classification purposes and, if so required by the Agent provide the Agent, with copies of all survey reports; the Agent will consider a Borrower’s written justification for refusing to provide such survey and the Agent may, at
its sole discretion, withdraw such request. 

  
 42 

	14.7	 Inspection. Each Borrower shall permit the Agent (by surveyors or other persons appointed by it for
that purpose) to board its Ship once per year and at a place where it is practically convenient based on the Ship’s schedule and without interfering with the operation of such Ship or causing her delay, to inspect her about proposed or
executed repairs and shall afford all proper facilities for such inspections and shall make available to the Agent or its surveyor on request all records (on board or on shore) relating to its Ship. All reasonable fees and expenses reasonably
incurred in relation to the appointment of the surveyor or surveyors once per year and the preparation and issue of all technical reports pursuant to this Clause 14.7 shall be for the account of the Borrowers. 

 

	14.8	 Prevention of and release from arrest. Each Borrower shall promptly discharge: 

  

	 	(a)	 all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against
its Ship or such Ship’s Earnings or Insurances; 

  

	 	(b)	 all taxes, dues and other amounts charged in respect of its Ship or such Ship’s Earnings or Insurances;
and 

  

	 	(c)	 all other outgoings whatsoever in respect of its Ship or such Ship’s Earnings or Insurances

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

	14.9	 Compliance with laws etc. The Borrowers shall (and shall procure that the Approved Managers and
their Related Persons shall): 

  

	 	(a)	 comply, or procure compliance with the ISM Code, the ISPS Code, all Environmental Laws and all other laws or
regulations relating to the Ships, each Ship’s ownership, operation and management or to the business of the Borrowers (including, but not limited to, the International Management Code for the Safe Operation of Ships and for Pollution
Prevention) and all relevant national or international laws, statutes, regulations, directives, decrees or analogous rules (including, but not limited to, laws relating to any trading prohibition imposed by the Approved Flag State, the country of
incorporation of the relevant Owner or the country of nationality of any crew member of the Ship owned by it by which that Borrower is bound in connection with such crew members or any rules relating to international sanctions) and pay all taxes for
which it is liable as they fall due under any applicable law; 

  

	 	(b)	 not employ the Ships nor allow their 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; 

  

	 	(c)	 and will procure that each Security Party, each Approved Manager and each other member of the Group and any
Related Person of any of them will, comply in all respects with all Sanctions; and 

  

	 	(d)	 in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit the
Ships to enter or trade to any zone which is declared a war zone by any government or by a Ship’s war risks insurers unless the prior written consent of the Agent has been given and the relevant Owner has (at its expense) effected any special,
additional or modified insurance cover which the Agent may require. 

  
 43 

	14.10	 Provision of information. Each Borrower shall promptly provide the Security Agent with any
information and/or evidence which the Security Agent requests regarding: 

  

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

 

	 	(b)	 payments and amounts due to the master and crew of its Ship; 

 

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

  

	 	(d)	 any towages and salvages; and 

 

	 	(e)	 its compliance, the Approved Managers compliance or the compliance of its Ship with the ISM Code and the ISPS
Code; 

  

	 	(f)	 the class and classification society of its Ship; 

and, upon the Agent’s request, provide copies of any current charter relating to its Ship, of any current charter guarantee and, of the
ISM Code Documentation and the ISPS Code Documentation. 
  

	14.11	 Notification of certain events. Each Borrower shall immediately notify the Agent by letter of: 

  

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

 

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

  

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

  

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

  

	 	(e)	 any intended dry docking of its Ship which is not routine; 

 

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

  

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

  

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

 and the Borrowers shall keep the Agent advised in writing on a
regular basis and in such detail as the Agent shall reasonably require of the Borrowers’, the affected Approved Managers’ or any other person’s response to any of those events or matters. 

 

	14.12	 Restrictions on chartering, appointment of managers etc. 

No Borrower shall: 
  

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

 

	 	(b)	 subject to Clause 14.15 (Charter Assignment), enter into any time or consecutive voyage charter in
respect of its Ship for a term which exceeds 12 months in duration (excluding extension options) (and the Agent shall not unreasonably withhold its consent to such a charter); 

 

	 	(c)	 enter into any charter in relation to its Ship under which more than 4 months’ hire (or the equivalent) is
payable in advance; 

  
 44 

	 	(d)	 charter its Ship otherwise than on bona fide arm’s length terms at the time when such Ship is fixed;

  

	 	(e)	 appoint a manager of its Ship other than the Approved Managers or agree to any substantial alteration to the
terms of either Approved Manager’s appointment; 

  

	 	(f)	 make any changes relating to the classification or classification society of its Ship (unless the new
classification society is a member of IACS); 

  

	 	(g)	 de-activate or lay up its Ship; or 

 

	 	(h)	 put its Ship into the possession of any person for the purpose of work being done upon her in an amount
exceeding or likely to exceed $500.000 (or the equivalent in any other currency). 

  

	14.13	 Notice of Mortgage. Each Borrower shall keep the Mortgage registered against its Ship as a valid
first priority mortgage and if required by the Approved Flag State, carry on board such 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 such Ship a framed
printed notice stating that that Ship is mortgaged by the relevant Owner to the Security Agent. 

  

	14.14	 Sharing of Earnings. No Borrower shall:  

 

	 	(a)	 enter into any agreement or arrangement for the sharing of any Earnings; 

 

	 	(b)	 enter into any agreement or arrangement for the postponement of any date on which any Earnings are due; the
reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any rights of a Borrower to any Earnings; apart from any profit sharing arrangements with a Charterer which are permitted on arm’s length basis and at
normal market rates; or 

  

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

  

	14.15	 Charter Assignment. If a Borrower enters into any Charter in respect of its Ship such Borrower
shall, at the request of the Agent, execute in favour of the Security Agent a Charter Assignment in respect of such Charter in the form and upon the terms and conditions required by the Agent and shall deliver to the Agent such corporate
authorities and corporate documents as the Agent may require along with a certified true copy of such Charter or its recap provided that such notice will only be served to the relevant Charterer if there is an Event of Default which is continuing.

  

	14.16	 Insurance opinion. Each Borrower shall provide the Agent (i) in case of any alteration to the
terms of any obligatory insurances in respect of its Ship or any change in the brokers and/or insurance companies and/or underwriters through which such insurances are effected and (ii) otherwise on request, at the Borrowers’ cost,
with an opinion from insurance consultants on the insurances effected or to be effected in respect of such Ship, confirming that such Ship is insured on terms approved by the Agent or, if such insurance opinion has been obtained by the Agent, shall
reimburse the Agent for the cost of such opinion. 

  

	14.17	 Nuclear waste, nuclear material. Each Borrower shall ensure that its Ship will not, under any
circumstances, carry any nuclear material or nuclear waste at any time 

  

	14.18	 Trading. No Borrower shall permit its Ship to trade in any area prohibited by (i) the government
of the Approved Flag State of its Ship, (ii) the country of incorporation or domicile of the relevant Owner or (iii) the country of which any officer and crew member on board such Ship is a national. 

  
 45 

	15	 SECURITY COVER 

 

	15.1	 Provision of additional security cover; prepayment of Loan. The Borrowers undertake with each
Creditor Party that if the Agent notifies the Borrowers in writing that after the Drawdown Date the Security Value is less than the Required Security Amount, the Borrowers will, within 30 days after the date on which the Agent’s notice is
served, either: 

  

	 	(i)	 provide, or ensure that there is provided, additional security (including, but not limited to, a first or
second preferred mortgage over a ship) which, in the opinion of the Agent, has a net realisable value (calculated in the case of a ship in accordance with Clause 15.2 (Valuation of a Ship)) at least equal to the shortfall and which
covers such asset or assets, and is documented in such terms, as the Agent may approve or require 

  

	 	(ii)	 prepay in accordance with Clause 8 (Repayment and Prepayment) such part (at least) of the Loan as will
eliminate the shortfall; or 

  

	 	(iii)	 pledge to the Agent by way of security an amount of cash of no less than the amount of the shortfall.

  

	15.2	 Valuation of a Ship. A Ship shall, for the purposes of this Agreement, be valued in Dollars by
taking the valuation prepared by an independent ship sale and purchase broker appointed by the Agent, such valuation to be made without physical inspection, and on the basis of a sale for prompt delivery for cash at arms’ length, on normal
commercial terms, as between a willing buyer and a willing seller without taking into account the benefit or burden of any charterparty or other engagement concerning such Ship and shall be no older than 30 days as at any relevant date. Valuations
shall be obtained: 

  

	 	(a)	 prior to the Drawdown Date and annually thereafter; and 

 

	 	(b)	 (in addition to (a) above) at any other time as the Agent shall require (in its reasonable discretion).

 The valuations for a Ship on each such occasion shall constitute the Market Value of a Ship for the purposes of this
Agreement until superseded by the next such valuation. 
  

	15.3	 Valuations binding. Any valuation under Clause 15.2 (Valuation of a Ship) shall be
binding and conclusive as regards the Borrowers, as shall be any valuation which the Agent makes of a security which does not consist of or include a Security Interest. 

 

	15.4	 Provision of information. The Borrowers shall promptly provide the Agent and any shipbroker or expert
acting under Clause 15.2 (Valuation of a Ship) with any reasonable information which the Agent or the shipbroker or expert may request for the purposes of the valuations; and, if a Borrower fails to provide the information by the date
specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Agent (or the expert appointed by it) considers prudent. 

 

	15.5	 Payment of valuation expenses. All costs in connection with obtaining and determining (i) any
Market Value pursuant to Clause 15.2(a) (Valuation of a Ship), (ii) any Market Value pursuant to Clause 15.2(b) (Valuation of a Ship) after the occurrence of an Event of Default, (iii) any Market Value which obliges the
Borrowers to make a prepayment of the Loan or provide additional security in accordance with Clause 15.1 (Provision of additional security cover; prepayment of Loan), and (iv) any valuation either of any additional security for
the purposes of ascertaining the Market Value at any time or necessitated by the Borrowers electing to constitute additional security pursuant to Clause 15.1 (Provision of additional security cover; prepayment of Loan), must be
paid by the Borrowers.  

  
 46 

	16	 PAYMENTS AND CALCULATIONS 

 

	16.1	 Currency and method of payments. All payments to be made:  

 

	 	(a)	 by the Lenders to the Agent; or 

 

	 	(b)	 by either Borrower to the Agent, the Security Agent or any Lender, under a Finance Document shall be made to
the Agent or to the Security Agent, in the case of an amount payable to it: 

  

	 	(i)	 by not later than 11.00 a.m. (New York City time) on the due date; 

 

	 	(ii)	 in same day Dollar funds settled through the New York Clearing House Interbank Payments System (or in such
other Dollar funds and/or settled in such other manner as the Agent shall specify as being customary at the time for the settlement of international transactions of the type contemplated by this Agreement); and 

 

	 	(iii)	 if in Dollars, to the account of the Agent at (SWIFT address: ERBKGRAA) with Deutsche Bank Trust Company
Americas, New York, USA (SWIFT address: BKTRUS33), or to such other account with such other bank as the Agent may from time to time notify to the Borrowers and the other Creditor Parties or to such other account with such other bank as the Security
Agent may from time to time notify to the Borrowers and the other Creditor Parties. 

  

	16.2	 Payment on non-Business Day. If any payment by the Borrowers
under a Finance Document would otherwise fall due on a day which is not a Business Day: 

  

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

 

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

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

	16.3	 Basis for calculation of periodic payments. All interest and commitment fee and any other
payments under any Finance Document which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year. 

 

	16.4	 Distribution of payments to Creditor Parties. Subject to Clauses 16.5 (Permitted deductions
by Agent), 16.6 (Agent only obliged to pay when monies received) and 16.7 (Refund to Agent of monies not received):  

  

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

  

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

  

	16.5	 Permitted deductions by Agent. Notwithstanding any other provision of this Agreement or any other
Finance Document, the Agent may, before making an 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. 

  
 47 

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

  

	16.7	 Refund to Agent of monies not received. If and to the extent that the Agent makes available a sum to
the Borrowers or a Lender, without first having received that sum, the Borrowers or (as the case may be) the Lender concerned shall, on demand: 

  

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

 

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

  

	16.8	 Agent may assume receipt. Clause 16.7 (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. 

 

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

 

	16.10	 Agent’s memorandum account. The Agent shall maintain a memorandum account showing the
amounts advanced by the Lenders and all other sums owing to the Creditor Parties from the Borrowers and each Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrowers and any Security Party.

  

	16.11	 Accounts prima facie evidence. If any accounts maintained under Clauses 16.9 (Creditor
Party accounts) and 16.10 (Agent’s memorandum account) show an amount to be owing by the Borrowers or a Security Party to a Creditor Party, those accounts shall, absent manifest error, be prima facie evidence
that that amount is owing to that Creditor Party. 

  

	17	 APPLICATION OF RECEIPTS 

 

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

  

	 	(a)	 FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in the
following order and proportions: 

  

	 	(i)	 first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under
the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrowers under Clauses 20 (Fees and Expenses), 21 (Indemnities) and 22 (No Set-Off or Tax Deduction) of this Agreement or by the Borrowers or any Security Party under any corresponding or similar provision in any other Finance Document); 

 

	 	(ii)	 secondly, in or towards satisfaction pro rata of interest and default interest payable to the Creditor Parties
under the Finance Documents; and 

  

	 	(iii)	 thirdly, in or towards satisfaction of the Loan; 

  
 48 

	 	(b)	 SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document but
which the Agent, by notice to the Borrowers, 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 foregoing provisions of this Clause; and 

  

	 	(c)	 THIRDLY: any surplus shall, provided that there is no continuing Event of Default, be paid to the Borrowers.

  

	17.2	 Variation of order of application. The Security Agent may by notice to the Borrowers, the Security
Parties and the other Creditor Parties provide for a different manner of application from that set out in Clause 17.1 (Normal order of application) either as regards a specified sum or sums or as regards sums in a specified category or
categories. 

  

	17.3	 Notice of variation of order of application. The Security Agent may give notices under Clause
17.2 (Variation of order of application) from time to time; and such a notice may be stated to apply not only to sums which may be received or recovered in the future, but also to any sum which has been received or recovered on or after
the third Business Day before the date on which the notice is served. 

  

	17.4	 Appropriation rights overridden. This Clause 17 and any notice which the Security Agent gives
under Clause 17.2 (Variation of order of application) shall override any right of appropriation possessed, and any appropriation made, by either Borrower or any Security Party. 

 

	18	 APPLICATION OF EARNINGS 

 

	18.1	 Payment of Earnings. Each 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 of its Ship are paid to the relevant Earnings Account. 

  

	18.2	 Application of Earnings. Each Borrower undertakes with the Lenders that money from time to time
credited to, or for the time being standing to the credit of, an Earnings Account shall, unless and until an Event of Default shall have occurred (whereupon the provisions of Clause 17.1 (Normal order of application) shall be and become
applicable), be available for application in the following manner: 

  

	 	(a)	 FIRST: in or towards meeting the costs, fees and expenses payable by the Borrowers under the Finance Documents;

  

	 	(b)	 SECONDLY: pari passu in or towards making the payments of interest due to the Lenders pursuant to this
Agreement; 

  

	 	(c)	 THIRDLY: pari passu in or towards making payments of the repayment instalments under Clause 8.1 (Amount of
repayment instalments); 

  

	 	(d)	 FOURTHLY: in or towards making the transfers to the Retention Account required pursuant to Clause 18.3
(Monthly retentions); and 

  

	 	(e)	 FIFTHLY: as to any surplus from time to time arising on an Earnings Account following application as aforesaid,
to be paid to the relevant Borrower or to whomsoever it may direct. 

  

	18.3	 Monthly retentions. The Borrowers undertake with the Lenders to ensure that, throughout the
Security Period and commencing on the date falling one (1) month after the Drawdown Date to occur, and thereafter on the same day in each subsequent month, there is transferred to the Retention Account out of the aggregate Earnings received
in the Earnings Account during the preceding calendar month: 

  

	 	(a)	 one-third of the amount of the repayment instalment falling due under
Clause 8 (Repayment and Prepayment) on the next Repayment Date; and  

  
 49 

	 	(b)	 the relevant fraction of the amount of interest which is payable on the next due date for payment of interest
under this Agreement. 

  

	18.4	 The “relevant fraction” is a fraction of which the numerator is 1 and the denominator
the number of months comprised in the current Interest Period (or, if the current Interest Period ends after the next date for payment of interest under this, the number of months from the later of the commencement of the current Interest Period or
the last due date for payment of interest to the next date for payment of interest under this Agreement). 

  

	18.5	 Shortfall in Earnings. If the aggregate Earnings received in the Earnings Accouns are insufficient
at any time for the required amount to be transferred to the Retention Account under Clause 18.3 (Monthly Retentions), the Borrowers shall make up the amount of the insufficiency on demand from the Lenders; but, without thereby
prejudicing the Lenders’ right to make such demand at any time, the Lenders may permit the Borrowers to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.3 (Monthly Retentions) from the
Earnings received in the next or subsequent months. 

  

	18.6	 Application of retentions. Until an Event of Default occurs, the Lenders shall on each Repayment
Date and on each due date for the payment of interest under this Agreement distribute to the Lenders so much of the then balance on the Retention Account as equals: 

 

	 	(a)	 the repayment instalment due on that Repayment Date; or 

 

	 	(b)	 the amount of interest payable on that interest payment date, in discharge of the Borrowers’ liability for
that repayment instalment or that interest. 

  

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

  

	18.8	 Release of accrued interest. Interest accruing under Clause 18.6 (Application of
retention) on the Retention Account shall remain on the Retention Account and shall not be released to the Borrowers until the end of the Security Period. 

 

	18.9	 Location of accounts. Each Borrower shall promptly:  

 

	 	(a)	 comply with any requirement of the Agent as to the location or
re-location of its Earnings Account and/or the Retention Account or any of them; and 

  

	 	(b)	 execute any documents which the Agent specifies to create or maintain in favour of the Security Agent a
Security Interest over the Earnings Accounts and/or the Retention Account or any of them. 

  

	18.10	 Borrowers’ obligations unaffected. The provisions of this Clause 18 do not affect: 

  

	 	(a)	 the liability of the Borrowers to make payments of principal and interest on the due dates; or

  

	 	(b)	 any other liability or obligation of the Borrowers or any Security Party under any Finance Document.

  
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	18.11	 Other accounts. Each Lender is hereby authorised to open and maintain as many Loan and/or
contingent and/or suspense and/or intermediary accounts as necessary for the purpose of facilitating the accounting monitoring of the Loan in its books. In this respect each Lender is authorised to merge and/or divide and/or transfer the
balances of any such accounts to other such accounts. In any litigation proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by the relevant Lender in accordance with its usual practice are
conclusive evidence of the matters to which they relate save in the case of manifest error. 

  

	19	 EVENTS OF DEFAULT 

 

	19.1	 Events of Default. An Event of Default occurs if:  

 

	 	(a)	 either Borrower or any Relevant Person fails to pay when due or (if so payable) on demand any sum payable under
a Finance Document or under any document relating to a Finance Document unless (i) its failure to pay is caused by administrative or technical error or a Disruption Event and (ii) payment is made within three Business Days of its due date;
or 

  

	 	(b)	 any breach occurs of Clause 9.3 (Conditions subsequent), 11.2 (Title; negative pledge), 11.3
(No disposal of assets), 12.2 (Maintenance of status), 12.3 (Negative Undertakings), 12.6 (Sanctions), 13.2 (Maintenance of obligatory insurances), 13.3 (Terms of obligatory insurances) or 15.1 (Provision
of additional security cover; prepayment of Loan); or  

  

	 	(c)	 any breach by either Borrower or any Relevant Person occurs of any provision of a Finance Document (other than
a breach covered by paragraphs (a) or (b) above) if, in the opinion of the Majority Lenders, such default is capable of remedy, and such default continues unremedied 20 days after written notice from the Agent requesting action to remedy the
same; or 

  

	 	(d)	 (subject to any applicable grace period specified in the Finance Document) any breach by either Borrower or any
Relevant Person occurs of any provision of a Finance Document (other than a breach covered by paragraphs (a), (b) or (c) above); or 

  

	 	(e)	 any representation, warranty or statement made by, or by an officer of, a Borrower or a Relevant Person in a
Finance Document or in a Drawdown Notice or any other notice or document relating to a Finance Document is untrue or misleading in a material respect when it is made or repeated; or 

 

	 	(f)	 any of the following occurs in relation to any Financial Indebtedness (exceeding $10,000,000 in respect of the
Corporate Guarantor, $500,000 in respect of a Borrower and $1,000,000 in respect of all other Relevant Persons) of a Relevant Person: 

  

	 	(iv)	 any Financial Indebtedness of any Relevant Person is not paid when due or, if so payable, on demand; or

  

	 	(v)	 any Financial Indebtedness of any 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 

  

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

  

	 	(vii)	 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 any 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 

  
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	 	(viii)	 any Security Interest securing any Financial Indebtedness of any Relevant Person becomes enforceable; or

  

	 	(g)	 any of the following occurs in relation to a Relevant Person: 

 

	 	(i)	 a Relevant Person becomes, in the reasonable 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 respect of the Corporate Guarantor, $500,000 or more in respect of a Borrower and $1,000,000 or more for all other Relevant Persons or the equivalent in another currency
and, in respect of a Relevant Person other than a Security Party, the same is not lifted within 30 days; or 

  

	 	(iii)	 any administrative or other receiver is appointed over any asset of a Relevant Person unless contested in good
faith and on substantial grounds; or 

  

	 	(iv)	 a Relevant Person makes any formal declaration of bankruptcy or any formal statement to the effect that it is
insolvent or likely to become insolvent, or a winding up or administration order is made in relation to a Relevant Person, or the members or directors of a Relevant Person pass a resolution to the effect that it should be wound up, placed in
administration or cease to carry on business, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person which is, or is to be, effected for the purposes of an amalgamation or reconstruction previously approved by the
Agent and effected not later than 3 months after the commencement of the winding up; or 

  

	 	(v)	 a petition is presented in any Pertinent Jurisdiction for the winding up or administration, or the appointment
of a provisional liquidator, of a Relevant Person unless the petition is being contested in good faith and on substantial grounds and is dismissed or withdrawn within 30 banking days of the presentation of the petition; or 

 

	 	(vi)	 a Relevant Pcrson petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of its debt (or certain of its debt) or arrangement with all or a substantial proportion (by number or value) of its creditors or of any class of them
or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise other than any re-organisation required pursuant to any new legislation passed by
a relevant government; or 

  

	 	(vii)	 any meeting of the members or directors of a Relevant Person is summoned for the purpose of considering a
resolution or proposal to authorise or take any action of a type described in paragraphs (iii), (iv), (v) or (vi) above; or 

  

	 	(viii)	 in a Pertinent Jurisdiction other than England, any event occurs or any procedure is commenced which, in the
reasonable opinion of the Agent, is similar to any of the foregoing; or 

  

	 	(h)	 any Relevant Person ceases or suspends carrying on its business or a part of its business which, in the opinion
of the Majority Lenders, is material in the context of this Agreement; or 

  

	 	(i)	 it becomes unlawful in any Pertinent Jurisdiction or impossible: 

 

	 	(i)	 for any Relevant Person 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 

  
 52 

	 	(ii)	 for any Creditor Party to exercise or enforce any right under, or to enforce any Security Interest created by,
a Finance Document; or 

  

	 	(j)	 any official consent necessary to enable either Borrower to own, operate or charter the Ship owned by it or to
enable either Borrower to comply with any provision which the Agent considers material of a Finance Document is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent is not
fulfilled; or 

  

	 	(k)	 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 

  

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

  

	 	(m)	 any Security Party is in breach of or fails to observe any law, requirement, measure or procedure implemented
to combat Money Laundering; or 

  

	 	(n)	 the classification of either Ship is withdrawn by its classification society the Ship is not immediately
granted a new classification by another classification society; or 

  

	 	(o)	 either Ship is expropriated, confiscated, requisitioned or acquired, whether for full consideration, a
consideration less than her proper value, a nominal consideration or without any consideration, by any government or official authority or by any person or persons claiming to be or to represent a government or official authority; or

  

	 	(p)	 any legal or administrative proceedings of any kind whatsoever have been commenced against either Borrower
which could, in the opinion of the Majority Lenders be expected to have a Material Adverse Effect; or 

  

	 	(q)	 an Environmental Incident occurs which gives rise, or may give rise, to an Environmental Claim which could, in
the opinion of the Majority Lenders be expected to have a Material Adverse Effect; or 

  

	 	(r)	 any other event occurs or circumstance arises (including, but not limited to, any global economic or political
events, or events related to the international money or capital markets) which, in the opinion of the Agent, is likely materially and adversely to affect either (i) the ability of any Security Party to perform all or any of its obligations
under or otherwise to comply with the terms of any of the Finance Documents or (ii) the security created by any of the Finance Documents; or 

  

	 	(s)	 the Approved Flag State of either Ship or the country in which any Security Party is incorporated or domiciled
becomes involved in hostilities or civil war or there is a seizure of power in an Approved Flag State by unconstitutional means unless such Ship registered in such Approved Flag State shall have been transferred onto a new Approved Flag acceptable
to the Lenders within thirty (30) days of the start of such hostilities or civil war or seizure of power; or 

  

	 	(t)	 there shall occur a Change of Control Event; or 

 

	 	(u)	 Mrs. Angeliki Frangou ceases to ceases to be Chairman and CEO of the Corporate Guarantor; or

  
 53 

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

  

	 	(w)	 the Corporate Guarantor ceases to be (aa) the holding company of ocean-going vessels, and (bb) listed and
trading at NYSE or other exchange in the United States of America; or 

  

	 	(x)	 any other event occurs or any other circumstances arise or develop including, without limitation a material
adverse change in the financial position, state of affairs or prospects of a Borrower or the Corporate Guarantor which affects its payment obligations under the Finance Documents to which it is a party in the light of which the Majority Lenders
reasonably consider that a Borrower or any Relevant Person is, or will later become, unable to discharge its liabilities under the Finance Documents as they fall due. 

 

	19.2	 Actions following an Event of Default. On, or at any time after, the occurrence of an Event of
Default which is continuing: 

  

	 	(a)	 the Agent may and if so instructed by the Majority Lenders, the Agent shall: 

 

	 	(i)	 serve on the Borrowers a notice stating that the Commitments and all other obligations of each Lender to the
Borrowers under this Agreement are terminated; and/or 

  

	 	(ii)	 serve on the Borrowers a notice stating that the Loan, all accrued interest and all other amounts accrued or
owing under this Agreement are immediately due and payable; it may credit the same to a suspense account in the name of the Agent for application either immediately or in due course in satisfaction of the Borrowers’ payment obligations under
this Agreement; and/or 

  

	 	(iii)	 take any other action which, as a result of the Event of Default or any notice served under paragraph
(i) or (ii) above, the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or 

  

	 	(b)	 the Security Agent may, and if so instructed by the Agent, the Security Agent shall, take any action which, as
a result of the Event of Default or any notice served under paragraph (a) (i) or (ii) above, the Security Agent, the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law. 

 

	19.3	 Termination of Commitments. On the service of a notice under paragraph (a)(i) of Clause 19.2
(Actions following an Event of Default), the Commitments and all other obligations of each Lender to the Borrowers under this Agreement shall terminate. 

 

	19.4	 Acceleration of Loan. On the service of a notice under paragraph (a)(ii) of Clause 19.2
(Actions following an Event of Default), the Loan, all accrued interest and all other amounts accrued or owing from the Borrowers or any Relevant Person under this Agreement and every other Finance Document shall
become immediately due and payable or, as the case may be, payable on demand. 

  

	19.5	 Multiple notices; action without notice. The Agent may serve notices under paragraphs (a) (i)
and (ii) of Clause 19.2 (Actions following an Event of Default) simultaneously or on different dates and it and/or the Security Agent may take any action referred to in that Clause if no such notice is served or simultaneously with or at
any time after the service of both or either of such notices. 

  

	19.6	 Notification of Creditor Parties and Relevant Persons. The Agent shall send to each Lender, the
Security Agent and each Relevant Person a copy or the text of any notice which the Agent serves on the Borrowers under Clause 19.2 (Actions following an Event of Default); but the notice shall become effective when it is served on the
Borrowers, 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 either Borrower or any Relevant Person with any form of claim or defence. 

  
 54 

	19.7	 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). 

 

	19.8	 Exclusion of Creditor Party Liability. No Creditor Party, and no receiver or manager appointed by
the Security Agent, shall have any liability to the Borrowers or a Relevant Person: 

  

	 	(a)	 for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance
Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or 

  

	 	(b)	 as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by
or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value of such an asset, 

except that this does not exempt a Creditor Party or a receiver or manager from liability for losses shown to have been caused by the gross
negligence or the wilful misconduct of such Creditor Party’s own officers and employees or (as the case may be) such receiver’s or manager’s own partners or employees. 

 

	19.9	 Relevant Persons. In this Clause 19 a “Relevant Person” means the Borrowers and the
Corporate Guarantor or any other person who provides a mortgage, charge, pledge, maritime or other lien or other security interest of any kind as security for the Borrowers’ obligations under this Agreement and the Finance Documents.

  

	19.10	 Interpretation. In Clause 19.1(f) (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 Clause 19.1(g) (Events of Default)
“petition” includes an application.  

  

	20	 FEES AND EXPENSES 

 

	20.1	 Arrangement fee. The Borrowers shall pay to the Arranger on the date of this Agreement a sum in
the amount of $208,000 representing its costs and expenses for the evaluation of the loan facility to be made available under the Agreement and the terms on which it shall be made available (as outlined in this Agreement) and the arrangement of the
advance of the Loan, whether in whole or in part, together with any tax thereon (if applicable). The evaluation costs and expenses referred to in this Clause must be paid by the Borrowers to the Arranger, whether or not any part of the Commitment is
ever advanced and shall be non-refundable. 

  

	20.2	 Commitment fee. 

 

	 	20.2.1	 The Borrowers shall pay to the Agent (for the account of the Lenders in proportion to their Commitment) a
commitment fee of 0.50% per annum on the undrawn amount of the Loan commencing on 25 June 2020 and ending on the last day of the Availability Period. 

  

	 	20.2.2	 The Borrowers shall pay the accrued commitment fee on the last day of each successive period of three
(3) months beginning on 25 June 2020 which ends during the Availability Period, on the last day of the Availability Period, on the Drawdown Date and (on any cancelled amount of the relevant Lender’s Commitment) at the time such
cancellation is effective. 

  

	 	20.2.3	 The fee referred to in this Clause 20.2 must be paid by the Borrowers to the Agent, whether or not any part of
the Commitment is ever advanced and shall be non-refundable. 

  
 55 

	20.3	 Costs of negotiation, preparation etc. The Borrowers shall pay to the Agent on its demand the
amount of all expenses incurred by the Agent or the Security Agent 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. 

  

	20.4	 Costs of variations, amendments, enforcement etc. The Borrowers shall pay to the Agent, on the
Agent’s demand, the amount of all expenses incurred by any 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 concerned under or in connection with a Finance Document, or any request
for such a consent or waiver; 

  

	 	(c)	 the valuation of any security provided or offered under Clause 15 (Security cover) or any other matter relating
to such security; 

  

	 	(d)	 where the Agent, in its opinion, considers that there has been a material change to the insurances in respect
of either Ship, the review of the insurances or either Ship pursuant to Clause 13.18 (Review of insurance assignments); 

  

	 	(e)	 any step taken by any Lender 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. 
  

	20.5	 Documentary taxes. The Borrowers shall promptly pay any tax payable on or by reference to any
Finance Document, and shall, on the Agent’s demand, fully indemnify each Creditor Party against any liabilities and expenses resulting from any failure or delay by the Borrowers to pay such a tax. 

 

	20.6	 Certification of amounts. A notice which is signed by two officers of a Creditor Party, which
states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 20 and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate
amount, is due shall, save for manifest error, be prima facie evidence that the amount, or aggregate amount, is due. 

  

	21	 INDEMNITIES 

  

	21.1	 Indemnities regarding borrowing and repayment of Loan. The Borrowers shall fully indemnify the
Agent and each Lender on the Agent’s demand and the Security Agent on its demand in respect of all expenses, liabilities and losses which are incurred by that Creditor Party, or which that Creditor Party reasonably and with due diligence
estimates that it will incur, as a result of or in connection with: 

  

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

  

	 	(b)	 Breakage Costs; 

  

	 	(c)	 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; 

  
 56 

	 	(d)	 any failure by the Borrowers 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 Borrowers on the amount concerned under Clause 7 (Default Interest); 

  

	 	(e)	 the occurrence and/or continuance of an Event of Default or a Potential Event of Default and/or the
acceleration of repayment of the Loan under Clause 19 (Events of Default); and 

  

	 	(0	 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. 

  

	21.2	 Breakage costs. Without limiting its generality, Clause 21.1 (Indemnities regarding borrowing
and repayment of Loan) covers any liability, expense 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 the Loan and/or any overdue amount (or an aggregate amount which includes the Loan 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 that part which the Lender concerned determines is fairly attributable to this
Agreement of the amount of the liabilities, expenses or losses (including losses of prospective profits) incurred by it in terminating, or otherwise in connection with, a number of transactions of which this Agreement is one. 

 

	21.3	 Miscellaneous indemnities. The Borrowers shall fully indemnify each Creditor Party severally on their
respective demands in respect of all claims, demands, proceedings, liabilities, taxes, losses and expenses of every kind (“liability items”) which may be made or brought against, or incurred by, any Creditor Party, in any country, in
relation to: 

  

	 	(a)	 any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document
by the Agent, the Security Agent or any other Creditor Party or by any receiver appointed under a Finance Document; 

  

	 	(b)	 any other event, matter or question which occurs or arises at any time during the Security Period and which has
any connection with, or any bearing on, any Finance Document, any payment or other transaction relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created (or intended to be created) by a Finance
Document, 

 other than liability items which are shown to have been caused by the gross negligence or the wilful
misconduct of the Agent’s or (as the case may be) the Security Agent’s own officers or employees. 
  

	21.4	 Extension of indemnities; environmental indemnity. Without prejudice to its generality, Clause 21.3
 

 (Miscellaneous indemnities) covers:  

 

	 	(a)	 any liability items which arise, or are asserted, under or in connection with any law or any regulation
relating to safety at sea, pollution or the protection of the environment, including but not limited to the ISM Code and the ISPS Code; and 

  

	 	(b)	 any expenses incurred by a Creditor Party as a result of any fax or email communication purporting to have bccn
sent by the Borrowers to that Creditor Party fraudulently or without proper authorisation. 

  
 57 

	21.5	 Currency indemnity. If any sum due from the Borrowers 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 Borrowers 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 Borrowers 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 21.5, the “available
rate of exchange” means the rate at which the Creditor Party concerned is able at the opening of business (London time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

 This Clause 21.5 creates a separate liability of the Borrowers which is distinct from its other liabilities under the Finance Documents
and which shall not be merged in any judgment or order relating to those other liabilities. 
  

	21.6	 Certification of amounts. A notice which is signed by 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 and which indicates the matters in respect of which the amount, or aggregate amount, is due shall, save for manifest error, be prima facie evidence
that the amount, or aggregate amount, is due. 

  

	21.7	 Sums deemed due to a Lender. For the purposes of this Clause 21, a sum payable by the Borrowers
to the Agent or the Security Agent for distribution to a Lender shall be treated as a sum due to that Lender. 

  

	21.8	 Notice of prepayment. If the Borrowers are not willing to continue to pay an indemnity in respect
of Tax under Clause 21.1 (Indemnities regarding borrowing and repayment of Loan), the Borrowers may give to the Agent no less than 30 days’ notice of their intention to prepay the Contribution of any Lender whose Contribution is
giving rise to such tax indemnity (a “Relevant Tax Lender”), at the end of an Interest Period. 

  

	21.9	 Prepayment; termination of Commitment. A notice under Clause 21.8 (Notice of
prepayment) shall be irrevocable; the Agent shall promptly notify the Relevant Tax Lender of the Borrowers’ notice of intended prepayment; and: 

 

	 	(a)	 on the date on which the Agent serves that notice, the Commitment of the Relevant Tax Lender shall be
cancelled; and 

  

	 	(b)	 on the date specified in its notice of intended prepayment, the Borrowers shall prepay (without premium or
penalty) the Relevant Tax Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the relevant Margin. 

  

	22	 NO SET-OFF OR TAX DEDUCTION 

 

	22.1	 No deductions. All amounts due from the Borrowers 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 Borrowers are required by law to make.

  
 58 

	22.2	 Grossing-up for taxes. If a Borrower is required by law to make
a tax deduction from any payment:  

  

	 	(a)	 that Borrower shall notify the Agent as soon as it becomes aware of the requirement; 

 

	 	(b)	 that Borrower shall pay the tax deducted to the appropriate taxation authority promptly, and in any event
before any fine or penalty arises; and 

  

	 	(c)	 the amount due in respect of the payment shall be increased by the amount necessary to ensure that each
Creditor Party receives and retains (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which it would otherwise have received. 

 

	22.3	 Evidence of payment of taxes. Within 1 month after making any tax deduction, the Borrower
concerned shall deliver to the Agent documentary evidence satisfactory to the Agent that the tax had been paid to the appropriate taxation authority. 

  

	22.4	 Exclusion of tax on overall net income. In this Clause 22 “tax deduction” means any deduction
or withholding for or on account of any present or future tax except tax on a Creditor Party’s overall net income. 

  

	22.5	 Notice of prepayment. If the Borrowers are not willing to continue to pay an increased amount under
clause 22.2 (Grossing-up for taxes), the Borrowers may give the Agent not less than is 30 days’ notice of their intention to prepay the Contribution of any Lender whose Contribution is giving
rise to such increased payment (a “Relevant Lender”), at the end of an Interest Period. 

  

	22.6	 Prepayment; termination of Commitment. A notice under Clause 22.5 (Notice of
prepayment) shall be irrevocable; the Agent shall promptly notify the Relevant Lender of the Borrowers’ notice of intended prepayment; and: 

  

	 	(a)	 on the date on which the Agent serves that notice, the Commitment of the Relevant Lender shall be cancelled;
and 

  

	 	(b)	 on the date specified in its notice of intended prepayment, the Borrowers shall prepay (without premium or
penalty) the Relevant Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the relevant Margin 

  

	22.	 7 FATCA Deduction 

 

	 	(a)	 a party to any Finance Document may make any FATCA Deduction it is required to make by FATCA, and any payment
required in connection with that FATCA Deduction, and no party to any Finance Document 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)	 a party to any Finance Document shall promptly, upon becoming aware that it must make a FATCA Deduction (or
that there is any change in the rate or the basis of such FATCA Deduction) notify the party to whom it is making the payment and, in addition, shall notify the Borrowers, the Agent and the other Creditor Parties. 

 

	23	 ILLEGALITY, ETC 

 

	23.1	 Illegality. This Clause 23 applies if a Lender (the “Notifying Lender”) notifies the
Agent that it has become, or will with effect from a specified date, become: 

  

	 	(a)	 unlawful or prohibited 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, 

  
 59 

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

 

	23.2	 Notification of illegality. The Agent shall promptly notify the Borrowers, the Security Parties, the
Security Agent and the other Lenders of the notice under Clause 23.1 (Illegality) which the Agent receives from the Notifying Lender. 

  

	23.3	 Prepayment; termination of Commitment. On the Agent notifying the Borrowers under Clause 23.2
(Notification of illegality), the Lenders’ Commitment shall terminate; and thereupon or, if later, on the date specified in the Notifying Lender’s notice under Clause 23.1 (Illegality)as the date on which the
notified event would become effective the Borrowers shall prepay the Loan in full in accordance with Clause 8 (Repayment and Prepayment). 

  

	23.4	 Mitigation. If circumstances arise which would result in a notification under Clause 23.1
(Illegality) then, without in any way limiting the rights of the Notifying Lender under Clause 23.3 (Prepayment, termination of Commitment), the Notifying Lender shall use reasonable endeavours to transfer its
obligations, liabilities and rights under this Agreement an d the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if,
in its opinion, to do would or might: 

  

	 	(a)	 have an adverse effect on its business, operations or financial condition; or 

 

	 	(b)	 involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent
with, any regulation; or 

  

	 	(c)	 involve it in any expense (unless indemnified to its satisfaction) or tax disadvantage. 

 

	24	 INCREASED COSTS 

 

	24.1	 Increased costs. This Clause 24 applies if a Lender (the “Notifying Lender”) notifies
the Agent that the Notifying Lender considers that as a result of: 

  

	 	(a)	 the introduction or alteration after the date of this Agreement of a law or an alteration after the date of
this Agreement in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Agreement of a tax on that Lender’s overall nct income); or 

 

	 	(b)	 the effect of complying with any regulation (including, but not limited to, the “International Convergence
of Capital Standards, a Revised Framework” published by the Basle Committee on Banking Supervision in June 2004 as implemented in the EU by the Capital Requirements Directive (2006/48/EC and 2006/49/EC) (or any subsequent amendment or
substitute agreement) or pursuant to Basel III, CRD IV and CRR and any other 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, is that the Notifying Lender (or a parent company of it) has incurred or will incur an “increased
cost”, that is to say,: 

  

	 	(i)	 an additional or increased cost incurred as a result of, or in connection with, the Notifying Lender having
entered into, or being a party to, this Agreement or a Transfer Certificate, of funding or maintaining its Commitment or Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Contribution or
other unpaid sums; or 

  

	 	(ii)	 a reduction in the amount of any payment to the Notifying Lender under this Agreement or in the effective
return which such a payment represents to the Notifying Lender or on its capital; 

  
 60 

	 	(iii)	 an additional or increased cost of funding all or maintaining all or any of the advances comprised in a class
of advances formed by or including the Notifying Lender’s Contribution or (as the case may require) the proportion of that cost attributable to the Contribution; or 

 

	 	(iv)	 a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received
or receivable by the Notifying Lender under this Agreement, but not an item attributable to a change in the rate of tax on the overall net income of the Notifying Lender (or a parent company of it) or an item covered by the indemnity for tax in
Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) or by Clause 22 (No set-off or tax deduction).  

For the purposes of this Clause 24.1 the Notifying Lender may in good faith allocate or spread costs and/or losses among its assets and
liabilities (or any class thereof) on such basis as it considers appropriate. 
 Provided that the Notifying Lender shall try to ensure that
any loss suffered by the Borrowers as a result of the circumstances referred to in this Clause 24 are kept to a minimum. 
  

	24.2	 Notification to Borrowers of claim for increased costs. The Agent shall promptly notify the
Borrowers and the Security Parties of the notice which the Agent received from the Notifying Lender under Clause 24.1 (Increased Costs). 

  

	24.3	 Payment of increased costs. The Borrowers 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 Borrowers that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 

 

	24.4	 Notice of prepayment. If the Borrowers are not willing to continue to compensate the Notifying
Lender for the increased cost under Clause 24.3 (Payment of increased costs), the Borrowers may give the Agent not less than is 30 days’ notice of its intention to prepay the Notifying Lender’s Contribution at the end of an
Interest Period. 

  

	24.5	 Prepayment; termination of Commitment. A notice under Clause 24.4 (Notice of
Prepayment) shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrowers’ 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 Borrowers shall prepay (without premium or
penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin. 

  

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

  

	25	 SET-OFF/BAIL-IN

  

	25.1	 Application of credit balances. 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 either Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrowers 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 either Borrower; 

  
 61 

	 	(ii)	 convert or translate all or any part of a deposit or other credit balance into Dollars; 

 

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

  

	25.2	 Existing rights unaffected. No Creditor Party shall be obliged to exercise any of its rights under
Clause 25.1 (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). 

  

	25.3	 Sums deemed due to a Lender. For the purposes of this Clause 25, a sum payable by the Borrowers
to the Agent or the Security Agent for distribution to, or for the account of, a Lender shall be treated as a sum due to that Lender; and each Lender’s proportion of a sum so payable for distribution to, or for the account of, the Lenders
shall be treated as a sum due to such Lender. 

  

	25.4	 Bail-in 

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

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

  

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

  

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

  

	 	iii.	 a cancellation of any such liability; and 

 

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

 In this Clause: 

“Article 55 BRRD” means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of
credit institutions and investment firms. 
 “Bail-In Action” means the exercise of
any Write-down and Conversion 
 Powers. “Bail-In Legislation” means: 

 

	 	(a)	 in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD,
the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to lime; and 

 

	 	(b)	 in relation to any state other than such an EEA Member Country or (to the extent that the United Kingdom is not
such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation. 

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

“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. “Party” means a party to this Agreement. 

  
 62 

 “Resolution Authority” means any body which has authority to exercise any
Write-down and Conversion Powers. 
 “UK Bail-In Legislation” means (to the
extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating
to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings). 

“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; 

  

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

  

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

  

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

  

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

 

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

  

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

  

	26	 TRANSFERS AND CHANGES IN LENDING OFFICES 

 

	26.1	 Transfer by a Borrower. No Borrower may, without the consent of the Agent, given on the
instructions of all the Lenders: 

  

	 	(a)	 transfer any of its rights, liabilities or obligations under any Finance Document; or 

 

	 	(b)	 enter into any merger, de-merger or other reorganisation, or carry out
any other act, as a result of which any of its rights or liabilities would vest in, or pass to, another person. 

  
 63 

	26.2	 Transfer by a Lender. Subject to Clause 26.4 (Effective Date of Transfer Certificate),
a Lender (the “Transferor Lender”) may at any time, without the consent of, or prior notice to, the Borrowers and at no cost of the Borrowers, transfer: 

 

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

 

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

 

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

to be (in the case of its rights) transferred to, or (in the case of its obligations) assumed by, another bank or financial institution engaged
in maritime shipping finance (a “Transferee Lender”) by delivering to the Agent a completed certificate in the form set out in Schedule 4 with any modifications approved or required by the Agent (a “Transfer
Certificate”) executed by the Transferor Lender and the Transferee Lender. 
 However any rights and obligations of the
Transferor Lender in its capacity as Agent or Security Agent will have to be dealt with separately in accordance with the Agency and Trust Deed. 
  

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

  

	 	(a)	 sign the Transfer Certificate on behalf of itself, the Borrowers, the Security Parties, the Approved Managers
and each of the Creditor Parties; 

  

	 	(b)	 on behalf of the Transferee Lender, send to the Borrowers, each Approved Manager and each Security Party
letters or faxes or e-mails notifying them of the Transfer Certificate and attaching a copy of it; and 

  

	 	(c)	 send to the Transferee Lender copies of the letters or faxes or e-mails
sent under paragraph (b) above. 

  

	26.4	 Effective Date of Transfer Certificate. A Transfer Certificate shall become effective on the date,
 

  

	if	 any, specified in the Transfer Certificate as its effective date Provided that it is signed by the Agent under
Clause 26.3 (Transfer Certificate, delivery and notification) on or before that date. 

  

	26.5	 No transfer without Transfer Certificate. No assignment or transfer of any right or obligation of
a Lender under any Finance Document shall be binding on, or effective in relation to, the Borrowers, any Security Party, an Approved Manager the Agent or the Security Agent unless it is effected, evidenced or perfected by a Transfer Certificate.

  

	26.6	 Lender re-organisation; waiver of Transfer Certificate. However,
if a Lender enters into any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the “successor”), the Agent may, if it sees
fit, by notice to the successor and the Borrowers and the Security Agent 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. 

  

	26.7	 Effect of Transfer Certificate. A Transfer Certificate shall take 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 shall he assigned to the Transferee Lender absolutely, free of any defects in the Transferor Lender’s title and of any rights or equities which a Borrower or any
Security Party or an Approved Manager had against the Transferor Lender; 

  
 64 

	 	(b)	 the Transferor Lender’s Commitment shall be discharged to the extent specified in the Transfer
Certificate; 

  

	 	(c)	 the Transferee Lender shall become 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 shall become 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 Agent and, to the extent that the Transferee
Lender becomes bound by those provisions (other than those relating to exclusion of liability), the Transferor Lender shall cease to be bound by them; 

  

	 	(e)	 any part of the Loan which the Transferee Lender advances after the Transfer Certificate’s effective date
shall rank 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 Borrowers or any Security Party
or an Approved Manager against the Transferor Lender had not existed; 

  

	 	(f)	 the Transferee Lender shall become 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 5.5 (Market Disruption — Non Availability) and Clause 20 (Fees and Expenses), and to the
extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender shall cease 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 Borrowers or any
Security Party or an Approved Manager referred to above include, but are not limited to, any right of set off and any other kind of cross-claim. 
  

	26.8	 Maintenance of register of Lenders. During the Security Period the Agent shall maintain a register
in which it shall record the name, Commitment, Contribution and administrative details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 26.4
(Effective Date of Transfer Certificate) of the Transfer Certificate; and the Agent shall make the register available for inspection by any Lender, the Security Agent and the Borrowers during normal banking hours, subject to receiving at
least 3 Business Days prior notice. 

  

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

  

	26.10	 Authorisation of Agent to sign Transfer Certificates. The Borrowers, the Security Agent and each
Lender irrevocably authorise the Agent to sign Transfer Certificates on its behalf. 

  

	26.11	 Registration fee. In respect of any Transfer Certificate, the Agent shall be entitled to recover a
registration fee of $2,500 from the Transferee Lender. 

  
 65 

	26.12	 Sub-participation; subrogation assignment. A Lender may sub-participate all or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of the Borrowers, any Security Party, an Approved Manager, the Agent or
the Security Agent (but with prior notice to the Borrowers and the Corporate Guarantor); and the Lenders may assign, in any manner and terms agreed by the Agent and the Security Agent, all or any part of those rights to an insurer or surety who has
become subrogated to them. 

  

	26.13	 Disclosure of information. The Borrowers irrevocably authorise each Creditor Party to give,
divulge and reveal from time to time information and details relating to its accounts, the Ships, the Corporate Guarantor, the Finance Documents, the Loan and Commitment and any other agreement entered into by the Borrowers and/or the Corporate
Guarantor or information provided by the Borrowers and/or the Corporate Guarantor in connection with the Finance Documents to: 

  

	 	(a)	 any public or internationally recognised authorities that are entitled to and have requested to obtain such
information and to whom it is mandatory to provide such information; 

  

	 	(b)	 that Creditor Party’s head office, branches and affiliates and professional advisors;

  

	 	(c)	 any other parties to the Finance Documents; 

 

	 	(d)	 a rating agency or their professional advisers; 

 

	 	(e)	 any person with whom they propose to enter (or contemplate entering) into contractual relations in relation to
the Loan and/or Commitment; and 

  

	 	(f)	 any other person regarding the funding, refinancing, transfer, assignment, sale,
sub-participation or operational arrangement or other transaction in relation thereto, including without limitation, for purposes in connection with a securitisation (or similar transaction) or any
enforcement, preservation, assignment, transfer, sale or sub-participation of any of that Creditor Party’s rights and obligations. 

In relation to paragraphs (b) to (f) (inclusive) above of this Clause 26.13 (Disclosure of information) the Creditor Parties
undertake that a confidentiality agreement will be entered into between the Creditor Parties and such relevant persons. 
  

	26.14	 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.

  

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

 

	26.16	 Securitisation. A Lender may include all or any part of its Contributions in a securitisation or
similar transaction without the consent of the Borrowers or any Security Party or an Approved Manager. The Borrowers will (and shall procure that any Security Party and any Approved 

Manager will) assist that Lender as necessary to achieve a successful securitisation (or similar transaction) Provided that the Borrowers shall
not be required to bear any costs related to any such securitisation and need only provide such information which any third parties may reasonably request. 
  

	26.17	 Security over Lenders’ rights. In addition to the other rights provided to Lenders under this
Clause 26, each Lender may without consulting with or obtaining consent from the Borrowers or any Security Party or an Approved Manager, 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: 

  
 66 

	(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 that Lender as a party to any of the Finance Documents; or 

  

	 	(ii)	 require any payments to be made by the Borrowers or any Security Party or an Approved Manager 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. 

  

	27	 VARIATIONS AND WAIVERS 

 

	27.1	 Variations, waivers etc. by Majority Lenders. Subject to Clause 27.2 (Variations, waivers
etc. requiring agreement of all Lenders), a document shall be effective to vary, waive, suspend or limit any provision of a Finance Document, or any Creditor Party’s rights or remedies under such a provision or the
general law, only if the document is signed, or specifically agreed to by fax, by the Borrowers, by the Agent on behalf of the Majority Lenders, by the Agent and the Security Agent in their own rights, and, if the document relates to a Finance
Document to which a Security Party is party, by that Security Party or the Approved Manager (as applicable). 

  

	27.2	 Variations, waivers etc. requiring agreement of all Lenders. However, as regards the following,
Clause 27.1 (Variations, waivers etc. by Majority Lenders) applies as if the words “by the Agent on behalf of the Majority Lenders” were replaced by the words “by or on behalf of every Lender”: 

 

	 	(a)	 a 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 (Loan Facility), 3 (Position of the Lenders etc.), 4
(Drawdown), 5.1 (Payment of normal interest), 17 (Application of Receipts), 18 (Application of Earnings) or 30 (Law and Jurisdiction);  

  

	 	(g)	 a change to this Clause 27; 

 

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

  

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

  
 67 

 27.3 Exclusion of other or implied variations. Except for a document
which satisfies the requirements of Clauses 27.1 (Variations, waivers etc. by Majority Lenders) and 27.2 (Variations, waivers etc. requiring agreement of all Lenders), no 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 a Borrower or a Security Party or an Approved Manager of an obligation under a Finance Document or
the general law; or 

  

	 	(d)	 any right or remedy conferred by any Finance Document or by the general law, 

and there shall not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or
remedy to be exercised, within a certain or reasonable time. 
  

	27.4	 Replacement of Screen Rate. 

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

 

	 	(a)	 providing for the use of a Replacement Benchmark; and 

 

	 	(    )	 

  

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

  

	 	(ii)	 enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement); 

  

	 	(iii)	 implementing market conventions applicable to that Replacement Benchmark; 

 

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

  

	 	(v)	 adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the
adjustment shall be determined on the basis of that designation, nomination or recommendation), 

 may be made with the
consent of the Agent (acting on the instructions of the Majority Lenders) and the Borrower. 
  

	28	 NOTICES 

  

	28.1	 General. Unless otherwise specifically provided, any notice under or in connection with any
Finance Document shall be given by letter or fax or email; and references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly. 

  
 68 

	28.2	 Addresses for communications. A notice shall be sent: 

 

			
	 (a)   to the Borrowers:
	  	 c/o Navios Tankers Management Inc.

		  	 85 Akti Miaouli

		  	 Piraeus

		  	 Greece

		  	
		  	 Fax No: 30 210 453 1984

		  	 Attn: Vasiliki Papaefthymiou

  

			
	 (b)   to a Lender:
	  	 At the address below its name in Schedule 1 or (as the case may require) in the relevant Transfer
Certificate.

		  	

  

			
	 (c)   to the Agent, Arranger and the Security Agent
	  	 Eurobank S.A.

		  	 83 Akti Miaouli & Flessa Street 5th floor

		  	 185 38 Piraeus

Greece

		  	
		  	 Attn:    Shipping Unit

		  	 Fax no: 210 458 7877

 or to such other address as the relevant party may notify the Agent or, if the relevant party is the Agent or
the Security Agent, the Borrowers, the Lenders and the Security Parties. 
  

	28.3	 Effective date of notices. Subject to Clauses 28.4 (Service outside business hours)
and 28.5 (Illegible notices):  

  

	 	(a)	 a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the
time when it is delivered; and 

  

	 	(b)	 a notice which is sent by fax or email shall be deemed to be served, and shall take effect, 2 hours after its
transmission is completed. 

  

	28.4	 Service outside business hours. However, if under Clause 28.3 (Effective date of
notices) a notice would be deemed to be served: 

  

	 	(a)	 on a day which is not a business day in the place of receipt; or 

 

	 	(b)	 on such a business day, but after 5 p.m. local time, 

the notice shall (subject to Clause 28.5 (Illegible notices) be deemed to be served, and shall take effect, at 9 a.m. on the next day
which is such a business day. 
  

	28.5	 Illegible notices. Clauses 28.3 (Effective date of notices) and 28.4
(Service outside business hours) do not apply if the recipient of a notice notifies the sender within one hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a form
which is illegible in a material respect. 

  

	28.6	 Valid notices. A notice under or in connection with a Finance Document shall not be invalid by
reason that its contents or the manner of serving it do not comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if: 

 

	 	(a)	 the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the
case may be, has not caused any party to suffer any significant loss or prejudice; or 

  

	 	(b)	 in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which
the notice was served what the correct or missing particulars should have been. 

  
 69 

	28.7	 English language. Any notice under or in connection with a Finance Document shall he in English. 

  

	28.8	 Meaning of “notice”. In this Clause “notice” includes any demand, consent,
authorisation, approval, instruction, waiver or other communication. 

  

	29	 S UPPL E ME NT AL 

 

	29.1	 Rights cumulative, non-exclusive. The rights and remedies which
the Finance Documents give to each Creditor Party are: 

  

	 	(a)	 cumulative; 

  

	 	(b)	 may be exercised as often as appears expedient; and 

 

	 	(c)	 shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any
right or remedy conferred by any law. 

  

	29.2	 Severability of provisions. If any provision of a Finance Document is or subsequently becomes void,
unenforceable or illegal, that shall not affect the validity, enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document. 

 

	29.3	 Third party rights. A person who is not a party to this Agreement has no right under the Contracts
(Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 

  

	29.4	 Counterparts. A Finance Document may be executed in any number of counterparts. 

  

	30	 LAW AND JURISDICTION 

 

	30.1	 English law. This Agreement and any non-contractual obligations
arising out of or in connection with it shall be governed by, and construed in accordance with, English law. 

  

	30.2	 Exclusive English jurisdiction. Subject to Clause 30.3 (Choice of forum for the exclusive
benefit of the Creditor Parties), the courts of England shall have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Agreement (or any
non-contractual obligation arising out of or in connection with this Agreement). 

  

	30.3	 Choice of forum for the exclusive benefit of the Creditor Parties. Clause 30.2 (Exclusive
English jurisdiction) is for the exclusive benefit of the Creditor Parties, each of which reserves the right:  

  

	 	(a)	 to commence proceedings in relation to any matter which arises out of or in connection with this Agreement in
the courts of any country other than England and which have or claim jurisdiction to that matter; and 

  

	 	(b)	 to commence such proceedings in the courts of any such country or countries concurrently with or in addition to
proceedings in England or without commencing proceedings in England. 

 The Borrowers shall not commence any proceedings in
any country other than England in relation to a matter which arises out of or in connection with this Agreement. 
  

	30.4	 Process agent. Each Borrower irrevocably appoints Hill Dickinson LLP at present of Broadgate
Tower, 20 Primrose Street, London EC2A 2EW, England, to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with this Agreement.

  
 70 

	30.5	 Creditor Party rights unaffected. Nothing in this Clause 30 shall exclude or limit any right which
any Creditor Party may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or
related matter in any jurisdiction. 

  

	30.6	 Meaning of “proceedings”. In this Clause 30, “proceedings” means proceedings of any
kind, including an application for a provisional or protective measure. 

  
 71 

 EXECUTION PAGE 

 

									
	BORROWERS	  		  		    		  	
	SIGNED by GEORGIOS PANAGAKIS	  	)	  		    		  	
	for and on behalf of	  	)	  	            /s/ GEORGIOS PANAGAKIS	  	
	APHRODITE SHIPPING CORPORATION	  	)	  		    		  	
	in the presence of:	  	)	  		    		  	
	 /s/ Victoria Liaou
	  		  		    		  	
	 Victoria Liaou
	  		  		    		  	
	 Piraeus, Greece
	  		  		    		  	
					
	SIGNED by GEORGIOS PANAGAKIS	  	)	  		    		  	
	for and on behalf of	  	)	  	            /s/ GEORGIOS PANAGAKIS	  	
	DIONE SHIPPING CORPORATION	  	)	  		    		  	
	in the presence of:	  	)	  		    		  	
	 /s/ Victoria Liaou
	  		  		    		  	
	 Victoria Liaou
	  		  		    		  	
	 Piraeus, Greece
	  		  		    		  	
					
	LENDERS	  		  		    		  	                    
					
	SIGNED by STAVROS GIAKOS	  		  		    		  	
	and by MARIA GRIPAIOU 	  	)	  		    		  	
	for and on behalf of	  	)	  	 /s/ STAVROS GIAKOS        
	    	 /s/ MARIA GRIPAIOU        
	  	
	EUROBANK S.A.	  	)	  	STAVROS GIAKOS	    	MARIA GRIPAIOU	  	
	in the presence of:	  	)	  		    		  	
	 /s/ Panagiotis Fokas
	  		  		    		  	
	 Panagiotis Fokas
	  		  		    		  	
	 Piraeus, Greece
	  		  		    		  	
					
	ARRANGER	  		  		    		  	
					
	SIGNED by STAVROS GIAKOS	  		  		    		  	
	and by MARIA GRIPAIOU 	  	)	  		    		  	
	for and on behalf of	  	)	  	 /s/ STAVROS GIAKOS
	    	 /s/ MARIA GRIPAIOU
	  	
	EUROBANK S.A.	  	)	  	STAVROS GIAKOS	    	MARIA GRIPAIOU	  	
	in the presence of:	  	)	  		    		  	
	 /s/ Panagiotis Fokas
	  		  		    		  	
	 Panagiotis Fokas
	  		  		    		  	
	 Piraeus, Greece
	  		  		    		  	
					
	AGENT	  		  		    		  	
					
	SIGNED by STAVROS GIAKOS	  		  		    		  	
	and by MARIA GRIPAIOU 	  	)	  		    		  	
	for and on behalf of	  	)	  	 /s/ STAVROS GIAKOS
	    	 /s/ MARIA GRIPAIOU
	  	
	EUROBANK S.A.	  	)	  	STAVROS GIAKOS	    	MARIA GRIPAIOU	  	
	in the presence of:	  	)	  		    		  	
	 /s/ Panagiotis Fokas
	  		  		    		  	
	 Panagiotis Fokas
	  		  		    		  	
	 Piraeus, Greece
	  		  		    		  	
					
	SECURITY AGENT	  		  		    		  	
					
	SIGNED by STAVROS GIAKOS	  		  		    		  	
	and by MARIA GRIPAIOU 	  	)	  		    		  	
	for and on behalf of	  	)	  	 /s/ STAVROS GIAKOS
	    	 /s/ MARIA GRIPAIOU
	  	
	EUROBANK S.A.	  	)	  	STAVROS GIAKOS	    	MARIA GRIPAIOU	  	
	in the presence of:	  	)	  		    		  	
	 /s/ Panagiotis Fokas
	  		  		    		  	
	 Panagiotis Fokas
	  		  		    		  	
	 Piraeus, Greece
	  		  		    		  	

  
 72EX-4.4

 Exhibit 4.4 

Dated 26 June 2020 

CERULEAN SHIPPING CORPORATION 

CADMIUM SHIPPING CORPORATION 

CELADON SHIPPING CORPORATION 

BUFF SHIPPING CORPORATION 

BRANDEIS SHIPPING CORPORATION 

BOYSENBERRY SHIPPING CORPORATION and 

BOLE SHIPPING CORPORATION 

as joint and several Borrowers 

and 
 THE BANKS AND FINANCIAL
INSTITUTIONS 
 listed in Schedule 1 

as Lenders 
 and 

HAMBURG COMMERCIAL BANK AG 

as Agent, Mandated Lead Arranger 

and Security Trustee 
 LOAN
AGREEMENT 
 relating to a senior secured term 

loan facility of up to US$41,700,000 

to provide finance secured on seven container vessels 

 Index 
  

							
	Clause	 	 	  	Page	 
			
	 1
	 	 Intepretation
	  	 	1	 
	 2
	 	 Facility
	  	 	21	 
	 3
	 	 Position of the Lenders
	  	 	21	 
	 4
	 	 Drawdown
	  	 	22	 
	 5
	 	 Interest
	  	 	23	 
	 6
	 	 Interest Periods
	  	 	25	 
	 7
	 	 Default Interest
	  	 	26	 
	 8
	 	 Repayment and Prepayment
	  	 	27	 
	 9
	 	 Conditions Precedent
	  	 	30	 
	 10
	 	 Representations and Warranties
	  	 	31	 
	 11
	 	 General Undertakings
	  	 	35	 
	 12
	 	 Corporate Undertakings
	  	 	39	 
	 13
	 	 Insurance
	  	 	40	 
	 14
	 	 Ship Covenants
	  	 	47	 
	 15
	 	 Security Cover
	  	 	53	 
	 16
	 	 Payments and Calculations
	  	 	55	 
	 17
	 	 Application of Receipts
	  	 	57	 
	 18
	 	 Application of Earnings
	  	 	58	 
	 19
	 	 Events of Default
	  	 	60	 
	 20
	 	 Fees and Expenses
	  	 	65	 
	 21
	 	 Indemnities
	  	 	67	 
	 22
	 	 No Set-Off or Tax Deduction
	  	 	70	 
	 23
	 	 Illegality, etc.
	  	 	72	 
	 24
	 	 Increased Costs
	  	 	73	 
	 25
	 	 Set-Off
	  	 	75	 
	 26
	 	 Transfers and Changes in Lending Offices
	  	 	75	 
	 27
	 	 Variations and Waivers
	  	 	81	 
	 28
	 	 Notices
	  	 	83	 
	 29
	 	 Joint and Several Liability
	  	 	86	 
	 30
	 	 Supplemental
	  	 	87	 
	 31
	 	 Law and Jurisdiction
	  	 	87	 
		
	 Schedules
	  			
		
	 Schedule 1 Lenders and Commitments
	  	 	89	 
	 Schedule 2 Drawdown Notice
	  	 	90	 
	 Schedule 3 Condition Precedent Documents
	  	 	92	 
	 Part A
	  	 	92	 
	 Part B
	  	 	93	 
	 Schedule 4 Mandatory Cost Formula
	  	 	95	 
	 Schedule 5 Transfer Certificate
	  	 	97	 
	 Schedule 6 Power of Attorney
	  	 	101	 
	 Schedule 7 Details of Ships
	  	 	102	 
		
	 Execution
	  			
	 Execution Pages
	  	 	103	 

  

 THIS AGREEMENT is made on
2A} June 2020 

PARTIES 
 CERULEAN SHIPPING CORPORATION,
CADMIUM SHIPPING CORPORATION, CELADON SHIPPING CORPORATION, BUFF SHIPPING CORPORATION, BRANDEIS SHIPPING CORPORATION, BOYSENBERRY SHIPPING CORPORATION and BOLE SHIPPING CORPORATION, each a corporation incorporated in the Republic of the
Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960, as joint and several Borrowers; 

 

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

 

	(3)	 HAMBURG COMMERCIAL BANK AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany,
as Agent; 

  

	(4)	 HAMBURG COMMERCIAL BANK AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany,
as Mandated Lead Arranger; and 

  

	(5)	 HAMBURG COMMERCIAL BANK AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany,
as Security Trustee. 

 BACKGROUND 

The Lenders have agreed to make available to the Borrowers a senior secured term loan facility of up to US$41,700,000 in one advance in an
amount of up to the lesser of (i) US$41,700,000 and (ii) 57.5 per cent. of the aggregate Initial Market Value of the Ships, for the purpose of partly financing the Initial Market Value of each Ship. 

OPERATIVE PROVISIONS 
 IT IS AGREED as follows:

  

	1	 INTEPRETATION 

 

	1.1	 Definitions 

Subject to Clause 1.5, in this Agreement: 

“Account” means each of the Earnings Accounts, the Liquidity Account and the Retention Account and, in the plural,
means all of them; 
 “Account Bank” means Hamburg Commercial Bank AG, acting in such capacity through its office at
Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, or any successor; 
 “Account Pledge” means, in relation to each
Account, a pledge agreement creating security in respect of that Account in the Agreed Form and, in the plural, means all of them; 

“Additional Minimum Liquidity” has the meaning given in Clause 11.19; 

“Advance” means the principal amount of the borrowing by the Borrowers under this Agreement in respect of the Ships or,
as the context may require, the principal amount outstanding of the Advance under this Agreement; 

  
 1 

 “Affected Lender” has the meaning given in Clause 5.7; 

“Agency and Trust Agreement” means the agency and trust agreement executed or to be executed between the Borrowers and
the Creditor Parties in the Agreed Form; 
 “Agent” means Hamburg Commercial Bank AG, acting in such capacity through its
office at Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, 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 on
the instructions of the Majority Lenders) or as otherwise approved in accordance with any other approval procedure specified in any relevant provisions of any Finance Document; 

“Applicable Lender” has the meaning given in Clause 5.2; 

“Approved Broker” means each of Arrow Valuations Ltd, Barry Rogliano Salles, H. Clarkson & Co. Ltd., Maersk
Brokers K/S and Howe Robinson & Co Ltd London and, in the plural, means all of them; 
 “Approved Flag” means, in
relation to a Ship, the Cypriot, Liberian or such other flag as the Agent may approve (with the authorisation of the Majority Lenders) as the flag on which that Ship is or, as the case may be, shall be registered; 

“Approved Flag State” means, in relation to a Ship, the Republic of Cyprus, the Republic of Liberia or any other
country in which the Agent may approve (with the authorisation of the Majority Lenders) that that Ship is or, as the case may be, shall be registered; 

“Approved Manager” means, in respect of a Ship, Navios Shipmanagement Inc., a corporation domesticated in the Republic
of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960 and/or Navios Tankers Management Inc. a corporation incorporated in the Republic of the Marshall
Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960 and/or Kleimar NV of 5 Suikerrui, 2000 Antwerp, Belgium, or any other company which is a subsidiary or affiliate of
Navios Maritime Holdings Inc. or of Angeliki Frangou or any other company which the Agent (acting on the instructions of the Majority Lenders) may approve from time to time as the commercial and/or technical manager of that Ship; 

“Approved Manager’s Undertaking” means, in relation to a Ship, a letter of undertaking including (inter
alia) an assignment of the Approved Manager’s rights, title and interest in the Insurances of that Ship executed or to be executed by the Approved Manager in favour of the Security Trustee in the Agreed Form agreeing certain matters in
relation to the Approved Manager serving as manager and subordinating its rights against that Ship and the Borrower which is the owner thereof to the rights of the Creditor Parties under the Finance Documents and, in the plural, means all of them;

 “Assignable Charter” means any time charterparty, consecutive voyage charter or contract of affreightment in
respect of a Ship having a duration (or capable of exceeding a duration) equal or more than 12 months and any guarantee of the obligations of the charterer under such charter or any bareboat charter in respect of that Ship and any guarantee of the
obligations of the charterer under such bareboat charter, entered or to be entered into by the Borrower which is the owner thereof and a charterer or, as the context may require, bareboat charterer and, in the plural, means all of them; 

  
 2 

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

	 	(a)	 31 July 2020 (or such later date as the Agent may, with the authorisation of the Majority Lenders, agree
with the Borrowers); or 

  

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

 “Balloon Instalment” has the meaning given in Clause 8.1; 

“Basel Ill” means, together: 
  

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

  

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

 

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

 “Borrower” means each of Borrower A, Borrower B, Borrower C, Borrower D,
Borrower E, Borrower F and Borrower G and, in the plural, means all of them; 
 “Borrower A” means Cerulean Shipping
Corporation, a corporation incorporated and existing under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

“Borrower B” means Cadmium Shipping Corporation, a corporation incorporated and existing under the laws of the Republic
of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

“Borrower C” means Celadon Shipping Corporation, a corporation incorporated and existing under the laws of the Republic
of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

“Borrower D” means Buff Shipping Corporation, a corporation incorporated and existing under the laws of the Republic of
the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

“Borrower E” means Brandeis Shipping Corporation, a corporation incorporated and existing under the laws of the
Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

  
 3 

 “Borrower F” means Boysenberry Shipping Corporation, a corporation
incorporated and existing under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

“Borrower G” means Bole Shipping Corporation, a corporation incorporated and existing under the laws of the Republic of
the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

“Break Costs” has the meaning given in Clause 21.2; 

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

 

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

  

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

  

	 	(c)	 in Hamburg, Athens and Piraeus regarding any other action to be taken under this Agreement or any other Finance
Document; 

 “Cancellation Notice” has the meaning given in Clause 8.6; 

“Change of Control” means, in relation to: 
  

	 	(a)	 a Borrower, a change in: 

 

	 	(i)	 the beneficial ownership of any of the shares in that Borrower; or 

 

	 	(ii)	 the legal ownership of any of those shares; or 

 

	 	(b)	 the Corporate Guarantor, a change which results in Mrs Angeliki Frangou either directly or indirectly (through
entities owned and controlled by her or trusts or foundations of which she is the beneficiary) and/or Navios Maritime Holdings Inc. or any of its affiliates being the ultimate beneficial owner of, or having ultimate control of the voting rights
attaching to, less than 20 per cent. of all the issued shares or units as the case may be in the Corporate Guarantor; 

“Charterparty Assignment” means, in relation to an Assignable Charter, an assignment of the rights of the Borrower who
is a party to that Assignable Charter under that Assignable Charter and any guarantee of such Assignable Charter executed or to be executed by that Borrower in favour of the Security Trustee in the Agreed Form and, in the plural, means all of them;

 “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, or, as the case may
require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and “Total Commitments” means the aggregate of the Commitments of
all the Lenders); 

  
 4 

 “Compliance Certificate” means a certificate in the form set out in
Schedule 1 of the Corporate Guarantee (or in any other form which the Agent approves or requires) to be provided at the times and in the manner set out in Clause 11.20; 

“Contractual Currency” has the meaning given in Clause 21.6; 

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

“Corporate Guarantee” means a guarantee of the obligations of the Borrowers under this Agreement and the other Finance
Documents to which each Borrower is a party, in the Agreed Form; 
 “Corporate Guarantor” means Navios Maritime Acquisition
Corporation, a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960; 

“Correction Rate” means, at any relevant time in relation to an Applicable Lender, the amount (expressed as a rate per
annum) by which that Lender’s Cost of Funding exceeds LIBOR; 
 “Cost of Funding” means, in relation to a Lender, the
rate per annum determined by that Lender to be the rate at which deposits in Dollars are offered to that Lender by leading banks in the Relevant Interbank Market at that Lender’s request at or about the Specified Time on the Quotation
Date for an Interest Period and for a period equal to that Interest Period and for delivery on the first Business Day of it, or, if that Lender uses other ways to fund deposits in Dollars, such rate as determined by that Lender to be the
Lender’s cost of funding deposits in Dollars for that Interest Period, such determination being conclusive and binding in the absence of manifest error; 

“Creditor Party” means the Agent, the Security Trustee, the Mandated Lead Arranger or any Lender, whether as at the
date of this Agreement or at any later time and, in the plural, means all of them; 
 “Deed of Release” means, in relation
to each Ship, a deed releasing the Existing Security on that Ship and the obligations of the Borrower owning that Ship under the relevant Existing Loan Agreement in Agreed Form; 

“Disruption Event” means either or both of: 
  

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

  

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

  

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

 

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

  
 5 

 and which (in either such case) is not caused by, and is beyond the control of, the Party
whose operations are disrupted; 
 “Dollars” and “$” means the lawful currency for the time being of the United
States of America; 
 “Drawdown Date” means the date requested by the Borrowers for the Advance to be borrowed, or
(as the context requires) the date on which the Advance is actually borrowed; 
 “Drawdown Notice” means a notice in the
form set out in Schedule 2 (or in any other form which the Agent approves or reasonably requires); 
 “Earnings”
means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Borrower owning that Ship or the Security Trustee and which arise out of the use or operation of that 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 that Borrower or the Security Trustee in the event of requisition of a 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 that Ship; and 

  

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

  

	 	(b)	 if and whenever that 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, in relation to a Ship, an account in the name of the Borrower owning that Ship with the
Account Bank designated “[name of relevant Borrower] - Earnings Account”, or any other account (with that or another office of the Account Bank) which replaces such account and is designated by the Agent as that 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; 

  
 6 

 “Environmental Incident” means, in relation to a Ship: 

 

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

 

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

 “Environmental Law” means any law, regulation, convention and agreement 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; 
 “Event of
Default” means any of the events or circumstances described in Clause 19.1; 
 “Existing Indebtedness” means, at
any date in the outstanding Financial Indebtedness under the Existing Loan Agreement; 
 “Existing Indebtedness Grace
Period” means, in relation to the Existing Indebtedness, the period commencing on the date of this Agreement and ending on the Drawdown Date; 

“Existing Loan Agreement” means the loan agreement dated 8 June 2015 (as amended and supplemented from time to
time) and made between, amongst others, (i) Navios Europe (II) Inc. as borrower and (ii) ABN AMRO Bank N.V. acting through its office at Coolsingel 93, 3012, AE Rotterdam, The Netherlands and Deutsche Bank AG Filiale
Deutschlandgeschaft as lender, (iii) ABN AMRO Bank N.V. acting through its office at Coolsingel 93, 3012, AE Rotterdam, The Netherlands and Deutsche Bank AG Filiale Deutschlandgeschaft arrangers, (iv) ABN AMRO Bank N.V. as agent and
security trustee, in respect of a secured loan facility in an amount of (originally) up to $135,000,000; 
 “Existing Security”
means, in relation to the Existing Loan Agreement, any Security Interest created to secure the Existing Indebtedness (or any part thereof) arising under the Existing Loan Agreement; 

“FATCA” means: 
  

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

  
 7 

	 	(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 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; 

“Final Repayment Date” means 31 May 2021; 

“Finance Documents” means together: 
  

	 	(a)	 this Agreement; 

  

	 	(b)	 the Agency and Trust Agreement; 

 

	 	(c)	 the Account Pledges; 

 

	 	(d)	 the Corporate Guarantee; 

 

	 	(e)	 the Mortgages; 

  

	 	(f)	 the General Assignments; 

 

	 	(g)	 the Charterparty Assignments; 

 

	 	(h)	 the Approved Manager’s Undertakings; and 

 

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

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

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

  

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

 

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

  
 8 

	 	(d)	 under a financial lease, a deferred purchase consideration arrangement (in each case, other than in respect of
assets or services obtained on normal commercial terms in the ordinary course of business) 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, exchange 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 receivables sold or discounted (other than any receivables to the extent that they are sold on a non-recourse basis); or 

  

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

“Financial Year” means, in relation to the Corporate Guarantor and the Group, each period of one year commencing on
1 January in respect of which consolidated accounts are or ought to be prepared; 
 “First Quarter” means the period
commencing on Drawdown Date and ending on the date falling three months thereafter; 
 “Fourth Quarter” means the
period commencing on the date falling after the Third Quarter and ending on the earlier of (a) the Final Repayment Date and (b) the date that the Loan has been repaid in full; 

“General Assignment” means, in relation to a Ship, a general assignment of (inter olio) the
Earnings, the Insurances and any Requisition Compensation relative to that Ship in the Agreed Form and, in the plural, means all of them; 

“Group” means the Corporate Guarantor and all subsidiaries directly or indirectly owned by the Corporate Guarantor,
including, but not limited to, the Shareholder and the relevant Borrower and “member of the Group” shall be construed accordingly; 

“IACS” means the International Association of Classification Societies; 

“Indenture” means the indenture dated as of 13 November 2013, as amended and supplemented by six supplemental
indentures dated as of 8 January 2014, 20 February 2014, 31 March 2014, 28 May 2014, 4 December 2014 and 17 October 2015, respectively each entered into by the Corporate Guarantor and Navios Acquisition Finance (US)
Inc. in respect of the 8.125% First Priority Ship Mortgage Notes due 2021; 
 “Indenture Guarantee” means a guarantee
executed, or as the case may be, to be executed by the Borrower as security for the obligations and liability of the Corporate Guarantor under the Indenture; 

“Initial Market Value” means, in relation to a Ship, the Market Value thereof calculated in accordance with the
valuation(s) relative thereto referred to in paragraph 5 of Schedule 3, Part B; 
 “Instalment” has the meaning given in
Clause 8.1; 

  
 9 

 “Insurances” means, in relation to a Ship: 

 

	 	(a)	 all policies and contracts of insurance (including, without limitation, any loss of hire insurance) and any
reinsurance, policies or contracts, including entries of that Ship in any protection and indemnity or war risks association, effected in respect of that Ship, its Earnings or otherwise in relation to it whether before, on or after the date of this
Agreement; and 

  

	 	(b)	 all rights (including, without limitation, any and all rights or claims which the Borrower owning that Ship may
have under or in connection with any cut-through clause relative to any reinsurance contract relating to the aforesaid policies or contracts of insurance) and other assets relating to, or derived from, any of
the foregoing, including any rights to a return of a premium and any rights in respect of any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Agreement; 

“Interest Period” means a period determined in accordance with Clause 6; 

“Interpolated Screen Rate” means, in relation to an Interest Period, 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
that Interest Period; and 

  

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

 each as of the Specified Time on the Quotation Date for that Interest Period; 

“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, subject to Clause 26.6, a bank or financial institution listed in Schedule 1 and acting through its
branch indicated in Schedule 1 (or through another branch notified to the Agent under Clause26.15) or its transferee, successor or assign; 

“LIBOR” means, for an Interest Period: 
  

	 	(a)	 the rate per annum equal to the offered quotation for deposits in Dollars for a period equal to, or as near as
possible equal to, the relevant Interest Period which appears on the Screen Rate; or; 

  
 10 

	 	(b)	 (if no Screen Rate is available for that Interest Period), the applicable Interpolated Screen Rate for that
Interest Period; or 

  

	 	(c)	 if no Screen Rate is available and it is not possible to calculate an Interpolated Screen Rate for that
Interest Period, the rate per annum determined by the Agent to be the arithmetic mean (rounded upwards, if necessary, to the nearest fifth decimal point) of the rate(s) per annum notified to the Agent by each, or if there is only one Reference Bank,
that Reference Bank as the rate at which deposits in Dollars are offered to that Reference Bank by leading banks in the Relevant Interbank Market at that Reference Bank’s request, 

at or about the Specified Time on the Quotation Date for that Interest Period for a period equal to that Interest Period and for delivery on
the first Business Day of it and, if any such rate is below zero, LIBOR will be deemed to be zero; 
 “Liquidity Account”
means an account in the joint names of the Borrowers with the Account Bank designated “Bole Shipping Corporation et. al — Liquidity Account”, or any other account (with that or another office of the Account Bank) which
replaces such account and is designated by the Agent as the Liquidity Account for the purposes of this Agreement; 
 “Loan”
means the principal amount for the time being outstanding under this Agreement; 
 “LSW 1189” means the London Standard
Wording for marine insurances which incorporates the German Direct Mortgage Clause; 
 “Major Casualty” means, in
relation to a Ship, any casualty to that Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $500,000 or the equivalent in any other
currency; 
 “Majority Lenders” means: 
  

	 	(a)	 before the Advance is made, Lenders whose Commitments total
662/3 per cent. of the Total Commitments; and 

  

	 	(b)	 after the Advance is made, Lenders whose Contributions total 66
2/3 per cent. of the Loan; 

“Mandated Lead Arranger” means Hamburg Commercial Bank AG, acting in such capacity through its office at
Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, or any successor; 
 “Mandatory
Cost” means the percentage rate per annum calculated by the Agent in accordance with Schedule 4; 
 “Margin”
means 3.75 per cent. per annum; 
 “Market Value” means, in relation to a Ship, the market value thereof determined
in accordance with Clause 15.3; 
 “Material Adverse Change” means any event or series of events which, in the
opinion of the Majority Lenders, is likely to have a Material Adverse Effect; 

  
 11 

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

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

  

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

  

	 	(c)	 the validity, legality or enforceability of any Finance Document; 

“Maximum Advance Amount” means an amount up to the lesser of (i) $41,700,000 and (ii) 57.5 per cent. of the
aggregate Initial Market Value the Ships; 
 “Minimum Liquidity” has the meaning given in Clause 11.19; 

“Mortgage” means, in relation to a Ship, the first preferred ship mortgage or, as the case may be, first priority ship
mortgage and deed of covenants collateral thereto, on that Ship in the Agreed Form and, in the plural, means all of them; 

“Mortgaged Ship” means a Ship which is subject to a Mortgage at the relevant time and, in the plural, means all of
them; 
 “Negotiation Period” has the meaning given in Clause 5.10; 

“Notifying Lender” has the meaning given in Clause 21.2, Clause 23.1 or Clause 24.1 as the context requires; 

“Participating Member State” means any member state of the European Union that has the Euro as its lawful currency in
accordance with legislation of the European Union relating to Economic and Monetary Union; 
 “Party” means a party to a
Finance Document; 
 “Payment Currency” has the meaning given in Clause 21.6; 

“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 one month’s prepaid hire under any charter in relation
to a Ship not prohibited by this Agreement; 

  

	 	(e)	 liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by
operation of law or otherwise in the ordinary course of the operation, repair or maintenance of a Ship, provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the relevant Borrower in
good faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to Clause 14.13(d); 

  
 12 

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

  

	 	(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; and 

  

	 	(h)	 for the duration of the Existing Indebtedness Grace Period only, Security Interests created in respect of the
Existing Indebtedness. 

 “Pertinent Document” means: 

 

	 	(a)	 any Finance Document; 

 

	 	(b)	 any policy or contract of insurance contemplated by or referred to in Clause 13 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 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 a 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); 

“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; 

“Prepayment Date” has the meaning given in Clause 15.2; 

  
 13 

 “Prepayment Notice” has the meaning given in Clause 8.5(b); 

“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 Relevant Interbank Market for deposits in the currency in relation to which such rate is to be determined for
delivery on the first day of that Interest Period or other period; 
 “Reference Banks” means, subject to Clause 26.18,
together, the Hamburg branch of Hamburg Commercial Bank AG, the head office of any other bank which is a Lender at the relevant time (unless such Lender has advised the Agent in writing that it does not wish to be a Reference Bank) and any of
their respective successors; 
 “Relevant Nominating Body” means any applicable central bank, regulator or other
supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board; 

“Replacement Benchmark” means a benchmark rate which is: 

 

	 	(a)	 formally designated, nominated or recommended as the replacement for a Screen Rate by: 

 

	 	(i)	 the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate
measures is the same as that measured by that Screen Rate); or 

  

	 	(ii)	 any Relevant Nominating Body, 

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the
“Replacement Benchmark” will be the replacement under paragraph (ii) above; 
  

	 	(b)	 in the opinion of the Majority Lenders and the Borrowers, generally accepted in the international or any
relevant domestic syndicated loan markets as the appropriate successor to that Screen Rate; or 

  

	 	(c)	 in the opinion of the Majority Lenders and the Borrowers, an appropriate successor to a Screen Rate.

 “Relevant Interbank Market” means the London interbank market; 

“Relevant Person” has the meaning given in Clause 19.9; 

“Repayment Date” means the date falling three months after the Drawdown Date and each of the two dates falling at
three-monthly intervals thereafter and the Final Repayment Date; 
 “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”; 

“Retention Account” means an account in the joint names of the Borrowers with the Account Bank designated “Bole
Shipping Corporation et. al — Retention Account”, or any other account (with that or another office of the Account Bank) which replaces this account and is designated by the Agent as the Retention Account for the purposes of this
Agreement; 

  
 14 

 “Screen Rate” means the London interbank offered rate administered by the
ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (or any replacement 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 Reuters. If such page or service ceases to be available, the Agent may specify another page or service
displaying the relevant rate after consultation with the Borrowers; 
 “Screen Rate Replacement Event” means, in relation to
a Screen Rate: 
  

	 	(a)	 the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority
Lenders, and the Borrowers materially changed; 

  

	 	(b)	 

  

	 	(i)	 

  

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

  

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

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

 

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

  

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

  

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

  

	 	(c)	 in the opinion of the Majority Lenders and the Borrowers, that Screen Rate is otherwise no longer appropriate
for the purposes of calculating interest under this Agreement. 

 “Second Quarter” means the period
commencing on the date falling after the First Quarter and ending on the date falling three months thereafter; 
 “Secured
Liabilities” means all liabilities which the Borrowers, the Security Parties or any of them have, at the date of this Agreement or at any later time or times, under or in connection with any Finance Document or any judgment relating
to any Finance Document; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or 

  
 15 

 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 Cover Ratio” means, at
any relevant time, the aggregate of (i) the aggregate of the Market Value of the Mortgaged Ships and (ii) the net realisable value of any additional security provided at that time under Clause 15, at that time expressed as a
percentage of the Loan; 
 “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; and 

  

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

“Security Party” means the Corporate Guarantor and any other person (except a Creditor Party or the Approved Manager)
who, as a surety or mortgagor, as a party to any subordination or priorities arrangement, or in any similar capacity, executes a document falling within the final paragraph of 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 Borrowers, the Security Parties and the other Creditor Parties that: 
  

	 	(a)	 all amounts which have become due for payment by a Borrower, the Approved Manager 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 a Borrower, the Approved Manager nor any Security Party has any future or contingent liability under
Clauses 20, 21 or 22 or any other provision of this Agreement or another Finance Document; and 

  

	 	(d)	 the Agent, the Mandated Lead Arranger, 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 a Borrower, the Approved Manager 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 Hamburg Commercial Bank AG, acting in such capacity through its office at
Gerhart-Hauptmann-Platz 50, D-20095, Hamburg, Germany, or any successor of it appointed under clause 5 of the Agency and Trust Agreement; 

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

“Shareholder” means Aegean Sea Maritime Holdings Inc., a corporation incorporated and existing under the laws of the
Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

  
 16 

 “Ship” means each of Ship A, Ship B, Ship C, Ship D Ship E, Ship F and Ship
G and, in the plural, means all of them; 
 “Ship A” has the meaning ascribed thereto in Schedule 7
(Details of Ships); 
 “Ship B” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

“Ship C” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

“Ship D” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

“Ship E” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

“Ship F” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

“Ship G” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

“Specified Time” means 11.00 a.m. London time; 

“Third Quarter” means the period commencing on the date falling after the Second Quarter and ending on the date falling
three months thereafter; 
 “Top-up Fee” has the meaning ascribed thereto in
Schedule 7 (Details of Ships and other definitions); 
 “Total Loss” means, in relation to a
Ship: 
  

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

 

	 	(b)	 any expropriation, confiscation, requisition or acquisition of that Ship, whether for full or part
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 unless it is within one month from the date of such occurrence redelivered to the full control of the Borrower owning that Ship excluding a requisition for hire a fixed period not exceeding 90 days without any right to an
extension; 

  

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

  

	 	(d)	 any arrest, capture, seizure, confiscation or detention of that Ship (including any hijacking or theft) unless
it is within the Relevant Period redelivered to the full control of the Borrower owning that Ship; 

 “Relevant
Period” means: 
 (a) in the case of any arrest, capture, seizure, confiscation or detention of a Ship (including any hijacking or
theft), other than piracy, within 90 days; and 
 (b) in the case of piracy, if the relevant underwriters confirm to the Agent in writing
prior to the end of the 90-day period referred to in (i) above that the relevant Ship is subject to an approved piracy insurance cover, the earlier of 270 days after the date on which that Ship is
captured by pirates and the date on which the piracy insurance cover expires; 

  
 17 

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

 

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

  

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

  

	 	(i)	 30 days after 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 owning that Ship with
that 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; 
 “Trust Property” has the meaning given in clause 3.1 of the Agency and Trust Agreement; 

“Underlying Documents” means any Assignable Charters and, in the singular, means any of them; 

“US” means the United States of America; 

“US GAAP” means generally accepted accounting principles as from time to time in effect in the US; and 

“US Tax Obligor” means: 
  

	 	(a)	 a Borrower which is resident for tax purposes in the US; or 

 

	 	(b)	 a Borrower or a Security Party some or all whose payments under the Finance Documents are from sources
within the US for US federal income tax purposes. 

  

	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 13, approved in writing by the Agent at its discretion; 

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

  
 18 

 “company” includes any partnership, joint venture and unincorporated
association; 
 “consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing,
registration, notarisation and legalisation; 
 “contingent liability” means a liability which is not certain to arise
and/or the amount of which remains unascertained; 
 “document” includes a deed; also a letter or fax; 

“excess risks” means, in relation to a Ship, the proportion of claims for general average, salvage and salvage charges
not recoverable under the hull and machinery policies in respect of that Ship in consequence of its insured value being less than the value at which that 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; 
 “gross negligence” means a form of negligence which is distinct from ordinary
negligence, in which the due diligence and care which are generally to be exercised have been disregarded to a particularly high degree, in which the plainest deliberations have not been made and that which should be most obvious to everybody
has not been followed; 
 “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;

 “obligatory insurances” means, in relation to a Ship, all insurances effected, or which the Borrower owning that
Ship is obliged to effect in respect of that Ship, under Clause 13 or any other provision of this Agreement or another Finance Document; 

“parent company” has the meaning given in Clause 1.4; 

“person” includes any individual, any partnership, any company; any state, political subdivision 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 1 of the Institute Time Clauses (Hulls) (1/10/82) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running
Down Clause (1/10/71) or any equivalent provision; 

  
 19 

 “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 (monetary or otherwise), department, central bank, regulatory, self-regulatory or other authority or organisation; 

“subsidiary” has the meaning given in Clause 1.4; 

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

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

“war risks” includes the risk of mines and all risks excluded by clause 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	 Meaning of “subsidiary” 

A company (S) is a subsidiary of another company (P) if 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 and any company of which S is a subsidiary is a parent company of S. 

 

	1.5	 Geneihral 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; 

  
 20 

	(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 to 1.5 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 Borrowers a senior secured term loan facility of up
to $41,700,000 in one Advance. 
  

	2.2	 Lenders’ participations in the Advance 

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

	2.3	 Purpose of the Advance 

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

 

	3	 POSITION OF THE LENDERS 3.1 Interests several 

The rights of the Lenders under this Agreement are several. 
  

	3.2	 Individual right of action 

Each Lender shall be entitled to sue for any amount which has become due and payable by the Borrowers 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 requiring Majority Lender consent 

Except as provided in Clause 3.2, no Lender may commence proceedings against the Borrowers, the Approved Manager or any Security Party in
connection with a Finance Document without the prior consent of the Majority Lenders. 

  
 21 

	3.4	 Obligations 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)	 a Borrower, the Approved Manager, 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 the Advance 

Subject to the following conditions, the Borrowers may request the Advance to be borrowed by ensuring that the Agent receives a completed
Drawdown Notice not later than 11.00 a.m. (Hamburg time) three Business Days prior to the Drawdown Date. 
  

	4.2	 Availability 

The conditions referred to in Clause 4.1 are that: 
  

	(a)	 a Drawdown Date has to be a Business Day during the Availability Period; 

 

	(b)	 the Advance shall not exceed the Maximum Advance Amount; 

 

	(c)	 any undrawn portion of the Total Commitments in respect of the Advance, upon the determination of the aggregate
Initial Market Value of the Ships, shall be automatically cancelled as at the Drawdown Date; and 

  

	(d)	 the amount of the Advance shall not exceed the Total Commitments. 

 

	4.3	 Notification to Lenders of receipt of a Drawdown Notice 

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

 

	(a)	 the amount of the 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 in respect of the Advance. 

 

	4.4	 Drawdown Notice irrevocable 

The Drawdown Notice must be signed by a duly authorised signatory of the Borrowers; and once served, the Drawdown Notice cannot be revoked
without the prior consent of the Agent, acting on the authority of the Lenders. 

  
 22 

	4.5	 Lenders to make available Contributions 

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

	4.6	 Disbursement of Advance 

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

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

 

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

The payment by the Agent under this Clause 4.6 shall constitute the making of the Advance and the Borrowers shall at that time become indebted,
as principal and direct obligors, to each Lender in an amount equal to that Lender’s participation in the Advance. 
  

	5	 INTEREST 

  

	5.1	 Payment of normal interest 

Subject to the provisions of this Agreement, interest on the Advance in respect of each Interest Period shall be paid by the Borrowers 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 Advance in respect of an Interest Period shall be the aggregate of
(i) the Margin, (ii) the Mandatory Cost (if any), (Hi) LIBOR for that Interest Period, (iv) the relevant Top-up Fee and (v) if a Lender (the “Applicable Lender”)
notifies the Agent at least 5 Business Days before the start of that Interest Period that its Cost of Funding exceeds LIBOR (including the amount of such excess) on the Quotation Date for that Interest Period, additionally in respect of
that Applicable Lender’s Contribution in the relevant Advance, the Correction Rate applicable to the Applicable Lender for that Interest Period. 
  

	5.3	 Payment of accrued interest 

In the case of an Interest Period of longer than three months (subject to the prior agreement of the Agent in accordance with Clause 6.2(b)),
accrued interest shall be paid every three 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 Borrowers 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. 

  
 23 

	5.5	 Obligation of Reference Banks to quote 

A Reference Bank which is a Lender shall use all reasonable efforts to supply the quotation required of it for the purposes of fixing a rate of
interest under this Agreement unless that Reference Bank ceases to be a Lender pursuant to Clause 26.18. 
  

	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(s) but if two or more of the Reference Banks fail (or, if at any time there is only one Reference Bank, that Reference Bank fails) to provide a quotation, the relevant rate of interest shall be set in accordance with the
following provisions of this Clause 5. 
  

	5.7	 Market disruption 

The following provisions of this Clause 5 apply if: 
  

	(a)	 no rate is quoted on the Screen Rate, it is not possible to calculate an Interpolated Screen Rate for that
Interest Period and two or more of the Reference Banks do not (or, if at any time there is only one Reference Bank, that Reference Bank does not), before 1.00 p.m. (London time) on the Quotation Date for an Interest Period, provide a quotation to
the Agent in order to fix LIBOR; or 

  

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

 

	5.8	 Notification of market disruption 

The Agent shall promptly notify the Borrowers and each of the Lenders stating the circumstances falling within Clause 5.7 which have caused its
notice to be given. 
  

	5.9	 Suspension of drawdown 

If the Agent’s notice under Clause 5.8 is served before the Advance is made: 

 

	(a)	 In a case falling within Clause 5.7(a), the Lender’s obligation to make the Advance; and

  

	(b)	 In a case falling within Clause 5.7(b), the Affected Lender’s obligation to participate in the Advance,

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

 

	5.10	 Negotiation of alternative rate of interest 

 

	(a)	 If the Agent’s notice under Clause 5.8 is served after the Advance is borrowed, the Borrowers, the Agent,
the Lenders (subject to Clause 27.5) or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within 30 days after the date on which the Agent serves its notice under Clause 5.8 (the “Negotiation
Period”), an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution during the Interest Period concerned.

  
 24 

	(b)	 During the Negotiation Period the Agent shall, with the agreement of each Lender or (as the case may be) the
Affected Lender, set an interest period and interest rate representing the Cost of Funding of the Lenders or (as the case may be) the Affected Lender in Dollars, in each case as determined by the relevant Lender, or in any available currency of
their or its Contribution plus the Margin, the relevant Top-Up Fee and the Mandatory Cost (if any). 

  

	5.11	 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. 
  

	5.12	 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 procedure provided for in Clause 5.10(b) shall be repeated at the end of the interest period set by the Agent pursuant to that Clause. 

 

	5.13	 Notice of prepayment 

It the Borrowers do not agree with an interest rate set by the Agent under Clause 5.12, the Borrowers may give the Agent not less than 5
Business Days’ notice of their intention to prepay the Loan at the end of the interest period set by the Agent. 
  

	5.14	 Prepayment; termination of Commitments 

A notice under Clause 5.13 shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Affected Lender
of the Borrowers’ 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 Affected Lender shall be cancelled; and 

  

	(b)	 on the last Business Day of the interest period set by the Agent, the Borrowers shall prepay (without premium
or penalty) the Loan or, as the case may be, the Affected Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin, the relevant Top-up Fee and the Mandatory
Cost (if any). 

  

	5.15	 Application of prepayment 

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

	6	 INTEREST PERIODS 

 

	6.1	 Commencement of Interest Periods 

The first Interest Period applicable to the 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 and 6.4, each Interest Period in respect of the Advance shall be: 

 

	(a)	 3 months; or 

  
 25 

	(b)	 such other period (as proposed by the Borrowers to the Agent not later than 11:00 a.m. (Hamburg time) 5
Business Days before the commencement of the Interest Period in respect of the Advance) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrowers (failing which the Interest Period shall be three months).

  

	6.3	 Duration of Interest Periods for Instalments 

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

  

	6.4	 Non-availability of matching deposits for Interest Period selected

 If, after the Borrowers have proposed and the Lenders have agreed an Interest Period longer than three months, any
Lender notifies the Agent by 11.00 a.m. (Hamburg 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 Relevant Interbank Market when the Interest Period commences, the Interest Period shall be of three months. 
  

	7	 DEFAULT INTEREST 

 

	7.1	 Payment of default interest on overdue amounts 

The Borrowers shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by the Borrowers 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 19.4, 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 4.00 per cent. above: 
  

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

  

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

 

	7.3	 Calculation of default rate of interest 

The rates referred to in Clause 7.2 are: 
  

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

  
 26 

	(b)	 the aggregate of the Margin, the relevant Top-up Fee any Correction
Rate and the Mandatory Cost (if any) plus, in respect of successive periods of any duration (including at call) up to three months which the Agent may select from time to time: 

 

	 	(i)	 LIBOR; or 

  

	 	(H)	 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 Relevant 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 Borrowers of each interest rate determined by the Agent under Clause 7.3 and of each period
selected by the Agent for the purposes of paragraph 7.3(b) of that Clause; but this shall not be taken to imply that the Borrowers are 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 be compounded every 3 months and
shall be payable on demand. 
  

	8	 REPAYMENT AND PREPAYMENT 

 

	8.1	 Amount of Instalments 

The Borrowers shall repay the Advance by: 
  

	 	(i)	 3 instalments, each of the first and second instalment shall be in the amount of $5,000,000 and the third
instalment shall be in the amount of $10,000,000 (each an “Instalment” and, together, the “Instalments”); and 

a balloon instalment in the amount of $21,700,000 (the “Balloon Instalment”), 

Provided that, if the amount advanced is less than $41,700,000, the aggregate amount of the Instalments and the Balloon
Instalment shall be reduced by an amount equal to the undrawn amount on a pro rota basis Provided further that any amount prepaid by the Borrowers pursuant to Clause 8.8 as a result of a sale of Ship shall be used towards reducing any
outstanding Instalments or part thereof or, in the event that all Instalments have been repaid, the Balloon Instalment. 

  
 27 

	8.2	 Repayment Dates 

The first Instalment in respect of the Advance shall be repaid on the first Repayment Date falling after the Drawdown Date, each subsequent
Instalment shall be repaid at three-monthly intervals thereafter and the Balloon Instalment, on the Final Repayment Date. 
  

	8.3	 Final Repayment Date 

On the Final Repayment Date, the Borrowers 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 Borrowers may prepay the whole or any part of the Loan on the last day of an Interest Period or on
such other date agreed between the Borrowers and the Agent. 
  

	8.5	 Conditions for voluntary prepayment 

The conditions referred to in Clause 8.4 are that: 
  

	 	(a)	 a partial prepayment shall be $500,000 or a higher integral multiple thereof (or such other amount acceptable
to the Agent in its sole discretion); 

  

	 	(b)	 the Agent has received from the Borrowers at least 3 Business Days’ prior irrevocable written notice
(each, a “Prepayment Notice”) specifying the amount to be prepaid and the date on which the prepayment is to be made; 

  

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

 

	 	(d)	 the Borrowers are in compliance with Clause 8.10 on or prior to the date of prepayment. 

 

	8.6	 Optional facility cancellation 

The Borrowers shall be entitled, upon giving to the Agent not less than 5 Business Days’ prior written notice, to cancel, in whole or in
part, and, if in part, by an aggregate amount not less than $500,000 or a higher integral multiple thereof (or such other amount acceptable to the Agent in its sole discretion), the undrawn balance of the Total Commitments (the
“Cancellation Notice”) which notice shall be irrevocable. Upon such cancellation taking effect on expiry of a Cancellation Notice the several obligations of the Lenders to make their respective Commitments available in
relation to the portion of the Total Commitments to which such Cancellation Notice relates shall terminate. 
  

	8.7	 Cancellation Notice or Prepayment Notice 

The Agent shall notify the Lenders promptly upon receiving a Cancellation Notice or Prepayment Notice, and shall provide, in the case of a
Prepayment Notice, any Lender which so requests with a copy of any document delivered by the Borrowers under Clause 8.5(c). 

  
 28 

	8.8	 Mandatory prepayment 

The Borrowers shall be obliged to prepay the Relevant Amount if a Ship: 

 

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

  

	(b)	 becomes a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date and the date of
receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss. 

 In this Clause 8.8: 

 “Relevant Amount’s means: 
  

	 	(i)	 in relation to a sale of a Ship, an amount equal to the higher of: (A) the net sale proceeds of the Ship
being sold; and (B) an amount (if any) which, after the application of the prepayment to be made pursuant to this Clause 8.8, results in the Security Cover Ratio being 140 per cent.; 

 

	 	(ii)	 in relation to a Total Loss of a Ship, an amount equal to the higher of: (A) the Relevant Fraction of the
Loan on the date on which the relevant Ship becomes a Total Loss; and (B) an amount (if any) which, after the application of the prepayment to be made pursuant to this Clause 8.8, results in the Security Cover Ratio being 140 per cent.; or

  

	 	(Hi)	 if the relevant Ship is the last Ship subject to a Mortgage, the whole of the Loan. 

“Relevant Fraction” means a fraction of which the numerator is the Market Value of the Ship, which has become a Total
Loss and the denominator is the aggregate Market Value of all Mortgaged Ships at the relevant time. 
  

	8.9	 Effect of Prepayment Notice and Cancellation Notice 

Neither a Prepayment Notice nor a Cancellation Notice may be withdrawn or amended without the consent of the Agent, given with the
authorisation of the Majority Lenders, and: 
  

	(a)	 in the case of a Prepayment Notice, the amount specified in that Prepayment Notice shall become due and payable
by the Borrowers on the date for prepayment specified in that Prepayment Notice; and 

  

	(b)	 in the case of a Cancellation Notice, the amount cancelled shall be permanently cancelled and may not be
borrowed. 

  

	8.10	 Amounts payable on prepayment 

A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 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 Clause 21.2) but without premium or penalty. 
  

	8.11	 Application of partial prepayment or cancellation 

Each partial prepayment shall be applied: 
  

	(a)	 if made pursuant to Clauses 5.13, 23.3 or 24.6, pro rata against the Instalments and the Balloon Instalment;
and 

  
 29 

	(b)	 if made pursuant to Clauses 8.4, 8.8 and 15.2 against the Advance being prepaid in order of maturity of the
Instalments and the Balloon Instalment. 

  

	8.12	 No reborrowing 

No amount prepaid or cancelled may be (re)borrowed. 
  

	9	 CONDITIONS PRECEDENT 

 

	9.1	 Documents, fees and no default 

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

 

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

  

	(b)	 that, on the Drawdown Dale, the Agent receives: 

 

	 	(i)	 the documents and conditions described in Part B of Schedule 3 in form and substance satisfactory to the Agent
and its lawyers; 

  

	 	(ii)	 any fee payable pursuant to Clause 20.1; and 

payment of any expenses payable pursuant to Clause 20.2 which are due and payable on the Drawdown Date; 

 

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

 

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

  

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

 

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

 

	 	(iv)	 there has been no Material Adverse Change; and 

 

	(d)	 that, if the Security Cover Ratio were applied immediately following the making of the Advance, the Borrowers
would not be obliged to provide additional security or prepay part of the Loan under that Clause; and 

  

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

  
 30 

	9.2	 Waiver of conditions precedent 

If the Majority Lenders, at their discretion, permit the Advance to be borrowed before certain of the conditions referred to in
Clause 9.1 are satisfied, the Borrowers shall ensure that those conditions are satisfied within 5 Business Days after the Drawdown Date (or such longer period as the Agent may, with the authorisation of the Majority Lenders, specify). 

 

	10	 REPRESENTATIONS AND WARRANTIES 

 

	10.1	 General 

Each Borrower represents and warrants to each Creditor Party as follows. 

 

	10.2	 Status 

Each Borrower is duly incorporated, validly existing and in good standing under the laws of the Republic of the Marshall Islands. 

 

	10.3	 Share capital and ownership 

 

	(a)	 Each of Borrower A, Borrower B, Borrower C, Borrower D, Borrower E, Borrower F and Borrower G is authorised to
issue five hundred (500) registered shares with a par value of $1.00 per share, all of which shares have been issued in registered form and are fully paid and are held, free of any Security Interest or other claim, by the Shareholder; and

  

	(b)	 all the shares of the Shareholder are held, free of any Security Interest or other claim, by the Corporate
Guarantor. 

  

	10.4	 Corporate power 

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

 

	(a)	 to execute the Underlying Documents to which it is a party and to maintain the relevant Ship in its ownership
under the applicable Approved Flag; 

  

	(b)	 to execute the Finance Documents to which that Borrower is a party; and 

 

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

  

	10.5	 Consents in force 

All the consents referred to in Clause 10.3 remain in force and nothing has occurred which makes any of them liable to revocation. 

 

	10.6	 Legal validity; effective Security Interests 

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

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

  
 31 

	(b)	 create legal, valid and binding Security Interests (having the priority specified in the relevant Finance
Document) enforceable in accordance with their respective terms over all the assets to which they, by their terms, relate, 

subject to any relevant insolvency laws affecting creditors’ rights generally. 

 

	10.7	 No third party Security Interests 

Without limiting the generality of Clause 10.5, at the time of the execution and delivery of each Finance Document to which each Borrower is a
party: 
  

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

  

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

  

	10.8	 No conflicts 

The execution by each Borrower, the Approved Manager and each other Security Party of each Finance Document and each Underlying Document to
which it is a party, and the borrowing by that Borrower (together with the other Borrowers) of the Loan (or any part thereof), and its compliance with each Finance Document and each Underlying Document to which it is a party: 

 

	(a)	 will not involve or lead to a contravention of: 

 

	 	(i)	 any law or regulation; or 

 

	 	(ii)	 the constitutional documents of that Borrower the Approved Manager or other Security Party; or

  

	 	(iii)	 any contractual or other obligation or restriction which is binding on that Borrower the Approved Manager or
other Security Party or any of its assets, and 

  

	(b)	 will not have a Material Adverse Effect; and 

 

	(c)	 is for the corporate benefit of that Borrower or each other Security Party. 

 

	10.9	 No withholding taxes 

All payments which each Borrower is liable to make under the Finance Documents to which it is a party may be made without deduction or
withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction. 
  

	10.10	 No default 

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

  
 32 

	10.11	 Information 

All information which has been provided in writing by or on behalf of the Borrowers, the Approved Manager or any Security Party to any Creditor
Party in connection with any Finance Document satisfied the requirements of Clause 11.5; all audited and unaudited accounts and financial statements which have been so provided satisfied the requirements of Clause 11.7 and are true, correct and not
misleading and present fairly and accurately the financial position of the Borrowers, the Corporate Guarantor or the Group (as the case may be); and there has been no change in the financial position or state of affairs of a Borrower, the Corporate
Guarantor or the Group (or any member thereof) from that disclosed in the latest of those accounts which is likely to have a Material Adverse Effect. 
  

	10.12	 No litigation 

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

 

	10.13	 Validity and completeness of Underlying Documents 

Each Underlying Document constitutes valid, binding and enforceable obligations of the parties thereto in accordance with its terms and: 

 

	 	(a)	 each of the copies of that Underlying Document delivered to the Agent before the date of this Agreement is a
true and complete copy; and 

  

	 	(b)	 no amendments or additions to that Underlying Document have been agreed nor has any party which is the party to
that Underlying Document, waived any of their respective rights thereunder. 

  

	10.14	 Compliance with certain undertakings 

At the date of this Agreement, the Borrowers are in compliance with Clauses 11.2, 11.4, 11.9, 11.13, 13, 14.3 and 14.10 and none of the events
listed in Clause 19.1(g) has occurred in respect of either of the Borrowers or any Security Party. 
  

	10.15	 Taxes paid 

Each Borrower has paid all taxes applicable to, or imposed on or in relation to that Borrower, its business or the Ship owned by it. 

 

	10.16	 ISM Code and ISPS Code compliance 

All requirements of the ISM Code and the ISPS Code as they relate to the Borrowers, the Corporate Guarantor, the Approved Manager and the Ships
have been complied with. 

  
 33 

	10.17	 No Money laundering 

Each Borrower: 
  

	(a)	 will not, and will procure that neither the Approved Manager nor a Security Party, to the extent applicable,
will, in connection with this Agreement or any of the other Finance Documents, contravene or permit any subsidiary to contravene, any law, official requirement or other regulatory measure or procedure implemented to combat “money
laundering” (as defined in Article 1 of the Directive 2015/849/EC of the European Parliament and of the Council of the European Communities) and comparable United States Federal and state laws. Each Borrower shall further submit any documents
and declarations on request, if such documents or declarations are required by any Creditor Party to comply with its domestic money laundering and/or legal identification requirements; and 

 

	(b)	 confirms that it is the beneficiary within the meaning of the German Anti Money Laundering Act (Gesetz uber das
Aufspuren von Gewinnen aus schweren Straftaten (Geldwaschegesetz)), acting for its own account and not for or on behalf of any other person for each part of the Loan made or to be made available to it under this Agreement. That is to say, it acts
for its own account and not for or on behalf of anyone else. 

 Each Borrower will promptly inform the Agent by written
notice, if it is not or ceases to be the beneficiary and will provide in writing the name and address of the beneficiary. 
 The Agent shall
promptly notify the Lenders of any written notice it receives under this Clause 10.16. 
  

	10.18	 No immunity 

No Borrower nor any of its assets is entitled to immunity on grounds of sovereignty or otherwise from any legal action or proceeding
(including, without limitation, suit, attachment prior to judgement, execution or other enforcement). 
  

	10.19	 Choice of law 

The choice of the laws of England to govern this Agreement and those other Finance Documents which are expressed to be governed by the laws of
England, the laws of Germany to govern the Account Pledges and the laws of the applicable Approved Flag State to govern the Mortgages, constitutes a valid choice of law and the submission by the Borrowers or, as the case may be, the relevant
Security Parties thereunder to the non-exclusive jurisdiction of the Courts of England and, in the case of the Account Pledges, Germany or, in the case of the Mortgages, the applicable Approved Flag State is a
valid submission and does not contravene the laws of England or, in the case of the Account Pledges, Germany or, in the case of the Mortgages, the applicable Approved Flag State or the laws of any other Pertinent Jurisdiction, will be applied by the
courts of any Pertinent Jurisdiction if this Agreement or those other Finance Documents or any claim thereunder comes under their jurisdiction upon proof of the relevant provisions of the laws of England or, in the case of the Account Pledges,
Germany or, in the case of the Mortgages, the applicable Approved Flag State. 
  

	10.20	 Pari passu ranking 

The obligations of the Borrowers and each Security Party under the Finance Documents to which it is a party are direct, general and
unconditional obligations and rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except for obligations mandatorily preferred by law applying to companies generally. 

  
 34 

	10.21	 Repetition 

The representations and warranties in this Clause 10 shall be deemed to be repeated by the Borrowers: 

 

	(a)	 on the date of service of the Drawdown Notice; 

 

	(b)	 on the Drawdown Date; and 

 

	(c)	 with the exception of Clauses 10.8 and 10.13, on the first day of each Interest Period and on the date of any
Compliance Certificate issued pursuant to Clause 11.20, 

 as if made with reference to the facts and circumstances
existing on each such day. 
  

	11	 GENERAL UNDERTAKINGS 

 

	11.1	 General 

Each Borrower undertakes with each Creditor Party to comply with the following provisions of this Clause 11 at all times during the Security
Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing. 
  

	11.2	 Title and negative pledge 

Each Borrower will: 
  

	(a)	 hold the legal title to, and own the entire beneficial interest in its Ship, her 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; and

  

	(b)	 not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other
asset, present or future. 

  

	11.3	 No disposal of assets 

Subject to Clause 8.8 no Borrower will transfer, lease or otherwise dispose of: 

 

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

  

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

 but paragraph (a) does not apply to any charter of a Ship. 

 

	11.4	 No other liabilities or obligations to be incurred 

No Borrower will enter into any other investments, any sale or leaseback agreements, any off-balance
sheet transaction or incur any other liability or obligation (including, without limitation, any Financial Indebtedness or any obligations under a guarantee) except: 
  

	(a)	 liabilities and obligations under the Finance Documents and the Underlying Documents to which it is or, as the
case may be, will be a party and under the relevant Indenture Guarantee; and 

  

	(b)	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Ship owned by it. 

  
 35 

	11.5	 Information provided to be accurate 

All financial and other information, including but not limited to factual information, exhibits and reports, which is provided in writing by or
on behalf of a Borrower under or in connection with any Finance Document will be true, correct and not misleading and will not omit any material fact or consideration. 
  

	11.6	 Provision of financial statements 

Each Borrower will send or procure that there are sent 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 Corporate
Guarantor, the consolidated audited annual financial statements of the Group for that Financial Year (commencing with the financial statements for the Financial Year which ended on 31 December 2020); and 

 

	(b)	 as soon as possible, but in no event later than 90 days after the end of the
6-month period ending on 30 June in each Financial Year of the Corporate Guarantor, the semi-annual consolidated unaudited financial statements of the Group, for that
6-month period (commencing with the financial statements for the 6-month period ending on 30 June 2020), duly certified as to their correctness by an officer of the
Corporate Guarantor; and 

  

	(c)	 promptly after each request by the Agent, such further financial or other information in respect of that
Borrower, a Ship, the Corporate Guarantor, the other Security Parties and the Group (including, without limitation, any information regarding any sale and purchase agreements, investment brochures, shipbuilding contracts, charter agreements and
operational expenditures for the Ships) as may be requested by the Agent. 

  

	11.7	 Form of financial statements 

All accounts delivered under Clause 11.6 will: 
  

	(a)	 be prepared in accordance with all applicable laws and US GAAP and, in the case of any audited financial
statements, be certified by an independent and reputable auditor having requisite experience selected and appointed by the relevant Security Party; 

  

	(b)	 fairly represent the financial condition of the Corporate Guarantor and the Group at the date of those accounts
and of their profit for the period to which those accounts relate; and 

  

	(c)	 fully disclose or provide for all significant liabilities of the Corporate Guarantor and the Group and each of
its/their subsidiaries. 

  

	11.8	 Shareholder and creditor notices 

Each Borrower will send the Agent copies of any relevant press releases and, promptly upon its request, copies of all communications which are
despatched to that Borrower’s shareholders or creditors or any class of them. 
  

	11.9	 Consents 

Each 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 that Borrower to perform its obligations under any Finance Document or any Underlying Document to which it
is a party; 

  
 36 

	(b)	 for the validity or enforceability of any Finance Document or any Underlying Document to which it is a party;

  

	(c)	 for that Borrower to continue to own and operate the Ship owned by it, and that Borrower will comply with the
terms of all such consents.  

  

	11.10	 Maintenance of Security Interests 

Each 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. 

 

	11.11	 Notification of litigation 

Each Borrower will provide the Agent with details of any legal or administrative action involving that Borrower, the Ship owned by it, the
Earnings or the Insurances in respect of that Ship, any Security Party or the Approved Manager, as soon as such action is instituted or it becomes apparent to that Borrower that it is likely to be instituted, unless it is clear that the legal or
administrative action cannot be considered material in the context of any Finance Document, and each Borrower shall procure that all reasonable measures are taken to defend any such legal or administrative action. 

 

	11.12	 No amendment to Underlying Documents 

No Borrower will waive or fail to enforce, the Underlying Documents to which it is a party or any of its provisions and shall promptly notify
the Agent of any amendment or supplement to any Underlying Document. 
  

	11.13	 Principal place of business 

Each Borrower will maintain its place of business, and keep its corporate documents and records, at the address stated in Clause 28.2(a); and
no Borrower will establish, or do anything as a result of which it would be deemed to have, a place of business in the United Kingdom or the United States. 
  

	11.14	 Confirmation of no default 

Each Borrower will, within two Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by
the officer(s) of that Borrower and which: 
  

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

  
 37 

	(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 11.14 from time to time
but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan or (if no Advances have been made) Commitments exceeding 10 per cent. of the Total Commitments; and this Clause 11.14 does not affect
the Borrowers’ obligations under Clause 11.15. 
  

	11.15	 Notification of default 

Each Borrower will notify the Agent as soon as that 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. 
  

	11.16	 Provision of further information 

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

	(a)	 to that Borrower, the Ship owned by it, the Earnings or the Insurances; or 

 

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

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

 

	11.17	 Provision of copies and translation of documents 

Each Borrower will supply the Agent with a sufficient number of copies of the documents referred to above to provide one copy for each Creditor
Party; and if the Agent so requires in respect of any of those documents, the Borrowers will provide a certified English translation prepared by a translator approved by the Agent. 

 

	11.18	 “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 composition of the shareholders of the Borrowers 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, 

  
 38 

 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 Borrowers 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. 
  

	11.19	 Minimum Liquidity and Additional Minimum Liquidity 

The Borrowers shall maintain in the Liquidity Account credit balances in an aggregate amount of not less than: 

 

	(a)	 $550,000 in respect of each Mortgaged Ship (amounting to $3,850,000 in aggregate) (“Minimum
Liquidity”) commencing from the Drawdown Date and at all times thereafter throughout the remainder of the Security Period; and 

  

	(b)	 in addition to the amount required to be maintained under paragraph (a) of this Clause 11.19, an
additional amount of $250,000 In respect of Ship B and Ship C (amounting to $500,000 in aggregate) (“Additional Minimum Liquidity”) commencing from the Drawdown Date and at all times thereafter up to and including the date such
Ship’s next special survey/dry-dock is scheduled, at which time, the Additional Minimum Liquidity applicable to the relevant Ship shall be released to or to the order of the Borrower which is the owner
thereof for such purpose, Provided that no Event of Default or Potential Event of Default has occurred or is continuing at that time or will occur as a result of the release of the relevant part of the Additional Minimum Liquidity

  

	11.20	 Compliance Certificate 

 

	(a)	 The Borrowers shall supply to the Agent, a Compliance Certificate together with each set of financial
statements delivered pursuant to paragraph (a) of Clause 11.6 (commencing with the financial statements of the Corporate Guarantor to be provided for the period ending on 31 December 2020). 

 

	(b)	 Each Compliance Certificate shall be duly signed by the chief financial officer of the Corporate Guarantor,
evidencing (inter alio) the Borrowers’ compliance (or not, as the case may be) with the provisions of Clauses 15.1 and 11.19. 

  

	12	 CORPORATE UNDERTAKINGS 

 

	12.1	 General 

Each Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 12 at all times during the
Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing. 
  

	12.2	 Maintenance of status 

Each Borrower will maintain its separate corporate existence and remain in good standing under the laws of the Republic of the Marshall
Islands. 

  
 39 

	12.3	 Negative undertakings 

No Borrower will: 
  

	(a)	 change the nature of its business or carry on any business other than the ownership, chartering and operation
of the Ship owned by it; 

  

	(b)	 pay any dividend or make any other form of distribution or effect any form of redemption, purchase or return of
share capital if an Event of Default has occurred and is continuing at the relevant time or an Event of Default will result from the payment of a dividend or the making of any other form of distribution; 

 

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

a person who is directly or indirectly interested in that Borrower’s share or loan capital; or 

 

	 	(ii)	 any company in or with which such a person is directly or indirectly interested or connected,

 or enter Into any transaction with or involving such a person or company on terms which are, in any respect, less
favourable to that Borrower than those which it could obtain in a bargain made at arms’ length; 
  

	(d)	 open or maintain any account with any bank or financial institution except accounts with the Agent, the Account
Bank and the Security Trustee for the purposes of the Finance Documents; 

  

	(e)	 issue, allot or grant any person a right to any shares in its capital or repurchase or reduce its issued share
capital; 

  

	(f)	 acquire any shares or other securities other than short term debt obligations or Treasury bills issued by the
US, the UK or a Participating Member State and certificates of deposit issued by major North American or European banks, or enter into any transaction in a derivative; 

 

	(g)	 enter into any form of amalgamation, merger or de-merger, acquisition,
divesture, split-up or any form of reconstruction or reorganisation. 

  

	12.4	 Corporate Guarantor’s Subsidiaries 

The Borrowers shall provide the Agent with a list of the Borrowers’ and the Corporate Guarantor’s (direct and indirect) subsidiaries
at the date of this Agreement (together with information requested by the Agent pursuant to Clause 11.6(c) in respect of such subsidiaries) and shall promptly update this list from time to time to advise the Agent of any amendments to the
information included in the original list delivered to the Agent, unless such information is included in the financial statement or periodic public filings of the Corporate Guarantor. 

 

	13	 INSURANCE 

  

	13.	 1 General 

Each Borrower also undertakes with each Creditor Party, on and from the Drawdown Date, to comply with the following provisions of this Clause
13, except as the Agent may, with the authority of the Majority Lenders, otherwise permit in writing. 

  
 40 

	13.2	 Maintenance of obligatory insurances 

Each Borrower shall keep the Ship owned by it insured at the expense of that Borrower against: 

 

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

 

	(b)	 war risks (including, without limitation, protection and indemnity war risks with a separate limit not less
than hull value of the relevant Ship); 

  

	(c)	 protection and indemnity risks (including, without limitation, protection and indemnity war risks in excess of
the amount for war risks (hull) and oil pollution liability risks) in each case in the highest amount available in the international insurance market; and 

  

	(d)	 any other risks the insurance of which the Security Trustee (acting on the instructions of the Majority
Lenders), having regard to practices, recommendations and other circumstances prevailing at the relevant time, may from time to time require by notice to that Borrower. 

 

	13.3	 Terms of obligatory insurances 

Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation,
any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its sole discretion, but in any event as follows: 

 

	(a)	 in Dollars; 

  

	(b)	 in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at
least the higher of (i) an amount which is equal to 120 per cent. of the aggregate of (A) the Loan multiplied by a fraction whose: (1) nominator is the Market Value of the Ship owned by that Owner; and (2) denominator is the
Market Value of all Mortgaged Ships and (B) the principal amount secured by any equal or prior ranking Security Interest on that Ship and (ii) the Market Value of that Ship; 

 

	(c)	 in the case of oil pollution liability risks, for an amount equal to the highest level of cover from time to
time available under basic protection and indemnity club entry (with the International Group of Protection and Indemnity Clubs) and the international marine insurance market (currently $1,000,000,000 for any one accident or occurrence);

  

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

  

	(e)	 in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and
usual marine risks insurance; 

  

	(f)	 on approved terms and conditions; 

 

	(g)	 such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by
a prudent owner of a vessel similar to that Ship; and 

  

	(h)	 through approved brokers and with approved insurance companies and/or underwriters which have a
Standard & Poor’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) or, in the case
of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Clubs. 

  
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	13.4	 Further protections for the Creditor Parties 

In addition to the terms set out in Clause 13.3, each Borrower shall and shall procure that: 

 

	(a)	 it and any and all third parties who are named assured or
co-assured under any obligatory insurance shall assign their interest in any and all obligatory insurances and other Insurances if so required by the Agent; 

 

	(b)	 whenever the Security Trustee requires, the obligatory insurances 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 they may have under any applicable law 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; 

  

	(c)	 the interest of the Security Trustee as assignee and as loss payee shall be duly endorsed on all slips, cover
notes, policies, certificates of entry or other instruments of insurance in respect of the obligatory insurances; 

  

	(d)	 the obligatory insurances shall name the Security Trustee as sole loss payee with such directions for payment
as the Security Trustee may specify; 

  

	(e)	 the obligatory insurances shall 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; 

  

	(f)	 the obligatory insurances shall provide that the insurers shall waive, to the fullest extent permitted by
English law, their entitlement (if any) (whether by statute, common law, equity, or otherwise) to be subrogated to the rights and remedies of the Security Trustee in respect of any rights or interests (secured or not) held by or available to the
Security Trustee in respect of the Secured Liabilities, until the Secured Liabilities shall have been fully repaid and discharged, except that the insurers shall not be restricted by the terms of this paragraph (f) from making personal
claims against persons (other than the Borrowers or any Creditor Party) in circumstances where the insurers have fully discharged their liabilities and obligations under the relevant obligatory insurances; 

 

	(g)	 the obligatory insurances shall provide that the obligatory insurances shall be primary without right of
contribution from other insurances effected by the Security Trustee or any other Creditor Party; 

  

	(h)	 the obligatory insurances shall provide that the Security Trustee may make proof of loss if that Borrower fails
to do so; and 

  

	(i)	 the obligatory insurances shall provide that if any obligatory insurance is cancelled, or if any substantial
change is made in the coverage which adversely affects the interest of the Security Trustee, or if any obligatory insurance is allowed to lapse for non-payment of premium, such cancellation, charge or lapse
shall only be effective against the Security Trustee 14 days (or 7 days in the case of war risks) after receipt by the Security Trustee of prior written notice from the insurers of such cancellation, change or lapse. 

  
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	13.5	 Renewal of obligatory insurances 

Each Borrower shall: 
  

	(a)	 at least 14 days before the expiry of any obligatory insurance effected by it: 

 

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

 

	 	(ii)	 seek the Security Trustee’s approval to the matters referred to in paragraph (i); 

 

	(b)	 at least 7 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance
with the Security Trustee’s approval pursuant to paragraph (a); and 

  

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

  

	13.6	 Copies of policies; letters of undertaking 

Each Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all cover notes and policies
relating to the obligatory insurances which they are to effect or renew and of a letter or letters of undertaking in a form required by the Security Trustee and including undertakings by the approved brokers that: 

 

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

  

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

  

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

  

	(d)	 they will notify the Security Trustee, not less than 14 days before the expiry of the obligatory insurances, in
the event of their not having received notice of renewal instructions from that 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 owned by that
Borrower under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that 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 that Ship forthwith upon being so requested by the Security Trustee. 

  
 43 

	13.7	 Copies of certificates of entry; letters of undertaking 

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

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

 

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

  

	(c)	 where required to be issued under the terms of insurance/indemnity provided by that Borrower’s protection
and indemnity association, a certified copy of each United States of America voyage quarterly declaration (or other similar document or documents) made by that Borrower in accordance with the requirements of such protection and indemnity
association; and 

  

	(d)	 a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally
Sensitive Material issued by the relevant certifying authority or, as the case may be, protection and indemnity associations in relation to that Ship (if applicable). 

 

	13.8	 Deposit of original policies 

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

	13.9	 Payment of premiums 

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

	13.10	 Guarantees 

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

	13.11	 Compliance with terms of insurances 

Each Borrower shall not do or 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 it shall: 
  

	(a)	 take all necessary action and comply with all requirements which may from time to time be applicable to the
obligatory insurances, and (without limiting the obligation contained in Clause 13.6(c)) 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)	 not make any changes relating to the classification or classification society or manager or operator of the
Ship owned by it approved by the underwriters of the obligatory insurances; 

  

	(c)	 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 that 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, if applicable, shall procure that the Approved Manager complies with this requirement; and 

  
 44 

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

 

	13.12	 Alteration to terms of insurances 

Each Borrower shall neither make nor agree to any alteration to the terms of any obligatory insurance or waive any right relating to any
obligatory insurance. 
  

	13.13	 Settlement of claims 

No Borrower shall 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 and shall do all things necessary to
ensure such collection or recovery is made. 
  

	13.14	 Provision of copies of communications 

Each Borrower shall provide the Security Trustee, when so requested, copies of all written communications between that Borrower and: 

 

	(a)	 the approved brokers; 

 

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

 

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

  

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

  

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

  

	13.15	 Provision of information and further undertakings 

In addition, each 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) 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 13.16 or dealing with or
considering any matters relating to any such insurances, 

  
 45 

 and that Borrower shall: 

 

	 	(I)	 do all things necessary and provide the Agent and the Security Trustee with all documents and information to
enable the Security Trustee to collect or recover any moneys in respect of the Insurances which are payable to the Security Trustee pursuant to the Finance Documents; and 

 

	 	(ii)	 promptly provide the Agent with full information regarding any Major Casualty in consequence whereof the Ship
owned by that Borrower has become or may become a Total Loss and agree to any settlement of such casualty or other accident or damage to that Ship only with the Agent’s prior written consent, 

and that 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). 
  

	13.16	 Mortgagee’s interest and additional perils insurances 

The Security Trustee shall be entitled from time to time to effect, maintain and renew all or any of the following insurances in such amounts,
on such terms, through such insurers and generally in such manner as the Majority Lenders may from time to time consider appropriate: 
  

	(a)	 a mortgagee’s interest insurance providing for the indemnification of the Creditor Parties for any losses
under or in connection with any Finance Document (in an amount which is equal to 120 per cent. of the aggregate of (A) the Loan multiplied by a fraction whose: (1) nominator is the Market Value of the Ship owned by that Owner; and
(2) denominator is the Market Value of all Mortgaged Ships and (B) the principal amount secured by any equal or prior ranking Security Interest on that Ship) which directly or indirectly result from loss of or damage to a Ship or a
liability of that Ship or of the Borrower owning that Ship, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a nonpayment (or reduced payment) by the underwriters by reason of, or
on the basis of an allegation concerning: 

 any act or omission on the part of that Borrower, of any operator, charterer,
manager or sub-manager of that Ship or of any officer, employee or agent of that Borrower or of any such person, including any breach of warranty or condition or any nondisclosure relating to such obligatory
insurance; 
  

	 	(ii)	 any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borrower,
any other person referred to in paragraph (i) above, or of any officer, employee or agent of that Borrower or of such a person, including the casting away or damaging of that Ship and/or that Ship being unseaworthy; and/or

  

	 	(iii)	 any other matter capable of being insured against under a mortgagee’s interest marine insurance policy
whether or not similar to the foregoing; and 

  

	(b)	 a mortgagee’s interest additional perils insurance providing for the indemnification of the Creditor
Parties against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a Ship, the imposition of any Security Interest over that Ship and/or
any other matter capable of being insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing, and in an amount which is equal to 110 per cent. of the aggregate of (A) the Loan
multiplied by a fraction whose: (1) nominator is the Market Value of the Ship owned by that Owner; and (2) denominator is the Market Value of all Mortgaged Ships and (B) the principal amount secured by any equal or prior
ranking Security Interest on that Ship, and the Borrowers shall upon demand fully indemnify the Security Trustee 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. 

  
 46 

	13.17	 Review of insurance requirements 

The Security Trustee shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes
in circumstances after the date of this Agreement which are, in the opinion of the Agent (acting on the instructions of the Majority Lenders), significant and capable of affecting the Borrowers, each Ship and its Insurances (including, without
limitation, changes in the availability or the cost of insurance coverage or the risks to which the Borrower owning that Ship may be subject) and the Borrowers shall upon demand fully indemnify the Agent in respect of all fees and other expenses
incurred by or for the account of the Agent in appointing an independent marine insurance broker or adviser to conduct such review. 
  

	13.18	 Modification of insurance requirements 

The Security Trustee shall notify the Borrowers of any proposed modification under Clause 13.17 to the requirements of this Clause 13 which the
Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrowers as an amendment to this Clause 13 and shall bind the Borrowers
accordingly. 
  

	13.19	 Compliance with mortgagee’s instructions 

The Security Trustee shall be entitled (without prejudice to or limitation of any other rights which it may have or acquire under any Finance
Document) to require a Ship to remain at any safe port or to proceed to and remain at any safe port designated by the Security Trustee until the Borrower owning that Ship implements any amendments to the terms of the obligatory insurances and any
operational changes required as a result of a notice served under Clause 13.18. 
  

	14	 SHIP COVENANTS 

 

	14.1	 General 

Each Borrower also undertakes with each Creditor Party on and from the Drawdown Date to comply with the following provisions of this Clause 14
at all times during the Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing. 
  

	14.2	 Ship’s name and registration 

Each Borrower shall keep the Ship owned by it registered in its name under an Approved Flag; shall not do, 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 that Ship. 

  
 47 

	14.3	 Repair and classification 

Each Borrower shall, and shall procure that the Approved Manager shall, keep the Ship owned by that Borrower in a good and safe condition and
state of repair, sea and cargo worthy in all respects: 
  

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

 

	(b)	 so as to maintain the highest class free of overdue recommendations and conditions, with a classification
society which is a member of IACS (other than the China Classification Society and the Russian Maritime Registry of Shipping) and acceptable to the Agent; and 

 

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

and the Agent shall be given power of attorney in the form attached as Schedule 6 to act on behalf of that Borrower in order to, inspect the
class records and any files held by the classification society and to require the classification society to provide the Agent or any of its nominees with any information, document or file, it might request and the classification society shall be
fully entitled to rely hereon without any further inquiry. 
  

	14.4	 Classification society undertaking 

Each Borrower shall instruct the classification society referred to in Clause 14.3 (and procure that the classification society undertakes with
the Security Trustee) in relation to its Ship: 
  

	(a)	 to send to the Security Trustee, following receipt of a written request from the Security Trustee, certified
true copies of all original class records and any other related records held by the classification society in relation to the Ship owned by that Borrower; 

  

	(b)	 to allow the Security Trustee (or its agents), at any time and from time to time, to inspect the original class
and related records of that Ship at the offices of the classification society and to take copies of them; 

  

	(c)	 to notify the Security Trustee immediately in writing if the classification society: 

receives notification from that Borrower or any person that that Ship’s classification society is to be changed; or 

 

	 	(ii)	 becomes aware of any facts or matters which may result in or have resulted in a change, suspension,
discontinuance, withdrawal or expiry of that Ship’s class under the rules or terms and conditions of that Borrower’s or that Ship’s membership of the classification society; 

 

	(d)	 following receipt of a written request from the Security Trustee: 

 

	 	(i)	 to confirm that that Borrower is not in default of any of its contractual obligations or liabilities to the
classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or 

 

	 	(ii)	 if that Borrower is in default of any of its contractual obligations or liabilities to the classification
society, to specify to the Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society. 

  
 48 

	14.5	 Modification 

No Borrower shall make any modification or repairs to, or replacement of, its Ship or equipment installed on it which would or might materially
alter the structure, type or performance characteristics of that Ship or materially reduce its value. 
  

	14.6	 Removal of parts 

No Borrower shall remove any material part of its Ship, or any item of equipment installed on that 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 that Ship the property of that Borrower and subject to the security constituted by the relevant Mortgage Provided that a Borrower may install equipment owned by a third party if the equipment can be removed without any risk of
damage to the Ship owned by it. 
  

	14.7	 Surveys 

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

	14.8	 Inspection 

Each Borrower shall permit the Security Trustee (by surveyors or other persons appointed by it for that purpose) to board the Ship owned by
that Borrower 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 at the Borrower’s expense (which if no Event of Default has
occurred and is continuing shall be limited to once in each calendar year). 
  

	14.9	 Prevention of and release from arrest 

Each 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 owned by it, the Earnings or the Insurances; 

  

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

  

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

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

  
 49 

	14.10	 Compliance with laws etc. 

Each Borrower shall: 
  

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

  

	(b)	 not employ the Ship owned by it 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; and 

  

	(c)	 in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit that
Ship to enter or trade to any zone which is declared a war zone by any government or by the Ship’s war risks insurers unless the prior written consent of the Security Trustee has been given and that Borrower has (at its expense) effected any
special, additional or modified insurance cover which the Security Trustee may require. 

  

	14.11	 Provision of information 

Each Borrower shall promptly provide the Security Trustee with any information which it requests regarding: 

 

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

 

	(b)	 the Earnings and payments and amounts due to the master and crew of that Ship; 

 

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

  

	(d)	 any towages and salvages; and 

 

	(e)	 its compliance, the Approved Manager’s compliance and the compliance of that Ship with the ISM Code and
the ISPS Code, 

 and, upon the Security Trustee’s request, provide copies of any current charter relating to that
Ship, of any current charter guarantee and copies of that Borrower’s or the Approved Manager’s Document of Compliance, Safety Management Certificate and the ISSC. 
  

	14.12	 Notification of certain events 

Each Borrower shall: 
  

	(a)	 before entering into: 

 

	 	(i)	 any demise charter for any period in respect of its Ship; or 

 

	 	(ii)	 any other Assignable Charter, 

notify the Agent and provide copies of any draft charter relating to its Ship and, if applicable, any draft charter guarantee and that Borrower
shall be entitled to enter into such charter without the consent of the Creditor Parties Provided that: 
  

	 	(A)	 that Borrower executes in favour of the Security Trustee a specific assignment of all its rights, title and
interest in and to such charter and any charter guarantee in the form of a Charterparty Assignment; 

  
 50 

	 	(B)	 the charterer and any charter guarantor receive a notice (1) of the specific assignment of such charter
and charter guarantee and (2) that the Mortgage over that Ship has been registered prior to the entry into such charter; 

  

	 	(C)	 in the case where such charter is a demise charter the charterer undertakes to the Security Trustee (1) to
comply with all of that Borrower’s undertakings with regard to the employment, insurances, operation, repairs and maintenance of its Ship contained in this Agreement, the Mortgage and the General Assignment in relation to that Ship and
(2) to provide an assignment of its interest in the insurances of the Ship in the Agreed Form; 

  

	 	(D)	 the relevant Borrower provides certified true and complete copies of the charter relating to its Ship and of
any current charter guarantee, if any, promptly after its execution; 

  

	 	(E)	 the Agent’s receipt of a copy of the charter and its failure or neglect to act, delay or acquiescence in
connection with the relevant Borrower’s entering into such charter shall not in any way constitute an acceptance by the Agent of whether or not the Earnings under the charter are sufficient to meet the debt service requirements under this
Agreement nor shall it in any way affect the Agent’s or the Security Trustee’s entitlement to exercise its rights under the Finance Documents pursuant to Clause 19 upon the occurrence of an Event of Default arising as a result of an act or
omission of the charterer; and 

  

	 	(F)	 the Borrower delivers to the Agent such other documents equivalent to those referred to at paragraphs 2, 3, 4,
5, 7, 8 and 9 of Schedule 3, Part A as the Agent may require; and 

  

	(b)	 immediately notify the Security Trustee by letter, of: 

 

	 	(i)	 its entry into any agreement or arrangement for the postponement of any date on which any Earnings are due, the
reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of that Borrower to any Earnings; 

  

	 	(ii)	 its entry into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or
which by virtue of any optional extensions may exceed, 12 months; 

  

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

 

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

  

	 	(v)	 any requirement, overdue condition or recommendation made by any insurer or classification society or by any
competent authority which is not complied with in accordance with its terms; 

  

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

  

	 	(vii)	 any unscheduled dry docking of that Ship; 

 

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

  
 51 

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

  

	 	(x)	 its intention to de-activate or lay up its Ship; or

  

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

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

	14.13	 Restrictions on chartering, appointment of managers etc. 

No Borrower shall, in relation to the Ship owned by it: 
  

	(a)	 enter into any charter in relation to that Ship under which more than two months’ hire (or the equivalent)
is payable in advance; 

  

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

  

	(c)	 appoint a manager of that Ship other than the Approved Manager; or 

 

	(d)	 put that Ship into the possession of any person for the purpose of work being done upon it in an amount
exceeding or likely to exceed $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings
for the cost of such work or for any other reason. 

  

	14.14	 Notice of Mortgage 

Each Borrower shall keep the Mortgage relative to its Ship registered against that Ship as a valid first preferred or, as the case may be,
priority mortgage, carry on board that Ship a certified copy of that Mortgage and place and maintain in a conspicuous place in the navigation room and the Master’s cabin of that Ship a framed printed notice stating that that Ship is mortgaged
by that Borrower to the Security Trustee. 
  

	14.15	 Sharing of Earnings 

No Borrower shall enter into any agreement or arrangement for the sharing of any Earnings (other than (i) any profit sharing agreement
with a charterer which takes effect above an agreed minimum charter hire rate payable to the relevant Borrower under a charter to which that Borrower is a party and (ii) any pool agreement, in either case, on bona fide arm’s length terms).

  

	14.16	 ISPS Code 

Each Borrower shall comply with the ISPS Code and in particular, without limitation, shall: 

 

	(a)	 procure that the Ship owned by it and the company responsible for that Ship’s compliance with the ISPS
Code comply with the ISPS Code; and 

  
 52 

	(b)	 maintain for that Ship an ISSC; and 

 

	(c)	 notify the Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or
modification of the ISSC. 

  

	15	 SECURITY COVER 

 

	15.1	 Minimum required security cover 

Clause 15.2 applies if the Agent notifies the Borrowers that the Security Cover Ratio is below 140 per cent. 

 

	15.2	 Prepayment; provision of additional security 

If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part at least of the Loan as will eliminate
the shortfall on or before the date falling 14 Business Days after the date on which the Agent’s notice is served under Clause 15.1 (the “Prepayment Date”) unless at least five calendar days before the Prepayment Date the
Borrowers have provided, or ensured that a third party has provided, additional security which, in the reasonable 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. 
  

	15.3	 Valuation of Ships 

The Market Value of a Ship: 
  

	(a)	 for the purposes of the Initial Market Value, is that shown in one valuation addressed to the Agent issued by
one Approved Broker to be nominated and appointed by the Agent and addressed to the Agent. If the Borrowers do not agree with such valuation, the Borrowers can nominate another Approved Broker to provide a second valuation addressed to the Agent and
appointed by the Agent, in which case the Initial Market Value is that shown by taking the arithmetic average of such two valuations. If the difference between these two valuations is greater than 15 per cent. paragraph (d) of this Clause
15.3 shall be applicable; and 

  

	(b)	 at any other date, is that shown in one valuation addressed to the Agent to be issued by an Approved Broker,
nominated and appointed by the Borrowers and addressed to the Agent (the “First Valuation”) unless the Agent obtains a second valuation issued by an Approved Broker nominated and appointed by the Agent (the
“Second Valuation”) in which case the Market Value of the relevant Ship at the relevant date is that shown: 

  

	 	(i)	 if the difference between the First Valuation and the Second Valuation is less than 10 per cent., by the
First Valuation; and 

  

	 	(ii)	 if the difference between the First Valuation and the Second Valuation is greater than 10 per cent. but
less than 15 per cent. or less, by taking the arithmetic average of such two valuations, 

  

	(c)	 each valuation issued pursuant to paragraphs (a) and (b) of this Clause 15.3 to be prepared:

  

	 	(A)	 as at a date not more than 30 days previously; 

  
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	 	(B)	 with or without physical inspection of that Ship (as the Agent may require); and 

 

	 	(C)	 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 

  

	(d)	 if the difference between 2 valuations in respect of a Ship obtained at any one time, in each case, pursuant to
this Clause 15.3 is greater than 15 per cent. a valuation shall be commissioned from a third Approved Broker selected and appointed by the Agent. Such valuation to be conducted in accordance with this Clause 15.3 and the Market Value of that
Ship in such circumstances shall be the arithmetic average of all three valuations. 

  

	15.4	 Value of additional vessel security 

The net realisable value of any additional security which is provided under Clause 15.2 and which consists of a Security Interest over a vessel
shall be that shown by a valuation complying with the requirements of Clause 15.3. 
  

	15.5	 Valuations binding 

Any valuation under Clause 15.2, 15.3 or 15.4 shall be binding and conclusive as regards the Borrowers, as shall be any valuation which the
Majority Lenders make of any additional security which does not consist of or include a Security Interest. 
  

	15.6	 Provision of information 

The Borrowers shall promptly provide the Agent and any Approved Broker or expert acting under Clause 15.3 or 15.4 with any information which
the Agent or that Approved Broker or expert may request for the purposes of the valuation; and, if the Borrowers fail to provide the information by the date specified in the request, the valuation may be made on any basis and assumptions which that
Approved Broker or the Majority Lenders (or the expert appointed by them) consider prudent. 
  

	15.7	 Payment of valuation expenses 

Without prejudice to the generality of the Borrowers’ obligations under Clauses 20.2, 20.3 and 21.3, the Borrowers shall, on demand, pay
the Agent the amount of the fees and expenses of any Approved Broker 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. 

 

	15.8	 Frequency of valuations 

The Borrowers shall provide the Agent with a valuation of each Ship, dated as of December, on the date on which the Agent receives any
financial statements in accordance with Clauses 11.6(a) for the period ending on the dates referred to above in respect of which the Market Value of each Ship will be determined and the Compliance Certificate in accordance with Clause 11.20. 

  
 54 

	16	 PAYMENTS AND CALCULATIONS 

 

	16.	 1 Currency and method of payments 

All payments to be made by the Lenders or by any 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 any Borrower to the Agent or any Lender, to the
account of the Agent at J.P. Morgan Chase Bank (SWIFT Code CHASUS33) (Account No. 001 1331 808 in favour of Hamburg Commercial Bank AG, SWIFT Code HSHNDEHH; Reference “Cerulean Shipping Corporation et al”) or to such other
account with such other bank as the Agent may from time to time notify to the Borrowers and the other Creditor Parties; and 

  

	(d)	 in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to
the Borrowers and the other Creditor Parties. 

  

	16.2	 Payment on non-Business Day 

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

 

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

 

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

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

	16.3	 Basis for calculation of periodic payments 

All interest and commitment fee and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from
day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year. 
  

	16.4	 Distribution of payments to Creditor Parties 

Subject to Clauses 16.5, 16.6 and 16.7: 
  

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

  
 55 

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

  

	16.5	 Permitted deductions by Agent 

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making an amount available to a
Lender, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender under any Finance Document or any sum which the Agent is then entitled under any Finance Document to require that Lender to pay on
demand. 
  

	16.6	 Agent only obliged to pay when monies received 

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

 

	16.7	 Refund to Agent of monies not received 

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

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

 

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

  

	16.8	 Agent may assume receipt 

Clause 16.7 shall not affect any claim which the Agent has under the law of restitution, and applies irrespective of whether the Agent had any
form of notice that it had not received the sum which it made available. 
  

	16.9	 Creditor Party accounts 

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

	16.10	 Agent’s memorandum account 

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

  
 56 

	16.11	 Accounts prima facie evidence 

If any accounts maintained under Clauses 16.9 and 16.10 show an amount to be owing by a 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. 
  

	17	 APPLICATION OF RECEIPTS 

 

	17.1	 Normal order of application 

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

	(a)	 FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in the
following order and proportions: 

  

	 	(i)	 firstly, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties
under the Finance Documents (including, but without limitation, all amounts payable by any Borrower under Clauses 20, 21 and 22 of this Agreement or by any Borrower or any Security Party under any corresponding or similar provision in any other
Finance Document) other than those amounts referred to at paragraphs (ii) and (iii); 

  

	 	(ii)	 secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to
the Creditor Parties under the Finance Documents; and 

  

	 	(iii)	 thirdly, in or towards satisfaction of the Loan; and 

 

	(b)	 SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document but
which the Agent, by notice to the Borrowers (or any of them), the Security Parties and the other Creditor Parties, states in its opinion will either or may become due and payable in the future and, upon those amounts becoming due and payable, in or
towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and 

  

	(c)	 THIRDLY: any surplus shall be paid to the Borrowers or to any other person appearing to be entitled to it.

  

	17.2	 Application by any covered bond Lender 

If and to the extent that any Lender includes the Loan and/or a Mortgage in its covered bond register, any enforcement proceeds recovered under
the Finance Documents and attributable to it under the relevant Finance Document shall, notwithstanding the provisions of Clause 17.1(a), be applied by it first to the part of the Loan that corresponds to that Lender’s Contribution registered
in its covered bond register and thereafter in the following order: 
  

	(a)	 firstly, in or towards satisfaction of the amounts set out under Clause 17.1(a)(i); 

 

	(b)	 secondly, in or towards satisfaction of the amounts set out under Clause 17.1(a)(ii); and

  

	(c)	 thirdly, in or towards satisfaction of any part of the Loan that corresponds to any unregistered part of that
Lender’s contribution. 

  
 57 

	17.3	 Variation of order of application 

The Agent may, with the authorisation of the Majority Lenders, by notice to the Borrowers, the Security Parties and the other Creditor Parties
provide for a different manner of application from that set out in Clause 17.1 (but not, for the avoidance of doubt, that set out in Clause 17.2) either as regards a specified sum or sums or as regards sums in a specified category or categories.

  

	17.4	 Notice of variation of order of application 

The Agent may give notices under Clause 17.3 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. 
  

	17.5	 Appropriation rights overridden 

This Clause 17 and any notice which the Agent gives under Clause 17.3 shall override any right of appropriation possessed, and any
appropriation made, by any Borrower or either Security Party. 
  

	18	 APPLICATION OF EARNINGS 

 

	18.	 1 Payment of Earnings 

Each Borrower undertakes with each Creditor Party that, throughout the Security Period (and subject only to the provisions of the General
Assignment to which it is a party): 
  

	(a)	 it shall maintain the Accounts with the Account Bank; 

 

	(b)	 it shall ensure that all Earnings of the Ship owned by it are paid to the Earnings Account for that Ship; and

  

	(c)	 all Minimum Liquidity and Additional Minimum Liquidity amounts required pursuant to Clause 11.19 shall be
maintained in the Liquidity Account. 

  

	18.2	 Monthly retentions 

The Borrowers undertake with each Creditor Party to ensure that, on and from the date falling one month after the Drawdown Date and at monthly
intervals thereafter during the Security Period, there are transferred to the Retention Account out of the Earnings received in the relevant Earnings Account during the preceding month the relevant fraction of the aggregate amount of interest which
is payable on the next due date for payment of interest under this Agreement, and the Borrowers irrevocably authorise the Agent to make those transfers (in its sole discretion and without any obligation) if the Borrowers fail to do so. 

The “relevant fraction”, in relation to paragraph (b), is a fraction of which the numerator is 1 and the denominator the
number of months comprised in the then current Interest Period (or if the current Interest Period ends after the next due date for payment of interest under this Agreement, the number of months from the later of the commencement of the current
Interest Period or the last due date for payment of interest to the next due date for payment of interest under this Agreement). 

  
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	18.3	 Shortfall in Earnings 

If the aggregate Earnings received in each Earnings Account are insufficient at any time for the required amount to be transferred to the
Retention Account under Clause 18.2, the Borrowers shall immediately pay the amount of the insufficiency into the Retention Account. 
  

	18.4	 Application of retentions 

Until an Event of Default or a Potential Event of Default occurs, the Agent shall, to the extent there are sufficient funds standing to the
credit of the Retention Account, on each Repayment Date and on each due date for the payment of interest under this Agreement distribute to the Lenders in accordance with Clause 16.4 so much of the then balance on the Retention Account as equals the
amount of interest in respect of the Loan payable on that interest payment date, in discharge of the Borrowers’ liability for that Instalment or that interest. 
  

	18.5	 Interest accrued on the Accounts 

Any credit balance on each 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 that Account. 
 18.6
Release of accrued interest 
 Interest accruing under Clause 18.5 shall be credited to the relevant Account and may be released to the
relevant Borrower pursuant to Clause 18.10. 
  

	18.7	 Location of Accounts 

Each Borrower shall promptly: 
  

	(a)	 comply with any requirement of the Agent as to the location or
re-location of the Accounts (or any of them); 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 Accounts. 

  

	18.8	 Debits for fees, expenses etc. 

The Agent shall be entitled (but not obliged) from time to time to debit any Earnings Account without prior notice in order to discharge any
amount due and payable under Clauses 20 or 21 to a Creditor Party or payment of which any Creditor Party has become entitled to demand under Clauses 20 or 21. 
  

	18.9	 Borrowers’ obligations unaffected 

The provisions of this Clause 18 (as distinct from a distribution effected under Clause 18.4) do not affect: 

 

	(a)	 the liability of the Borrowers to make payments of principal and interest on the due dates; or

  

	(b)	 any other liability or obligation of the Borrowers or any Security Party under any Finance Document.

  
 59 

	18.10	 Restriction on withdrawal 

During the Security Period no sum may be withdrawn by a Borrower from the Liquidity Account or Retention Account (other than interest pursuant
to Clause 18.6, provided that no Event of Default or Potential Event of Default has occurred which is continuing), without the prior written consent of the Agent. 

The Borrowers may, in any calendar month, after having transferred and/or after having taken into account all amounts due or which will become
due to be transferred to the Retention Account in such calendar month in accordance with Clause 18.2, withdraw any surplus (a “Surplus”) from the Earnings Accounts (or any of them) as they may think fit for purposes permitted by
this Agreement and the other Finance Documents Provided always no Event of Default or Potential Event of Default has occurred which is continuing in which case any Surplus shall remain on the relevant Earnings Account and the Borrowers may
only withdraw the Surplus (or any part thereof) with the prior written consent of the Agent (acting upon the instructions of the Majority Lenders) in order to satisfy the documented and properly incurred operating expenses of the Ships (or any of
them). 
  

	19	 EVENTS OF DEFAULT 

 

	19.1	 Events of Default 

An Event of Default occurs if: 
  

	(a)	 any Borrower or any Security Party fails to pay when due or (if so payable) on demand any sum payable under a
Finance Document or under any document relating to a Finance Document unless: 

  

	 	(i)	 its failure to pay is caused by administrative or technical error or a Disruption Event; and

  

	 	(ii)	 payment is made within 3 Business Days; or 

 

	(b)	 any breach occurs of Clause 9.2, 11.2, 11.3, 11.18, 11.19, 11.20, 12.2, 12.3 or 15.2; or 

 

	(c)	 any breach by any Borrower, the Approved Manager 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 reasonable opinion of the Majority Lenders, is capable of remedy, and such default continues unremedied 30 Business Days (or any other grace period agreed by the
Agent) after written notice from the Agent requesting action to remedy the same; or 

  

	(d)	 (subject to any applicable grace period specified in the Finance Documents) any material breach by any
Borrower, the Approved Manager or any Security Party occurs of any provision of a Finance Document (other than a breach falling within paragraphs (a), (b) or (c)); or 

 

	(e)	 any representation, warranty or statement made or repeated by, or by an officer of, a Borrower, the Approved
Manager or a Security Party in a Finance Document or in a Drawdown Notice or any other notice or document relating to a Finance Document is untrue or misleading in any material respect when it is made or repeated; or 

  
 60 

 any of the following occurs in relation to any Financial Indebtedness of a Relevant Person:

  

	 	(i)	 any Financial Indebtedness of a Relevant Person is not paid when due unless the Relevant Person is contesting
its obligation to pay the relevant amount in good faith and on substantial grounds and by appropriate proceedings and adequate reserves have been set aside for its payment if such proceedings fail; or 

 

	 	(ii)	 any Financial Indebtedness of a Relevant Person which in the case of any Relevant Person other than any
Borrower exceeds $15,000,000 (or the equivalent in any other currency in aggregate), 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)	 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 which in the case of any Relevant Person other than any Borrower exceeds $15,000,000 (or the equivalent in any other
currency in aggregate) 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 

  

	 	(iv)	 any Security Interest securing any Financial Indebtedness of a Relevant Person, which in the case of any
Relevant Person other than any Borrower exceeds an amount of $15,000,000 (or the equivalent in any other currency in aggregate), becomes enforceable; or 

  

	(g)	 any of the following occurs in relation to a Relevant Person: 

 

	 	(i)	 a Relevant Person becomes, in the reasonable opinion of the Majority Lenders, unable to pay its debts as they
fall due; or 

  

	 	(H)	 any assets of a Relevant Person are subject to any form of execution, attachment, arrest, sequestration or
distress or any form of freezing order which in the case of any Relevant Person other than any Borrower exceeds $15,000,000 (or the equivalent in any other currency in aggregate), and such execution, attachment, arrest, sequestration, distress or
freezing order is not withdrawn within thirty (30) Business Days; or 

  

	 	(Hi)	 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 or officers 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 

  
 61 

	 	(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 shareholders, directors or officers 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
any Borrower or the Corporate Guarantor or the Shareholder 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 three 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 60 days of being made or presented, or (bb) within 60 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 or officers 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 shareholders 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 shareholders, 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 reasonable opinion of the Majority Lenders is similar to any of the foregoing; or 

  
 62 

	(h)	 any Borrower ceases or suspends carrying on its business or a part of its business which, in the reasonable
opinion of the Majority Lenders, is material in the context of this Agreement; or 

  

	(I)	 it becomes unlawful in any Pertinent Jurisdiction or impossible: 

 

	 	(i)	 for any Borrower, the Approved Manager 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 

  

	(j)	 any official consent necessary to enable any Borrower to own, operate or charter the Ship owned by it or to
enable any Borrower, the Approved Manager or any Security Party to comply with any provision which the Majority Lenders reasonably consider material of a Finance Document or any Underlying 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 unless such revocation is validly contested in good faith by the Borrower, the Approved Manager or, as the case may be, that Security Party; or

  

	(k)	 it appears to the Majority Lenders that, without their prior consent, either (i) a Change of Control has
occurred or probably has occurred after the date of this Agreement, (ii) the Corporate Guarantor ceases being the direct legal and beneficial owner of the shares in the Shareholder and the voting rights attaching to those shares or
(iii) the Shareholder ceases being the direct legal and beneficial owner of the shares in the relevant Borrower and of the voting rights attaching to those shares; or 

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 (excluding any Permitted Security Interests); or 
  

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

  

	(n)	 any Borrower, the Approved Manager or any Security Party or any other person (other than a Creditor Party)
repudiates any of the Finance Documents to which that Borrower, the Approved Manager or that Security Party or person is a party or evidences an intention to do so; or 

 

	(o)	 any other event occurs or any other circumstances arise or develop including, without limitation:

  

	 	  	 a change in the financial position, state of affairs or prospects of any Borrower, the Corporate Guarantor or
any other Security Party; or 

  

	 	(ii)	 the commencement of legal or administrative action involving a Borrower, a Ship, either of the Approved Manager
or any Security Party; or 

  

	 	(Hi)	 the withdrawal of any material license or governmental or regulatory approval in respect of a Ship, a Borrower,
the Approved Manager or any Borrower’s or Approved Manager’s business (unless such withdrawal can be contested with the effect of suspension and is in fact so contested in good faith by the Borrowers or the Approved Manager),

  
 63 

 which in the reasonable opinion of the Lenders constitutes a Material Adverse Change. 

 

	19.2	 Actions following an Event of Default 

On, or at any time after, the occurrence of an Event of Default: 
  

	(a)	 the Agent may, and if so instructed by the Majority Lenders, the Agent shall: 

 

	 	  	 serve on the Borrowers a notice stating that all or part of the Commitments and of the other obligations
of each Lender to the Borrowers under this Agreement are cancelled; and/or 

  

	 	(ii)	 serve on the Borrowers a notice stating that all or part of the Loan together with 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 (a)(ii), the Security Trustee, the Agent, the Mandated Lead Arranger and/or the Lenders are entitled to
take under any Finance Document or any applicable law. 

  

	19.3	 Termination of Commitments 

On the service of a notice under Clause 19.2(a)(i), the Commitments and all other obligations of each Lender to the Borrowers under this
Agreement shall be cancelled. 
  

	19.4	 Acceleration of Loan 

On the service of a notice under Clause 19.2(a)(ii), all or, as the case may be, the part of the Loan specified in the notice together with
accrued interest and all other amounts accrued or owing from the Borrowers or any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand.

  

	19.5	 Multiple notices; action without notice 

The Agent may serve notices under Clauses 19.2(a)(i) or 19.2(a)(ii) simultaneously or on different dates and it and/or the Security Trustee may
take any action referred to in Clause 19.2 if no such notice is served or simultaneously with or at any time after the service of both or either of such notices. 

  
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	19.6	 Notification of Creditor Parties and Security Parties 

The Agent shall send to each Lender, the Security Trustee, the Approved Manager and each Security Party a copy or the text of any notice which
the Agent serves on the Borrowers under Clause 19.2; but the notice shall become effective when it is served on the Borrowers, 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 any Borrower, the Approved Manager or any Security Party with any form of claim or defence. 
  

	19.7	 Creditor Party 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. 
  

	19.8	 Exclusion of Creditor Party liability 

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

 

	19.9	 Relevant Persons 

In this Clause 19, a “Relevant Person” means a Borrower or any Security Party. 

 

	19.10	 Interpretation 

In Clause 19.1(f) references to an event of default or a termination event include any event, howsoever described, which is similar to an event
of default in a facility agreement or a termination event in a finance lease; and in Clause 19.1(g) “petition” includes an application. 
  

	20	 FEES AND EXPENSES 

 

	20.1	 Fees 

The Borrowers shall pay to the Agent: 
  

	(a)	 on the earlier of (i) the Drawdown Date and (ii) the last day of the Availability Period a
nonrefundable structuring fee in the amount equal to 2.00 per cent. of the amount of the loan actually being drawn down; and 

  

	(b)	 a non-refundable commitment fee, at the rate of 1.00 per cent. per
annum on the undrawn or uncancelled amount of the Total Commitments, payable quarterly in arrears for distribution among the Lenders pro rata to their Commitments, during the period from (and including) the date of this Agreement to the earlier of
(i) the Drawdown Date and (ii) the last day of the Availability Period. 

  
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	20.2	 Costs of negotiation, preparation etc. 

The Borrowers shall pay to the Agent on its demand the amount of all legal and other 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. 

 

	20.3	 Costs of variations, amendments, enforcement etc. 

The Borrowers shall pay to the Agent, on the Agent’s demand, for the account of the Creditor Party concerned, the amount of all legal and
other expenses incurred by a Creditor Party in connection with: 
  

	(a)	 any amendment or supplement (or any proposal for such an amendment or supplement) requested (or, in the case of
a proposal, made) by or on behalf of the Borrowers and relating to a Finance Document or any other Pertinent Document; 

  

	(b)	 any consent, waiver or suspension of rights by the Lenders, the Majority Lenders or the Creditor Party
concerned or any proposal for any of the foregoing requested (or, in the case of a proposal, made) by or on behalf of the Borrowers under or in connection with a Finance Document or any other Pertinent Document; 

 

	(c)	 the valuation of any security provided or offered under and pursuant to Clause 15 or any other matter relating
to such security; 

  

	(d)	 any step taken by the Creditor Party concerned with a view to the preservation, protection, exercise or
enforcement of any rights or Security Interest created by a Finance Document or for any similar purpose including, without limitation, any proceedings to recover or retain proceeds of enforcement or any other proceedings following enforcement
proceedings until the date all outstanding indebtedness to the Creditor Parties under the Finance Documents and any other Pertinent Document is repaid in full; or 

 

	(e)	 any amendment or supplement (or any proposal for such an amendment or supplement) in connection with a Finance
Document or any other Pertinent Document required as contemplated in Clause 27.5. 

 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. 

 

	20.4	 Documentary taxes 

The Borrowers 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 Borrowers to pay such a tax. 

  
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	20.5	 Certification of amounts 

A notice which is signed by two officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that
Creditor Party under this Clause 20 and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima fade evidence that the amount, or aggregate
amount, is due. 
  

	21	 INDEMNITIES 

  

	21.1	 Indemnities regarding borrowing and repayment of Loan 

The Borrowers 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)	 the Advance not being borrowed on the date specified in the relevant Drawdown Notice for any reason other than
a default by the Lender claiming the indemnity after the relevant Drawdown Notice has been served in accordance with the provisions of this Agreement; 

  

	 	(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 Borrowers (or any of them) 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 Borrowers on the amount concerned under Clause 7) including but not limited to any costs and expenses of enforcing any Security
Interests created by the Finance Documents and any claims, liabilities and losses which may be brought against, or incurred by, a Creditor Party when enforcing any Security Interests created by the Finance Documents; and 

 

	 	(d)	 the occurrence and/or continuance of an Event of Default or a Potential Event of Default and/or the
acceleration of repayment of the Loan under Clause 19, 

 and in respect of any tax (other than tax on its overall net
income and a FATCA Deduction) for which a Creditor Party is liable in connection with any amount paid or payable to that Creditor Party (whether for its own account or otherwise) under any Finance Document. 

 

	21.2	 Break Costs 

If a Lender (the “Notifying Lender”) notifies the Agent that as a consequence of receipt or recovery of all or any part of the
Loan (a “Payment”) on a day other than the last day of an Interest Period applicable to the sum received or recovered the Notifying Lender has or will, with effect from a specified date, incur Break Costs: 

 

	(a)	 the Agent shall promptly notify the Borrowers of a notice it receives from a Notifying Lender under this Clause
21.2; 

  

	(b)	 the Borrowers shall, within five Business Days of the Agent’s demand, pay to the Agent for the account of
the Notifying Lender the amount of such Break Costs; and 

  
 67 

	(c)	 the Notifying Lender shall, as soon as reasonably practicable, following a request by the Borrowers, provide a
certificate confirming the amount of the Notifying Lender’s Break Costs for the Interest Period in which they accrue, such certificate to be, in the absence of manifest error, conclusive and binding on the Borrowers. 

In this Clause 21.2, “Break Costs” means, in relation to a Payment the amount (if any) by which: 

 

	 	  	 the interest which the Notifying Lender, should have received in accordance with Clause 5 in respect of the sum
received or recovered from the date of receipt or recovery of such Payment to the last day of the then current Interest Period applicable to the sum received or recovered had such Payment been made on the last day of such Interest Period;

 exceeds 
  

	 	(ii)	 the amount which the Notifying Lender, would be able to obtain by placing an amount equal to such Payment on
deposit with a leading bank in the Relevant Interbank Market for a period commencing on the Business Day following receipt or recovery of such Payment (as the case may be) and ending on the last day of the then current Interest Period applicable to
the sum received or recovered. 

  

	21.3	 Other breakage costs 

Without limiting its generality, Clause 21.1 covers any claim, expense, liability or loss, including (without limitation) (i) a loss of a
prospective profit, incurred by a Lender in borrowing, liquidating or re-employing deposits from third parties acquired, contracted for or arranged to fund, effect 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) other than claims, expenses, liabilities and losses which are shown to have been directly and mainly caused by the gross negligence
or wilful misconduct of the officers or employees of the Creditor Party concerned and (ii) any applicable legal fees. 
  

	21.4	 Miscellaneous indemnities 

The Borrowers shall fully indemnify each Creditor Party severally on their respective demands, without prejudice to any of their other rights
under any of the Finance Documents, in respect of all claims, expenses, liabilities and losses which may be made or brought against or sustained or incurred by a Creditor Party, in any country, as a result of or in connection with: 

 

	(a)	 any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the
Agent, the Security Trustee or any other Creditor Party or by any receiver appointed under a Finance Document; 

  

	(b)	 investigating any event which the Creditor Party concerned reasonably believes constitutes an Event of Default
or Potential Event of Default; or 

  

	(c)	 acting or relying on any notice, request or instruction which the Creditor Party concerned reasonably believes
to be genuine, correct and appropriately authorised, 

 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. 

  
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	21.5	 Environmental Indemnity 

Without prejudice to the generality of Clause 21.4, this Clause 21.5 covers any claims, demands, proceedings, liabilities, taxes, losses,
liabilities or expenses of every kind which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code or the ISPS Code, any Environmental Law. 

 

	21.6	 Currency indemnity 

If any sum due from a Borrower or any Security Party to a Creditor Party under a Finance Document or under any order, award or
judgment relating to a Finance Document (a “Sum”) 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, filing or lodging any claim or proof against a Borrower or any Security Party, whether in its
liquidation, any arrangement involving it or otherwise; or 

  

	(b)	 obtaining an order, judgment or award from any court or other tribunal in relation to any litigation or
arbitration proceedings; or 

  

	(c)	 enforcing any such order, judgment or award, 

the Borrowers shall as an independent obligation, within three Business Days of demand, indemnify the Creditor Party to whom that Sum is due
against any cost, loss or liability arising when the payment actually received by that Creditor Party is converted at the available rate of exchange back into the Contractual Currency including any discrepancy between (A) the rate of exchange
actually used to convert the Sum from the Payment Currency into the Contractual Currency and (B) the available rate of exchange. 
 In
this Clause 21.6, 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 to purchase the Contractual
Currency with the Payment Currency. 
 Each Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance
Documents in a currency other than that in which it is expressed to be payable. 
 If any Creditor Party receives any Sum in a currency other
than the Contractual Currency, the Borrowers shall indemnify in full the Creditor Party concerned against any cost, loss or liability arising directly or indirectly from any conversion of such Sum to the Contractual Currency. 

This Clause 21.6 creates a separate liability of that Borrower which is distinct from its other liabilities under the Finance Documents and
which shall not be merged in any judgment or order relating to those other liabilities. 
  

	21.7	 Certification of amounts 

A notice which is signed by two officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that
Creditor Party under this Clause 21 and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima fade evidence that the amount, or aggregate
amount, is due. 

  
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	21.8	 Sums deemed due to a Lender 

For the purposes of this Clause 21, a sum payable by the Borrowers to the Agent or the Security Trustee for distribution to a Lender shall be
treated as a sum due to that Lender. 
  

	22	 NO SET-OFF OR TAX DEDUCTION 22.1 No deductions

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

 

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

  

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

  

	22.2	 Grossing-up for taxes 

If, at any time, a Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a
Finance Document: 
  

	 	(a)	 that Borrower shall notify the Agent as soon as it becomes aware of the requirement; 

 

	 	(b)	 the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the
making of such tax deduction, each Creditor Party receives on the due date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such
tax deduction been required to be made; and 

  

	 	(c)	 that Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation
authority promptly in accordance with the relevant law, regulation or regulatory requirement, and in any event before any fine or penalty arises. 

  

	22.3	 Indemnity and evidence of payment of taxes 

The Borrowers shall fully indemnify each Creditor Party on the Agent’s demand in respect of all claims, expenses, liabilities and losses
incurred by any Creditor Party by reason of any failure of the Borrowers (or any of them) to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance with Clause 22.2. Within 30 days
after making any tax deduction, the Borrowers or, as the case may be, the relevant Borrower shall deliver to the Agent any receipts, certificates or other documentary evidence satisfactory to the Agent that the tax had been paid to the appropriate
taxation authority. 
  

	22.4	 Exclusion of tax on overall net income 

In this Clause 22 “tax deduction” means any deduction or withholding from any payment due under a Finance Document for or on
account of any present or future tax except: 
  

	 	(a)	 tax on a Creditor Party’s overall net income; and 

 

	 	(b)	 a FATCA Deduction. 

  
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	22.5	 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 (Hi) 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 (H) 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.

  

	(e)	 If a Lender knows or has reason to know that a Borrower is a US Tax Obligor, or where the Agent reasonably
believes that its obligations under FATCA require it, each Lender shall, within ten Business Days of: 

  

	 	(i)	 where the Lender knows or has reason to know that a Borrower is a US Tax Obligor and the relevant Lender is a
Party as at the date of this Agreement, the date of this Agreement; 

  

	 	(H)	 where the Lender knows or has reason to know that a Borrower is a US Tax Obligor and the relevant Lender became
a Party after the date of this Agreement, the date on which the relevant Transfer Certificate became effective; or 

  

	 	(-i)	 the date of a request from the Agent, 

  
 71 

 supply to the Agent: 

 

	 	(iv)	 a withholding certificate on US Internal Revenue Service Form W-8 or
Form W-9 (or any successor form) (as applicable); or 

  

	 	(v)	 any withholding statement and other documentation, authorisations and waivers as the Agent may require to
certify or establish the status of such Lender under FATCA. 

 The Agent shall provide any withholding certificate,
withholding statement, documentation, authorisations and waivers it receives from a Lender pursuant to this paragraph (e) to the Borrowers, to the extent required for compliance with FATCA or any other law or regulation, and shall be entitled
to rely on any such withholding certificate, withholding statement, documentation, authorisations and waivers provided without further verification. The Agent shall not be liable for any action taken by it under or in connection with this paragraph
(e). 
  

	(f)	 Each Lender agrees that if any withholding certificate, withholding statement, documentation, authorisations
and waivers provided to the Agent pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, it shall promptly update such withholding certificate, withholding statement, documentation, authorisations and waivers or
promptly notify the Agent in writing of its legal inability to do so. The Agent shall provide any such updated withholding certificate, withholding statement, documentation, authorisations and waivers to the Borrowers, to the extent required for
compliance with FATCA or any other law or regulation. The Agent shall not be liable for any action taken by it under or in connection with this paragraph (f). 

 

	22.6	 FATCA Deduction 

 

	(a)	 Each Party may make any FATCA Deduction as it reasonably determines 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 Borrower and the Agent and the Agent shall notify the other Creditor Parties. 

 

	23	 ILLEGALITY, ETC. 

 

	23.1	 Illegality 

This Clause 23 applies if a Lender (the “Notifying Lender”) notifies the Agent that it has become, or will with effect from a
specified date, become: 
  

	(a)	 unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing law or a
change in the manner in which an existing law is or will be interpreted or applied; or 

  

	(b)	 contrary to, or inconsistent with, any regulation, 

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

  
 72 

	23.2	 Notification of illegality 

The Agent shall promptly notify the Borrowers, the Security Parties, the Security Trustee and the other Lenders of the notice under Clause 23.1
which the Agent receives from the Notifying Lender. 
  

	23.3	 Prepayment; termination of Commitment 

On the Agent notifying the Borrowers under Clause 23.2, the Notifying Lender’s Commitment shall be immediately cancelled; and thereupon
or, if later, on the date specified in the Notifying Lender’s notice under Clause 23.1 as the date on which the notified event would become effective the Borrowers shall prepay the Notifying Lender’s Contribution on the last day of the
then current Interest Period in accordance with Clauses 8.10 and 8.11. 
  

	24	 INCREASED COSTS 24.1 Increased costs 

This Clause 24 applies if a Lender (the “Notifying Lender”) notifies the Agent that the Notifying Lender considers that as a
result of: 
  

	(a)	 the introduction or alteration after the date of this Agreement of a law or an alteration after the date of
this Agreement in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Agreement of a tax on the 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; or

  

	(c)	 the implementation or application of or compliance with the “International Convergence of Capital
Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (the “Basel II Accord”) or any other law or
regulation implementing the Basel II Accord or any of the approaches provided for and allowed to be used by banks under or in connection with the Basel II Accord, in each case when compared to the cost of complying with such regulations as
determined by the Agent (or parent company of it) on the date of this Agreement (whether such implementation, application or compliance is by a government, regulator, supervisory authority, the Notifying Lender or its holding company); or

  

	(d)	 the implementation or application of or compliance with Basel III or any law or regulation which implements or
applies Basel III (regardless of the date on which it is enacted, adopted or issued and regardless of whether any such implementation, application or compliance is by a government, regulator, the Notifying Lender or any of its affiliates),

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

  
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	24.2	 Meaning of “increased cost” 

In this Clause 24, “increased cost” means, in relation to a Notifying Lender: 

 

	(a)	 an additional or increased cost incurred as a result of, or in connection with, the Notifying Lender having
entered into, or being a party to, this Agreement or a Transfer Certificate, of funding or maintaining its Commitment or Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Contribution or
other unpaid sums; 

  

	(b)	 a reduction in the amount of any payment to the Notifying Lender under this Agreement or in the effective
return which such a payment represents to the Notifying Lender or on its capital; 

  

	(c)	 an additional or increased cost of funding all or maintaining all or any of the advances comprised in a class
of advances formed by or including the Notifying Lender’s Contribution or (as the case may require) the proportion of that cost attributable to the Contribution; or 

 

	(d)	 a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received
or receivable by the Notifying Lender under this Agreement, 

 but not an item attributable to a change in the rate of tax
on the overall net income of the Notifying Lender (or a parent company of it) or an item covered by the indemnity for tax in Clause 21.1 or by Clause 22 or a FATCA Deduction required to be made by a Party. 

For the purposes of this Clause 24.2 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. 
  

	24.3	 Notification to Borrowers of claim for increased costs 

The Agent shall promptly notify the Borrowers and the Security Parties of the notice which the Agent received from the Notifying Lender under
Clause 24.1. 
  

	24.4	 Payment of increased costs 

The Borrowers shall pay to the Agent within 5 Business Days after the Agent’s demand, for the account of the Notifying Lender the amounts
which the Agent from time to time notifies the Borrowers that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 
  

	24.5	 Notice of prepayment 

If the Borrowers are not willing to continue to compensate the Notifying Lender for the increased cost under Clause 24.4, the Borrowers may
give the Agent not less than 14 days’ notice of their intention to prepay the Notifying Lender’s Contribution at the end of an Interest Period. 
  

	24.6	 Prepayment; termination of Commitment 

A notice under Clause 24.5 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrowers’ 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 Borrowers shall prepay (without premium or
penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin, the relevant Top-up Fee and the Mandatory Cost (if any). 

  
 74 

	24.7	 Application of prepayment 

Clause 8 shall apply in relation to the prepayment. 
  

	25	 SET-OFF 

 

	25.1	 Application of credit balances 

Each Creditor Party may without prior notice to the Borrowers but with prior notice to the Agent: 

 

	(a)	 apply any balance (whether or not then due) which at any time stands to the credit of any account in the name
of a Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from that Borrower to that Creditor Party under any of the Finance Documents; and 

 

	(b)	 for that purpose: 

break, or alter the maturity of, all or any part of a deposit of that 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. 

  

	25.2	 Existing rights unaffected 

No Creditor Party shall be obliged to exercise any of its rights under Clause 25.1; and those rights shall be without prejudice and in addition
to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document). 

 

	25.3	 Sums deemed due to a Lender 

For the purposes of this Clause 25, a sum payable by the Borrowers to the Agent or the Security Trustee for distribution to, or for the account
of, a Lender shall be treated as a sum due to that Lender; and each Lender’s proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender. 

 

	25.4	 No Security Interest 

This Clause 25 gives the 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 any Borrower. 
  

	26	 TRANSFERS AND CHANGES IN LENDING OFFICES 

 

	26.1	 Transfer by Borrowers 

No Borrower may assign or transfer any of its rights, liabilities or obligations under any Finance Document. 

  
 75 

	26.2	 Transfer by a Lender 

Subject to Clause 26.4, a Lender (the “Transferor Lender”) may at any time, without the consent of the Borrowers or any
Security Party but after consultation with the Borrowers, 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); or 

 

	(d)	 all or part of its credit risk under this Agreement and the other Finance Documents, 

to be syndicated to or, (in the case of its rights) assigned, pledged or transferred to, or (in the case of its obligations) pledged or assumed
by, any other bank or financial institution or to a trust, fund or other entity, provided such other entity 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 5 with any modifications approved or required by the Agent (a “Transfer Certificate”) executed by
the Transferor Lender and the Transferee 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. 
 All costs and expenses
relating to a transfer effected pursuant to this Clause 26.2 shall be borne by the Transferee Lender. 
  

	26.3	 Transfer Certificate, delivery and notification 

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

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

  

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

  

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

  

	26.4	 Effective Date of Transfer Certificate 

A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided that
it is signed by the Agent under Clause 26.3 on or before that date. 
  

	26.5	 No transfer without Transfer Certificate 

Except as provided in Clause 26.17, no assignment or transfer of any right or obligation of a Lender under any Finance Document is binding on,
or effective in relation to, any Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate. 

  
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	26.6	 Lender re-organisation 

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 successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender only upon receipt by the Agent of a notice to
this effect and evidence that all rights and obligations have automatically and by operation of law vested in the successor by virtue of the merger, de-merger or other reorganisation, without the need for the
execution and delivery of a Transfer Certificate; the Agent shall in that event inform the Borrowers and the Security Trustee accordingly. 
  

	26.7	 Effect of Transfer Certificate 

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

 

	(a)	 to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent)
which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender absolutely, free of any defects in the Transferor Lender’s title and of any rights or equities which any 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 any 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 and Clause 20, and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be
entitled to them; and 

  

	(g)	 in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any
misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the
original Lender would have incurred a loss of that kind or amount. 

  
 77 

 The rights and equities of any Borrower or any Security Party referred to above include, but
are not limited to, any right of set off and any other kind of cross-claim. 
  

	26.8	 Maintenance of register of Lenders 

During the Security Period the Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative
details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 26.4) of the Transfer Certificate; and the Agent shall make the register available for
inspection by any Lender, the Security Trustee and the Borrowers during normal banking hours, subject to receiving at least three Business Days’ prior notice. 
  

	26.9	 Reliance on register of Lenders 

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

 

	26.10	 Authorisation of Agent to sign Transfer Certificates 

Each Borrower, the Security Trustee and each Lender irrevocably authorises the Agent to sign Transfer Certificates on its behalf. The Borrower
and each Security Party irrevocably agree to the transfer procedures set out in this Clause 26 and to the extent the cooperation of the Borrowers and/or any Security Party shall be required to effect any such transfer, the Borrowers and such
Security Party shall take all necessary steps to afford such cooperation Provided that this shall not result in any additional costs to the Borrowers or such Security Party. 

 

	26.11	 Sub-participation; subrogation assignment 

A Lender may sub-participate or include in a securitisation or similar transaction all or any part of
its rights and/or obligations under or in connection with the Finance Documents without the Borrowers’ prior consent and without serving a notice thereon; the Lenders may assign without the Borrowers’ prior consent but after consultation
with the Borrowers, in any manner and terms agreed by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them. 

 

	26.12	 Sub-division, split, modification or
re-tranching 

 Any Lender may, in its sole discretion, sub-divide, split, sever, modify or re-tranche its Contribution into one or more parts subject to the overall cost of its Contribution to the Borrowers remaining unchanged, if
such changes are necessary in order to achieve a successful execution of a securitisation, syndication or any other capital market exit in respect of its Contribution (or any applicable part thereof). 

  
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	26.13	 Disclosure of information 

A Lender may, without the prior consent of the Borrowers, the Corporate Guarantor or any other Security Party, disclose to a potential
Transferee Lender or sub participant as well as, 
 where relevant, to rating agencies, trustees and accountants, any financial or other
information which that Lender has received in relation to the Loan, the Borrowers (or any of them), the Corporate Guarantor and any other Security Party or their affairs and collateral or security provided under or in connection with any Finance
Document, their financial circumstances and any other information whatsoever, as that Lender may deem reasonably necessary or appropriate in connection with the potential syndication, the assessment of the credit risk and the ongoing monitoring of
the Loan by any potential Transferee Lender and that Lender shall be released from its obligation of secrecy and from banking confidentiality. 

This permission is given for the purposes of giving relief from banking secrecy and confidentiality requirements. It is not intended as and is
no declaration of consent in accordance with the DS_GVO (DS-GVO refers to Datenschutz-Grundverordnung, the German term for General Data Protection Regulation) (EU Regulation 2016/679, General Data Protection
Regulation). 
 In the event any such potential Transferee Lender, sub-participant, rating agency,
trustee or accountant is not already bound by any legal obligation of secrecy or banking confidentiality, the Lender concerned may only give, disclose or reveal such information as the Corporate Guarantor is entitled to disclose by rules and
regulations of the SEC and any US Stock Exchange applicable to the Corporate Guarantor and shall require such other party to sign a confidentiality agreement. The Borrowers shall, and shall procure that the Corporate Guarantor and any other Security
Party shall: 
  

	(a)	 provide the Creditor Parties (or any of them) with all information deemed, reasonably, necessary by the
Creditor Parties (or any of them) for the purposes of any transfer, syndication or sub-participation to be effected pursuant to this Clause 26; 

 

	(b)	 procure that the directors and officers of each Borrower, the Corporate Guarantor or any other Security Party,
are available to participate in any meeting with any Transferee Lender or any rating agency at such times and places as the Creditor Parties may reasonably request following prior notice (to be served on the Borrowers reasonably in advance) to that
Borrower, the Corporate Guarantor or that Security Party; and 

  

	(c)	 permit any Transferee Lender to board the Ship at all reasonable times and locations to inspect its condition
in accordance with Clause 14.8. 

  

	26.14	 Confidentiality 

Any publicity regarding the Loan or any of the terms thereof shall be agreed in advance by the Corporate Guarantor and the Agent (acting on the
instructions of the Majority Lenders) unless otherwise required in connection with the Corporate Guarantor’s reporting obligations under or in connection with the rules and regulations of the SEC and any US Stock Exchange applicable to the
Corporate Guarantor. 
  

	26.15	 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.

  
 79 

	26.16	 Notification 

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

	26.17	 Security over Lenders’ rights 

In addition to the other rights provided to Lenders under this Clause 26, each Lender may without consulting with or obtaining consent from,
any Borrower or any Security Party, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender
including, without limitation: 
  

	(a)	 any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank;
and 

  

	(b)	 in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any
holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities; 

except that no such charge, assignment or Security Interest shall: 
  

	 	(i)	 release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the
relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents; or 

  

	 	  	 require any payments to be made by any Borrower or any Security Party or grant to any person any more extensive
rights than those required to be made or granted to the relevant Lender under the Finance Documents. 

  

	26.18	 Replacement of a 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 then, unless
the Borrowers, the Agent and the Majority Lenders otherwise agree, the Agent, acting on the instructions of the Majority Lenders, and after consulting with the Borrowers, 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. 
  

	26.19	 Securitisation 

Each Borrower shall, and the Borrowers shall procure that each Security Party will, assist the Agent and/or any Lender in achieving a
successful securitisation (or similar transaction) in respect of the Loan and the Finance Documents and such Security Party’s reasonable costs for providing such assistance shall be met by the relevant Lender. 

 

	26.20	 No additional costs 

If a Transferor Lender assigns or transfers any of its rights or obligations under the Finance Documents and as a result of circumstances
existing at the date the assignment or transfer occurs, a Borrower or a Security Party would be obliged to make a payment to the Transferee Lender under Clause 22.2 or under that clause as incorporated by reference or in full in any other Finance
Document, then the Transferee Lender is only entitled to receive payment under that clause to the same extent as the Transferor Lender would have been if the assignment or transfer had not occurred. 

  
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	27	 VARIATIONS AND WAIVERS 27.1 Required consents 

 

	(a)	 Subject to Clause 27.2 (Exceptions) any term of the Finance Documents may be amended or waived only with
the consent of the Majority Lenders and the Borrowers and any such amendment or waiver will be binding on all Creditor Parties and the Borrowers. 

  

	(b)	 Any instructions given by the Majority Lenders will be binding on all the Creditor Parties.

  

	(c)	 The Agent may effect, on behalf of any Creditor Party, any amendment or waiver permitted by this Clause.

  

	27.2	 Exceptions 

  

	(a)	 An amendment or waiver that has the effect of changing or which relates to: 

 

	 	(i)	 the definition of “Majority Lenders” or “Finance Documents” in Clause 1.1
(Definitions); 

  

	 	(ii)	 an extension to the date of payment of any amount under the Finance Documents; 

 

	 	(iii)	 a reduction in the Margin, the Top-up Fee or a reduction in the amount
of any payment of principal, interest fees, commission or other amount payable under any of the Finance Documents; 

  

	 	(iv)	 an increase in or an extension of any Lender’s Commitment; 

 

	 	(v)	 any provision which expressly requires the consent of all the Lenders; 

 

	 	(vi)	 Clause 3 (Position of the Lenders), Clause 11.5 (Information provided to be accurate), Clause
11.6 (Provision of financial statements), Clause 11.7 (Form of financial statements), Clause 11.16 (Provision of further information), Clause 26 (Transfers and Changes in Lending Offices) or this Clause 27.2;

  

	 	(vii)	 any release of any Security Interest, guarantee, indemnities or subordination arrangement created by any
Finance Document; 

  

	 	(viii)	 any change of the currency in which the Loan is provided or any amount is payable under any of the Finance
Documents; 

  

	 	(ix)	 an extension of the Availability Period; or 

 

	 	(x)	 a change in Clauses 16.4 (Distribution of payment to Creditor Parties) or 22 (Grossing-up), 

 may not be effected without the prior written consent of all
Lenders. 

  
 81 

	(b)	 An amendment or waiver which relates to the rights or obligations of the Agent, the Arranger or the Security
Trustee may not be effected without the consent of the Agent, the Arranger or the Security Trustee, as the case may be. 

  

	27.3	 Exclusion of other or implied variations 

Except for a document which satisfies the requirements of Clauses 27.1 and 27.2, no document, and, subject to Clause 27.4, 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 a Borrower, the Approved Manager or a Security Party of an obligation under a Finance Document or
the general law; or 

  

	(d)	 any right or remedy conferred by any Finance Document or by the general law, 

and there shall not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or
remedy to be exercised, within a certain or reasonable time. 
  

	27.4	 Deemed consent 

With respect to any amendment, variation, waiver, suspension or limit requested by any Party and which requires the approval of all the Lenders
or the Majority Lenders (as the case may be), other than an amendment or supplement (or any proposal for such an amendment or supplement) in connection with a Finance Document or any other Pertinent Document required as contemplated in Clause 27.5,
the Agent shall provide each Lender with written notice of such request accompanied by such detailed background information as may be reasonably necessary (in the opinion of the Agent) to determine whether to approve such action. A Lender shall be
deemed to have approved such action if such Lender fails to object to such action by written notice to the Agent within 10 days of that Lender’s receipt of the Agent’s notice or such other time as the Agent may state in the relevant notice
as being the time available for approval of such action. 
  

	273	 Replacement of Screen Rate 

 

	 	(a)	 Subject to paragraph (b) of Clause 27.2, if a Screen Rate Replacement Event has occurred in relation to
the Screen Rate for dollars, any amendment or waiver which relates to: 

  

	 	(i)	 providing for the use of a Replacement Benchmark in relation to (or in addition to) that currency in place of
that Screen Rate; and 

  

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

  
 82 

	 	(B)	 enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement); 

  

	 	(C)	 implementing market conventions applicable to that Replacement Benchmark; 

 

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

  

	 	(E)	 adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the
adjustment shall be determined on the basis of that designation, nomination or recommendation), 

 may be made with the
consent of the Agent (acting on the instructions of the Majority Lenders) and the Borrowers. 
  

	 	(b)	 If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above
within 5 Business Days (or such longer time period in relation to any request which the Borrowers and the Agent may agree) of that request being made: 

  

	 	01	 its Commitment shall not be included for the purpose of calculating the Total Commitments when ascertaining
whether any relevant percentage of Total Commitments has been obtained to approve that request; and 

  

	 	(ii)	 its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request. 

  

	28	 NOTICES 

  

	28.1	 General 

Unless otherwise specifically provided, any notice under or in connection with any Finance Document shall be given by letter or fax; and
references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly. 
  

	28.2	 Addresses for communications 

A notice by letter or fax shall be sent: 
  

			
	 (a)   to the Borrowers:
	  	c/o Navios Shipmanagement Inc.
		  	85 Akti Miaouli
		  	Piraeus 185 38
		  	Fax No: +30 210 4172070

  
 83 

			
	for the attention of:	  	Vassiliki Papaefthymiou
		
	 (b)   to a Lender:
	  	At the address below its name in Schedule
		  	1 or (as the case may require) in the
		  	relevant Transfer Certificate.
	 (c)   to the Agent and Security Trustee:
	  	
	 for general matters:
	  	Hamburg Commercial Bank AG
		  	BU Asset Based Finance / Shipping
		  	Gerhart-Hauptmann-Platz 50
		  	20095 Hamburg
		  	Germany
		  	Fax No: +302104295323
		  	Attn: Mr Loukas Lagaras / Mr Solon Merikas
	 for credit administrative matters:
	  	Hamburg Commercial Bank AG
		  	BU Business Operations
		  	Loan & Collateral Operations
		  	Gerhart-Hauptmann-Platz 50
		  	20095 Hamburg
		  	Germany
		  	Fax No: +49 40 3333 34167

 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 Borrowers, the Lenders and the Security Parties. 
  

	28.3	 Effective date of notices 

Subject to Clauses 28.4 and 28.5: 
  

	 	(a)	 a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the
time when it is delivered; and 

  

	 	(b)	 a notice which is sent by fax shall be deemed to be served, and shall take effect, two hours after its
transmission is completed. 

  

	28.4	 Service outside business hours 

However, if under Clause 28.3 a notice would be deemed to be served: 
  

	 	(a)	 on a day which is not a business day in the place of receipt; or 

 

	 	(b)	 on such a business day, but after 5 p.m. local time, 

the notice shall (subject to Clause 28.5) be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such a business
day. 
  

	28.5	 Illegible notices 

Clauses 28.3 and 28.4 do not apply if the recipient of a notice notifies the sender within one hour after the time at which the notice would
otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect. 

  
 84 

	28.6	 Valid notices 

A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not
comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if: 
  

	(a)	 the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the
case may be, has not caused any party to suffer any significant loss or prejudice; or 

  

	(b)	 in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which
the notice was served what the correct or missing particulars should have been. 

  

	28.7	 Electronic communication 

Any communication from the Agent or the other Creditor Parties made by electronic means will be sent unsecured and without electronic
signature, however, the Borrowers may request the Agent and the other Creditor Parties at any time in writing to change the method of electronic communication from unsecured to secured electronic mail communication. 

The Borrowers hereby acknowledge and accept the risks associated with the use of unsecured electronic mail communication including, without
limitation, risk of delay, loss of data, confidentiality breach, forgery, falsification and malicious software. The Agent and the other Creditor Parties shall not be liable in any way for any loss or damage or any other disadvantage suffered by the
Borrowers resulting from such unsecured electronic mail communication. 
 If the Borrowers (or any of them) or any other Security Party wish
to cease all electronic communication, they shall give written notice to the Agent and the other Creditor Parties accordingly after receipt of which notice the Parties shall cease all electronic communication. 

For as long as electronic communication is an accepted form of communication, the Parties shall: 

 

	(a)	 notify each other in writing of their electronic mail address and/or any other information required to enable
the sending and receipt of information by that means; and 

  

	(b)	 notify each other of any change to their respective addresses or any other such information supplied to them;
and 

 in case electronic communication is sent to recipients with the domain <domain with ending>, the parties shall
without undue delay inform each other if there are changes to the said domain or if electronic communication shall thereafter be sent to individual e-mail addresses. 

 

	28.8	 English language 

Any notice under or in connection with a Finance Document shall be in English. 

 

	28.9	 Meaning of “notice” 

In this Clause 28, “notice” includes any demand, consent, authorisation, approval, instruction, waiver or other communication. 

  
 85 

	29	 JOINT AND SEVERAL LIABILITY 

 

	29.1	 General 

All liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to be so or not, be several and, if and to the
extent consistent with Clause 29.2, joint. 
  

	29.2	 No impairment of Borrower’s obligations 

The liabilities and obligations of a Borrower shall not be impaired by: 

 

	(a)	 this Agreement being or later becoming void, unenforceable or illegal as regards the other Borrowers;

  

	(b)	 any Lender or the Security Trustee entering into any rescheduling, refinancing or other arrangement of any kind
with the other Borrowers; 

  

	(c)	 any Lender or the Security Trustee releasing the other Borrowers or any Security Interest created by a Finance
Document; or 

  

	(d)	 any combination of the foregoing. 

 

	29.3	 Principal debtors 

Each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this
Agreement and the Finance Documents and no Borrower shall in any circumstances be construed to be a surety for the obligations of the other Borrowers under this Agreement. 
  

	29.4	 Subordination 

Subject to Clause 29.5, during the Security Period, no Borrower shall: 

 

	(a)	 claim any amount which may be due to it from the other Borrowers whether in respect of a payment made, or
matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this Agreement or any Finance Document; or 

  

	(b)	 take or enforce any form of security from the other Borrowers for such an amount, or in any other way seek to
have recourse in respect of such an amount against any asset of the other Borrowers; or 

  

	(c)	 set off such an amount against any sum due from it to the other Borrowers; or 

 

	(d)	 prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure
involving the other Borrowers or other Security Party; or 

  

	(e)	 exercise or assert any combination of the foregoing. 

 

	29.5	 Borrowers’ required action 

If during the Security Period, the Agent, by notice to a Borrower, requires it to take any action referred to in paragraphs (a) to (d) of
Clause 29.4, in relation to the other Borrowers, that Borrower shall take that action as soon as practicable after receiving the Agent’s notice. 

  
 86 

	30	 SUPPLEMENTAL 

  

	30.1	 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. 

  

	30.2	 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. 
  

	30.3	 Counterparts 

A Finance Document may be executed in any number of counterparts. 
  

	30.4	 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. 
  

	30.5	 Benefit and binding effect 

The terms of this Agreement shall be binding upon, and shall enure to the benefit of, the Parties and their respective (including subsequent)
successors and permitted assigns and transferees. 
  

	30.6	 Electronic disclosure 

 

	(a)	 The Borrowers hereby recognise as binding any relevant documents (whether signed or not) to fulfil the
disclosure of the financial circumstances in accordance with Sec. 18 of the German Banking Act (KWG) that were or are, after the date of this Agreement, submitted to Hamburg Commercial Bank AG electronically or on data carriers through the Borrower,
any Security Party or any third party and declares such documents as complete and correct. 

  

	(b)	 Any documents submitted to Hamburg Commercial Bank AG electronically or on data carriers in accordance with
Sec. 18 of the German Banking Act (KWG) have the same legal significance as any signed documents in paper form. 

  

	31	 LAW AND JURISDICTION 

 

	31.1	 English law 

This Agreement and any non-contractual obligations arising out of or in connection with it shall be
governed by, and construed in accordance with, English law. 

  
 87 

	31.2	 Exclusive English jurisdiction 

Subject to Clause 31.3, the courts of England shall have exclusive jurisdiction to settle any Dispute. 

 

	31.3	 Choice of forum for the exclusive benefit of the Creditor Parties 

Clause 31.2 is for the exclusive benefit of the Creditor Parties, each of which reserves the right: 

 

	(a)	 to commence proceedings in relation to any Dispute in the courts of any country other than England and which
have or claim jurisdiction to that Dispute; and 

  

	(b)	 to commence such proceedings in the courts of any such country or countries concurrently with or in addition to
proceedings in England or without commencing proceedings in England. 

 No Borrower shall commence any proceedings in any
country other than England in relation to a Dispute. 
  

	31.4	 Process agent 

Each Borrower Irrevocably appoints Hill Dickinson LLP at their office for the time being, presently at The Broadgate Tower, 20 Primrose Street,
London EC2A 2EW, England to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with a Dispute. 

 

	31.5	 Creditor Party rights unaffected 

Nothing in this Clause 31 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. 

 

	31.6	 Meaning of “proceedings” and “Dispute” 

In this Clause 31, “proceedings” means proceedings of any kind, including an application for a provisional or protective
measure and a “Dispute” means any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement) or any
non-contractual obligation arising out of or in connection with this Agreement. 
 THIS AGREEMENT has been
entered into on the date stated at the beginning of this Agreement. 

  
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 EXECUTION PAGE 

 

							
	BORROWERS	  		  		  	
			
	SIGNED by STRATIGOULA SAKELLARIA	  	)	  	
	for and on behalf of	  	(attorney-in-fact)	  	)	  	/s/ STRATIGOULA SAKELLARIA
			
	CERULEAN SHIPPING CORPORATION	  	)	  	
	in the presence of:	  	/s/ Aikaterina Dimitriou	  	)	  	
		  	Aikaterina Dimitriou	  		  	
		  	Athens, Greece	  		  	
			
	SIGNED by STRATIGOULA SAKELLARIA	  	)	  	
	for and on behalf of	  	(attorney-in-fact)	  	)	  	/s/ STRATIGOULA SAKELLARIA
			
	CADMIUM SHIPPING CORPORATION	  	)	  	
	in the presence of:	  	/s/ Aikaterina Dimitriou	  	)	  	
		  	Aikaterina Dimitriou	  		  	
		  	Athens, Greece	  		  	
			
	SIGNED by STRATIGOULA SAKELLARIA	  	)	  	
	for and on behalf of	  	(attorney-in-fact)	  	)	  	/s/ STRATIGOULA SAKELLARIA
			
	CELADON SHIPPING CORPORATION	  	)	  	
	in the presence of:	  	/s/ Aikaterina Dimitriou	  	)	  	
		  	Aikaterina Dimitriou	  		  	
		  	Athens, Greece	  		  	
			
	SIGNED by STRATIGOULA SAKELLARIA	  	)	  	
	for and on behalf of	  	(attorney-in-fact)	  	)	  	/s/ STRATIGOULA SAKELLARIA
			
	BUFF SHIPPING CORPORATION	  	)	  	
	in the presence of:	  	/s/ Aikaterina Dimitriou	  	)	  	
		  	Aikaterina Dimitriou	  		  	
		  	Athens, Greece	  		  	
			
	SIGNED by STRATIGOULA SAKELLARIA	  	)	  	
	for and on behalf of	  	(attorney-in-fact)	  	)	  	/s/ STRATIGOULA SAKELLARIA
			
	BRANDEIS SHIPPING CORPORATION	  	)	  	
	in the presence of:	  	/s/ Aikaterina Dimitriou	  	)	  	
		  	Aikaterina Dimitriou	  		  	
		  	Athens, Greece	  		  	
			
	SIGNED by STRATIGOULA SAKELLARIA	  	)	  	
	for and on behalf of	  	(attorney-in-fact)	  	)	  	/s/ STRATIGOULA SAKELLARIA
			
	BOYSENBERRY SHIPPING CORPORATION	  	)	  	
	in the presence of:	  	/s/ Aikaterina Dimitriou	  	)	  	
		  	Aikaterina Dimitriou	  		  	
		  	Athens, Greece	  		  	

  
 89 

							
	SIGNED by STRATIGOULA SAKELLARIA	  	)	  	
	for and on behalf of (attorney-in-fact)	  	)	  	/s/ STRATIGOULA SAKELLARIA
			
	BOLE SHIPPING CORPORATION	  	)	  	
	in the presence of:	  	)	  	
		  	/s/ Aikaterina Dimitriou	  		  	
		  	Aikaterina Dimitriou	  		  	
		  	Athens, Greece	  		  	
			
	LENDERS	  		  	
			
	SIGNED by UELINA UANTIA	  	)	  	
	for and on behalf of	  	)	  	/s/ UELINA UANTIA
			
	HAMBURG COMMERCIAL BANK AG	  	)	  	
	in the presence of:	  	)	  	
		  	/s/ Aikaterina Dimitriou	  		  	
		  	Aikaterina Dimitriou	  		  	
		  	Athens, Greece	  		  	
			
	AGENT	  		  	
			
	SIGNED by UELINA UANTIA	  	)	  	
	for and on behalf of	  	)	  	/s/ UELINA UANTIA
			
	HAMBURG COMMERCIAL BANK AG	  	)	  	
	in the presence of:	  	)	  	
		  	/s/ Aikaterina Dimitriou	  		  	
		  	Aikaterina Dimitriou	  		  	
		  	Athens, Greece	  		  	
			
	MANDATED LEAD ARRANGER	  		  	
			
	SIGNED by UELINA UANTIA	  	)	  	
	for and on behalf of	  	)	  	/s/ UELINA UANTIA
			
	HAMBURG COMMERCIAL BANK AG	  	)	  	
	in the presence of:	  	)	  	
		  	/s/ Aikaterina Dimitriou	  		  	
		  	Aikaterina Dimitriou	  		  	
		  	Athens, Greece	  		  	
			
	SECURITY TRUSTEE	  		  	
			
	SIGNED by UELINA UANTIA	  	)	  	
			
	for and on behalf of	  	)	  	/s/ UELINA UANTIA
			
	HAMBURG COMMERCIAL BANK AG	  	)	  	
	in the presence of:	  	)	  	
		  	/s/ Aikaterina Dimitriou	  		  	
		  	Aikaterina Dimitriou	  		  	
		  	Athens, Greece	  		  	

  
 90

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}]]