Document:

EX-4.4

 Exhibit 4.4 
  

 
  

FIRST AMENDED AND RESTATED 

INTERCREDITOR AND PROCEEDS AGREEMENT 

dated as of May 19, 2021 

Among 
 SEASPAN HOLDCO III LTD.,

 as Borrower, 
 SEASPAN
CORPORATION, 
 as Primary Guarantor, 

CERTAIN SUBSIDIARIES OF THE BORROWER FROM TIME TO 

TIME PARTY HERETO, 
 THE OTHER
SECURED PARTIES FROM TIME TO 
 TIME PARTY HERETO, 

UMB BANK, NATIONAL ASSOCIATION, 

as Security Trustee 
 and 

CITIBANK, N.A., 
 as Administrative
Agent 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	  	Page	 
		
	ARTICLE I	  	 	 
		
	Definitions; Principles of Construction	  	 	 
			
	 SECTION 1.01.
	 	 Defined Terms
	  	 	2	 
	 SECTION 1.02.
	 	 Rules of Interpretation
	  	 	15	 
		
	ARTICLE II	  	 	 
		
	The Trust Estate	  	 	 
	 SECTION 2.01.
	 	 Declaration of Trust
	  	 	16	 
	 SECTION 2.02.
	 	 Equal and Ratable Sharing of Collateral by Holders of Secured Obligations
	  	 	17	 
		
	ARTICLE III	  	 	 
		
	Obligations and Powers of Security Trustee	  	 	 
			
	 SECTION 3.01.
	 	 Undertaking of the Security Trustee
	  	 	18	 
	 SECTION 3.02.
	 	 Release or Subordination of Liens
	  	 	19	 
	 SECTION 3.03.
	 	 Enforcement of Liens
	  	 	20	 
	 SECTION 3.04.
	 	 Application of Proceeds
	  	 	20	 
	 SECTION 3.05.
	 	 Powers of the Security Trustee
	  	 	20	 
	 SECTION 3.06.
	 	 Documents and Communications
	  	 	20	 
	 SECTION 3.07.
	 	 For Sole and Exclusive Benefit of Holders of Secured Obligations
	  	 	20	 
	 SECTION 3.08.
	 	 Additional Secured Debt
	  	 	20	 
	 SECTION 3.09.
	 	 Release of Collateral
	  	 	22	 
		
	ARTICLE IV	  	 	 
		
	Cash Management	  	 	 
			
	 SECTION 4.01.
	 	 Accounts
	  	 	23	 
	 SECTION 4.02.
	 	 Application of Proceeds
	  	 	24	 
	 SECTION 4.03.
	 	 Required Hedging
	  	 	27	 
		
	ARTICLE V	  	 	 
		
	Guarantee and Subordination	  	 	 
			
	 SECTION 5.01.
	 	 Guarantee and Indemnity
	  	 	28	 
	 SECTION 5.02.
	 	 Subordination
	  	 	31	 

  
 i 

							
	ARTICLE VI	  	 	 
		
	Immunities of the Security Trustee	  	 	 
			
	 SECTION 6.01.
	 	 No Implied Duty
	  	 	33	 
	 SECTION 6.02.
	 	 Appointment of Agents and Advisors
	  	 	33	 
	 SECTION 6.03.
	 	 Other Agreements
	  	 	33	 
	 SECTION 6.04.
	 	 Solicitation of Instructions
	  	 	33	 
	 SECTION 6.05.
	 	 Limitation of Liability
	  	 	34	 
	 SECTION 6.06.
	 	 Documents in Satisfactory Form
	  	 	34	 
	 SECTION 6.07.
	 	 Entitled to Rely
	  	 	34	 
	 SECTION 6.08.
	 	 Secured Debt Default
	  	 	34	 
	 SECTION 6.09.
	 	 Actions by Security Trustee
	  	 	35	 
	 SECTION 6.10.
	 	 Security or Indemnity in Favor of the Security Trustee
	  	 	35	 
	 SECTION 6.11.
	 	 Rights of the Security Trustee
	  	 	35	 
	 SECTION 6.12.
	 	 Limitations on Duty of Security Trustee in Respect of Collateral
	  	 	36	 
	 SECTION 6.13.
	 	 Assumption of Rights, Not Assumption of Duties
	  	 	37	 
	 SECTION 6.14.
	 	 No Liability for Clean-up of Hazardous Materials
	  	 	37	 
	 SECTION 6.15.
	 	 No Liability for Delay in Performance
	  	 	37	 
	 SECTION 6.16.
	 	 Electronic Transmission
	  	 	37	 
	ARTICLE VII	  	 	 
		
	Resignation and Removal of the Security Trustee or Co-Security Trustee	  	 	 
			
	 SECTION 7.01.
	 	 Resignation or Removal of Security Trustee
	  	 	38	 
	 SECTION 7.02.
	 	 Appointment of Successor Security Trustee
	  	 	38	 
	 SECTION 7.03.
	 	 Succession
	  	 	39	 
	 SECTION 7.04.
	 	 Merger, Conversion or Consolidation of Security Trustee
	  	 	39	 
		
	ARTICLE VIII	  	 	 
		
	Miscellaneous Provisions	  	 	 
			
	 SECTION 8.01.
	 	 Amendment
	  	 	39	 
	 SECTION 8.02.
	 	 Voting
	  	 	41	 
	 SECTION 8.03.
	 	 Further Assurances; Insurance
	  	 	41	 
	 SECTION 8.04.
	 	 Successors and Assigns
	  	 	42	 
	 SECTION 8.05.
	 	 Delay and Waiver
	  	 	43	 
	 SECTION 8.06.
	 	 Notices
	  	 	43	 
	 SECTION 8.07.
	 	 Notice Following Discharge of Secured Obligations
	  	 	44	 
	 SECTION 8.08.
	 	 Entire Agreement
	  	 	44	 
	 SECTION 8.09.
	 	 Compensation; Expenses
	  	 	44	 
	 SECTION 8.10.
	 	 Indemnity
	  	 	45	 

  
 ii 

							
	 SECTION 8.11.
	 	 New Grantor Parties
	  	 	45	 
	 SECTION 8.12.
	 	 Severability
	  	 	45	 
	 SECTION 8.13.
	 	 Headings
	  	 	46	 
	 SECTION 8.14.
	 	 Obligations Secured
	  	 	46	 
	 SECTION 8.15.
	 	 Governing Law
	  	 	46	 
	 SECTION 8.16.
	 	 Consent to Jurisdiction
	  	 	46	 
	 SECTION 8.17.
	 	 Waiver of Jury Trial
	  	 	46	 
	 SECTION 8.18.
	 	 Counterparts
	  	 	47	 
	 SECTION 8.19.
	 	 Effectiveness
	  	 	47	 
	 SECTION 8.20.
	 	 Continuing Nature of this Agreement
	  	 	47	 
	 SECTION 8.21.
	 	 Insolvency
	  	 	47	 
	 SECTION 8.22.
	 	 Rights and Immunities of Secured Lien Representatives and Security Trustee
	  	 	47	 
	 SECTION 8.23.
	 	 Amendment and Restatement
	  	 	48	 

 EXHIBIT A—Additional Secured Debt Designation 

EXHIBIT B—Form of Intercreditor Joinder-Additional Secured Debt 

EXHIBIT C—Form of Intercreditor Joinder (Grantor) 
  

  
 iii 

 This First Amended and Restated Intercreditor and Proceeds Agreement (as further amended,
amended and restated, modified or supplemented from time to time in accordance with Section 7.01, this “Agreement”) is dated as of 19 May 2021, and is by and among SEASPAN HOLDCO III LTD., a company incorporated in the
Marshall Islands (the “Borrower”), SEASPAN CORPORATION, (as “Primary Guarantor”), the subsidiaries of the Borrower from time to time party hereto as Guarantors, UMB BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as security trustee (the “Security Trustee”) and CITIBANK, N.A. (“Citibank”), as administrative agent for the Lenders (in such capacity, together with its successors and permitted assigns, the
“Administrative Agent”). 
 RECITALS 

The Borrower has entered into (i) that certain loan agreement dated May 15, 2019 (as amended, supplemented, increased, extended,
restated, renewed or otherwise modified and in effect from time to time, including as amended and restated on or about the Restatement Date, the “Loan Agreement”) among (inter alios) the Borrower, the Guarantor, the lenders
party thereto and the Administrative Agent, which provides for a credit facility to be made available in the form of a term loan, revolving loans and letters of credit, (ii) that certain loan agreement dated December 30, 2019 (as amended,
supplemented, increased, extended, restated, renewed or otherwise modified and in effect from time to time, including as amended and restated on or about the Restatement Date) among (inter alios) the Borrower, the Guarantor, the lenders party
thereto and the Administrative Agent, which provides for a credit facility to be made available in the form of a term loan, and (iii) that certain loan agreement dated October 14, 2020 (as amended, supplemented, increased, extended,
restated, renewed or otherwise modified and in effect from time to time, including as amended and restated on or about the Restatement Date) among (inter alios) the Borrower, the Guarantor, the lenders party thereto and the Administrative
Agent, which provides for a credit facility to be made available in the form of a term loan (in each case for (i) to (iii) of the foregoing, as such credit facility may be increased from time to time in accordance with the terms of this
Agreement and the Secured Debt Documents). For the purposes of this Agreement, the credit facilities identified in (ii) and (iii) constitute and are considered “Additional Secured Debt”. 

The Borrower may from time to time desire to incur further indebtedness in the form of Additional Secured Debt. 

From time to time the Guarantor may create unsecured and subordinated intercompany obligations to the Borrower subject to this Agreement , and the Borrower may create certain unsecured and subordinated intercompany obligations to certain Obligors subject to this Agreement. 

Capitalized terms used in this Agreement have the meanings assigned to them above, in Article I below, or as provided for in the Loan
Agreement and any Additional Debt Document (as applicable). 

 The Borrower intends to secure all current and future Secured Obligations on a first
priority basis, with Liens on all current and future Collateral to the extent that such Liens have been provided for in the applicable Collateral Documents. 

This Agreement sets forth the terms on which each Secured Party has appointed the Security Trustee to act as Security Trustee for the current
and future holders of the Secured Obligations to receive, hold, maintain, administer and distribute the Collateral at any time delivered to the Security Trustee or the subject of the Collateral Documents, and to enforce the Collateral Documents and
all interests, rights, powers and remedies of the Security Trustee with respect thereto or thereunder and the proceeds thereof. 
 It is the
intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the parties under the Initial Intercreditor Agreement, but that this Agreement amend and restate in its entirety the Initial
Intercreditor Agreement and re-evidence the obligations and liabilities of the parties thereunder. 

The parties are willing to amend and restate the Initial Intercreditor Agreement on the terms and conditions set forth in this Agreement. 

AGREEMENT 
 In
consideration of the premises and the mutual agreements herein set forth, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE I 
 Definitions;
Principles of Construction 
 SECTION 1.01. Defined Terms. The following terms will have the following
meanings: “Act of Required Debtholders” means, as to any matter at any time a direction in writing delivered to the Security Trustee by or with the written consent of the holders of more than 50% of the sum of: 

(a) the aggregate outstanding principal amount of loans and notes constituting Secured Obligations (including the face amount
of outstanding letters of credit whether or not then available or drawn); and 
 (b) the aggregate unfunded commitments to
extend credit which, when funded, would constitute Secured Obligations; 
 provided, however, that (x) the loans, notes
and unfunded commitments of Defaulting Lenders and of the Borrower and its Affiliates and Subsidiaries shall be disregarded in determining the “Act of Required Debtholders” and (y) after (1) the termination or expiration of all
commitments to extend credit that would constitute Secured Obligations (other than any Secured Obligations consisting of Hedging Obligations), (2) the payment in full in cash of the principal of and interest and premium (if any) on loans and
notes constituting Secured 

  
 2 

 
Obligations (other than any undrawn letters of credit), and (3) the payment in full in cash of all other Secured Obligations other than any Secured Obligations consisting of Hedging
Obligations, the term “Act of Required Debtholders” will mean direction from the holders of more than 50% of the sum of the aggregate Swap Termination Values; provided that the Swap Termination Values shall be reported to the
Security Trustee upon request; provided further, that any Hedging Obligation with a Swap Termination Value that is a negative number shall be disregarded for purposes of all calculations required by the term “Act of Required
Debtholders”. 
 For purposes of determining whether the holders of the requisite principal amount of Secured Obligations, have taken
any action as described above, the principal amount for purposes of voting shall be the principal in U.S. dollars, as of (i) if a record date has been set with respect to the taking of such action, such date or (ii) if no such record
date has been set, the date of the taking of such action by the holders of such Indebtedness. 
 “Additional Debt Document”
means the facility agreement, indenture, credit agreement, note purchase agreement or other agreement governing the relevant Additional Secured Debt, together, if applicable, with the “finance documents” (howsoever described) thereunder.

 “Additional Debt Finance Parties” means the lenders, noteholders or equivalent pursuant to any Additional Debt
Documents. 
 “Additional Debt Hedging Obligations” means all Hedging Obligations arising under or pursuant to the
Additional Debt Documents. 
 “Additional Debt Representative” means, in respect of any Additional Secured Debt, the
trustee, agent or representative of the holders of such Additional Secured Debt who maintains the transfer register for such Additional Secured Debt (if applicable) and (a) is appointed as a Secured Lien Representative (including for purposes
related to the administration of the Collateral Documents) pursuant to the Additional Debt Documents together with its successors in such capacity and (b) has executed an Intercreditor Joinder. 

“Additional Debt Secured Obligations” means (a) all principal of the loans or notes, as applicable, outstanding from
time to time in respect of the Additional Secured Debt, all interest on the loans or notes, all other amounts now or hereafter payable by any Grantor under any Additional Debt Document and any fees or other amounts now or hereafter payable by any
Grantor to the Additional Debt Representative or the Security Trustee for acting in its capacity as such pursuant to a separate agreement among such parties, and (b) all Additional Debt Hedging Obligations, in each case, whether direct or
indirect, absolute or contingent, due or to become due, now existing or hereafter arising. 
 “Additional Secured Debt” has
the meaning set forth in Section 3.08(b). 
 “Additional Secured Debt Designation” means a notice in substantially the
form of Exhibit A. 

  
 3 

 “Administrative Expenses” means in respect of the Borrower and each Vessel
Owner, all costs, fees, expenses and other administration charges (i) relating to its customary corporate administration and (ii) relating to any reasonable accounting, audit, tax advisory and legal fees of such entity. 

“Affiliate” means, with respect to a specified Person, another Person that directly or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agreement” has the
meaning set forth in the preamble. 
 “Applicable Law” means, as to any Person, all applicable Laws binding upon such
Person or to which such a Person is subject. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on
which banking institutions in the City of New York, or at a place of payment are authorized by law, regulation or executive order to remain closed. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings analogous thereto. 

“Collateral” means all of the properties and assets that are (or are purported to be) from time to time subject to the Liens
granted to the Security Trustee pursuant to the Collateral Documents as security for the Secured Obligations. 
 “Collateral
Account” means the account of the Borrower maintained with Bank of Montreal with account number 0004-4624-922. 

“Collateral Documents” means this Agreement, each Lien Sharing and Priority Confirmation, and all security agreements, pledge
agreements, collateral assignments, mortgages, deeds of trust, deeds of hypothecation, collateral agency agreements, debentures, control agreements or other grants or transfers for security executed and delivered by any Grantor creating (or
purporting to create) a Lien upon Collateral in favor of the Security Trustee, for the benefit of the Secured Parties in respect of the Secured Obligations, in each case, as amended, amended and restated, modified, renewed, restated or replaced, in
whole or in part, from time to time, in accordance with its terms and Section 8.01. For greater certainty, the Loan Agreement is not a Collateral Document. 

“Collection Period” means, with respect to a Payment Date, the period commencing on the first calendar day of the calendar
month in which the immediately preceding Payment Date occurs (or, in the case of the initial Payment Date, commencing on the Closing Date) and ending on (and including) the Determination Date related to such Payment Date. For the avoidance of doubt,
except for the first Collection Period, each Collection Period will be one of the following periods: (i) first day of March to last day of May, (ii) first day of June to last day of August, (iii) first day of September to last day of
November, or (iv) first day of December to last day of February. 

  
 4 

 “Determination Date” means the last Business Day in New York City in the
calendar month immediately preceding a Payment Date, being either the last Business Day of February, May, August or November. 

“Discharge of Secured Obligations” means the occurrence of all of the following: 

(1) termination or expiration of all commitments to extend credit that would constitute Secured Obligations; 

(2) either (i) the termination of any undrawn letters of creditor or (ii) the Cash Collateralization in accordance
with the Loan Agreement of any undrawn letters of credit; and 
 (3) unconditional and irrevocable payment in full in cash of
the principal of and interest and premium (if any) on all Secured Obligations together with all other amounts then due and payable by any Obligor to the Secured Parties under the Secured Debt Documents. 

“Earnings” means, in respect of a Collateral Vessel, all present and future moneys and claims which are earned by or become
payable to or for the account of the Borrower or Vessel Owner in connection with the operation or ownership of that Collateral Vessel and including but not limited to: (a) freights, passage and hire moneys (howsoever earned); (b) remuneration
for salvage and towage services; (c) demurrage and detention moneys; (d) all moneys and claims in respect of the requisition for hire of that Collateral Vessel; (e) payments received in respect of any
off-hire insurance; (f) payments received pursuant to any Charter Guarantee relating to that Collateral Vessel; and (g) Charter Termination Fees or other payments in respect of the termination of any
Charter, including without limitation, pursuant to legal proceedings, arbitration or other settlement arrangements. 

“Environmental Approvals” means any permit, license, approval, ruling, variance, exemption or other authorization required
under applicable Environmental Laws. 
 “Environmental Claim” means any claim by any Person or Persons or any
governmental, judicial or regulatory authority which arises out of any breach, contravention or violation of Environmental Law or of the existence of any liability or potential liability arising from such breach, contravention or violation or the
presence of Hazardous Material in contravention of Environmental Laws. In this context, 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 by any governmental, judicial or regulatory authority; and any form of enforcement or regulatory action. 

  
 5 

 “Environmental Laws” means any or all applicable law relating to or
concerning: 
 (a) pollution or contamination of the environment, any ecological system or any living organisms which inhabit the
environment or any ecological system; 
 (b) the generation, manufacture, processing, distribution, use (including abuse), treatment,
storage, disposal, transport or handling of Hazardous Materials; and 
 (c) the emission, leak, release, spill or discharge into the
environment of noise, vibration, dust, fumes, gas, odors, smoke, steam, effluvia, heat, light, radiation (of any kind), infection, electricity or any Hazardous Material and any matter or thing capable of constituting a nuisance or an actionable tort
or breach of statutory duty of any kind in respect of such matters, 
 including, without limitation, the following laws of the United
States of America: the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, the Hazardous Materials Transportation Act, as amended, the Oil Pollution Act of 1990, as amended, the Resource Conservation and
Recovery Act, as amended, and the Toxic Substances Control Act, as amended, together, in each case, with the regulations promulgated and the guidance issued pursuant thereto. 

“First Revolving Facility” means the “Revolving Facility” as defined in the Loan Agreement. 

“Governmental Authority” means any nation or government, any state, province or other political subdivision thereof and any
agency, department, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

“Grantor” means the Borrower, the Guarantors and any other Person that pledges any Collateral under the Collateral Documents
to secure any Secured Obligation. 
 “Guarantee” means the guarantee granted pursuant to Section 5.01. 

“Guarantor” means each of the Primary Guarantor and each Vessel Owner. 

“Hazardous Material” means any element or substance, whether natural or artificial, and whether consisting of gas, liquid,
solid or vapor, whether on its own or in any combination with any other element or substance, which is listed, identified, defined or determined by any Environmental Law or other Applicable Law to be, to have been, or to be capable of being or
becoming harmful to mankind or any living organism or damaging to the environment, including, without limitation, oil (as defined in the United States Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended). 

  
 6 

 “Hedge Counterparty” means any entity that is a Lender or an Affiliate of a
Lender at the time the applicable Hedging Agreement is entered into, provided that any such Hedge Counterparty shall have the right to transfer to one or more transferees all or a portion of its rights and obligations under the Hedging Agreements,
provided, unless an Event of Default has occurred and is continuing, such transferee shall be (a) a Lender, (b) an Affiliate of a Lender, or (c) either (i) a bank or financial institution that, at the relevant time, has a rating for
its long-term unsecured and non-credit enhanced debt obligation (or an equivalent rating) of BBB or higher by S&P Global Ratings or Fitch Ratings, Inc., or Baa2 or higher by Moody’s Investors Service,
Inc., or a comparable rating from any other internationally recognized credit rating agency, or (ii) a Person whose obligations under the applicable Hedging Agreement are guaranteed by a Person meeting the requirements set out in clause
(i) above. 
 “Hedgeable Loan Amount” means the aggregate of (i) the outstanding principal balance of the Term
Loan under the Loan Agreement, and (ii) the outstanding principal (excluding the outstanding principal balance of any Revolving Loan) under the Additional Debt Documents. 

“Hedging Agreement” means any agreement evidencing Hedging Obligations, entered into or to be entered into, as the context
may require, between a Hedge Counterparty and the Borrower for the purpose of hedging interest rate liabilities in relation to Program Debt. 

“Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under: 

(1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and
interest rate collar agreements; 
 (2) other agreements or arrangements designed to manage interest rates or interest rate
risk; and 
 (3) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange
rates, fuel prices or other commodity prices but excluding (x) clauses in purchase agreements and maintenance agreements pertaining to future prices and (y) fuel purchase agreements and fuel sales that are for physical delivery of the
relevant commodity, 
 it being understood and agreed that, on any date of determination, the amount of such Hedging
Obligations under any Hedging Agreement shall be determined based upon the “settlement amount” (or similar term) as defined under such Hedging Agreement or, with respect to a Hedging Agreement that has been terminated in accordance with
its terms, the amount then due and payable under such Hedging Agreement. 
 “Indebtedness” means, as to any Person at a
particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 

(a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments; 

  
 7 

 (b) all direct or contingent obligations of such Person arising under (i) letters of
credit (including standby and commercial), bankers’ acceptances and bank guaranties and (ii) surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person; 

(c) net obligations of such Person under any Hedging Agreement; 

(d) all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business); 
 (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased
by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(f) any agreement treated as a finance or capital lease in accordance with GAAP; 

(g) all Guarantees of such Person in respect of any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The
amount of any net obligation under any Hedging Agreement on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any Indebtedness of any Person for purposes of clause (e) that is expressly made non-recourse or limited recourse (limited solely to the assets securing such Indebtedness) to such Person shall be deemed to be equal to the lesser of (i) the aggregate principal amount of such Indebtedness and
(ii) the fair market value of the property encumbered thereby as determined by such Person in good faith. 
 “Indemnified
Liabilities” means any and all liabilities (including all environmental liabilities), obligations, actual losses, damages (including damages as a result of claims for special, indirect or consequential damages brought by third parties),
penalties, actions, claims, judgments, suits, costs, taxes, out-of-pocket expenses or disbursements (including reasonable legal fees and expenses and court costs) of any
kind or nature whatsoever: 
 (a) arising directly or indirectly out of or in any way connected with the ownership, possession, performance,
transportation, management, sale, import to or export from any jurisdiction, control, use or operation, registration, navigation, certification, classification, management, manning, provisioning, the provision of bunkers and lubricating oils,
testing, design, condition, delivery, acceptance, leasing, subleasing, chartering, insurance, maintenance, repair, service, modification, refurbishment, dry docking, survey, conversion, overhaul, replacement, removal, repossession, return,
redelivery, storage, sale, disposal, the complete or partial removal, decommissioning, making safe, destruction, abandonment or loss by the Borrower or any other Person of any of the Collateral Vessels or caused by any of the Collateral Vessels
becoming a wreck or an obstruction to navigation, whether or not such liability may be attributable to any defect in any of the Collateral Vessels or to the design, 

  
 8 

 
construction or use thereof or from any maintenance, service, repair, dry docking, overhaul, inspection or for any other reason whatsoever (whether similar to any of the foregoing or not), and
regardless of when the same shall arise and whether or not any of the Collateral Vessels (or any part thereof) is in possession or control of the Borrower or the Manager or any other Person and regardless of the waters, dry dock or other place where
any such Collateral Vessel or part thereof is located; 
 (b) arising directly or indirectly out of or in any way connected with any release
of Hazardous Material, any Environmental Claim, or any breach of an Environmental Law or the terms and conditions of an Environmental Approval; or 

(c) as a consequence of any claim that any design, article or material in any of the Collateral Vessels or any part thereof or relating thereto
or the operation or use thereof constitutes an infringement of patent, copyright, design or other proprietary right; 
 (d) in preventing or
attempting to prevent the arrest, seizure, taking in execution, requisition, impounding, forfeiture or detention of any of the Collateral Vessels or in securing or attempting to secure the release of any of the Collateral Vessels; and 

(e) with respect to the execution, delivery, performance, administration or enforcement of this Agreement or any of the other Collateral
Documents, 
 including any of the foregoing relating to the use of proceeds of any Secured Obligations or the violation of, noncompliance
with or liability under any law applicable to or enforceable against the Borrower or any Grantor or any of the Collateral, and all reasonable costs and out-of-pocket
expenses (including reasonable fees and out-of-pocket expenses of legal counsel selected by the Indemnitee) incurred by any Indemnitee in connection with any claim,
action, investigation or proceeding in any respect relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether or not suit is brought. 

“Indemnitee” has the meaning set forth in Section 8.10(a). 

“Initial Intercreditor Agreement” means that certain Intercreditor and Proceeds Agreement dated as of May 15, 2019 by
and among the parties hereto, as in effect immediately prior to the Restatement Date. 
 “Insolvency or Liquidation
Proceeding” means: 
 (1) any case commenced by or against any Grantor under Title 11, U.S. Code or any
similar Federal or state law or the law of any other jurisdiction for the relief of debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of any Grantor, any receivership or
assignment for the benefit of creditors relating to any Grantor or any similar case or proceeding relative to any Grantor or its creditors, as such, in each case whether or not voluntary; 

  
 9 

 (2) any liquidation, dissolution, marshalling of assets or liabilities or
other winding up of or relating to any Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 

(3) any other proceeding of any type or nature in which substantially all claims of creditors of any Grantor are determined and
any payment or distribution is or may be made on account of such claims. 
 “Insurance Proceeds” means any and all amounts
payable in consequence of a claim under any of the contracts or policies of insurance (including reinsurance) in respect of the Collateral Vessels, other than amounts payable in consequence of a claim under the liability insurances. 

“Intercreditor Joinder” means, with respect to the provisions of this Agreement relating to any Additional Secured Debt, an
agreement substantially in the form of Exhibit B. 
 “Intercreditor Joinder (Grantor)” means,
with respect to the provisions of this Agreement relating to any additional Grantor, an agreement substantially in the form of Exhibit C. 

“Lien” means any lien, mortgage, pledge, assignment for security, security interest, charge, hypothecation, lease or
encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof, any easement, right of way or other encumbrance on title to real property and any agreement to give any security interest).

 “Lien Sharing and Priority Confirmation” means, as to any future Additional Secured Debt, the written agreement of the
holders of such Additional Secured Debt, as set forth in the Additional Debt Documents, for the benefit of all holders of Secured Obligations and each future Secured Lien Representative: 

(1) that all Secured Obligations will be and are secured equally and ratably by all Liens at any time granted by any Grantor to
secure any Obligations in respect of such Additional Secured Debt, whether or not upon property otherwise constituting Collateral, and that all such Liens will be enforceable by the Security Trustee for the benefit of all holders of Secured
Obligations equally and ratably; 
 (2) that the holders of Obligations in respect of such Additional Secured Debt are bound
by the provisions of this Agreement, including the provisions relating to the ranking of Liens and the order of application of proceeds from Collections and enforcement of Liens; and 

(3) consenting to the terms of this Agreement and the Security Trustee’s performance of, and directing the Security
Trustee to perform its obligations under, this Agreement and the other Collateral Documents. 
 “Loan Agreement” has the
meaning set forth in the recitals. 
 “Loan Documents” has the meaning set forth in the Loan Agreement. 

  
 10 

 “Loan Finance Parties” means the Lenders, Issuing Banks and Administrative
Agent under and as defined in the Loan Agreement. 
 “Loan Hedging Obligations” means all Hedging Obligations arising under
or pursuant to the Loan Documents. 
 “Loan Secured Obligations” means all “Obligations” as defined in the Loan
Agreement, in each case, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising. 

“Management Agreement” means each management agreement between a Vessel Owner or Vessel Owners and the Manager in respect of
one or more Collateral Vessel, as the same may be amended from time to time in accordance with this Agreement. 
 “Management Fees
and Expenses” means amounts payable by the Borrower or the Vessel Owners under the Management Agreement. 

“Manager” means Seaspan Management Services Ltd. of Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda or such other
professional manager or managers as may be permitted to act as such under and pursuant to the terms of each of the Secured Debt Documents, provided that V.Group, Anglo-Eastern or Bernhard Schulte Shipmanagement shall be permitted to act as such in
place of Seaspan Management Services Ltd., subject to any and all conditions set out in the Secured Debt Documents in relation to a change in “Manager” being satisfied. 

“Net Sale Proceeds” means, in relation to a Vessel Disposition permitted by the terms and conditions of the Secured Debt
Documents, the amount of cash actually received by the Borrower or relevant Vessel Owner from the relevant purchaser less the aggregate of the following: (a) any VAT or other turnover, added value, sales or similar tax due and payable by the
Borrower or Vessel Owner in relation to such Vessel Disposition and which cannot be recovered by the Borrower or Vessel Owner; and (b) transaction costs and expenses reasonably necessarily and properly incurred by the Borrower or relevant
Vessel Owner in connection with the Vessel Disposition, such as (but not limited to) legal, notarial and other fees, cost incurred in moving or dry-docking the Collateral Vessel, costs of putting that
Collateral Vessel in a marketable condition (if any), costs of conforming that Collateral Vessel to the relevant purchaser agreement requirements (if any). 

“Obligations” means any principal (including reimbursement obligations with respect to letters of credit whether or not
drawn), interest (including all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable post-default rate, specified in the Secured Debt Documents, even if such interest is
not enforceable, allowable or allowed as a claim in such proceeding), premium (if any), fees, indemnifications, reimbursements, expenses and other liabilities payable under the documentation governing any Indebtedness. 

  
 11 

 “Person” means an individual, partnership, corporation (including a
business trust), joint stock company, estate, trust, limited liability company, unincorporated association, joint venture or other entity, or a Governmental Authority. 

“Priority Payment Amounts” means with respect to any Collection Period, all amounts which would be paid on the applicable
Payment Date pursuant to Sections 4.02(a)(i) to (x) of this Agreement, from amounts then standing to the credit of the Collection Account, calculated as if the Borrower had no right to withdraw funds from the Collection Account (or directly
from the HK Collection Account in accordance with Section 4.01(c)(B)), during such Collection Period as may otherwise be provided for (from time to time) under Section 4.02(b) of this Agreement. 

“Priority Vessel Expenses” means the following operating expenses, in each case directly related to the Collateral Vessels:

 (a) crew training; 

(b) shore based crewing support; 

(c) vessel and fleet management; 

(d) victualling; 

(e) stores; 

(f) bunkers and lubricants; 

(g) spare parts; 

(h) repair and maintenance costs; 

(i) vessel ancillary operating expenses (agency fees, petties, international regulatory compliance, amenities fund, garbage
disposal, bank charges, out of pocket travel, travel expenses for operational visits on vessels, and owner’s expenses relating to ad-hoc damages and port fees); 

(j) dry-docking, survey expenses and modification expenses (as required by class
society and/or flag state and/or regulatory requirements); 
 (k) re-positioning
costs during off-hire; 
 (l) technology (communication systems, satellite costs,
information technology needed to run the vessel); 
 (m) classification, tonnage tax and oil analysis expenses; 

(n) insurance premiums and other amounts payable in respect of the required Insurances; 

  
 12 

 (o) ratings’ and officers’ wages and disbursements; and 

(p) the cost of any appraisals obtained from an appraiser for the purposes of the Secured Debt Documents. 

“Program Debt” means all Indebtedness constituting Secured Obligations. 

“Qualified ECP Guarantor” means, in respect of any Hedging Obligation, each Grantor that has total assets exceeding
$10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Hedging Obligation or such other Person as constitutes an “eligible contract participant” under the Commodity
Exchange Act or any regulations promulgated thereunder and can cause another Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange
Act. 
 “Remittance Date” means, with respect to each Collection Period, each of the last Business Day in each calendar
week falling within such Collection Period. 
 “Representatives” means each of the Agent, the Security Trustee, the Account
Bank and any other Secured Lien Representative. 
 “Restatement Date” has the meaning given to that term in the Amended and
Restated Loan Agreement. 
 “Revolving Facilities” means together (i) the “Revolving Facility” as defined in
the Loan Agreement, and (ii) in respect of any second revolving facility provided for under any other Additional Debt Document, the revolving loan commitments of any Lender thereunder to make revolving loans to the Borrower subject to the terms
thereof and all revolving loan related credit extensions made thereunder (and “Revolving Facility” shall mean any of them). 

“Revolving Loans” means together (i) the “Revolving Loan” as defined in the Loan Agreement, and (ii) any
second revolving facility provided for under any other Additional Debt Document (and “Revolving Loan” shall mean any of them). 

“SEC” means the United States Securities and Exchange Commission. 

“Secured Debt Default” means any event or condition which, under the terms of any credit agreement, note purchase agreement,
indenture or other agreement governing any Secured Obligations causes, or permits holders of Secured Obligations outstanding thereunder (with or without the giving of notice or lapse of time, or both, and whether or not notice has been given or time
has lapsed) to cause, the Secured Obligations outstanding thereunder to become immediately due and payable. 
 “Secured Debt
Documents” means the Loan Documents and the Additional Debt Documents. 

  
 13 

 “Secured Lien Representative” means (1) in the case of the Loan
Agreement, the Administrative Agent and (2) in the case of any other Additional Secured Debt, the trustee, agent or representative of the holders of such Additional Secured Debt who maintains the transfer register for such Additional Secured
Debt (if applicable) and (a) is appointed as a Secured Lien Representative (for purposes related to the administration of the Collateral Documents) pursuant to the indenture, credit agreement, note purchase agreement or other agreement
governing such Additional Secured Debt, together with its successors in such capacity, and (b) has executed an Intercreditor Joinder. 

“Secured Obligations” means (a) all Loan Secured Obligations and (b) all Additional Debt Secured Obligations. 

“Secured Parties” means the holders of Secured Obligations and the Secured Lien Representatives. 

“Security Trustee” has the meaning set forth in the preamble. 

“Senior Extraordinary Expenses” means unanticipated expenses required to be borne by the Borrower or the applicable Vessel
Owner, including (without limitation) (i) in connection with any Vessel Disposition, (ii) in payment for expenses and liabilities in connection with the exercise of remedies with respect to any charter obligor, (iii) in payment for
the advice of counsel and the cost of certain opinions of counsel, and (iv) relating to maintenance of the Secured Obligations and the Secured Debt Documents, including fees and expenses of any extensions of or incurrence of Secured
Obligations, in each case to the extent such amounts are due and payable prior to the next Payment Date. 
 “Series of Secured
Debt” means (1) Indebtedness of the Borrower and the Obligors under the Loan Agreement, and (2) each other issue or series of Additional Secured Debt for which a single transfer register is maintained. 

“Subordinated Agreement” means each agreement (i) between the Primary Guarantor and the Borrower, (ii) between the
Borrower and any Vessel Owner and (iii) between the Primary Guarantor and any Vessel Owner, in each case pursuant to which one party advances loans or other financial accommodations or indebtedness to the other party. 

“Subordinated Party” means any Person that has entered into or does from time to time enter into a Subordinated Agreement.

 “Swap” means any trade or transaction entered into by the Borrower and a Hedge Counterparty under or pursuant to a
Hedging Agreement. 
 “Swap Termination Value” means, in respect of any one or more Swaps, after taking into account the
effect of any legally enforceable netting agreement relating to such Swaps, (a) for any date on or after the date such Swaps have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swaps, as determined based upon one or
more mid-market or other readily available quotations provided by any recognized dealer in such Swaps. 

  
 14 

 “Total Loss” means in relation to a Collateral Vessel: 

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

(b) requisition for title or other compulsory acquisition of that Collateral Vessel otherwise than by requisition for hire; 

(c) capture, seizure, arrest, detention, or confiscation of that Collateral Vessel by any government or by Persons acting or purporting to act
on behalf of any government or by any other Person which deprives the Borrower or Vessel Owner or as the case may be the Charterer of the use of that Collateral Vessel for more than sixty (60) days after that occurrence; and 

(d) requisition for hire of that Collateral Vessel by any government or by Persons acting or purporting to act on behalf of any government or
by any other Person which deprives the Borrower or Vessel Owner or as the case may be the Charterer of the use of that Collateral Vessel for a period of sixty (60) days. 

“Total Loss Proceeds” means all Insurance Proceeds payable in respect of a Total Loss. 

“Trust Estate” has the meaning set forth in Section 2.02. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York or any other applicable jurisdiction. 

“US$ Equivalent” means, with respect to any monetary amount in a currency other than U.S. dollars, at any time of
determination, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the average of the spot rates for the purchase and sale of U.S. dollars with the applicable
foreign currency as published in The Wall Street Journal on the date two Business Days prior to such determination. 

“Vessel Disposition” has the meaning set forth in the Loan Agreement. 

SECTION 1.02. Rules of Interpretation. All terms used in this Agreement that are defined in Article 9 of the
UCC and not otherwise defined herein have the meanings assigned to them in Article 9 of the UCC. (b) Unless otherwise indicated, any reference to any agreement, instrument or obligation will be deemed to include a reference to that agreement,
instrument or obligation as assigned, amended, restated, refinanced, supplemented or otherwise modified and in effect from time to time or replaced in accordance with or contemplated pursuant to the terms of this Agreement. 

(c) The use in this Agreement or any of the other Collateral Documents of the word “include” or “including,” when following
any general statement, term or matter, will not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not nonlimiting language (such
as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but will be deemed to refer to all other items or matters that fall within the broadest possible scope of such general
statement, term or matter. The word “will” shall be construed to have the same meaning and effect as the word “shall.” 

  
 15 

 (d) References to “Sections,” “clauses,” “recitals” and the
“preamble” will be to Sections, clauses, recitals and the preamble, respectively, of this Agreement unless otherwise specifically provided. References to “Articles” will be to Articles of this Agreement unless otherwise
specifically provided. References to “Exhibits” and “Schedules” will be to Exhibits and Schedules, respectively, to this Agreement unless otherwise specifically provided. 

(e) Notwithstanding anything to the contrary in this Agreement, any references contained herein to any section, clause, paragraph, definition
or other provision of a Secured Debt Document (including any definition contained therein) shall be deemed to be a reference to such section, clause, paragraph, definition or other provision as in effect on the date of this Agreement;
provided that any reference to any such section, clause, paragraph or other provision shall refer to such section, clause, paragraph or other provision of the Secured Debt Documents (including any definition contained therein) as amended or
modified from time to time if such amendment or modification has been (1) made in accordance with the Secured Debt Documents and (2) prior to the Discharge of Secured Obligations, approved in a writing delivered to the Security Trustee by,
or on behalf of, the requisite holders of Secured Obligations as are needed (if any) under the terms of this Agreement to approve such amendment or modification. 

This Agreement and the other Collateral Documents will be construed without regard to the identity of the party who drafted it and as though
the parties participated equally in drafting it. Consequently, each of the parties acknowledges and agrees that any rule of construction that a document is to be construed against the drafting party will not be applicable either to this Agreement or
the other Collateral Documents. 
 ARTICLE II 

The Trust Estate 

SECTION 2.01. Declaration of Trust. To secure the payment of the Secured Obligations and in consideration of the
premises and mutual agreements set forth in this Agreement:  
 (i) each of the Secured Parties (other than the Security Trustee)
irrevocably appoints the Security Trustee in accordance with the following provisions of this Agreement to act as Security Trustee under this Agreement and in connection with the Secured Debt Documents, and irrevocably authorises the Security
Trustee to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Trustee under or in connection with the Secured Debt Document together with any other
rights, powers, authorities and discretions as are necessarily incidental thereto; and 

  
 16 

 (ii) the Security Trustee hereby accepts such appointment and agrees to hold, in trust under
this Agreement for the benefit of all current and future Secured Parties, all of each Obligor’s right, title and interest in, to and under all Collateral granted or pledged to the Security Trustee under any Collateral Documents for the benefit
of the Secured Parties, together with all of the Security Trustee’s right, title and interest in, to and under such Collateral Documents, and all interests, rights, powers and remedies of the Security Trustee thereunder or in respect thereof
and all cash and non-cash proceeds thereof (collectively, the “Trust Estate”). 

The Security Trustee and its successors and permitted assigns under this Agreement will hold the Trust Estate in trust for the benefit solely
and exclusively of all current and future Secured Parties as security for the payment of all current and future Secured Obligations. 

Notwithstanding the foregoing, if at any time: 

(i) all Liens securing the Secured Obligations have been released as provided in Section 3.09(a); 

(ii) the Security Trustee holds no other property in trust as part of the Trust Estate; and 

(iii) the Discharge of Secured Obligations shall have occurred, 

then the Trust Estate arising hereunder will automatically terminate, except that all provisions set forth in Sections 8.09 and 8.10 that
are enforceable by the Security Trustee, or any of its agents (whether in an individual or representative capacity) will remain enforceable in accordance with their terms. 

The parties further declare and covenant that the Trust Estate will be held and distributed by the Security Trustee subject to the further
agreements herein. 
 SECTION 2.02. Equal and Ratable Sharing of Collateral by Holders of Secured Obligations.
The Security Trustee and each Secured Lien Representative (on behalf of each holder of Secured Obligations) agree that, notwithstanding: 

(1) anything to the contrary contained in the Collateral Documents; 

(2) the time of incurrence of any Secured Obligations; 

(3) the order or method of attachment or perfection of any Liens securing any Secured Obligations; 

(4) the time or order of filing of financing statements, applications for registration or other documents filed, registered or recorded to
perfect any Lien upon any Collateral; 
 (5) the time of taking possession or control over any Collateral; 

(6) that any Lien may not have been perfected or may be or have become subordinated, by equitable subordination or otherwise, to any other
Lien; or 

  
 17 

 (7) the rules for determining priority under any law governing relative priorities of Liens:

 (a) all Liens granted at any time by any Grantor will secure, equally and ratably, all current and future Secured Obligations; and 

(b) all proceeds of all Liens granted at any time by any Grantor will be allocated and distributed equally and ratably on account of the
Secured Obligations in accordance with this Agreement. 
 This Section 2.02 is intended for the benefit of, and will be enforceable as
a third party beneficiary by, each current and future holder of Secured Obligations, each current and future Secured Lien Representative and the Security Trustee as holder of Liens. 

ARTICLE III 
 Obligations and
Powers of Security Trustee 
 SECTION 3.01. Undertaking of the Security Trustee 

(a) Each Secured Party acting through its Secured Lien Representative hereby appoints the Security Trustee to serve as Security Trustee
hereunder on the terms and conditions set forth herein. Subject to, and in accordance with, this Agreement, the Security Trustee will, as Security Trustee, upon the terms and conditions set forth herein and for the benefit solely and exclusively of
the present and future Secured Parties: 
 (i) accept, enter into, receive, hold and enforce all Collateral Documents,
including all Collateral subject thereto, and all Liens created thereunder, distribute the proceeds of all Liens upon the Collateral at any time held by it in trust and for the benefit of the current and future holders of the Secured Obligations,
perform its obligations under the applicable Collateral Documents and protect, exercise and enforce the interests, rights, powers and remedies granted or available to it under, pursuant to or in connection with the applicable Collateral Documents;

 (ii) take all lawful and commercially reasonable actions permitted under the applicable Collateral Documents that it may
deem necessary or advisable to prove, protect or preserve the Liens securing the Secured Obligations; 
 (iii) deliver and
receive notices pursuant to the applicable Collateral Documents; 
 (iv) sell, assign, collect, assemble, foreclose on,
institute legal proceedings with respect to, or otherwise exercise or enforce the rights and remedies of a Secured Party (including a mortgagee, trust deed beneficiary and insurance beneficiary or loss payee) with respect to the Collateral under the
applicable Collateral Documents and its other interests, rights, powers and remedies; 

  
 18 

 (v) remit as provided in Section 3.05 all cash proceeds received by the
Security Trustee from the collection, foreclosure or enforcement of its interest in the Collateral under the applicable Collateral Documents or any of their other interests, rights, powers or remedies; 

(vi) execute and deliver amendments to the applicable Collateral Documents as from time to time authorized pursuant to
Section 7.01; and 
 (vii) execute documentation evidencing the release of any Lien granted to it by any Collateral
Document upon any Collateral or stating that no Lien under any Collateral Document exists on specified property that does not constitute Collateral if and as required by and subject to satisfaction of the conditions set forth in Section 3.09.

 (b) Each party to this Agreement acknowledges and consents to the undertaking of the Security Trustee set forth in Sections 3.02(a)
and agrees to each of the other provisions of this Agreement applicable to the Security Trustee. 
 (c) Notwithstanding anything to the
contrary contained in this Agreement or any other Secured Debt Documents, the Security Trustee will not commence any exercise of remedies or any foreclosure actions or otherwise take any action or proceeding against or in respect of any of the
Collateral (other than actions necessary to prove, protect or preserve the Liens securing the Secured Obligations) unless and until it shall have been directed by written notice of an Act of Required Debtholders and then only in accordance with the
provisions of this Agreement. 
 (d) Except as provided otherwise in this Agreement or as directed by an Act of Required Debtholders in
accordance with this Agreement, the Security Trustee will not be obligated to: 
 (i) act upon directions purported to be
delivered to it by any Person; 
 (ii) foreclose upon or otherwise enforce any Lien; or 

(iii) take any other action whatsoever with regard to any or all of the applicable Collateral Documents, the Liens created
thereby or the Collateral. 
 SECTION 3.02. Release or Subordination of Liens. The Security Trustee will not
execute any documentation evidencing the release or subordination of any Lien in respect of any Secured Obligations or consent to the release or subordination of any such Lien, except: 

(a) as permitted by Section 3.09; 

(b) as directed by an Act of Required Debtholders to the effect that the release or subordination was permitted by each
applicable Secured Debt Document; 
 (c) as required by Article IV; or 

(d) as ordered pursuant to applicable law under a final and non-appealable order or
judgment of a court of competent jurisdiction. 

  
 19 

 SECTION 3.03. Enforcement of Liens. If the Security Trustee at
any time receives written notice that any event has occurred that constitutes an “Event of Default” under any Secured Debt Document entitling the Security Trustee to foreclose upon, collect or otherwise enforce any of its Liens under the
applicable Collateral Documents, it will promptly deliver written notice thereof to each Secured Lien Representative. Thereafter, the Security Trustee may await direction by an Act of Required Debtholders and will act, or decline to act, subject to
Section 6.10 hereof, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Security Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the applicable Collateral Documents
or applicable law and, following the initiation of such exercise of remedies, the Security Trustee will act, or decline to act, subject to Section 6.10 hereof, with respect to the manner of such exercise of remedies as directed by an Act of
Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Security Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any Secured Debt
Default under any Secured Debt Document as it may deem advisable and in the best interest of the holders of Secured Obligations.  

SECTION 3.04. Application of Proceeds. If any Collateral is sold or otherwise realized upon by the Security
Trustee in connection with any foreclosure, collection, sale or other enforcement of Liens granted to the Security Trustee in the applicable Collateral Documents, the proceeds received by the Security Trustee from such foreclosure, collection, sale
or other enforcement will, subject to any mandatory provision of local law applicable to such Collateral or Collateral Document, be distributed in the order of application set out in Section 4.02. 

SECTION 3.05. Powers of the Security Trustee. The Security Trustee is irrevocably authorized and empowered to
enter into and perform its obligations and protect, perfect, exercise and enforce its interest, rights, powers and remedies under the Collateral Documents and applicable law and in equity and to act as set forth in this Article III, Article V
or as requested in any lawful directions given to it from time to time in respect of any matter by an Act of Required Debtholders. 

SECTION 3.06. Documents and Communications. The Security Trustee will permit each Secured Lien Representative and
each holder of Secured Obligations upon reasonable written notice from time to time during regular business hours to inspect and copy, at the cost and expense of the party requesting such copies, any and all Collateral Documents and other documents,
notices, certificates, instructions or communications received by the Security Trustee in its capacity as such. 

SECTION 3.07. For Sole and Exclusive Benefit of Holders of Secured Obligations. The Security Trustee will accept,
hold, administer and enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests, rights, powers and remedies at any time granted to or enforceable by the Security Trustee and all other property of the
Trust Estates solely and exclusively for the benefit of the present and future holders of present and future Secured Obligations, and will distribute all proceeds received by it in realization thereon or from enforcement thereof solely and
exclusively pursuant to the provisions hereof. 
 SECTION 3.08. Additional Secured Debt. (a) The Security
Trustee will, as a Security Trustee hereunder, perform its undertakings set forth in Section 3.02(a) with respect to each holder of Additional Debt Secured Obligations that is issued or incurred on or after the date hereof that: 

(i) holds Secured Obligations that are identified as Additional Debt Secured Obligations in accordance with the procedures set
forth in Section 3.08(b) and (c); and 

  
 20 

 (ii) signs, through its designated Secured Lien Representative identified
pursuant to Section 3.08(b), an Intercreditor Joinder and delivers the same to the Security Trustee. 
 (b) In addition to the
Borrower’s right to request increased commitments under and in accordance with the terms of the Loan Agreement, the Borrower will be permitted to incur additional secured debt (“Additional Secured Debt”) by way of issuing
private placement notes, or entering into further secured loan facilities, provided that: 
 (i) the total amount of the aggregate of the
Loan Secured Obligations and the Additional Debt Secured Obligations shall not exceed $2,500,000,000; 
 (ii) no Secured Debt Default or
Event of Default shall have occurred and be continuing on the date on which such Additional Secured Debt comes into effect and after giving effect to such Additional Secured Debt; 

(iii) the Borrower shall not be entitled to have more than two revolving credit facilities at any one time, save that any Borrowing under a
second revolving facility will be subject to the First Revolving Facility then being fully drawn; 
 (iv) prior to entering into any
Additional Debt Documents, the Borrower shall inform the Administrative Agent of its intention to incur Additional Secured Debt and the proposed terms of such Additional Secured Debt and shall give all holders of the Secured Obligations at such time
such further non-confidential information in relation to the such Additional Secured Debt as they may reasonably request; 

(v) the Security Trustee shall be appointed as security trustee pursuant to the Additional Debt Documents, to act as Security Trustee in
respect thereof, in accordance with the terms of this Agreement and Citibank, N.A. shall be appointed as administrative agent (or equivalent position), as applicable, in respect of such Additional Secured Debt; 

(vi) the payment and satisfaction of all of the Additional Debt Secured Obligations and the Loan Secured Obligations will be secured equally
and ratably by the Liens established in favor of the Security Trustee for the benefit of the Secured Parties; and 
 (vii) the Borrower shall
deliver an Additional Secured Debt Designation in accordance with 3.08(c) below. 
 (c) The Borrower will (subject to 3.08(b) above) be
permitted to designate as an additional holder of Secured Obligations hereunder each Person who is, or who becomes, the registered holder of Additional Secured Debt on or after the date of this Agreement in accordance with the terms of all
applicable Additional Debt Documents and this Agreement. The Borrower may only effect such designation by delivering to the Security Trustee an Additional Secured Debt Designation upon entry into any new Additional Debt Document, which: 

(i) states that the Borrower intends to incur or has incurred Additional Secured Debt which will be secured by the Lien of the Collateral
equally and ratably with the Loan Secured Obligations and all previously existing and future Additional Debt Secured Obligations; 

  
 21 

 (ii) specifies the name and address of the Additional Debt Representative for such
Additional Secured Debt; 
 (iii) states that the Borrower has duly authorized, executed (if applicable) and recorded or registered (or
caused to be recorded or registered) in each appropriate governmental office all relevant filings, applications for registration and recordations to ensure that the Additional Secured Debt is secured by the Collateral in accordance with the
applicable Collateral Documents; 
 (iv) attaches as Exhibit 1 to such Additional Secured Debt Designation a Reaffirmation Agreement
duly executed by the Borrower and the Primary Guarantor, which Reaffirmation Agreement shall be substantially in the form of Exhibit 1 to Exhibit A hereto; and 

(v) states that the Borrower has caused a copy of the Additional Secured Debt Designation and the related Intercreditor Joinder to be delivered
to each then existing Secured Lien Representative. 
 Notwithstanding the foregoing, nothing in this Agreement will be construed to allow the Borrower (or
any Vessel Owner) to incur additional Indebtedness unless expressly permitted by, and carried out in accordance with the terms of this Agreement. 

SECTION 3.09. Release of Collateral 

(a) Subject to 3.09(c), upon the Discharge of Secured Obligations, the Collateral shall be released without recourse or warranty from the Liens
constituted by the Collateral Documents, and the Security Trustee shall (at the cost of the Borrower) execute such documents and agreements, give such notices, and take such further action as the Borrower may reasonably request in order to give
effect to such release, discharge, return or termination, as applicable, of such Collateral. 
 (b) Subject to 3.09(c), upon a Vessel
Disposition, Total Loss or other partial prepayment in respect of a Collateral Vessel, following application of the Net Sale Proceeds, Total Loss Proceeds, or the prepayment amount, pursuant to Sections 4.02 or other removal of a Collateral Vessel
as part of the Collateral as permitted by the Secured Debt Documents, as applicable, provided that, following such application (and the release of Collateral under this (b)) there would be no Default or Event of Default (or equivalent term,
howsoever described, under any Additional Debt Documents), BB Event or DSCR Cash Sweep Event then in existence, the Collateral in respect of the specific Collateral Vessel the subject of the Vessel Disposition, Total Loss, prepayment or removal
shall be released without recourse or warranty from the Liens constituted by the Collateral Documents, and the Security Trustee shall (at the cost of the Borrower) execute such documents and agreements, give such notices, and take such further
action as the Borrower may reasonably request in order to give effect to such release, discharge, return or termination, as applicable, of such Collateral. 

  
 22 

 (c) The Security Trustee shall not be required to release any part of the Collateral if
either the Security Trustee or any Secured Lien Representative has been advised in writing by appropriate legal counsel satisfactory to it that, by reason of the application of any bankruptcy, insolvency or other applicable laws affecting
creditors’ rights and the discharge of obligations, the Security Trustee, any Secured Lien Representative or any Secured Party will be, or will become likely to be, obliged to pay to or account to any Grantor or any liquidator or trustee in
bankruptcy of any Grantor any amount corresponding to all or any part of the amount paid in or towards such discharge. 
 ARTICLE IV 

Cash Management 

SECTION 4.01. Accounts.  

(a) The Borrower shall at all times until the Discharge of Secured Obligations maintain and procure the maintenance of the Charged Accounts
with the applicable Account Bank. 
 (b) No withdrawal may be made from the Charged Accounts except as permitted by this Agreement or the
Secured Debt Documents. Each instruction in relation to any withdrawal from a Charged Account shall be copied to, and provided simultaneously with provision thereof to the Account Bank to, the Security Trustee and each Secured Lien Representative.

 (c) Subject to Section 4.01(d), the Borrower shall procure that any and all monies payable directly or indirectly to the Borrower
and/or each other Obligor from, comprising or in connection with: 
 (i) Earnings in respect to a Collateral Vessel; 

(ii) any monies which the Hedge Counterparties are required to pay to the Borrower from time to time pursuant to any Hedging Agreement; 

(iii) any earnings on investments of funds held in any Charged Account; 

(iv) Insurance Proceeds (other than Total Loss Proceeds); and 

(v) Proceeds from the Collateral (other than Net Sale Proceeds), 

that relate to or are connected to the Secured Debt Documents or any Collateral Vessel shall be paid directly to the Collection Account
provided that (a) monies described above shall be permitted to be paid first to the HK Collection Account and (b) if it is demonstrated to the reasonable satisfaction of the Security Trustee that such is required by applicable law or to
mitigate an adverse Tax or legal consequence, such portion of Earnings as is so required may be paid instead to the relevant Vessel Owner Account. Subject to Section 4.01(d) in respect of amounts constituting Net Sale Proceeds and Total Loss
Proceeds, any amounts standing to the credit of the HK Collection Account and any Vessel Owner Account shall as soon as practicable, and in any event not later than five (5) Business Days after payment into such account be credited into either
(A) the Collection Account, or (B) where the Borrower would be permitted to withdraw such amounts from the Collection Account pursuant to Section 4.02(b) were such amounts already credited to the Collection Account, to such other
account nominated by the Borrower. 

  
 23 

 (d) The Borrower shall procure that any and all Net Sale Proceeds and Total Loss Proceeds
shall be paid directly to the HK Collection Account and then shall as soon as practicable, and in any event not later than five (5) Business Days after payment into such account be credited into the Collateral Account, for further application
in accordance with Sections 4.02(d) and (e). 
 SECTION 4.02. Application of Proceeds  

(a) All amounts standing to the credit of the Collection Account as of each Determination Date collected during the relevant Collection Period
shall be applied, by the Borrower, on each Payment Date, on each Remittance Date, (following an Event of Default which is continuing) on each date required by an Act of Required Debtholders, and, in respect of any Revolving Loan, on each Interest
Payment Date in respect of such Revolving Loan in the following order of priority but (i) in respect of any application on a Remittance Date (that is not also a Payment Date) only up to and including “thirdly” below, (ii) in
respect of any application on an Interest Payment Date in respect of any Revolving Loan (that is not also a Payment Date) only amounts in respect thereof set out under “fourthly” below, and (iii) (unless otherwise stated below) only to the
extent that all distributions of a higher priority have been made in full, in payment: 
 (i) firstly, pari passu and pro
rata: to (i) the Representatives in discharging fees, Expenses and indemnity payments owing to the Representatives (or any of them) and (ii) to the Borrower or as it may direct for reimbursement for Priority Vessel Expenses (to the
extent due and payable prior to the next Payment Date) and Administrative Expenses; 
 (ii) secondly, pari passu and pro
rata: to the Manager or as it may direct, for reimbursement of Management Fees and Expenses, provided that the amount of Management Fees and Expenses paid under this secondly shall not exceed an amount equal to US$1,000 per Collateral
Vessel per day; 
 (iii) thirdly, pari passu and pro rata: to the Borrower or as it may direct, for reimbursement for
Senior Extraordinary Expenses, provided that the amount of Senior Extraordinary Expenses paid under this thirdly shall not exceed an amount of $250,000 in any calendar year; 

(iv) fourthly, pari passu and pro rata: 

(1) to the Lenders and any Issuing Banks for application in or towards the discharge of the Borrower’s liabilities in respect of payment
of Commitment Fees, L/C Fees and L/C Fronting Fees and interest then due and payable (including Default Interest) on the Loans under the Loan Agreement; 

  
 24 

 (2) to the Additional Debt Representatives for onwards payment to the Additional Debt
Finance Parties in or towards the discharge of the Borrower’s liabilities in respect of commitment fees and interest then due (including default interest) under the Additional Debt Documents; and 

(3) to each Hedge Counterparty on a pro rata basis of net scheduled payments (including default interest) due to such Hedge Counterparty under
the relevant Hedging Agreement; 
 (v) fifthly, pari passu and pro rata: 

(1) to the Lenders for application in or towards the discharge of the Borrower’s liabilities in respect of principal then due and payable
on the Loans under the Loan Agreement and to the Administrative Agent for application in or towards the discharge of the Borrower’s liabilities to Cash Collateralize any Letter of Credit; 

(2) to the Additional Debt Representatives for onwards payment to the Additional Debt Finance Parties in or towards the discharge of the
Borrower’s liabilities in respect of principal then due under the Additional Debt Documents; and 
 (3) to each Hedge Counterparty on a
pro rata basis of termination payments due to such Hedge Counterparty under the relevant Hedging Agreement (including, for the avoidance of any doubt, any termination payments due to such Hedge Counterparty in connection with any prepayments under
clauses (vii) and (viii) below); 
 (vi) sixthly pari passu and pro rata: for application in or towards discharge
of any Grantor’s other liabilities due and payable to the Loan Finance Parties, the Additional Debt Finance Parties, the Representatives or any of them under any of the Secured Debt Documents; 

(vii) seventhly: if a DSCR Cash Sweep Event is continuing, fifty per cent. of all remaining amounts shall be applied first, pro rata and
pari passu to repay any outstanding principal of the Revolving Facility under the Loan Agreement and any Revolving Facility under any Additional Debt Document, and secondly, pro rata and pari passu, to repay the outstanding principal of the Term
Loan under the Loan Agreement and the outstanding principal (other than in respect of any Revolving Facility) under the Additional Debt Documents (provided that if any Additional Debt Finance Party elects not to receive such amounts, such amounts
shall be applied repay the outstanding principal of the Term Loan under the Loan Agreement); 
 (viii) eighthly: if a BB Event is
continuing, the lesser of (x) all remaining amounts and (y) an amount, which when added to any prepayments of Secured Obligations, cash collateral deposited into the Collateral Account, any Additional Vessels included in the Collateral and
any other security for the Secured Obligations provided to and accepted by the Security Trustee, necessary to cure the related BB Event (and such that, upon application of such amount, the related BB Event shall be cured) shall be applied first pro
rata and pari passu to repay any outstanding principal of the Revolving Facility under the Loan Agreement and any Revolving Facility under any Additional Debt Document and secondly, pro rata and pari passu, to repay the outstanding principal of the
Term Loan under the Loan Agreement and the outstanding principal (other than in respect of any Revolving Facility) under the Additional Debt Documents (provided that if any Additional Debt Finance Party elects not to receive such amounts, such
amounts shall be applied repay the outstanding principal of the Term Loan under the Loan Agreement); 

  
 25 

 (ix) ninthly: to the Manager or as it may direct, for reimbursement of Management
Fees and Expenses not paid under secondly above; 
 (x) tenthly: to the Borrower or as it may direct, for reimbursement for
Senior Extraordinary Expenses not paid under thirdly above; and 
 (xi) lastly, provided no Event of Default has occurred and
is continuing and the Grantors are in compliance with all covenants under the Secured Debt Documents, any balance remaining to the Borrower or as it may direct (and if an Event of Default has occurred and is continuing or the Grantors are not in
compliance with all covenants under the Secured Debt Documents any balance shall remain in the Collection Account until the next application of this Section 4.02(a)). 

(b) Subject to Section 4.02(c) below, provided that no Default or Event of Default (or equivalent term(s) howsoever described under any
Additional Debt Documents) has occurred and is continuing and provided further that the DSCR Ratio is greater than 1.75:1.0x. and that no BB Event is then in existence, the Borrower shall be permitted to make withdrawals from the Collection Account,
or directly from the HK Collection Account in accordance with Section 4.01(c)(B), on each day during a Collection Period and prior to the applicable Payment Date; provided that the Borrower shall ensure that the aggregate amount of all Earnings
remitted to the HK Collection Account during such Collection Period is sufficient to pay the applicable Priority Payment Amounts for that Collection Period, in full on the relevant Payment Date. 

(c) In relation to the foregoing Section 4.02(b) and without the benefit of any grace period that might otherwise be available to an
Obligor pursuant to this Agreement or any other Secured Debt Document, should any of the Priority Payment Amounts not be paid in full on the relevant Payment Date (from either funds then standing to the credit of the Collection Account or from other
cash available to the Guarantor Group for that purpose), then the Borrower shall no longer be permitted to make withdrawals on any day during a Collection Period from the Collection Account (or directly from the HK Collection Account in accordance
with Section 4.01(c)(B)) in such manner provided for in Section 4.02(b) for any subsequent Collection Period, save that the provisions of Section 4.02(a) of this Agreement shall continue to apply to the exclusion of
Section 4.02(b). 
 (d) Subject to Section 4.02(e) below, all amounts standing to the credit of the Collateral Account shall be
retained in the Collateral Account pending application in accordance with the following provisions: 
 (i) the Borrower shall certify the
amount, if any, by which the amount standing to the credit of the Collateral Account exceeds the amount required to be retained in the Collateral Account such that the BB Ratio is less than 1.0:1.0x (the “Excess Amount”) in each
Compliance Certificate and a copy thereof shall be provided to the Security Trustee; 

  
 26 

 (ii) provided no Event of Default has occurred and is continuing and the Grantors are in
compliance with all covenants under the Secured Debt Documents, the Security Trustee shall not later than one Business Day prior to each Payment Date consent to the withdrawal of the Excess Amount from the Collateral Account and payment of such
amount to the Collection Account for application in accordance with Section 4.02(a) above; and 
 (iii) all amounts standing to the
credit of the Collateral Account other than the Excess Amount shall be retained in the Collateral Account and applied in accordance with this Section 4.02(d) following the next Determination Date. 

(e) Upon notice to the Administrative Agent, and in connection with any Vessel Disposition, amounts representing Net Sale Proceeds and which
are standing to the credit of the Collateral Account, may be withdrawn from the Collateral Account on any day during a Collection Period and applied in immediate prepayment of any Borrowing under any Secured Debt Document in whole or in part, in
accordance with Section 2.05 of the Loan Agreement or the equivalent provision of such other applicable Secured Debt Document; provided that the Borrower shall have delivered to the Agent a Compliance Certificate signed by the Borrower
evidencing that such Vessel Disposition and subsequent prepayment will not give rise to a Default, a Concentration Limit Event, a breach of the Guarantor Financial Covenants, a BB Event or a DSCR Cash Sweep Event. 

(f) In making any determinations and allocations or in giving any consent or authorizations required in accordance with Section 4.02 of
this Agreement, the Security Trustee may conclusively rely upon information supplied by the Borrower and, as to the amounts of unpaid principal and interest and other amounts outstanding with respect to its respective Secured Debt Documents, the
relevant Secured Lien Representative. 
 SECTION 4.03. Required Hedging 

(a) No later than six (6) months after the Restatement Date, and thereafter following entry into any Additional Debt Documents, six
(6) months after the date of such Additional Debt Document, the Borrower shall enter into, and subsequently maintain in effect, one or more interest rate hedge transactions under Hedging Agreements to ensure that the notional principal amount
hedged by the Hedging Agreements is, in aggregate: 
 (i) not less than twenty percent (20%); and 

(ii) not more than one hundred percent (100%), 

of the Hedgeable Loan Amount (taking into account the amortization of the Loans) (such 

requirement, the “Hedging Requirement”); provided that if any principal amount remains outstanding under any fixed rate private placement
notes issued by the Borrower and which constitute Additional Secured Debt (“PPN Principal”), an amount equivalent to such PPN Principal shall be credited towards the Hedging Requirement. 

  
 27 

 (b) The Borrower shall not terminate, break or otherwise cancel any Swap except (i) for
the portion of a Swap relevant to a prepayment of a Loan or other Additional Secured Debt amount required or permitted in accordance with the Secured Debt Documents and (ii) where it is economically prudent and advantageous to do so in the
circumstances provided that a termination, break or cancellation under (ii) shall not be permitted if it would otherwise breach the Hedging Requirement or if there is then at such time a Cash Sweep Event or if it would cause a Cash Sweep Event.

 (c) Each Hedging Agreement shall provide that no transferee of a Hedge Counterparty under such Hedging Agreement shall be any Person other
than a Person meeting the requirements for being a “Hedge Counterparty” hereunder. 
 ARTICLE V 

Guarantee and Subordination 

SECTION 5.01. Guarantee and Indemnity (a) Each Guarantor hereby irrevocably and unconditionally jointly and
severally, to the greatest extent permitted by applicable law: 
 (i) guarantees to each Secured Party punctual performance by each other
Grantor of all that Grantor’s obligations under the Secured Debt Documents; 
 (ii) undertakes with each Secured Party that whenever any
Grantor does not pay any amount when due to a Secured Party under or in connection with any Secured Debt Document, that Guarantor shall immediately on demand pay that amount as if it was the principal obligor and not merely as surety; and 

(iii) agrees with each Secured Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an
independent and primary obligation, indemnify that Secured Party immediately on demand against any cost, loss or liability it incurs as a result of a Grantor not paying any amount which would, but for such unenforceability, invalidity or illegality,
have been payable by it under any Secured Debt Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Section 5.01 if the amount
claimed had been recoverable on the basis of a guarantee. 
 (b) This guarantee is a continuing guarantee and will extend to the ultimate
balance of sums payable by each Grantor to the Secured Parties under the Secured Debt Documents, regardless of any intermediate payment or discharge in whole or in part. 

(c) If any discharge, release or arrangement (whether in respect of the obligations of any Grantor or any security for those obligations or
otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability
of the Guarantors under this Section 5.01 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

  
 28 

 (d) The obligations of each Guarantor under this Section 5.01 will not be affected by
any act, omission, matter or thing which, but for this Section 5.01(d), would reduce, release or prejudice any of its obligations under this Section 5.01 (without limitation and whether or not known to it or any Secured Party) including:

 (i) any time, waiver or consent granted to, or composition with, any Grantor or any other Person; 

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

 (iii) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights
against, or security over assets of, any Grantor or any other Person or any non-presentation or non-observance of any formality or other requirement in respect of any
instrument or any failure to realise the full value of any security; 
 (iv) any incapacity or lack of power, authority or legal personality
of or dissolution or change in the members or status of any Grantor or any other Person; 
 (v) any amendment, novation, supplement,
extension (whether of maturity or otherwise) or restatement (in each case however fundamental and of whatsoever nature, and whether or not more onerous) or replacement of any Secured Debt Document or any other document or security; 

(vi) any unenforceability, illegality or invalidity of any obligation of any Person under any Secured Debt Document or any other document or
security; or 
 (vii) any insolvency or similar proceedings. 

(e) Without prejudice to the generality of Section 5.01(d), each Guarantor expressly confirms that it intends that this guarantee shall
extend from time to time to any (however fundamental and of whatsoever nature and whether or not more onerous) variation, increase, extension or addition of or to any of the obligations guaranteed hereby (whether due to any (however fundamental and
of whatsoever nature and whether or not more onerous) variation, increase, extension or addition of or to the Secured Debt Documents and/or any facility or amount made available under any of the Secured Debt Documents for any reasons, including any
fees, costs and/or expenses associated with any of the foregoing). 
 (f) Each Guarantor waives any right it may have of first requiring any
Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any Person before claiming from that Guarantor under this Section 5.01. This waiver applies irrespective of
any Law or any provision of a Secured Debt Document to the contrary. 
 (g) Until the Discharge of Secured Obligations, each Secured Party
(or any trustee or agent on its behalf) may: 

  
 29 

 (i) refrain from applying or enforcing any other moneys, security or rights held or received
by that Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise), and no Guarantor shall be entitled to the
benefit of the same; and 
 (ii) hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any
Guarantor’s liability under this Section 5.01. 
 (h) Until the Discharge of Secured Obligations and unless the Security Trustee
otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Secured Debt Documents or by reason of any amount being payable, or liability arising, under this 5.01: 

(i) to be indemnified by any Grantor; 

(ii) to claim any contribution from any other guarantor of any Grantor’s obligations under the Secured Debt Documents; 

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

(iv) to bring legal or other proceedings for an order requiring the Borrower to make any payment, or perform any obligation, in respect of
which any Guarantor has given a guarantee, undertaking or indemnity under Section 5.01; 
 (v) to exercise any right of set-off against any Grantor; and/or 
 (i) to claim or prove as a creditor of any Grantor in competition
with any Secured Party. 
 If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that
benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Secured Parties by the Borrower under or in connection with the Secured Debt Documents to be repaid in full on trust for the Secured
Parties and shall promptly pay or transfer the same to the Security Trustee or as the Security Trustee may direct for application in accordance with Section 4.02. 

(j) The guarantee under this Section 5.01 is in addition to and is not in any way prejudiced by any other guarantee or security now or
subsequently held by any Secured Party. 

  
 30 

 (k) Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally
and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Grantor to honor all of its obligations under this Guarantee in respect of Hedging Obligations (provided, however, that each Qualified
ECP Guarantor shall only be liable under this Section 5.01(k) for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 5.01(k), or otherwise under this Guarantee, voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until Hedging Obligations have
been paid in full. Each Qualified ECP Guarantor intends that this Section 5.01(k) constitute, and this Section 5.01(k) shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Grantor
for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 SECTION 5.02. Subordination.
Each of the Subordinated Parties hereby undertakes in favor of the Secured Parties that its rights and claims under, in and to the Subordinated Agreements and the other Secured Debt Documents are, and shall at all times until the Discharge of
Secured Obligations has occurred, be fully subject and subordinated to the rights and claims of the Secured Parties in, to and under this Agreement, the Secured Debt Documents and any loans or other amounts advanced thereunder, and that no amounts
shall be payable to it under the Subordinated Agreements, this Agreement or the Secured Debt Documents otherwise than in accordance with the terms of this Agreement until the Discharge of Secured Obligations has occurred. 

(b) Each of the Subordinated Parties hereby undertakes in favor of the Secured Parties that unless and until the Discharge of Secured
Obligations has occurred, it will not: 
 (i) accelerate any Subordinated Agreements or any Indebtedness thereunder; 

(ii) exercise any rights it may have by reason of (a) performance by it of its obligations under any Subordinated Agreement, or
(b) the failure of any party to perform its obligations under any Subordinated Agreement, or (c) any amount being payable or any liability arising under any Subordinated Agreements, to: 

(1) be indemnified by a Grantor; 

(2) claim any contribution from any guarantor of any Grantor’s obligations under the Subordinated Agreements; 

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

(4) bring legal or other proceedings for an order requiring any Grantor to make any payment, or perform any obligation, in respect of which any
Grantor has given a guarantee, undertaking or indemnity under any Subordinated Agreement; 
 (5) except in connection with the initial
transfer of any Collateral Vessel to a Vessel Owner, exercise any right of set-off against any Grantor, provided that the Borrower and each Vessel Owner may from time to time
set-off intercompany receivables and payables between the Borrower and a Vessel Owner or between two Vessel Owners in the ordinary course of business; or 

  
 31 

 (6) claim or prove as a creditor of any Grantor in competition with any Secured Party. 

(c) The Borrower and each of the Subordinated Parties covenant in favor of the Security Trustee that they shall not, without prior written
consent of the Security Trustee, assign or transfer any rights or obligations under the Secured Debt Documents, the Subordinated Agreements or this Agreement otherwise than as permitted by, and in accordance with, this Agreement and the other
Secured Debt Documents. 
 (d) Neither the Borrower, nor any of the Subordinated Parties will, until the Discharge of Secured Obligations has
occurred (other than with the prior written consent of the Security Trustee) enter into any agreement, document or arrangement with any Person or do any other act or thing which would or could reasonably be expected to lead to the priority or
effectiveness of the subordination arrangements provided in this Agreement being avoided, set aside, adjusted or held invalid. 
 (e) The
subordination effected by, and the obligations of each Subordinated Party under this Agreement, will not be affected by any act, omission, matter or thing which, but for this provision, would reduce, release, prejudice or otherwise exonerate all or
any of the Subordinated Parties from their respective obligations under this Agreement or affect such obligations including and whether or not known by any Subordinated Party or any other Person (a) any Lien or right of the Secured Parties in
respect of the Secured Obligations, (b) any time, waiver or consent granted to, or composition with any Grantor or any other Person, (c) the release of any Grantor or any other Person under the terms of any composition or arrangement with
any creditor, (d) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Grantor or other Person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any Collateral, (e) any
incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any Grantor or any Subordinated Party or any other Person, (f) any amendment, novation, supplement, extension (whether of
maturity or otherwise) or restatement (in each case however fundamental and of whatsoever nature and whether or not more onerous) or replacement of a Secured Debt Document or any other document or security (including any change in the purpose of,
any extension of, or any variation or increase in any facility or amount made available under any facility or the addition of any new facility under any Secured Debt Document or other document or security), (g) any unenforceability, illegality or
invalidity of any obligation of any Obligor or any Subordinated Party or of any other Person under any Secured Debt Document or any other document or security; or (h) any insolvency or similar proceedings. 

(f) The Security Trustee has no duty (contractual, fiduciary or otherwise) to any Subordinated Parties and any other Grantor under this
Agreement or any other Secured Debt Documents. 

  
 32 

 (g) If, at any time, any Grantor (other than the Primary Guarantor) owes or is liable for
any amount to any Person Controlled by the Primary Guarantor, the Borrower shall (i) procure that such Person enters into an agreement with the Security Trustee (for the benefit of the Secured Parties) on terms substantially the same as those
set out in this Section 5.02 and otherwise on terms acceptable to the Security Trustee, and (ii) provides such documents and evidence in relation to the due authorization and execution thereof and the validity and enforceability of such
agreement as the Security Trustee may reasonably require, in each case, prior to the incurrence thereof. This provision is without prejudice to any restriction or limitation in respect of amounts owing by, or liabilities of, the Grantors set out in
any Secured Debt Document. 
 ARTICLE VI 

Immunities of the Security Trustee 

SECTION 6.01. No Implied Duty. The Security Trustee will not have any fiduciary duties nor will it have
responsibilities or obligations other than those expressly assumed by it in this Agreement and the other Collateral Documents to which it is a party, and no implied covenants or obligations shall be read into this Agreement or any such other
Collateral Documents against the Security Trustee. The Security Trustee will not be required to take any action that is contrary to applicable law or any provision of this Agreement or the other Collateral Documents. 

SECTION 6.02. Appointment of Agents and Advisors. The Security Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected by it in good faith as it may reasonably require and will not be responsible for any willful
misconduct or negligence on the part of any of them.  
 SECTION 6.03. Other Agreements. The Security
Trustee has accepted and is bound by the Collateral Documents executed by it prior to or as of the date of this Agreement and, subject to Section 6.10, as directed by an Act of Required Debtholders, or promptly upon receipt of any Collateral
Document in connection with any additional assets pledged as Collateral, the Security Trustee shall execute additional Collateral Documents delivered to it after the date of this Agreement; provided, however, that such additional Collateral
Documents do not adversely affect the rights, privileges, benefits and immunities of the Security Trustee. The Security Trustee will not otherwise be bound by, or be held obligated by, the provisions of any credit agreement, note purchase agreement,
indenture or other agreement governing Secured Obligations (other than this Agreement, and the other Collateral Documents to which it is a party, including any Collateral Documents executed by the Security Trustee in connection with any Additional
Secured Debt entered into after the date of this Agreement).  
 SECTION 6.04. Solicitation of
Instructions. The Security Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Required Debtholders, an order of a court of competent jurisdiction, an opinion of counsel, or certificates, as to any action
that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other Collateral Documents. 

(b) No written direction given to the Security Trustee by an Act of Required Debtholders that in the sole judgment of the
Security Trustee imposes, purports to impose or might reasonably be expected to impose upon the Security Trustee any obligation not expressly set forth in this Agreement and the other Collateral Documents to which it is a party, would result in the
incurrence of liability by the Security Trustee or would be in violation of any applicable law, rule or regulation pertaining thereto, will be binding upon the Security Trustee as applicable, unless the Security Trustee, elects, at its sole option,
to accept such direction. 

  
 33 

 SECTION 6.05. Limitation of Liability. The Security Trustee will
not be responsible or liable for any action taken or omitted to be taken by it hereunder or under any other Collateral Document, except for its own gross negligence or willful misconduct as determined by a final judgment of a court of competent
jurisdiction. In no event shall the Security Trustee be liable under or in connection with this Agreement or any of the Collateral Documents for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever,
including but not limited to lost profits, whether or not foreseeable, even if the Security Trustee has been advised of the possibility thereof and regardless of the form of action in which such damages are sought. 

SECTION 6.06. Documents in Satisfactory Form. The Security Trustee will be entitled to require that all agreements,
certificates, opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement, be delivered to it in a form and with substantive provisions reasonably satisfactory to it. 

SECTION 6.07. Entitled to Rely. The Security Trustee may seek and rely upon, and shall be fully protected in
relying upon, any Act of Required Debtholders, any judicial order or judgment, upon any advice, opinion, certificate or statement of legal counsel, independent consultants and other experts selected by it in good faith and upon any certification,
instruction, notice or other writing delivered to it by the Borrower in compliance with the provisions of this Agreement or delivered to it by any Secured Lien Representative as to the holders of Secured Obligations for whom it acts, without being
required to determine the authenticity thereof or the correctness of any fact stated therein or the propriety or validity of service thereof. The Security Trustee may act in reliance upon any instrument, including on any Act of Required Debtholders,
purporting to comply with the provisions of this Agreement or any signature believed by it to be genuine and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in connection with
the provisions hereof or the other Collateral Documents has been duly authorized to do so. The Security Trustee shall not have any responsibility to make any investigation into the facts or matters stated in any certification, instruction, notice or
other writing furnished to it. To the extent an opinion of counsel is required or permitted under this Agreement to be delivered to the Security Trustee in respect of any matter, it may rely conclusively on the opinion of counsel as to such matter
and such opinion of counsel shall be full warranty and protection to it for any action taken, suffered or omitted by it under the provisions of this Agreement and the other Collateral Documents. 

SECTION 6.08. Secured Debt Default. The Security Trustee will not be required to inquire as to the occurrence or
absence of any Secured Debt Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Secured Debt Default unless and until the Security Trustee is directed by an Act of Required Debtholders.

  
 34 

 SECTION 6.09. Actions by Security Trustee . As to any
matter not expressly provided for by this Agreement or the other Collateral Documents, the Security Trustee will act or refrain from acting only as directed by an Act of Required Debtholders and will be fully protected if it does so, and any action
taken, suffered or omitted pursuant hereto or thereto shall be binding on the holders of Secured Obligations, each Grantor, guarantor and each other party to the Collateral Documents. Notwithstanding the foregoing, the Security Trustee shall not be
required to take any action which is contrary to the provisions hereof, the Secured Debt Documents or applicable law. 

SECTION 6.10. Security or Indemnity in Favor of the Security Trustee. The Security Trustee will not be required to
advance or expend any funds or otherwise incur any financial liability in the performance of its duties or the exercise of its powers or rights hereunder unless it has been provided with security or indemnity satisfactory to it against any and all
liability or expense which may be incurred by it by reason of taking or continuing to take such action. The Grantors shall furnish the Security Trustee with security and indemnity satisfactory to the Security Trustee for any costs or expenses which
may be incurred by the Security Trustee in undertaking any obligation to institute or take action, suit or legal proceeding or to take any other action. 

SECTION 6.11. Rights of the Security Trustee. In the event of any conflict between any terms and provisions set
forth in this Agreement and those set forth in any other Collateral Document, the terms and provisions of this Agreement shall supersede and control the terms and provisions of such other Collateral Document, except as expressly provided that a term
or provision of a Collateral Document shall govern. In the event there is any bona fide, good faith disagreement between the other parties to this Agreement or any of the other Collateral Documents resulting in adverse claims being made in
connection with Collateral held by the Security Trustee and the terms of this Agreement or any of the other Collateral Documents do not unambiguously mandate the action the Security Trustee is to take or not to take in connection therewith under the
circumstances then existing, or the Security Trustee is in doubt as to what action it is required to take or not to take hereunder or under the other Collateral Documents, it will be entitled to refrain from taking any action (and will incur no
liability for doing so) until directed otherwise in writing by a request signed jointly by the parties hereto entitled to give such direction or by order of a court of competent jurisdiction.  

Furthermore, and notwithstanding anything herein or the other Collateral Documents to the contrary: 

(a) The Security Trustee may execute any of the powers hereunder or perform any duties under this Agreement either directly or by or through
agents, including financial advisors, separate trustees or attorneys or a custodian or nominee, and the Security Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney,
custodian or nominee appointed with due care by it hereunder. 
 (b) The Security Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or in relation hereto or thereto, at the request, order or direction of any of the Secured Parties, pursuant to the provisions of
this Agreement, unless such Secured Party shall have offered to the Security Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby. 

  
 35 

 (c) The Security Trustee shall not be required to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or indemnity reasonably satisfactory to
it against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require the Security Trustee to perform, or be responsible or liable for the manner of performance of, any
obligations of the Borrower or the other Representatives, under the Collateral Documents. 
 (d) The Security Trustee shall not be charged
with knowledge of any event or information including, but not limited to, an Event of Default unless an officer of the Security Trustee obtains actual knowledge of such event or information in the course of performing its obligations hereunder or
the Security Trustee receives written notice of such event as provided herein. 
 (e) The Security Trustee shall not be required to take any
action not in accordance with applicable law, and shall not be liable for any action that it omits to take in good faith that it reasonably believes (based on the advice of counsel) is not in accordance with applicable law. 

SECTION 6.12. Limitations on Duty of Security Trustee in Respect of Collateral. Beyond the exercise of reasonable
care in the custody of Collateral in its possession and as otherwise required by the UCC, the Security Trustee will not have any duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any
income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Security Trustee will not be responsible for filing or registering any financing or continuation statements or any application for
the renewal of a registration or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any Liens on the Collateral. The Security Trustee will be deemed to have
exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property. 

(b) Notwithstanding any other provision herein, the Security Trustee will not be responsible (i) for the existence, genuineness or value
of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the
extent such action or omission constitutes gross negligence, bad faith or willful misconduct on the part of it, (ii) for the validity or sufficiency of the Collateral, this Agreement or any agreement or assignment contained herein or therein,
(iii) for any recitals, statements, representations or warranties by the Grantors contained in this Agreement, the Secured Debt Documents, or any certificate or other document delivered by the Grantors or any Holders thereunder, (iv) for
the performance or observance by the Grantors of any of their respective agreements contained herein or in any of the Secured Debt Documents, or (v) for the validity of the title of the Borrower or any other Grantor to the Collateral, for
insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Security Trustee hereby disclaims any representation or warranty to the present and
future holders of the Secured Obligations concerning the perfection of the Liens granted hereunder or in the value of any of the Collateral. 

  
 36 

 SECTION 6.13. Assumption of Rights, Not Assumption of Duties.
Notwithstanding anything to the contrary contained herein: 
 (i) each of the parties thereto will remain liable under each of the Collateral
Documents (other than this Agreement) to the extent set forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this Agreement had not been executed; 

(ii) the exercise by the Security Trustee of any of its rights, remedies or powers hereunder will not release such parties from any of their
respective duties or obligations under the other Collateral Documents; and 
 (iii) the Security Trustee will not be obligated to perform any
of the obligations or duties of any of the parties thereunder other than those of the Security Trustee. 
 (iv) the permissive rights of the
Security Trustee to do things enumerated in this Agreement and any other Collateral Documents to which it is a party shall not be construed as duties. 

SECTION 6.14. No Liability for Clean-up of Hazardous Materials. In the
event that any of the Security Trustee is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any obligation for the benefit of another, which in its sole and
reasonable discretion may cause it to be considered an “owner or operator” under any environmental laws or otherwise cause it to incur, or be exposed to, any environmental liability or any liability under any other federal, state or local
law, it reserves the right, instead of taking such action, either to resign as Security Trustee, or to arrange for the transfer of the title or control of the asset to a court appointed receiver. The Security Trustee will not be liable to any Person
for any environmental liability or any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of its actions and conduct as authorized, empowered and directed hereunder or relating to any
kind of discharge or release or threatened discharge or release of any hazardous materials into the environment. 

SECTION 6.15. No Liability for Delay in Performance. Notwithstanding any provision herein to the contrary, in no
event shall the Security Trustee or any Secured Lien Representative be liable for any failure or delay in the performance of its obligations under this Agreement because of circumstances beyond its control, including, but not limited to, acts of
God, flood, war (whether declared or undeclared), terrorism, fire, riot, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the
services contemplated by this Agreement, inability to obtain material, equipment, or communications or computer facilities, or the failure of equipment or interruption of communications or computer facilities, and other causes beyond its control
whether or not of the same class or kind as specifically named above. 
 SECTION 6.16. Electronic Transmission.
In respect of this Agreement, neither the Security Trustee nor any Secured Lien Representative shall have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or
information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information 

  
 37 

 
on behalf of the party purporting to send such electronic transmission; and neither the Security Trustee nor any Secured Lien Representative shall have any liability for any losses, liabilities,
costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information. Each other party agrees to assume all risks arising out
of the use of electronic methods to submit instructions, directions, reports, notices or other communications or information to the Security Trustee or a Secured Lien Representative, as the case may be, including the risk of the Security Trustee or
a Secured Lien Representative acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties. 

ARTICLE VII 
 Resignation and
Removal of the Security Trustee or Co-Security Trustee 
 SECTION 7.01.
Resignation or Removal of Security Trustee. Subject to the appointment of a successor Security Trustee as provided in Section 7.02 and the acceptance of such appointment by the successor Security Trustee: 

(a) the Security Trustee, may resign and be discharged from the Trust Estate at any time by giving not less than 30 days’ written
notice of resignation to each Secured Lien Representative and the Borrower; and 
 (b) the Security Trustee, as the case may be, may be
removed at any time, with or without cause, by an Act of Required Debtholders (with a copy delivered to the Borrower). 

SECTION 7.02. Appointment of Successor Security Trustee. Upon any such resignation or removal, a successor
Security Trustee, may be appointed by an Act of Required Debtholders (with the written consent of the Borrower, which consent shall not be unreasonably withheld and which consent shall not be required if a Secured Debt Default exists). If no
successor Security Trustee, has been so appointed and accepted such appointment within 30 days after the predecessor Security Trustee, gave notice of resignation or was removed, the Borrower, at its option, may appoint a successor Security
Trustee, or petition a court of competent jurisdiction for appointment of a successor Security Trustee, which must be a bank or trust company: 

(i) authorized to exercise corporate trust powers; 

(ii) having a combined capital and surplus of at least $500,000,000; 

(iii) maintaining an office in New York, New York; and 

(iv) that is not a Secured Lien Representative. 

The retiring Security Trustee, will fulfill its obligations hereunder until a successor Security Trustee, meeting the requirements of this
Section 7.02 has accepted its appointment as Security Trustee or Co-Security Trustee, as the case may be, and the provisions of Section 7.03 have been satisfied. Unless a successor Security Trustee
shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Security Trustee may petition any court of competent jurisdiction (at the Borrower’s expense) for the
appointment of a successor Security Trustee, as applicable. 

  
 38 

 SECTION 7.03. Succession. When the Person so appointed as
successor Security Trustee, accepts such appointment: 
 (i) such Person will succeed to and become vested with all the rights, powers,
privileges and duties of the predecessor Security Trustee, and the predecessor Security Trustee, will be discharged from its duties and obligations hereunder; and 

(ii) the predecessor Security Trustee, will (at the expense of the Borrower and upon the payment of its charges) promptly transfer all Liens
and collateral security and other property of the Trust Estate within its possession or control to the possession or control of the successor Security Trustee, and will execute instruments and assignments as may be necessary or desirable or
reasonably requested by any successor Security Trustee, to transfer to the successor Security Trustee, all Liens, interests, rights, powers and remedies of the predecessor Security Trustee, in respect of the Collateral Documents or the Trust Estate.

 Thereafter the predecessor Security Trustee, will remain entitled to enforce the immunities and indemnities granted to it in Article VI and the
provisions of Sections 8.09 and 8.10. 
 SECTION 7.04. Merger, Conversion or Consolidation of Security
Trustee. Any Person into which the Security Trustee, may be merged, amalgamated, combined or converted or with which it may be Consolidated, or any Person resulting from any merger, amalgamation, combination, conversion or consolidation to which
the Security Trustee shall be a party, or any Person succeeding to the business of the Security Trustee, shall be the successor of the Security Trustee, pursuant to Section 7.03; provided that (i) without the execution or filing of any
paper with any party hereto or any further act on the part of any of the parties hereto, except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding, such Person
satisfies the eligibility requirements specified in clauses (i) through (iv) of Section 7.02 and (ii) within 30 days of any such merger, amalgamation, combination, conversion or consolidation becoming effective, the
successor Security Trustee, shall have notified the Borrower and each Secured Lien Representative thereof in writing. 
 ARTICLE VIII 

Miscellaneous Provisions 

SECTION 8.01. Amendment. (a) No amendment or supplement to the provisions of any Collateral Document will be
effective without the approval of the Borrower, the Primary Guarantor and the Security Trustee acting as directed by an Act of Required Debtholders, except that: 

(i) any amendment or supplement that has the effect solely of: 

(A) adding or maintaining Collateral, securing Additional Secured Debt that was otherwise permitted by the terms of the Secured
Debt Documents to be secured by the Collateral or preserving, perfecting or establishing the priority of the Liens therein; 

  
 39 

 (B) releasing Liens in favor of the Security Trustee in accordance with
Section 3.09(a) or otherwise in accordance with the terms of the Collateral Documents; 
 (C) curing any ambiguity,
omission, mistake, defect or inconsistency; or 
 (D) making any change that would provide any additional rights or benefits
to the Secured Parties or the Security Trustee or that does not adversely affect the rights under the Secured Debt Documents, any Secured Party or the Security Trustee, 

will, in each case, become effective when executed and delivered by the applicable Grantors party thereto and the Security
Trustee; 
 (ii) no amendment or supplement that reduces, impairs or adversely affects the right of any holder of Secured Obligations to:

 (A) vote its outstanding Secured Obligations as to any matter described as subject to an Act of Required Debtholders (or
amends the provisions of this clause (ii) or the definition of “Act of Required Debtholders”); 
 (B) share in
the order of application of proceeds described in Section 4.02 or 4.03; or 
 (C) require that Liens securing Secured
Obligations be released only as set forth in the provisions described in Sections 3.09(a). 
 will become effective
without the execution and delivery by the applicable Grantors, the Borrower, the Primary Guarantor and the Security Trustee acting with the direction of the requisite percentage or number of holders of the Series of Secured Debt so affected under
the applicable Secured Debt Document; 
 (iii) no amendment or supplement that imposes any obligation upon the Security Trustee or any
Secured Lien Representative or adversely affects the rights of the Security Trustee or any Secured Lien Representative, respectively, in its capacity as such, will become effective without the consent of the Borrower and the Primary Guarantor and
the Security Trustee or such Secured Lien Representative, respectively; and 

  
 40 

 (iv) no amendment or supplement that either (A) imposes any obligation upon any Hedge
Counterparty or (B) has the effect of changing the position or priority of any Hedge Counterparty in the application of payments as set out in Section 4.02 or changing the entitlement of any Hedge Counterparty to share in the Collateral
and/or its interest therein, will become effective without the consent of the Borrower and the Primary Guarantor and the Security Trustee and each Hedge Counterparty which is, or an Affiliate of which is, a lender, noteholder or equivalent under the
Secured Debt Documents, respectively. 
 (b) Any amendment or supplement to the provisions of the Collateral Documents that releases
Collateral will be effective only in accordance with the requirements set forth in the applicable Secured Debt Document and Section 8.01(a)(ii) above. Any amendment or supplement that results in all of the Security Trustee’s Liens upon the
Collateral no longer securing the Secured Obligations, may only be effected in accordance with Section 3.09. 

SECTION 8.02. Voting. (a) In connection with any matter under this Agreement requiring a vote of holders of
Secured Obligations, each Series of Secured Debt will cast its votes in accordance with the Secured Debt Documents governing such Series of Secured Debt. The Secured Obligations consisting of Hedging Obligations will not be considered for purposes
of voting by holders of Secured Obligations under this Agreement unless the Discharge of Secured Obligations (other than Secured Obligations consisting of Hedging Obligations) has occurred. The amount of Secured Debt to be voted by a Series of
Secured Debt will equal (i) the aggregate principal amount of such Series of Secured Debt (including the face amount of outstanding letters of credit whether or not then available or drawn), plus (ii) the aggregate unfunded
commitments to extend credit which, when funded, would constitute Indebtedness of such Series of Secured Debt. Following and in accordance with the outcome of the applicable vote under its Secured Debt Documents, the Secured Lien Representative of
each Series of Secured Debt will cast all of its votes under that Series of Secured Debt as a block in respect of any vote under this Agreement. 

(b) For purposes of determining whether the holders of the requisite principal amount of Secured Obligations have taken any action as described
in this Section 8.02, the principal amount for purposes of voting shall be the principal in U.S. dollars as of (i) if a record date has been set with respect to the taking of such action, such date or (ii) if no such record date has
been set, the date of taking of such action by the holders of such Indebtedness. 
 (c) The Security Trustee has no obligation or duty to
determine whether the vote of the requisite holders of the applicable Series of Secured Debt was obtained as required in this Section 8.02 or is required for any purpose hereof, or the sufficiency, validity or accuracy of any Act of Required
Debtholders, but may instead rely on the vote cast by the Secured Lien Representative as described in Section 8.02(a) or an officer’s certificate from the Secured Lien Representatives. 

SECTION 8.03. Further Assurances; Insurance. (a) Each of the Grantors will do or cause to be done all acts and
things that may be required, or that the Security Trustee from time to time may reasonably request, to assure and confirm that the Security Trustee holds, for the benefit of the holders of Secured Obligations, duly created and enforceable and
perfected Liens upon the Collateral, in each case, subject to and as contemplated by, and with the Lien priority required under, the Secured Debt Documents. 

  
 41 

 (b) Promptly upon the reasonable request of the Security Trustee or any Secured Lien
Representative at any time and from time to time, each of the Grantors will execute, acknowledge and deliver such Collateral Documents, instruments, certificates, notices and other documents, and take such other actions as shall be reasonably
required under applicable law, or that the Security Trustee may reasonably request, in each case to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in each case subject to and as contemplated by the
Secured Debt Documents for the benefit of the holders of Secured Obligations. 
 (c) Without limiting the foregoing, substantially
concurrently with the Borrower’s designation of any asset as Collateral, the Borrower will record and deliver copies to the Security Trustee for the benefit of the holders of Secured Obligations of such UCC financing statements or applications
for registration, and continuation statements or applications for the renewal of registrations relating thereto, that reasonably describe the Collateral or take such other actions as, in each case under this clause (c), shall be necessary or (in the
reasonable opinion of the Security Trustee) desirable to create, grant, establish, perfect and protect the Security Trustee’s security interest in such assets or property for the benefit of the current and future holders of the Secured
Obligations. 
 (d) The Borrower will maintain insurance in accordance with the terms and provisions of the Secured Debt Documents. 

(e) Each Grantor irrevocably makes, constitutes and appoints the Security Trustee (and all officers, employees or agents designated by the
Security Trustee) as such Grantor’s true and lawful agent (and attorney-in-fact) for the purpose, during the continuance of an Event of Default, of making, settling
and adjusting claims in respect of Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations
and decisions with respect thereto. In the event that any Grantor at any time or times shall fail to obtain or maintain any of the policies of insurance required hereby or to pay any premium in whole or part relating thereto, the Security Trustee
may, without waiving or releasing any obligation or liability of the Grantors hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any other actions with respect
thereto as the Security Trustee deems advisable. All sums disbursed by the Security Trustee in connection with this paragraph, including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable,
upon demand, by the Grantors to the Security Trustee and shall be additional obligations secured hereby. 

SECTION 8.04. Successors and Assigns. (a) Except as provided in Section 5.02, the Security Trustee may
not, in its capacity as such, delegate any of its duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Security Trustee hereunder will
inure to the sole and exclusive benefit of, and be enforceable by, each Secured Lien Representative and each present and future holder of Secured Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary
hereof, and all of their respective permitted successors and assigns. 
 (b) The Grantor may not delegate any of its duties or assign any of
its rights hereunder, and any attempted delegation or assignment of any such duties or rights in contravention of the terms and conditions of the Secured Debt Documents will be null and void. All obligations of the Grantors hereunder will inure to
the sole and exclusive benefit of, and be enforceable by, the Security Trustee, each Secured Lien Representative and each present and future holder of Secured Obligations, each of whom will be entitled to enforce this Agreement as a third-party
beneficiary hereof, and all of their respective permitted successors and assigns. 

  
 42 

 SECTION 8.05. Delay and Waiver. No failure to exercise, no
course of dealing with respect to the exercise of, and no delay in exercising, any right, power or remedy arising under this Agreement or any of the other Collateral Documents will impair any such right, power or remedy or operate as a waiver
thereof. No single or partial exercise of any such right, power or remedy will preclude any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any
remedies provided by law. 
 SECTION 8.06. Notices. Any communications, including notices and instructions,
between the parties hereto or notices provided herein to be given shall be given in writing and to the following addresses: 
 If to the
Security Trustee: 
 UMB Bank, N.A. 

6440 S. Millrock Drive, Suite 400 

Salt Lake City, UT 84121 

Attention: Corporate Trusts – Aviation 

Facsimile No.: (816)-860-3025 

Telephone:         (385) 715-3026 

Email:                 corptrustutah@umb.com;
heather.cottle@umb.com 
 If to the Borrower or any other Grantor: 

Unit 2, 16/F., W668 Building, 

Nos. 668 Castle, Peak Road, 

Cheung Sha Wan, 
 Kowloon, Hong
Kong, China 
 Fax:                    
+852 3010 1868 
 Telephone:           +852 3588 9400 

Email: gtalbot@atlascorporation.com; legal@seaspanltd.ca 

Attention: Chief Financial Officer 

If to the Administrative Agent: 

Citibank, N.A. 
 1615 Brett Road

 OPS III 
 New Castle, DE
19720 
 USA 

Fax:                     (646) 274-5080 
 Attention:             Agency
Operations 

  
 43 

 and, if to any other Secured Lien Representative, to such address as it may specify by written notice to the
parties named above. 
 Unless otherwise specified herein, all notices, requests, demands, instructions, directions or other communications
given to the Borrower, the Security Trustee and any Secured Lien Representative shall be given in writing (including, but not limited to, facsimile transmission followed by telephonic confirmation or similar writing) and shall be effective
(i) if given by facsimile transmission, when such facsimile is transmitted to the facsimile number (if any) specified in this Section 8.06 and the appropriate facsimile confirmation is received (unless the recipient has provided notice
that its offices are temporarily closed and/or its facsimile machines are unattended, in which case notice shall be given by a different method), (ii) if given by certified, registered, priority or express mail, return receipt requested, with
postage prepaid, addressed as aforesaid, upon receipt or refusal to accept delivery, (iii) if given by a nationally recognized overnight carrier, upon receipt or refusal to accept delivery, (iv) by email to the email address (if any)
provided as aforesaid with email confirmation of such email being “read” or reply email from recipient evidencing receipt, or (v) if given by any other means, when delivered at the address specified in this Section 8.06. 

SECTION 8.07. Notice Following Discharge of Secured Obligations. Promptly following the Discharge of Secured
Obligations with respect to one or more Series of Secured Debt, each Secured Lien Representative with respect to each applicable Series of Secured Debt that is so discharged will provide written notice of such discharge to the Security Trustee and
to each other Secured Lien Representative. 
 SECTION 8.08. Entire Agreement. This Agreement states the complete
agreement of the parties relating to the undertaking of the Security Trustee set forth herein and supersedes all oral negotiations and prior writings in respect of such undertaking. 

SECTION 8.09. Compensation; Expenses. The Borrower agrees to pay such compensation to each of the Security Trustee
and its agents and attorneys as and when the Borrower and the Security Trustee may agree in writing from time to time. In addition, the Borrower agrees to pay within 15 days after receipt of written demand therefor, including documentation
reasonably supporting such demand (without duplication): 
 (i) all reasonable and documented costs and out-of-pocket expenses incurred by the Security Trustee and its agents in connection with the negotiation, preparation, execution, delivery, filing, registration, recordation or administration of this
Agreement or any other Collateral Document or any consent, amendment, waiver or other modification relating hereto or thereto; 
 (ii) all
reasonable and documented fees, out-of-pocket expenses and disbursements of the Security Trustee’s legal counsel engaged by the Security Trustee or any Secured Lien
Representative incurred in connection with the negotiation, preparation, closing, administration or performance of or exercise of rights under this Agreement and the other Collateral Documents or any consent, amendment, waiver or other modification
relating hereto or thereto and any other document or matter requested by the Borrower; 
 (iii) all reasonable and documented costs and out-of-pocket expenses incurred by the Security Trustee and its agents in creating, perfecting, preserving or releasing the Security Trustee’s Liens on the Collateral
under the Collateral Documents, including filing, registration and recording fees, expenses and taxes, stamp or documentary taxes, search fees, and title insurance premiums; and 

  
 44 

 (iv) after the occurrence and during the continuance of any Secured Debt Default, all
reasonable and documented costs and out-of-pocket expenses incurred by the Security Trustee, their agents and any Secured Lien Representative in connection with the
preservation, collection, foreclosure or enforcement of the Collateral subject to the Collateral Documents or any interest, right, power or remedy of the Security Trustee or in connection with the collection or enforcement of any of the Secured
Obligations or the proof, protection, administration or resolution of any claim based upon the Secured Obligations in any Insolvency or Liquidation Proceeding, including all reasonable and documented fees and disbursements of attorneys, accountants,
auditors, consultants, appraisers and other professionals engaged by the Security Trustee, its agents or the Secured Lien Representatives. The agreements in this Section 8.09 will survive repayment of all Secured Obligations, the termination of
any Collateral Document and the removal or resignation of the Security Trustee. 
 The amounts above shall include all reasonable and
documented costs and out-of-pocket expenses of attorneys of the Security Trustee, provided that, save where clause (iv) applies, such costs and out-of-pocket expenses of attorneys of the Security Trustee shall include the documented fees, charges and disbursements of one counsel for the Security Trustee and one
additional counsel in any applicable local jurisdiction, one counsel for each Secured Lien Representative and, in each case, such other counsel as may be agreed with the Borrower. 

SECTION 8.10. Indemnity. (a) The Borrower agrees to defend, indemnify, pay and hold harmless each of the
Secured Lien Representative, the Security Trustee, each Secured Party and each of their Affiliates and each of their directors, officers, partners, trustees, employees (legal and contractual), attorneys and agents, and (in each case) their
respective heirs, representatives, successors and assigns (each of the foregoing, an “Indemnitee”) from and against any and all Indemnified Liabilities; provided, no Indemnitee will be entitled to indemnification hereunder
with respect to any Indemnified Liability to the extent such Indemnified Liability is found by a final and non-appealable decision of a court of competent jurisdiction to have resulted from the gross
negligence or willful misconduct of such Indemnitee.  
 (b) All amounts due under this Section 8.10 will be payable within
15 days of demand. 
 (c) The agreements in this Section 8.10 will survive repayment of all Secured Obligations and the removal or
resignation of the Security Trustee or the Co-Security Trustee. 
 SECTION 8.11.
New Grantor Parties. (a) The Borrower shall procure that each entity that is or becomes a Vessel Owner in respect of a Collateral Vessel shall accede to this Agreement on or before the date on which it acquires any interest in the
Collateral Vessel by executing and delivering to the Security Trustee an Intercreditor Joinder (Grantor) confirming, amongst other things, that it is Grantor and a Guarantor. 

SECTION 8.12. Severability. If any provision of this Agreement is invalid, illegal or unenforceable in any respect
or in any jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby. 

  
 45 

 SECTION 8.13. Headings. Section headings herein have been
inserted for convenience of reference only, are not to be considered a part of this Agreement and will in no way modify or restrict any of the terms or provisions hereof. 

SECTION 8.14. Obligations Secured. All obligations of the Grantors set forth in or arising under this Agreement
will be Secured Obligations and are secured by all Liens granted by the Collateral Documents. 
 SECTION 8.15.
Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS AGREEMENT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY. 
 SECTION 8.16. Consent to Jurisdiction. Subject as provided below, all
judicial proceedings brought against any party hereto arising out of or relating to this Agreement or any of the other Collateral Documents shall be brought in any state or Federal court of competent jurisdiction in the State, County and City of New
York, Borough of Manhattan. By executing and delivering this Agreement, each party to this Agreement, for itself and in connection with its properties irrevocably: 

(i) accepts generally and unconditionally the exclusive jurisdiction and venue of such courts; 

(ii) waives any defense of forum non conveniens to the extent permitted by applicable law; 

(iii) agrees that service of all process in any such proceeding in any such court may be made by registered or certified mail, return receipt
requested, to such party at its address provided in accordance with Section 8.05; 
 (iv) agrees that service as provided in
clause (iii) above is sufficient to confer personal jurisdiction over such party in any such proceeding in any such court and otherwise constitutes effective and binding service in every respect; and 

(v) agrees each party hereto retains the right to serve process in any other manner permitted by law or to bring proceedings against any party
in the courts of any other jurisdiction. 
 Nothing in this Agreement or in any other Collateral Document shall restrict the Security Trustee from bringing
any action or proceeding relating to this Agreement or any other Collateral Document against the Grantors or their properties in the courts of any jurisdiction. 

SECTION 8.17. Waiver of Jury Trial. Each party to this Agreement irrevocably and unconditionally waives its rights
to a jury trial of any claim or cause of action based upon or arising under this Agreement or any of the other Collateral Documents or any dealings between them relating to the subject matter of this Agreement or the intents and purposes of the
other Collateral Documents. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this Agreement and the
other Collateral Documents, including contract claims, tort claims, breach of duty claims and all other common law and statutory claims. Each party to this Agreement acknowledges that this waiver is a material inducement to enter into a business
relationship, that each party hereto has already relied on this waiver in entering into this Agreement, and that each 

  
 46 

 
party hereto will continue to rely on this waiver in its related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal counsel and
that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. This waiver is irrevocable, meaning that it may not be modified either orally or in writing (other than by a mutual written waiver specifically
referring to this Section 8.17 and executed by each of the parties hereto), and this waiver will apply to any subsequent amendments, renewals, supplements or modifications of or to this Agreement or any of the other Collateral Documents or to
any other documents or agreements relating thereto. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 

SECTION 8.18. Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile),
each of which when so executed and delivered will be deemed an original, but all such counterparts together will constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or
electronic .pdf copy shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 8.19. Effectiveness. This Agreement will become effective upon the execution of a counterpart hereof by
each of the parties hereto and receipt by each party of written notification of such execution and written or telephonic authorization of delivery thereof. 

SECTION 8.20. Continuing Nature of this Agreement. This Agreement, including the subordination provisions hereof,
will be reinstated if at any time any payment or distribution in respect of any of the Secured Obligations is rescinded or must otherwise be returned in an Insolvency or Liquidation Proceeding or otherwise by any holder of Secured Obligations or
Secured Lien Representative or any representative of any such party (whether by demand, settlement, litigation or otherwise). 

SECTION 8.21. Insolvency. This Agreement will be applicable both before and after the commencement of any
Insolvency or Liquidation Proceeding by or against the Borrower or any other Grantor. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency or Liquidation Proceeding on the same basis as
prior to the date of the commencement of any such case, as provided in this Agreement. 
 SECTION 8.22. Rights and
Immunities of Secured Lien Representatives and Security Trustee. The Administrative Agent will be entitled to all of the rights, protections, immunities and indemnities set forth in the Loan Agreement (including, without limitation, Article VIII
thereof) and any future Secured Lien Representative will be entitled to all of the rights, protections, immunities and indemnities set forth in the credit agreement, indenture or other agreement governing the applicable Secured Debt with respect to
which such Person will act as representative. 
 It is expressly acknowledged and agreed to by the parties that: (a) this Agreement and
each other Collateral Document is executed and delivered by UMB Bank, N.A., not in its individual capacity but solely as Security Trustee pursuant to this Agreement; (b) each of the representations, undertakings and agreements in this Agreement
and the other Collateral Documents made on the part of the Security Trustee are made and intended not as personal representations, undertakings and agreements by UMB Bank, N.A., but are made and intended for the purpose of binding only the Security
Trustee in its trust capacity; and (c) under no circumstances shall UMB Bank, N.A. be personally liable for the payment of any costs or expenses or be liable for the breach or failure of any obligation, representation, warranty or covenant made
or undertaken by the Security Trustee under this Agreement and the other Collateral Documents. 

  
 47 

 If the capacity of the Security Trustee as security trustee under this Agreement is not
recognized under the applicable law of any jurisdiction, then the capacity of the Security Trustee as security trustee shall, for purposes of enforcement of this Agreement in such jurisdiction, be deemed to be replaced by the capacity of a security
agent, and all references to “Security Trustee” in this Agreement shall be deemed references to “Security Agent” for such purposes; provided that all of the rights, powers, protections, immunities and indemnities of the
Security Trustee set forth in this Agreement shall apply to the “Security Agent”, notwithstanding such designation. 

SECTION 8.23. Amendment and Restatement.  

(a) This Agreement shall be deemed to be an amendment to and restatement of the Initial Intercreditor Agreement, and the Initial Intercreditor
Agreement as amended and restated hereby shall remain in full force and effect and is hereby ratified and confirmed in all respects. This Agreement is not intended to constitute, nor does it constitute, an interruption, suspension of continuity,
satisfaction, discharge of prior duties, novation, or termination of the Initial Intercreditor Agreement or the liens, security interests, loans, guarantees, indemnities, liabilities, expenses, or obligations under the Initial Intercreditor
Agreement, or the collateral thereunder. Each of the Obligors affirms its duties and obligations under the terms of the Initial Intercreditor Agreement (as amended and restated by this Agreement). This Agreement amends and restates the Initial
Intercreditor Agreement in its entirety and any obligation thereunder shall be deemed to be outstanding under this Agreement. If there is a conflict between the Initial Intercreditor Agreement and this Agreement, this Agreement shall govern from and
after the Restatement Date. Upon the Restatement Date, each reference to the Initial Intercreditor Agreement in any other Secured Debt Document or in any other document, instrument or agreement shall mean and be a reference to the Initial
Intercreditor Agreement as amended and restated by this Agreement. 
 (b) Each Obligor hereby (i) expressly acknowledges the terms of
this Agreement, (ii) ratifies and affirms its obligations under the Secured Debt Documents (including guarantees and security agreements) executed by such Obligor and (iii) acknowledges, renews and extends its continued liability under all
such Secured Debt Documents and agrees such Secured Debt Documents remain in full force and effect, including with respect to the obligations of the Borrower as modified by this Agreement. Each Obligor further represents and warrants to each Secured
Party that after giving effect to this Agreement, neither the modification of the Initial Intercreditor Agreement effected pursuant to this Agreement, nor the execution, delivery, performance or effectiveness of this Agreement (A) impairs the
validity, effectiveness or priority of the Liens granted pursuant to any Secured Debt Document (as such term is defined in the Initial Intercreditor Agreement), and such Liens continue unimpaired with the same priority to secure repayment of all
Obligations, whether heretofore or hereafter incurred; or (B) requires that any new filings be made or other action taken to perfect or to maintain the perfection of such Liens. 

  
 48 

 (c) Each Obligor hereby agrees, acknowledges and affirms that (i) each of the Secured
Debt Documents to which it is a party shall remain in full force and effect and shall constitute security for all Obligations pursuant to the Initial Intercreditor Agreement as amended and restated hereby and the other Secured Debt Documents, and
(ii) any reference to the Initial Intercreditor Agreement appearing in any such Secured Debt Document shall on and after the Restatement Date be deemed to refer to the Initial Intercreditor Agreement as amended and restated hereby. In
furtherance of the foregoing, each Obligor hereby confirms the security interest in the Collateral granted by it in favor of the Security Trustee pursuant to each Collateral Document to which it is a party. 

  
 49 

 IN WITNESS WHEREOF, the parties hereto have caused this Intercreditor and Proceeds Agreement
to be executed by their respective officers or representatives as of the day and year first above written. 
  

			
	The Borrower
	SEASPAN HOLDCO III LTD.,
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President

 
			
	The Primary Guarantor
	SEASPAN CORPORATION,
		
	By:	 	 /s/ Graham Talbot

	Name: Graham Talbot
	Title: Chief Financial Officer

 
			
	Grantors
	
	GC Intermodal I, Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	GC Intermodal IV, Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	GC Intermodal V, Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	GC Intermodal VI, Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	GC Intermodal IX, Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President

 
			
	GC Intermodal X, Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	GC Intermodal XI, Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	GC Intermodal XV, Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	GC Intermodal XVI, Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	GC Intermodal XIX, Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President

 
			
	GC Intermodal XX Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 696C Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 716C Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 717C Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 718C Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President

 
			
	Seaspan 719C Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 720C Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 721C Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 722C Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 993 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President

 
			
	Seaspan 1105 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 1539 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 1540 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 1541 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 1542 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President

 
			
	Seaspan 1543 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 1550 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 1551 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 1552 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 1566 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President

 
			
	Seaspan 1568 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 1854 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 1855 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 2177 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 2180 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President

 
			
	Seaspan 2181 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 2638 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 2640 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan 3278 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan Containership S452 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President

 
			
	Seaspan Holdco XII Pte. Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan Holdco XIII Pte. Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan Holdco XIV Pte. Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan Holdco XV Pte. Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan Holdco XVI Pte. Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President

 
			
	Seaspan Holdco XVII Pte. Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan YZJ 983 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President
	
	Seaspan YZJ 985 Ltd., as Guarantor
		
	By:	 	 /s/ Bing Chen

	Name: Bing Chen
	Title: President

 
			
	UMB BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Security Trustee,
		
	By:	 	 /s/ Dillon Butler

	Name: Dillon Butler
	Title: Vice President

 
			
	CITIBANK, N.A., as Administrative Agent under the Loan Agreement,
		
	By:	 	 /s/ Marion O’Connor

	Name: Marion O’Connor
	Title: Senior Trust OfficerEX-4.5

 Exhibit 4.5 

Execution Version 
  

 
  

NOTE PURCHASE AGREEMENT 
 Dated
May 21, 2021 
 by and among 

SEASPAN HOLDCO III LTD., 
 AS
ISSUER, 
 SEASPAN CORPORATION, 

AS GUARANTOR, 
 CITIBANK, N.A.,

 AS NOTE ADMINISTRATIVE AGENT, 

CITIBANK, N.A., 
 AS REGISTRAR AND
PAYING AGENT, 
 SOCIÉTÉ GÉNÉRALE, HONG KONG BRANCH, 

AS LEAD SUSTAINABILITY COORDINATOR, 

AND 
 THE PURCHASERS PARTY TO THIS
AGREEMENT FROM TIME TO TIME 
 $500,000,000 

3.91% Series A Senior Secured Notes due June 5, 2031 

3.91% Series B Senior Secured Notes due June 5, 2031 

4.06% Series C Senior Secured Notes due June 5, 2033 

4.26% Series D Senior Secured Notes due June 5, 2036 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING	  	PAGE	 
	 SECTION 1.
	 	AUTHORIZATION OF NOTES	  	 	1	 
			
	 SECTION 2.
	 	SALE AND PURCHASE OF NOTES	  	 	2	 
			
	 SECTION 3.
	 	CLOSING	  	 	2	 
			
	 SECTION 4.
	 	CONDITIONS TO CLOSING	  	 	2	 
			
	 Section 4.1.
	 	Financing Documents	  	 	2	 
	 Section 4.2.
	 	Corporate Documents	  	 	3	 
	 Section 4.3.
	 	“Know your customer”	  	 	3	 
	 Section 4.4.
	 	Opinions of Counsel	  	 	4	 
	 Section 4.5.
	 	Fees and Expenses	  	 	4	 
	 Section 4.6.
	 	Representations and Warranties	  	 	4	 
	 Section 4.7.
	 	No Default	  	 	4	 
	 Section 4.8.
	 	Other Documents	  	 	4	 
	 Section 4.9.
	 	Security; Guarantees; Lien Searches	  	 	4	 
	 Section 4.10.
	 	Certificates	  	 	5	 
	 Section 4.11.
	 	Management Agreement	  	 	5	 
	 Section 4.12.
	 	Purchase Permitted By Applicable Law, Etc.	  	 	5	 
	 Section 4.13.
	 	Sale of Other Notes	  	 	6	 
	 Section 4.14.
	 	Private Placement Number	  	 	6	 
	 Section 4.15.
	 	Changes in Corporate Structure	  	 	6	 
	 Section 4.16.
	 	Funding Instructions	  	 	6	 
	 Section 4.17.
	 	Ratings	  	 	6	 
	 Section 4.18.
	 	Proceedings and Documents	  	 	6	 
			
	 SECTION 5.
	 	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  	 	6	 
			
	 Section 5.1.
	 	Status	  	 	7	 
	 Section 5.2.
	 	Power and Authority	  	 	7	 
	 Section 5.3.
	 	Legal Validity	  	 	7	 
	 Section 5.4.
	 	Non-Conflict	  	 	7	 
	 Section 5.5.
	 	No Default	  	 	7	 
	 Section 5.6.
	 	Authorizations	  	 	7	 
	 Section 5.7.
	 	Financial Statements	  	 	7	 
	 Section 5.8.
	 	Disclosure	  	 	7	 
	 Section 5.9.
	 	No Material Adverse Effect	  	 	8	 
	 Section 5.10.
	 	Litigation	  	 	8	 
	 Section 5.11.
	 	Ranking of Obligations	  	 	8	 
	 Section 5.12.
	 	Taxes	  	 	8	 
	 Section 5.13.
	 	Taxes on Payments	  	 	8	 
	 Section 5.14.
	 	Stamp Duties	  	 	8	 
	 Section 5.15.
	 	Environment	  	 	9	 

  
 i 

							
	 Section 5.16.
	 	Security Interests	  	 	9	 
	 Section 5.17.
	 	Security Assets	  	 	9	 
	 Section 5.18.
	 	Collateral Vessel	  	 	9	 
	 Section 5.19.
	 	ISM Code and ISPS Code compliance	  	 	9	 
	 Section 5.20.
	 	Related Contracts	  	 	9	 
	 Section 5.21.
	 	Money Laundering	  	 	9	 
	 Section 5.22.
	 	Anti-Corruption and Sanctions	  	 	10	 
	 Section 5.23.
	 	Compliance with Laws	  	 	10	 
	 Section 5.24.
	 	Investment Company Act	  	 	10	 
	 Section 5.25.
	 	Regulation T, U and X	  	 	11	 
	 Section 5.26.
	 	Insolvency	  	 	11	 
	 Section 5.27.
	 	Immunity	  	 	11	 
	 Section 5.28.
	 	Private Offering by the Obligors	  	 	11	 
	 Section 5.29.
	 	Jurisdiction and Governing Law	  	 	11	 
	 Section 5.30.
	 	Accounts	  	 	12	 
	 Section 5.31.
	 	Charters	  	 	12	 
	 Section 5.32.
	 	Ownership	  	 	12	 
	 Section 5.33.
	 	Use of Proceeds	  	 	12	 
	 Section 5.34.
	 	Special Purpose Representations	  	 	12	 
	 Section 5.35.
	 	Separateness	  	 	13	 
	 Section 5.36.
	 	Beneficial Ownership Certification	  	 	14	 
	 Section 5.37.
	 	Title to Property; Leases	  	 	14	 
	 Section 5.38.
	 	Licenses, Permits, Etc.	  	 	15	 
	 Section 5.39.
	 	Benefit Plan Compliance.	  	 	15	 
	 Section 5.40.
	 	Existing and Future Indebtedness	  	 	16	 
			
	 SECTION 6.
	 	REPRESENTATIONS OF THE PURCHASERS	  	 	16	 
			
	 Section 6.1.
	 	Purchase for Investment	  	 	16	 
	 Section 6.2.
	 	Accredited Investor	  	 	16	 
	 Section 6.3.
	 	Source of Funds	  	 	16	 
			
	 SECTION 7.
	 	INFORMATION AS TO COMPANY	  	 	18	 
			
	 Section 7.1.
	 	Financial and Business Information	  	 	18	 
	 Section 7.2.
	 	Compliance Certificate	  	 	20	 
	 Section 7.3.
	 	Valuation	  	 	21	 
	 Section 7.4.
	 	Visitation	  	 	21	 
	 Section 7.5.
	 	Electronic Delivery	  	 	21	 
	 Section 7.6.
	 	Limitation on Disclosure Obligation	  	 	22	 
			
	 SECTION 8.
	 	PAYMENT AND PREPAYMENT OF THE NOTES	  	 	23	 
			
	 Section 8.1.
	 	Payment at Maturity	  	 	23	 
	 Section 8.2.
	 	Optional Prepayments with Make-Whole Amount	  	 	23	 
	 Section 8.3.
	 	Prepayment for Tax Reasons	  	 	23	 
	 Section 8.4.
	 	Mandatory Prepayments	  	 	24	 

  
 ii 

							
	 Section 8.5.
	 	Allocation of Partial Prepayments	  	 	26	 
	 Section 8.6.
	 	Maturity; Surrender, Etc.	  	 	27	 
	 Section 8.7.
	 	Purchase of Notes	  	 	27	 
	 Section 8.8.
	 	Make-Whole Amount	  	 	27	 
	 Section 8.9.
	 	Payments Due on Non-Business Days	  	 	29	 
			
	 SECTION 9.
	 	AFFIRMATIVE COVENANTS	  	 	29	 
			
	 Section 9.1.
	 	Know Your Customer Checks	  	 	29	 
	 Section 9.2.
	 	Authorizations	  	 	30	 
	 Section 9.3.
	 	Compliance with laws	  	 	30	 
	 Section 9.4.
	 	Pari passu ranking	  	 	30	 
	 Section 9.5.
	 	Place of business	  	 	30	 
	 Section 9.6.
	 	Security	  	 	30	 
	 Section 9.7.
	 	Separateness Covenants	  	 	31	 
	 Section 9.8.
	 	Registration of the Collateral Vessels	  	 	32	 
	 Section 9.9.
	 	Classification and repair	  	 	32	 
	 Section 9.10.
	 	Lawful and safe operation	  	 	34	 
	 Section 9.11.
	 	Repair of the Collateral Vessels	  	 	34	 
	 Section 9.12.
	 	Arrests and liabilities	  	 	34	 
	 Section 9.13.
	 	Environment	  	 	35	 
	 Section 9.14.
	 	Information regarding the Collateral Vessels	  	 	36	 
	 Section 9.15.
	 	Provision of further information	  	 	37	 
	 Section 9.16.
	 	Management	  	 	37	 
	 Section 9.17.
	 	Charters	  	 	37	 
	 Section 9.18.
	 	Termination of Eligible Charters	  	 	38	 
	 Section 9.19.
	 	Scope of Obligatory Insurances	  	 	38	 
	 Section 9.20.
	 	Obligatory Insurances	  	 	40	 
	 Section 9.21.
	 	Power of Purchasers to Insure	  	 	41	 
	 Section 9.22.
	 	ISM Code	  	 	42	 
	 Section 9.23.
	 	ISPS Code	  	 	42	 
	 Section 9.24.
	 	Dry Docking	  	 	43	 
	 Section 9.25.
	 	Rating	  	 	43	 
	 Section 9.26.
	 	Taxation	  	 	43	 
	 Section 9.27.
	 	Guarantors	  	 	44	 
	 Section 9.28.
	 	Decarbonization Certificate	  	 	44	 
			
	 SECTION 10.
	 	NEGATIVE COVENANTS	  	 	46	 
			
	 Section 10.1.
	 	Security Interests	  	 	46	 
	 Section 10.2.
	 	Merger	  	 	46	 
	 Section 10.3.
	 	Special Purpose Covenants	  	 	46	 
	 Section 10.4.
	 	Payment of dividends	  	 	47	 
	 Section 10.5.
	 	Vessel Substitutions	  	 	47	 
	 Section 10.6.
	 	Vessel Dispositions and Removals	  	 	47	 
	 Section 10.7.
	 	Year end	  	 	48	 
	 Section 10.8.
	 	Related Contracts	  	 	48	 

  
 iii 

							
	 Section 10.9.
	 	Financial Covenants	  	 	49	 
	 Section 10.10.
	 	Creation of Additional Security	  	 	49	 
	 Section 10.11.
	 	No Amendment to Related Contracts	  	 	50	 
	 Section 10.12.
	 	Anti-Corruption Law	  	 	50	 
	 Section 10.13.
	 	Sanctions	  	 	50	 
	 Section 10.14.
	 	Additional Secured Debt	  	 	51	 
			
	 SECTION 11.
	 	EVENTS OF DEFAULT	  	 	51	 
			
	 SECTION 12.
	 	REMEDIES ON DEFAULT, ETC.	  	 	54	 
			
	 Section 12.1.
	 	Acceleration	  	 	54	 
	 Section 12.2.
	 	Other Remedies	  	 	54	 
	 Section 12.3.
	 	Rescission	  	 	55	 
	 Section 12.4.
	 	No Waivers or Election of Remedies, Expenses, Etc.	  	 	55	 
			
	 SECTION 13.
	 	TAX INDEMNIFICATION; FATCA INFORMATION	  	 	55	 
			
	 SECTION 14.
	 	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES	  	 	59	 
			
	 Section 14.1.
	 	Registration of Notes	  	 	59	 
	 Section 14.2.
	 	Transfer and Exchange of Notes	  	 	59	 
	 Section 14.3.
	 	Replacement of Notes	  	 	59	 
	 Section 14.4.
	 	Registrar	  	 	60	 
			
	 SECTION 15.
	 	PAYMENTS ON NOTES	  	 	60	 
			
	 Section 15.1.
	 	Place of Payment	  	 	60	 
	 Section 15.2.
	 	Payment by Wire Transfer	  	 	60	 
			
	 SECTION 16.
	 	EXPENSES, ETC.	  	 	61	 
			
	 Section 16.1.
	 	Transaction Expenses	  	 	61	 
	 Section 16.2.
	 	Certain Taxes	  	 	62	 
	 Section 16.3.
	 	Survival	  	 	62	 
			
	 SECTION 17.
	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT	  	 	62	 
			
	 SECTION 18.
	 	AMENDMENT AND WAIVER	  	 	62	 
			
	 Section 18.1.
	 	Requirements	  	 	62	 
	 Section 18.2.
	 	Solicitation of Holders of Notes	  	 	63	 
	 Section 18.3.
	 	Binding Effect, Etc.	  	 	64	 
	 Section 18.4.
	 	Notes Held by Company, Etc.	  	 	64	 
			
	 SECTION 19.
	 	NOTICES; ENGLISH LANGUAGE	  	 	64	 

  
 iv 

							
	 SECTION 20.
	 	REPRODUCTION OF DOCUMENTS	  	 	65	 
			
	 SECTION 21.
	 	CONFIDENTIAL INFORMATION	  	 	66	 
			
	 SECTION 22.
	 	SUBSTITUTION OF PURCHASER	  	 	67	 
			
	 SECTION 23.
	 	NOTE ADMINISTRATIVE AGENT AND SECURITY TRUSTEE	  	 	67	 
			
	 Section 23.1.
	 	Appointment and Authority	  	 	67	 
	 Section 23.2.
	 	Exculpatory Provisions	  	 	67	 
	 Section 23.3.
	 	Reliance by Administrative Agent	  	 	69	 
	 Section 23.4.
	 	Delegation of Duties	  	 	69	 
	 Section 23.5.
	 	No Other Duties	  	 	69	 
	 Section 23.6.
	 	Note Administrative Agent May File Proofs of Claim	  	 	69	 
	 Section 23.7.
	 	Resignation and Removal of Note Administrative Agent	  	 	70	 
	 Section 23.8.
	 	Intercreditor Agreement.	  	 	71	 
	 Section 23.9.
	 	Non-Reliance.	  	 	71	 
	 Section 23.10.
	 	No Advisory or Fiduciary Responsibility.	  	 	71	 
	 Section 23.11.
	 	Security Trustee Appointment	  	 	72	 
			
	 SECTION 24.
	 	MISCELLANEOUS	  	 	72	 
			
	 Section 24.1.
	 	Successors and Assigns	  	 	72	 
	 Section 24.2.
	 	Accounting Terms	  	 	72	 
	 Section 24.3.
	 	Severability	  	 	72	 
	 Section 24.4.
	 	Construction, Etc.	  	 	73	 
	 Section 24.5.
	 	Counterparts	  	 	73	 
	 Section 24.6.
	 	Governing Law	  	 	73	 
	 Section 24.7.
	 	Jurisdiction and Process; Waiver of Jury Trial	  	 	73	 
	 Section 24.8.
	 	Obligation to Make Payment in Dollars	  	 	74	 
	 Section 24.9.
	 	Requisite Program Debt Consents	  	 	75	 

  
 v 

							
	 SCHEDULE A
	  	 	—	 	  	Defined Terms
			
	 SCHEDULE A-1
	  	 	—	 	  	Concentration Limit Requirements
			
	 SCHEDULE A-2
	  	 	—	 	  	Identified Vessels
			
	 SCHEDULE A-3
	  	 	—	 	  	Form of Charter’s Undertaking
			
	 SCHEDULE A-4
	  	 	—	 	  	Decarbonization Certificate
			
	 SCHEDULE A-5
	  	 	—	 	  	IMO Decarbonization Trajectory
			
	 SCHEDULE 1.1
	  	 	—	 	  	Form of 3.91% Series A Senior Secured Note due June 5, 2031
			
	 SCHEDULE 1.2
	  	 	—	 	  	Form of 3.91% Series B Senior Secured Notes due June 5, 2031
			
	 SCHEDULE 1.3
	  	 	—	 	  	Form of 4.06% Series C Senior Secured Notes due June 5, 2033
			
	 SCHEDULE 1.4
	  	 	—	 	  	Form of 4.26% Series D Senior Secured Notes due June 5, 2036
			
	 SCHEDULE 4.4(A)(I)(A) 
	  	 
	—
	 
 	  	Form of Opinion of Marshall Islands Special Counsel for the Obligors
			
	 SCHEDULE 4.4(A)(I)(F)
	  	 
	—
	 
 	  	Form of Opinion of New York Special Counsel for the Obligors
			
	 SCHEDULE 4.4(B)
	  	 	—	 	  	Form of Opinion of Special Counsel for the Purchasers
			
	 SCHEDULE 5.5
	  	 	—	 	  	Financial Statements
			
	 SCHEDULE 5.32
	  	 	—	 	  	Subsidiaries of the Company and Ownership of Subsidiary Stock
			
	 SCHEDULE 5.40
	  	 	—	 	  	Existing Indebtedness
			
	 SCHEDULE 7.2
	  	 	—	 	  	Form of Compliance Certificate
			
	 SCHEDULE 10.9
	  	 	—	 	  	Estimated add back related to vessel depreciation
			
	 PURCHASER SCHEDULE
	  	 	—	 	  	Information Relating to Purchasers

  

  
 vi 

 SEASPAN HOLDCO III LTD. 

3.91% Series A Senior Secured Notes due June 5, 2031 

3.91% Series B Senior Secured Notes due June 5, 2031 

4.06% Series C Senior Secured Notes due June 5, 2033 

4.26% Series D Senior Secured Notes due June 5, 2036 

May 21, 2021 
 TO
EACH OF THE PURCHASERS LISTED IN 

THE PURCHASER SCHEDULE HERETO: 

Ladies and Gentlemen: 
 Seaspan Holdco III Ltd.,
a corporation organized and existing under the laws of the Republic of the Marshall Islands with limited liability (the “Company”), and Seaspan Corporation, a corporation organized and existing under the laws of the Republic of the
Marshall Islands with limited liability (the “Guarantor”) agrees with each of the Purchasers, Citibank, N.A., as administrative agent in respect of the Notes for the limited purposes set forth herein (the “Note
Administrative Agent”), Citibank, N.A., as initial Registrar and Paying Agent, and Société Générale, a public limited company incorporated in France, acting through its Hong Kong Branch, as sole sustainability
coordinator (in such capacity, the “Lead Sustainability Coordinator”) as follows: 
 SECTION 1.
AUTHORIZATION OF NOTES. 
 The Company will authorize the issue and
sale of $500,000,000 aggregate principal amount of its Senior Secured Notes consisting of (a) $150,000,000 aggregate principal amount of its 3.91% Series A Senior Secured Notes due June 5, 2031 (the “Series A Notes”), (b)
$50,000,000 aggregate principal amount of its 3.91% Series B Senior Secured Notes due June 5, 2031 (the “Series B Notes”), (c) $170,000,000 aggregate principal amount of its 4.06% Series C Senior Secured Notes due June 5,
2033 (the “Series C Notes”) and (d) $130,000,000 aggregate principal amount of its 4.26% Series D Senior Secured Notes due June 5, 2036 (the “Series D Notes” and together with the Series A Notes, Series B Notes
and Series C Notes, as amended, restated or otherwise modified from time to time pursuant to Section 18 and including any such Notes issued in substitution therefor pursuant to Section 14, the
“Notes”). The Notes of any Series shall be substantially in the form set out in Schedule 1 with respect to such Series. Certain capitalized and other terms used in this Agreement are defined in
Schedule A and, for purposes of this Agreement, the rules of construction set forth in Section 24.4 shall govern. 

  
 1 

 SECTION 2. SALE AND
PURCHASE OF NOTES. 
 Subject to the terms and conditions of this Agreement,
the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at each Closing provided for in Section 3, Notes of the applicable Series and in the principal amount specified opposite
such Purchaser’s name in the Purchaser Schedule at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any
Person for the performance or non-performance of any obligation by any other Purchaser hereunder. 

SECTION 3. CLOSING. 

The sale and purchase of the Series A Notes, Series C Notes and Series D Notes to be purchased by each Purchaser purchasing Notes of such
Series shall occur at the offices of Milbank LLP, 55 Hudson Yards, New York, New York 10001, at 10:00 A.M., New York City time, at a closing (the “Initial Closing”) on the date of this Agreement or on such other Business Day
thereafter on or prior to May 21, 2021 as may be agreed upon by the Company and the Purchasers. The sale and purchase of the Series B Notes to be purchased by each Purchaser purchasing Notes of such Series shall occur at the offices of Milbank
LLP, 55 Hudson Yards, New York, New York 10001, at 10:00 A.M., New York City time, at a closing (the “Subsequent Closing” and, together with the Initial Closing, each, a “Closing” and together, the
“Closings”) on August 12, 2021 or such other date as may be agreed upon by the Company and the Purchasers of the Series B Notes. 

At each Closing the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such
greater number of Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of such Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the
Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company to account number 12829700, account titled “Seaspan Holdco III May
2021 USPP” at Citibank, N.A., Address: 480 Washington Blvd., 30th Floor, Jersey City, New Jersey 07310, ABA: 0210-0008-9, SWIFT: CITIUS33. If at any Closing the Company shall fail to tender the applicable
Notes to any Purchaser of such Notes as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such
Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure by the Company to tender such Notes or any of the conditions
specified in Section 4 not having been fulfilled to such Purchaser’s satisfaction. 
 SECTION 4.
CONDITIONS TO CLOSING. 
 Each Purchaser’s obligation to
purchase and pay for the Notes to be sold to such Purchaser at a Closing is subject to the fulfilment to such Purchaser’s satisfaction, prior to or at such Closing, of the following conditions: 

Section 4.1. Financing Documents. The Company shall have delivered or Made Available to such Purchaser copies
of counterparts of each of the following documents duly executed by all parties thereto on or before the date of Initial Closing: 
 (a) this
Agreement; 

  
 2 

 (b) the Intercreditor Agreement, together with an Additional Secured Debt Designation, a
Reaffirmation Agreement and Intercreditor Joinder in respect of the Notes; 
 (c) any Intra Group Loan Agreement; and 

(d) the Security Documents in effect as of the date of such Closing, along with each notice and acknowledgement of assignment required to be
served under any Security Document as of such date. 
 Section 4.2. Corporate Documents. In respect of the
Company and the Guarantor, such Purchaser shall have received prior to the Initial Closing: 
 (a) a copy, certified by a duly authorized
representative of such Person to be a true, complete and up to date copy, of the constitutional documents of that Person; 
 (b) a copy,
certified by a duly authorized representative of such Person to be a true copy and as being in full force and effect and not amended or rescinded, of a resolution of the board of directors of such Person: 

(i) approving the terms of, and the transactions contemplated by, the Financing Documents to which it is a party and resolving
that it execute, deliver and perform the Financing Documents to which it is a party; 
 (ii) authorizing a Person or Persons
to execute and deliver, on behalf of that Person, the Financing Documents to which it is party and any notices or other documents to be given pursuant thereto; 

(c) a copy, certified by a duly authorized representative of that Person to be a true copy and as being in full force and effect and not
amended or rescinded of the power of attorney (if any) issued by or on behalf of that Person, and not amended or rescinded, authorizing the execution by the attorneys named therein of the Financing Documents to which it is a party; and 

(d) specimen signatures of the signatories of that Person (including any attorney named in the power of attorney referred to in paragraph
(c) above), certified by an officer of that Person. 
 Section 4.3. “Know your
customer”. 
 (a) Each of the Finance Parties shall have received satisfactory information in order to satisfy their
respective “know your customer” requirements. 
 (b) To the extent the Company qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation, at least five (5) days prior to the applicable Closing, any Purchaser that has requested, in a written notice to the Company at least ten (10) days prior to the applicable Closing, a Beneficial
Ownership Certification in relation to the Company shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Purchaser of its signature page to this Agreement, the condition set forth
in this clause (b) shall be deemed to be satisfied). 

  
 3 

 Section 4.4. Opinions of Counsel. 

(a) Such Purchaser shall have received each of the following, in form and substance satisfactory to such Purchaser, dated the date of the
Initial Closing: (i) (A) a legal opinion from Oxton Law, Marshall Islands special counsel, (B) a reliance letter with respect to a legal opinion from Singapore counsel as to matters of Singapore law issued on May 19, 2021, (C) a
reliance letter with respect to a legal opinion from Bermudan counsel as to matters of Bermudan law issued on May 19, 2021, (D) a reliance letter with respect to a legal opinion from Hong Kong counsel as to matters of Hong Kong law issued on
May 19, 2021, (E) a reliance letter with respect to a legal opinion from British Columbian counsel as to matters of British Columbia law issued on May 19, 2021, (F) a legal opinion from DLA Piper LLP (US), New York special counsel for the
Obligors with respect to enforceability of the Financing Documents and such other matters as reasonably requested by the Purchasers (and the Company hereby instructs its counsel to deliver such opinions to the Purchasers) and (ii) a legal
opinion from Milbank LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Schedule 4.4(b) and covering such other matters incident to such transactions as such Purchaser may
reasonably request. 
 (b) Such Purchaser shall have received (i) copies of each legal opinion previously delivered to the
Security Trustee in respect of the Security Interests purported to be granted by the Security Documents and (ii) if required, reliance letter(s) issued by Marshall Islands and/or Singapore counsel and/or such other counsel as may be relevant
with respect to any previous legal opinion(s) issued on matters of law in such other jurisdiction. 
 Section 4.5.
Fees and Expenses. Without limiting Section 16.1, the Company shall have paid on or before the applicable Closing the fees, charges and disbursements of the Note Administrative Agent, the Paying Agent, the Registrar
and Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in a statement of the Note Administrative Agent, the Paying Agent, the Registrar or such counsel, as applicable, rendered to the
Company at least one Business Day prior to the applicable Closing. 
 Section 4.6. Representations and
Warranties. The representations and warranties of the Company in this Agreement shall be true and correct in all material respects (or, if containing a materiality qualifier, shall be true and correct in all respects) at the applicable Closing.

 Section 4.7. No Default. No Default, Event of Default or Cash Sweep Event under the Program Debt
Documents is outstanding or would result from the issuance and sale of the applicable Notes. 
 Section 4.8.
Other Documents. The Purchasers of the applicable Notes shall have received such other documents as such Purchasers may reasonably request. 

Section 4.9. Security; Guarantees; Lien Searches. 

(a) A valid and perfected first priority security interest in the Security Assets purported to be created by the Security Documents shall have
been created and perfected in favor of the Security Trustee for the benefit of the Secured Parties, and, upon execution and delivery of the documents referred to in clause (b) of Section 4.1 and payment by such
Purchaser of the 

  
 4 

 
purchase price in respect of the Notes purchased by such Purchaser, such Purchaser shall (i) have become a Secured Party, (ii) benefit from such Security Interests pro rata and
on a pari passu basis along with the other Secured Parties in accordance with the Security Documents and the Intercreditor Agreement and (iii) benefit from the guarantees (the “Program Debt Guarantees”) issued by the
Guarantor and each other “Guarantor” (as defined in the Intercreditor Agreement) pursuant to the Intercreditor Agreement pro rata and on a pari passu basis along with the other Secured Parties. 

(b) Such Purchaser shall have received customary reports of recent searches of UCC (or reasonably equivalent) financing statements, ship
mortgage and fixture filings and judicial and tax lien filings that have been made with respect to any personal or mixed property of each Obligor in the jurisdiction of formation or organization of such Obligor or where a filing has been or would
need to be made in order to perfect the Security Trustee’s security interest in the Security Interests purported to be created by the Security Documents, including in the Approved Flag States in which the Vessels are registered, together with
copies of all filings disclosed by such searches. 
 Section 4.10. Certificates. 

(a) Officer’s Certificate. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the
applicable Closing, certifying that the conditions specified in Sections 4.6, 4.7, 4.12 and 4.15 have been fulfilled. 

(b) Compliance Certificate. A Compliance Certificate signed by the Company and certifying, taking account of the issuance and sale of
the Notes: (i) the BB Ratio and that no BB Event will occur or is continuing (including confirmation as to any Excluded Collateral Vessels or exclusions of Asset Values due to any Concentration Limit Event); (ii) the DSCR Ratio and that no DSCR
Cash Sweep Event will occur or is continuing; (iii) compliance with the Guarantor Financial Covenants; (iv) compliance with the Concentration Limit Requirements; and (v) compliance with the Hedging Requirement. 

Section 4.11. Management Agreement. The Company shall have delivered or Made Available to each Purchaser a
certified copy of the Management Agreement in respect of each Collateral Vessel. 
 Section 4.12. Purchase
Permitted By Applicable Law, Etc. On the date of the applicable Closing such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to
provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any Applicable Law or
regulation (including Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) with respect to any Purchaser of Series B Notes, not subject such Purchaser to any tax, penalty or liability under or pursuant to any
applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may
reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 

  
 5 

 Section 4.13. Sale of Other Notes. Contemporaneously with
the applicable Closing, the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at such Closing as specified in the Purchaser Schedule. 

Section 4.14. Private Placement Number. A Private Placement Number issued by Standard & Poor’s
CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for each Series of Notes. 

Section 4.15. Changes in Corporate Structure. No Obligor shall have changed its jurisdiction of incorporation
or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in
Schedule 5.5. 
 Section 4.16. Funding Instructions. At least three (3) Business Days prior to
the date of the applicable Closing, each Purchaser purchasing Notes at such Closing shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in
Section 3 including (i) the name and address of the transferee bank, (ii) such transferee bank’s ABA number/Swift Code/IBAN and (iii) the account name and number into which the purchase price for the
Notes is to be deposited. Each Purchaser has the right, upon written notice (which may be by email) to the Company, to elect to deliver a micro deposit (less than $1.00) to the account identified in such written instructions no later than two
(2) Business Days prior to the date of the applicable Closing. If a Purchaser delivers a micro deposit, a Responsible Officer shall verify (in a manner reasonably requested by such Purchaser) the receipt and amount of the micro deposit to such
Purchaser if such verification is requested by such Purchaser prior to the applicable date of Closing. The Company shall not be obligated to return the amount of the micro deposit, nor will the amount of the micro deposit be netted against such
Purchaser’s purchase price of the Notes. 
 Section 4.17. Ratings. The Purchasers shall have
received, prior to the Initial Closing, a copy of a letter issued by Kroll Bond Rating Agency, Inc. assigning a credit rating of at least “BBB-” to the Notes. 

Section 4.18. Proceedings and Documents. All corporate and other proceedings in connection with the
transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such
counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 

SECTION 5. REPRESENTATIONS AND WARRANTIES OF
THE COMPANY. 
 The Company represents and warrants with respect to itself and each other
Obligor to each Purchaser that, as of the date of each Closing and, in respect of the representations and warranties set forth in Sections 5.1, 5.2, 5.3, 5.4, 5.6, 5.7, 5.8, 5.9, 5.11,
5.12, 5.16, 5.17, 5.21, 5.22, 5.27, 5.29, 5.30, 5.32(a), 5.33, 5.34 and 5.35, as of each Payment Date: 

  
 6 

 Section 5.1. Status. (a) Each Obligor is a
corporation, duly incorporated and validly existing under the laws of the Republic of the Marshall Islands, or in relation to any applicable Vessel Owner, Singapore (or such other jurisdiction either as may be acceptable pursuant to the Requisite
Program Debt, subject to Section 24.9, or as may be acceptable to the Required Holders), and (b) each Obligor has the power to own its assets and carry on its business as it is being conducted. 

Section 5.2. Power and Authority. Each Obligor has the power to enter into and perform, and has taken all
necessary action to authorize the entry into and performance of, the Financing Documents to which it is or will be a party and the transactions contemplated by those Financing Documents. 

Section 5.3. Legal Validity. The obligations expressed to be assumed by each Obligor in each Financing
Document to which it is a party are legal, valid, binding and enforceable obligations, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally and
to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

Section 5.4. Non-Conflict. The entry into and performance by each
Obligor of, and the transactions contemplated by, the Financing Documents to which it is a party do not conflict in any material respect with: (a) any law or regulation applicable to it; (b) its constitutional documents; or (c) any
document which is binding upon it or any of its assets that, in the case of this clause (c), would reasonably be expected to cause a Material Adverse Effect. 

Section 5.5. No Default. No Default or Event of Default is continuing or will result from the execution of,
or the performance of any transaction contemplated by, any Financing Document. No other event is outstanding which constitutes a default under any document which is binding on any Obligor or any of its assets to an extent or in a manner which is
reasonably likely to have a Material Adverse Effect. 
 Section 5.6. Authorizations. All consents,
approvals, authorizations, registrations, filings or declarations required by any Obligor in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, the Financing Documents have been
obtained or effected (as appropriate) and are in full force and effect. 
 Section 5.7. Financial
Statements. The Company has delivered or Made Available to each Purchaser copies of the Original Financial Statements. Such financial statements, together with any other financial information of the Guarantor supplied or Made Available to the
Note Administrative Agent by the Company or the Guarantor: (a) have been prepared in accordance with GAAP, consistently applied; (b) have been audited in accordance with GAAP; and (c) fairly represent its financial condition
(consolidated, if applicable) as at the date to which they were drawn up, except, in each case, as disclosed to the contrary in those financial statements or other information. 

Section 5.8. Disclosure. The Company has delivered or Made Available to each Purchaser a copy of the
“Project Clean Private Placement Senior Secured Sustainability Linked Notes Investor Presentation”, dated April 2021 (the “Memorandum”), relating to the transactions contemplated hereby. The Memorandum fairly describes, in
all material respects, the general nature of the business and principal properties of the Company and its Subsidiaries. 

  
 7 

 
This Agreement, the Memorandum, the Original Financial Statements, the consolidated financial statements of the Guarantor for the financial years ended 31 December 2018 and 31 December
2019, any financial statements provided pursuant to Section 7.1(a) and the documents, certificates or other writings delivered or Made Available to the Purchasers by or on behalf of the Company prior to the Closing in
connection with the transactions contemplated hereby (this Agreement, the Memorandum and such documents, certificates or other writings and such financial statements delivered or Made Available to each Purchaser being referred to, collectively, as
the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under
which they were made. There is no fact known to the Company that could reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents; provided that no representation is made as to
any projections included in the Disclosure Documents other than that such projections are based on information that the Company reasonably believes to be accurate and were calculated in a manner that the Company believes to be reasonable. 

Section 5.9. No Material Adverse Effect. There has been no Material Adverse Effect since the date of the
Original Financial Statements. 
 Section 5.10. Litigation. No litigation, arbitration or administrative
proceedings of or before any court, arbitral body or agency (including, but not limited to, investigative proceedings) which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge
and belief) been started or threatened against any Obligor. 
 Section 5.11. Ranking of Obligations.
The Company’s and each other Obligor’s payment obligations under this Agreement, the Notes and the other Financing Documents will, upon issuance of the Notes, rank at least pari passu, without preference or priority, with all
other present and future unsecured and unsubordinated payment obligations of such Person, except for obligations mandatorily preferred by law applying to companies generally. 

Section 5.12. Taxes. Each Obligor has filed all Tax returns which are required to have been filed and has
paid, or made adequate provisions for the payment of, all of its Taxes which are due and payable, except such Taxes, if any, as are being contested in good faith and by appropriate proceedings and as to which such reserves or other appropriate
provisions as may be required by GAAP have been established, and except where failure to file such returns or pay such Taxes, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

Section 5.13. Taxes on Payments. Assuming for these purposes that no Purchaser is based or conducting
business in the Republic of the Marshall Islands or Hong Kong, all amounts payable by any Obligor to the Finance Parties under the Financing Documents and the Related Contracts may be made without any deduction or withholding for any Taxes. 

Section 5.14. Stamp Duties. Except as notified in writing to the Note Administrative Agent by any Obligor, no
stamp or registration duty or similar Tax or charge is payable in its jurisdiction of incorporation in respect of any Financing Document or Related Contract. 

  
 8 

 Section 5.15. Environment. Except as may already have been
disclosed by the Company in writing to the Note Administrative Agent: (a) each Vessel Owner and its Environmental Representatives have, without limitation, complied with the provisions of all applicable Environmental Laws in relation to each
Collateral Vessel in all material respects; (b) each Vessel Owner and its Environmental Representatives have obtained all requisite Environmental Approvals in relation to each Collateral Vessel and are in compliance with such Environmental
Approvals; (c) no Vessel Owner or any of their Environmental Representatives have received notice of any Environmental Liability in relation to a Collateral Vessel which alleges that a Vessel Owner is not in compliance in all material respects
with applicable Environmental Laws in relation to such Collateral Vessel or Environmental Approvals in relation to such Collateral Vessel; (d) there is no Environmental Liability in relation to any Collateral Vessel pending or, to the knowledge
of the Company, threatened which is such that a first class Vessel Owner or operator of vessels such as the Collateral Vessels, making all due enquiries and complying in all respects with its obligations under the ISM Code, ought to have known
about; and (e) there has been no release of Hazardous Materials by or in respect of any Collateral Vessel about which a first class borrower or operator of vessels such as the Collateral Vessels making all due enquiries and complying in all
respects with its obligations under the ISM Code ought to have known about. 
 Section 5.16. Security
Interests. No Security Interest exists over any Obligors’ assets which would cause a breach of Section 10.1. 

Section 5.17. Security Assets. Each Obligor is solely and absolutely entitled to the Security Assets over
which it has or will create any Security Interest pursuant to the Security Documents to which it is, or will be, a party and there is no agreement or arrangement, under which it is obliged to share any proceeds of or derived from such Security
Assets with any third party. 
 Section 5.18. Collateral Vessel. (a) Each Collateral Vessel is
operational, seaworthy and fit for service and is registered in the name of the applicable Vessel Owner at the relevant registry in the Approved Flag State; and (b) except as approved either in accordance with the Requisite Program Debt,
subject to Section 24.9, or by the Required Holders, there are no arrangements under which Earnings of any Collateral Vessel may be shared with anyone else. 

Section 5.19. ISM Code and ISPS Code compliance. In respect of each Collateral Vessel, the relevant Vessel
Owner is in compliance with the ISM Code and ISPS Code in respect of that Collateral Vessel in all material respects. 

Section 5.20. Related Contracts. The copies of the Obligatory Insurances, Management Agreement (including the
joinders thereto), Eligible Charters and Charter Guarantees provided or Made Available to the Purchasers prior to the Closing are correct and complete (and there have been no material amendments thereto) as of the Closing. 

Section 5.21. Money Laundering. Neither the issuance of the Notes nor the performance of any of the
Obligors’ respective obligations under the Financing Documents or Related Contracts will involve any breach by the Obligors or any of their respective Subsidiaries of any money laundering or terrorism financing statutes of the United States of
America, Canada or any other jurisdictions where the Obligors or any of their respective Subsidiaries conduct business, the rules and regulations thereunder or any related or similar rules, regulations or guidelines, issued, administered or enforced
by any relevant governmental or regulatory agency (collectively, the “Anti-Money Laundering Laws”). 

  
 9 

 Section 5.22. Anti-Corruption and Sanctions. (a) Each
Obligor is conducting and will continue to conduct its business in compliance with Anti-Money Laundering Laws and Anti-Corruption Laws; (b) each Obligor has implemented, maintained, and will continue to maintain in effect policies and
procedures to promote and achieve its compliance and the compliance by its directors, officers, employees, and agents, with Anti-Money Laundering Laws and Anti-Corruption Laws; (c) none of the Obligors or any of their subsidiaries or any of
their respective directors or officers is, or, to the knowledge of the Obligors, is owned or controlled by, a Sanctioned Person, or located, organized, or resident in a Sanctioned Jurisdiction; (d) no proceeds of the Notes will be Made
Available, directly or indirectly, to or for the benefit of, or used to fund any activities with or business of a Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of Sanctions, or otherwise applied
in a manner or for a purpose prohibited by Sanctions or Anti-Corruption Laws, or which would result in a violation of Sanctions by any Person (including any Person participating in the issuance, offering or funding of the Notes, whether as
underwriter, advisor, investor, lender, hedge provider, facility or security agent or otherwise); (e) each Obligor and each of their Subsidiaries is in compliance with all Sanctions, is not, to the best of its knowledge and belief, under
investigation for an alleged violation of Sanctions, and has implemented a policy for Sanctions in line with the requirements of this Agreement; (f) each Obligor and each of their Subsidiaries shall not fund all or part of any repayment
required to be made pursuant to the Notes out of proceeds directly or indirectly derived from any business, activities or transactions which would be prohibited by Sanctions or which would otherwise cause any Person or any Finance Party to be in
breach of Sanctions or to otherwise become the subject or target of Sanctions; and (g) each Obligor and each of their Subsidiaries shall not (and shall procure that no Charterer of any Collateral Vessel will) operate, possess, use, dispose of
or otherwise deal with, or procure or allow the ownership, operation, possession, use, disposal of or any other dealing with, each Collateral Vessel or part thereof for any purpose or to any Person which would violate or cause any Finance Party to
violate, when and as applicable, any Sanctions, any Anti-Money Laundering Law or any Anti-Corruption Laws, in each case applicable to it. 

Section 5.23. Compliance with Laws. To the best of the Company’s knowledge and belief, each Obligor is
in compliance in all material respects with all laws and regulations applicable to it and is not under investigation for an alleged violation thereof. 

Section 5.24. Investment Company Act. No Obligor is required to register as an “investment
company,” as defined in the United States Investment Company Act of 1940, as amended without reliance on Section 3(c)(1) and/or Section 3(c)(7) of the Investment Company Act. No Obligor is a “covered fund” for purposes of
the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (commonly referred to as the “Volcker Rule”). In making this determination, the Company has made this determination on
the basis that no Obligor falls within the definition of “investment company” in Section 3(a)(1) of the Investment Company Act, although other bases or exceptions may be available. No Obligor is subject to regulation under the Public
Utility Holding Company Act of 2005, the ICC Termination Act of 1995, or the Federal Power Act. 

  
 10 

 Section 5.25. Regulation T, U and X. No Obligor is
engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board). No proceeds of the Notes will
be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock (within the meaning of Regulation U of the Federal Reserve Board) or for the purpose of buying or carrying or
trading in any Securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). 

Section 5.26. Insolvency. (a) No Obligor is unable, nor admits or has admitted its inability, to pay its
debts as such debts become due or has suspended making payments on any of its debts; (b) no Obligor, by reason of actual or anticipated financial difficulties has commenced, or intends to commence, negotiations with one or more of its creditors
with a view to rescheduling any of its Indebtedness; (c) the value of the assets of the Company is not less than its liabilities (taking into account contingent and prospective liabilities); (d) no moratorium has been, or may, in the reasonably
foreseeable future be, declared in respect of any Obligors’ Indebtedness; and (e) no reorganization or liquidation of any Obligor has occurred. 

Section 5.27. Immunity. The execution by each Obligor of each Financing Document to which it is a party
constitutes, and the exercise by it of its rights and performance of its obligations under each such Financing Document will constitute, private and commercial acts performed for private and commercial purposes. No Obligor will be entitled to claim
immunity from suit, execution, attachment or other legal process in any proceedings taken in its jurisdiction of incorporation in relation to any Financing Document. 

Section 5.28. Private Offering by the Obligors. None of the Obligors nor anyone acting on any of their
behalves has offered the Notes or any similar Securities for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not
more than 85 other Institutional Investors, each of which has been offered the Notes at a private sale for investment. None of the Obligors nor anyone acting on any of their behalves has taken, or will take, any action that would subject the
issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction, including the jurisdiction of organization
of the Company. 
 Section 5.29. Jurisdiction and Governing Law. Each of the following are legal, valid and
binding under the Laws of each Obligor’s jurisdiction of incorporation: (a) its irrevocable submission under this Agreement to the jurisdiction of the courts of the State of New York sitting in New York County, and of the United States
District Court of the Southern District of New York, and any appellate court from any thereof; (b) its agreement that this Agreement is governed by the law of the State of New York; and (c) its agreement not to claim any immunity to which
it or its assets may be entitled. Any judgment obtained in the State of New York will be recognized and be enforceable by the courts of each Obligor’s jurisdiction of incorporation, subject to any statutory or other conditions of such
jurisdiction. 

  
 11 

 Section 5.30. Accounts. Except for the Charged Accounts, no
Obligor (other than the Guarantor) has opened or instructed any other Person to open, any accounts. 

Section 5.31. Charters. On the date of each Closing, each Eligible Charter relating to a Collateral Vessel is
in full force and effect. 
 Section 5.32. Ownership. 

(a) The Company is a wholly owned Subsidiary of the Guarantor. Each Vessel Owner is a wholly owned Subsidiary of the Company. No Obligor (other
than the Guarantor) has any Subsidiaries other than Subsidiaries which are themselves Obligors. 
 (b) Schedule 5.32 contains (except
as noted therein) complete and correct lists of (i) the Obligors, showing, as to each Obligor, the name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests
outstanding owned by the Company and each other Obligor, and (ii) the Company’s directors and senior officers. 
 (c) All of the
outstanding shares of capital stock or similar equity interests of each Obligor shown in Schedule 5.32 as being owned by the Company or another Obligor have been validly issued, are fully paid and
non-assessable and are owned by the Company or another Obligor free and clear of any Lien that is prohibited by this Agreement. 

(d) No Obligor which is a Subsidiary of the Company is subject to any legal, regulatory, contractual or other restriction (other than the
agreements listed on Schedule 5.32 and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the
Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. 

Section 5.33. Use of Proceeds. The proceeds of the Notes will be used by the Company (a) to repay a
portion of the existing Program Debt, (b) to finance or refinance in part the acquisition of the Collateral Vessels purchased or to be purchased by the Vessel Owners; (c) for the payment of transaction fees and expenses incurred in
connection with the Closings; and (d) for general corporate purposes of the Company and the Guarantor. 

Section 5.34. Special Purpose Representations. Except, in each case, with respect to the Guarantor
(a) no Obligor has any employees; (b) no Obligor is a party to any contract or agreement with any Person, or has conducted any business, or has otherwise created or incurred any liability to any Person, other than in connection with the
acquisition, chartering and disposition of the Security Assets, the issuance of Notes or otherwise as permitted by the Financing Documents and activities ancillary thereto; (c) no Obligor is a partner or joint venturer in any partnership or
joint venture; and (d) each Obligor has complied in all material respects with all corporate and/or other legal formalities required by its certificate of incorporation, certificate of formation and
by-laws, operating agreement, memorandum and articles of association, constitution or similar formation documents, as applicable, and as duly amended prior to the Closing, and by Applicable Law, including,
among other things, the observance of all restrictions on activity and corporate or other legal form of each such entity’s organizational documents. 

  
 12 

 Section 5.35. Separateness. (a) The Company, on behalf
of each Obligor (other than the Guarantor) represents that it conducts its business such that it is a separate and readily identifiable business from, and independent of, any Person that is not a Subsidiary, including the Guarantor and each seller
under a Purchase Agreement and their respective affiliates (collectively, “Unrelated Parties”), and further covenants as follows: 

(i) each Obligor (other than the Guarantor) observes all corporate formalities necessary to remain a legal entity separate and
distinct from, and independent of, each Unrelated Party; 
 (ii) each Obligor (other than the Guarantor) maintains its assets
and liabilities separate and distinct from those of each Unrelated Party other than the Company, and will not commingle its assets with those of any Unrelated Party other than the Company; 

(iii) each Obligor (other than the Guarantor) maintains its accounts and funds separate and distinct from the accounts and
funds of each Unrelated Party other than the Company and will receive, deposit, withdraw and disburses its funds separately from any funds of any Unrelated Party other than the Company; 

(iv) each Obligor (other than the Guarantor) maintains records, books, accounts and minutes separate from those of any
Unrelated Party; 
 (v) each Obligor (other than the Guarantor) conducts its own business in its own name, and not in the
name of any Unrelated Party; 
 (vi) each Obligor (other than the Guarantor) maintains an
arm’s-length relationship with its Affiliates; 
 (vii) each Obligor (other than
the Guarantor) maintains separate financial statements from each Unrelated Party, or if part of a consolidated group, then it will be shown as a separate member of such group; 

(viii) each Obligor (other than the Guarantor) pays its own liabilities and obligations out of its own funds, whether in the
ordinary course of business or not, as a legal entity separate from each Unrelated Party, provided that liabilities and obligations of Vessel Owners may be paid by Company; 

(ix) each Obligor (other than the Guarantor) uses separate stationery, invoices and checks from those of each Unrelated Party;

  
 13 

 (x) each Obligor (other than the Guarantor) holds itself out as a separate
entity, and shall correct any known misunderstanding regarding its status as a separate entity; 
 (xi) each Obligor (other
than the Guarantor) has not agreed to pay or become liable for any Indebtedness of any Unrelated Party; 
 (xii) each Obligor
(other than the Guarantor) has not held out that it is a division of any Unrelated Party, or that any Unrelated Party is a division of it; 

(xiii) each Obligor (other than the Guarantor) has not induced any third party to rely on the creditworthiness of any Unrelated
Party other than the Guarantor in order that such third party will be induced to contract with it; 
 (xiv) each Obligor
(other than the Guarantor) has not entered into any transactions between it and any Unrelated Party that are more favorable to the Unrelated Party than transactions that the parties would have been able to enter into at such time on an arm’s-length basis with a non-affiliated third party, other than any agreements in effect on the date of the Initial Closing; 

(xv) each Obligor (other than the Guarantor) observes all corporate or other procedures, including minimum capitalization
requirements, required under Applicable Law and under its constitutive documents; and 
 (xvi) each Obligor’s (other
than the Guarantor) directors acts in accordance with their duties at law and to exercise independent judgment, and shall not breach those duties or act solely in accordance with any direction, opinion, recommendation or instruction of any Unrelated
Party in relation to the approval or rejection of, or the exercise of any voting power in relation to, any transaction approval requirements. 

(b) The Company generally carries on its business and manages its affairs as an independent business separate and identifiable from the
business of each Unrelated Party and any other Person. 
 Section 5.36. Beneficial Ownership Certification.
As of the Closing, to the best knowledge of the Company, the information included in the Beneficial Ownership Certification provided on or prior to the Closing to any Purchaser in connection with this Agreement is true and correct in all respects.

 Section 5.37. Title to Property; Leases. The Company and the Obligors have good and sufficient title to
their respective properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.7 or purported to have been acquired
by the Company or any Obligor after such date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement. All leases that individually or in the aggregate are
Material are valid and subsisting and are in full force and effect in all material respects. 

  
 14 

 Section 5.38. Licenses, Permits, Etc. 

(a) The Obligors own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks,
trademarks and trade names, or rights thereto, without known conflict with the rights of others, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) To the best knowledge of the Company, no product or service of the Obligors infringes in any respect any license, permit, franchise,
authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 (c) To the best knowledge of the Company, there is no violation by any Person of any right of the Obligors with respect to any license,
permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Obligors, except as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 Section 5.39. Benefit Plan Compliance. 

(a) Neither the Company nor any ERISA Affiliate maintains, contributes to or is obligated to maintain or contribute to, or has, at any time
within the past six years, maintained, contributed to or been obligated to maintain or contribute to, any employee benefit plan which is subject to Title I or Title IV of ERISA or section 4975 of the Code (a “U.S. Plan”). Neither
the Company nor any ERISA Affiliate is, or has ever been at any time within the past six years, a “party in interest” (as defined in section 3(14) of ERISA) or a “disqualified person” (as defined in section 4975 of the Code) with
respect to any U.S. Plan. 
 (b) The present value of the accrued benefit liabilities (whether or not vested) under each Non-U.S. Plan that is funded, determined as of the end of the Company’s most recently ended fiscal year on the basis of reasonable actuarial assumptions, did not exceed the current value of the assets of such Non-U.S. Plan allocable to such benefit liabilities by more than $10,000,000. The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and
“present value” have the meaning specified in section 3 of ERISA. 
 (c) The Company and its ERISA Affiliates have not incurred any
obligation in connection with the termination of or withdrawal from any Non-U.S. Plan that individually or in the aggregate are Material. 

(d) All Non-U.S. Plans have been established, operated, administered and maintained in compliance with
all laws, regulations and orders applicable thereto, except where failure so to comply could not be reasonably expected to have a Material Adverse Effect. All premiums, contributions and any other amounts required by applicable Non-U.S. Plan documents or Applicable Laws to be paid or accrued by the Company and its Subsidiaries have been paid or accrued as required, except where failure so to pay or accrue could not be reasonably expected
to have a Material Adverse Effect. 

  
 15 

 Section 5.40. Existing and Future Indebtedness. 

(a) Except as described therein, Schedule 5.40 sets forth a complete and correct list of (x) all outstanding Indebtedness of the
Company and its Subsidiaries and (y) all Material outstanding Indebtedness of the Guarantor, in each case, as of March 31, 2021 (including descriptions of the obligors and obligees, principal amounts outstanding, any collateral therefor
and any Guarantees thereof) since which date, except as set forth on such Schedule, there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Obligors. No Obligor
is in default and no waiver of default is currently in effect in the payment of any principal or interest on any such Indebtedness and no event or condition exists with respect to any such Indebtedness that would permit (or that with notice or the
lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

(b) No Obligor (other than the Guarantor) is party to, or otherwise subject to any provision contained in, any instrument evidencing
Indebtedness of such Obligor, any agreement relating thereto or any other agreement (including its charter or any other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of such
Obligor, except as disclosed in Schedule 5.40. 
 SECTION 6. REPRESENTATIONS OF
THE PURCHASERS. 
 Section 6.1. Purchase for Investment.
Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the
distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the
Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by
law, and that the Company is not required to register the Notes. 
 Section 6.2. Accredited Investor. Each
Purchaser severally represents that it is an “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act). Each Purchaser further severally represents that the Company has made
available to it, a reasonable time prior to the consummation of the transactions contemplated by this Agreement, the opportunity to ask questions and receive answers concerning the terms and conditions of the offering of the Notes that it is
purchasing or shall purchase and to obtain any additional information which the Company possesses or could acquire without unreasonable effort or expense; provided that the foregoing shall not be construed as limiting the ability of any Purchaser to
rely on the representations and warranties of the Obligors contained in this Agreement or any other document related thereto. 

Section 6.3. Source of Funds. Each Purchaser severally represents that at least one of the following
statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: 

  
 16 

 (a) the Source is an “insurance company general account” (as the term is defined
in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life
insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general
account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general
account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

(b) the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under
which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner
by the investment performance of the separate account; or 
 (c) the Source is either (i) an insurance company pooled separate account,
within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the
Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or
collective investment fund; or 
 (d) the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s
assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM
Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither
the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the
identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate
(within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause
(d); or 

  
 17 

 (e) the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h)
of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the
INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM
Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this
clause (e); or 
 (f) the Source is a governmental plan; or 

(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each
of which has been identified to the Company in writing pursuant to this clause (g); or 
 (h) the Source does not include assets of
any employee benefit plan, other than a plan exempt from the coverage of ERISA. 
 As used in this Section 6.3, the terms
“employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 

SECTION 7. INFORMATION AS TO COMPANY. 

Section 7.1. Financial and Business Information. The Company shall deliver to each Purchaser and each holder
of a Note that is an Institutional Investor (and for purposes of this Agreement the information required by this Section 7.1 shall be deemed delivered on the date of delivery of such information in the English language or
the date of delivery of an English translation thereof): 
 (a) Financial Statements — (i) the audited consolidated financial
statements of the Guarantor for each of its financial years ending after the Initial Closing; and (ii) quarterly consolidated statements of the Guarantor for each quarter of each of their financial years ending after the Initial Closing. All
financial statements must be supplied promptly after they are available and: (A) in the case of audited financial statements, within one hundred eighty (180) days of the end of the relevant financial period; and (B) in the case of
quarterly financial statements, within ninety (90) days of the end of the relevant financial period. The Company must ensure that each set of the financial statements supplied under this Agreement fairly represents in all material respects the
financial condition (consolidated or otherwise) of the Guarantor as at the date to which those financial statements were drawn up, subject, in the case of interim financial statements, to year-end adjustments
and the absence of footnotes. The Company must notify each holder of a Note of any material change to the basis on which the Guarantor’s audited financial statements are prepared. If requested by the Note Administrative Agent or the Required
Holders, the Company must supply or procure that the following are supplied to each holder of a Note: (i) a full description of any material change notified above; and (ii) sufficient information to enable such holder to make a proper
comparison between the financial position shown by the set of financial statements prepared on the changed basis and its 

  
 18 

 
most recent audited consolidated financial statements delivered to each holder of a Note under this Agreement. If requested by the Note Administrative Agent or the Required Holders, the Guarantor
must enter into discussions for a period of not more than thirty (30) days with a view to agreeing to any amendments required to be made to this Agreement to place the Purchasers in the same position as it would have been in if the material
change had not happened. If no such agreement is reached on the required amendments to this Agreement, the Company must ensure that the Guarantor’s or its auditors certify those amendments; the certificate of the auditors will be, in the
absence of manifest error, binding on all the parties hereto. The annual financial statements referenced in clause (i) of the first sentence of this Section 7.1(a) shall be accompanied by an opinion thereon
(without any qualification or exception, including as to the scope of the audit on which such opinion is based) of independent public accountants of recognized international standing, which opinion shall state that such financial statements present
fairly, in all material respects the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection
with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances. 

(b) Notice of Default or Event of Default — (i) promptly upon becoming aware of its occurrence, notice of any Default or Event of
Default (and the steps, if any, being taken to remedy it) and (ii) promptly on request by the Note Administrative Agent or the Required Holders, but not more often than once in any 3 month period, unless the Note Administrative Agent or the
Required Holders, acting reasonably, believe an Event of Default has occurred and is continuing (in which event the Note Administrative Agent or the Required Holders shall specify the applicable Event of Default and shall be entitled to make such
requests as and when it reasonably considers or they reasonable consider it appropriate to do so), a certificate, signed by two (2) of the Company’s authorized signatories on the Company’s behalf, certifying that no Event of Default
is continuing or, if an Event of Default is continuing, specifying the Event of Default and the steps, if any, being taken to remedy such Event of Default. 

(c) Benefit Plan Matters — promptly, and in any event within five (5) days after a Responsible Officer becoming aware of any
of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto receipt of notice of the imposition of a Material financial penalty (which for
this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; 

(d) Notices from Governmental Authority — promptly, and in any event within thirty (30) days of receipt thereof, copies of any
notice to the Company or any Subsidiary from any Governmental Authority relating to any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material Adverse Effect; 

(e) Resignation or Replacement of Auditors — within ten (10) days following the date on which the Guarantor’s auditors
resign or the Guarantor elects to change auditors, as the case may be, notification thereof, together with such further information as the Note Administrative Agent or the Required Holders may reasonably request; and 

  
 19 

 (f) Miscellaneous Information — 

(i) information with respect to the Collateral Vessels reasonably requested by the Note Administrative Agent and copies of any
publicly available information regarding the Obligors; 
 (ii) promptly upon becoming aware of them, details of any
litigation, arbitration or administrative proceedings which are current, threatened or pending against it and which would reasonably be expected, if adversely determined, to have a Material Adverse Effect; 

(iii) promptly upon becoming aware of them, details of any claim, lawsuit, action, proceedings or investigation which are
current, threatened or pending against it with respect to Sanctions or Anti-Corruption Laws; and 
 (iv) promptly on request
by the Note Administrative Agent or any Purchaser or Holder (A) such further information, in sufficient copies for all holders of Notes, regarding the financial condition and operations of the Obligors as any such Purchaser or holder may
reasonably request and (B) information and documentation reasonably requested by the Note Administrative Agent or any such Purchaser or Holder for purposes of compliance with the Beneficial Ownership Regulation. 

Section 7.2. Compliance Certificate. The Company will deliver to the Holders a Compliance Certificate
certified by the Company and the Guarantor in the form set out in Schedule 7.2 on the following dates: 
 (a) within two
(2) Business Days following each Determination Date; 
 (b) five (5) days prior to a Vessel Disposition and if any related Net Sale
Proceeds shall be used by the Company in making a prepayment in accordance with this Agreement and Section 4.02(e) of the Intercreditor Agreement, as of the date of such prepayment; or 

(c) the date of any Total Loss of a Collateral Vessel (as determined by the Note Administrative Agent and notified to the Company); 

(d) five (5) days prior to a Vessel Substitution Date; 

(e) upon the release of any Security Assets; and 

(f) on each Closing. 
 Each
Compliance Certificate supplied by the Company and the Guarantor shall, amongst other things, set out (in reasonable detail) computations as to compliance with the financial covenants set forth in Section 10.9 below and the
Concentration Limit Requirements and must be signed by an officer of the Guarantor. 

  
 20 

 Section 7.3. Valuation. 

(a) The valuation of a Collateral Vessel shall be the mean average of two valuations each certified in Dollars and carried out by two of the
Approved Valuers (without physical inspection of the relevant Collateral Vessel), reporting to the Holders by way of written reports in form and substance satisfactory to the Note Administrative Agent (acting reasonably) on the basis of a sale for
prompt delivery of the Collateral Vessel for cash (free of Security Interests), on a without charter basis and at arm’s-length on normal commercial terms as between willing seller and buyer. 

(b) There shall be deducted from any value or valuation produced in accordance with this Section 7.3 an amount equal
to the sum of (i) the amount which is owing at such time plus (ii) the amount which is scheduled to become due prior to the due date of the next valuation pursuant to clause (d) of this Section 7.3, in
each case under the foregoing clauses (b)(i) and (ii), solely to the extent such amount is secured on the Collateral Vessel concerned by any prior or equal ranking Security Interest (other than in favor of the Security Trustee to
secure the Secured Obligations). 
 (c) In respect of the Collateral Vessels, the Company will procure updated valuations on the basis
described in this Section 7.3 every six months as of December 31 and June 30, provided that if a BB Event occurs and is not cured on the immediately succeeding Payment Date, the Company shall procure
updated valuations on each Determination Date until such BB Event is cured. Such valuations shall be (or have been) used as the basis for determining the BB Ratio and shall be attached to each Compliance Certificate delivered pursuant to
Section 7.2. 
 (d) The Company will procure in favor of the Note Administrative Agent and the Approved Valuers,
all such information as they may reasonably require in order to effect such valuations. 
 (e) All valuations shall be at the expense of the
Company. 
 (f) Any valuation under this Section 7.3 shall be binding and conclusive (save for manifest error).

 Section 7.4. Visitation. Upon the request of the Note Administrative Agent, the Obligors shall provide
the Note Administrative Agent and any of its representatives, professional advisors and contractors with access to, and permit inspection of, its books and records, in each case at reasonable times and upon reasonable notice; provided that unless an
Event of Default has occurred and is continuing, such inspections shall not occur more than one time during any calendar year. 

Section 7.5. Electronic Delivery. 

(a) Financial statements, opinions of independent certified public accountants, other information and Compliance Certificates that are required
to be delivered by the Company or any other Obligor or the Manager (the “Required Information”) shall be deemed to have been delivered if the documents required to be delivered are: (i) delivered to each holder of a Note by e-mail at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated from time to time in a separate writing delivered to the Company; or
(ii) timely Made Available to each Holder; provided however, that in no case shall access to such financial statements, other 

  
 21 

 
information and Officer’s Certificates be conditioned upon any waiver or other agreement or consent (other than confidentiality provisions consistent with
Section 21 of this Agreement); provided further, that in the case of clause (ii), the Company shall have given each holder of a Note prior written notice, which may be by
e-mail or in accordance with Section 19, of such posting or availability in connection with each delivery; and provided further, that upon request of the Note Administrative
Agent or any Purchaser or Holder to receive copies of such forms, financial statements, other information and Officer’s Certificates by e-mail, the Company will promptly
e-mail them to such holder. 
 (b) Notwithstanding anything to the contrary in this
Section 7, the Company may deliver the Required Information to the Note Administrative Agent for further delivery to the Holders in a manner permitted by this Section 7 and, upon such delivery,
shall be deemed to have satisfied its delivery obligations hereunder. The Note Administrative Agent shall promptly deliver to the Holders any such information delivered by the Company in accordance with this Section 7.5.

 Section 7.6. Limitation on Disclosure Obligation. The Company shall not be required to disclose the
following information pursuant to Section 7.1(b)(i)(x), 7.1(f) or 7.3: 
 (i)
information that the Company determines after consultation with counsel qualified to advise on such matters that, notwithstanding the confidentiality requirements of Section 21, it would be prohibited from disclosing by
Applicable Law or regulations without making public disclosure thereof; or 
 (ii) information that, notwithstanding the
confidentiality requirements of Section 21, the Company is prohibited from disclosing by the terms of an obligation of confidentiality contained in any agreement with any
non-Affiliate binding upon the Company and not entered into in contemplation of this clause (b), provided that the Company shall use commercially reasonable efforts to obtain consent from the
party in whose favor the obligation of confidentiality was made to permit the disclosure of the relevant information and provided further that the Company has received a written opinion of counsel confirming that disclosure of such
information without consent from such other contractual party would constitute a breach of such agreement. 
 Promptly after determining that the Company is
not permitted to disclose any information as a result of the limitations described in this Section 7.6, the Company will provide each of the holders with an Officer’s Certificate describing generally the requested
information that the Company is prohibited from disclosing pursuant to this Section 7.6 and the circumstances under which the Company is not permitted to disclose such information. Promptly after a request therefor from any
Purchaser or Holder that is an Institutional Investor, the Company will provide such Holder with a written opinion of counsel (which may be addressed to the Company) relied upon as to any requested information that the Company is prohibited from
disclosing to such holder under circumstances described in this Section 7.6. 

  
 22 

 SECTION 8. PAYMENT AND
PREPAYMENT OF THE NOTES. 

Section 8.1. Payment at Maturity. The entire unpaid principal balance of each Note shall be due and payable
on the Maturity Date thereof. 
 Section 8.2. Optional Prepayments with Make-Whole Amount. The Company may,
at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than five percent (5%) of the aggregate principal amount of the Notes then outstanding in the case of a partial
prepayment, at 100% of the principal amount so prepaid, together with accrued interest on the amount so prepaid and the Make-Whole Amount determined for the prepayment date with respect to such principal amount. The Company will give each Holder
written notice of each optional prepayment under this Section 8.2 not less than ten (10) days and not more than sixty (60) days prior to the date fixed for such prepayment unless the Company and the Required
Holders agree to another time period pursuant to Section 18. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal
amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.5), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be
accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such
computation. Two (2) Business Days prior to such prepayment, the Company shall deliver to each Holder a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date. 

Section 8.3. Prepayment for Tax Reasons. (a) If at any time as a result of a Change in Tax Law
(as defined below) the Company is or becomes obligated to make any Additional Payments (as defined below) in respect of any payment of interest on account of any of the Notes in an aggregate amount for all affected Notes equal to 5% or more of the
aggregate amount of such interest payment on account of all of the Notes, the Company may give the holders of all affected Notes irrevocable written notice (each, a “Tax Prepayment Notice”) of the prepayment of such affected Notes
on a specified prepayment date (which shall be a Business Day not less than thirty (30) days nor more than sixty (60) days after the date of such notice) and the circumstances giving rise to the obligation of the Company to make any
Additional Payments and the amount thereof and stating that all of the affected Notes shall be prepaid on the date of such prepayment at 100% of the principal amount so prepaid together with interest accrued thereon to the date of such prepayment,
except in the case of an affected Note if the holder of such Note shall, by written notice given to the Company no more than twenty (20) days after receipt of the Tax Prepayment Notice, reject such prepayment of such Note (each, a
“Rejection Notice”). The form of Rejection Notice shall also accompany the Tax Prepayment Notice and shall state with respect to each Note covered thereby that execution and delivery thereof by the holder of such Note shall operate
as a permanent waiver of such holder’s right to receive the Additional Payments arising as a result of the circumstances described in the Tax Prepayment Notice in respect of all future payments of interest on such Note (but not of such
holder’s right to receive any Additional Payments that arise out of circumstances not described in the Tax Prepayment Notice or which exceed the amount of the Additional Payment described in the Tax Prepayment Notice), which waiver shall be
binding upon all subsequent transferees of such Note. The Tax Prepayment Notice having been given as aforesaid to each holder of the affected Notes, the principal amount of such Notes together with interest accrued thereon to the date of such
prepayment shall become due and payable on such prepayment date, except in the case of Notes the holders of which shall timely give a Rejection Notice as aforesaid. 

  
 23 

 (b) No prepayment of the Notes pursuant to this Section 8.3 shall
affect the obligation of the Company to pay Additional Payments in respect of any payment made on or prior to the date of such prepayment. For purposes of this Section 8.3, any Holder of more than one affected Note may act
separately with respect to each affected Note so held (with the effect that a holder of more than one affected Note may accept such offer with respect to one or more affected Notes so held and reject such offer with respect to one or more other
affected Notes so held). 
 (c) The Company may not offer to prepay or prepay Notes pursuant to this Section 8.3
(i) if a Default or Event of Default then exists, (ii) until the Company shall have taken commercially reasonable steps to mitigate the requirement to make the related Additional Payments or (iii) if the obligation to make such Additional
Payments directly results or resulted from actions taken by the Company or any Subsidiary (other than actions required to be taken under Applicable Law), and any Tax Prepayment Notice given pursuant to this Section 8.3
shall certify to the foregoing and describe such mitigation steps, if any. 
 (d) For purposes of this Section 8.3:
“Additional Payments” means additional amounts required to be paid to a Holder of any Note pursuant to Section 13 by reason of a Change in Tax Law; and a “Change in Tax Law” means
(individually or collectively with one or more prior changes) (i) an amendment to, or change in, any law, treaty, rule or regulation of the Republic of the Marshall Islands or Hong Kong after the date of the Initial Closing, or an amendment to,
or change in, an official interpretation or application of such law, treaty, rule or regulation after the date of the Initial Closing, which amendment or change is in force and continuing and meets the opinion and certification requirements
described below or (ii) in the case of any other jurisdiction that becomes a Taxing Jurisdiction after the date of the Initial Closing, an amendment to, or change in, any law, treaty, rule or regulation of such jurisdiction, or an amendment to,
or change in, an official interpretation or application of such law, treaty, rule or regulation, in any case after such jurisdiction shall have become a Taxing Jurisdiction, which amendment or change is in force and continuing and meets such opinion
and certification requirements. No such amendment or change shall constitute a Change in Tax Law unless the same would in the opinion of the Company (which shall be evidenced by an Officer’s Certificate of the Company and supported by a written
opinion of counsel having recognized expertise in the field of taxation in the relevant Taxing Jurisdiction, both of which shall be delivered to all Holders of the Notes prior to or concurrently with the Tax Prepayment Notice in respect of such
Change in Tax Law) affect the deduction or require the withholding of any Tax imposed by such Taxing Jurisdiction on any payment payable on the Notes. 

Section 8.4. Mandatory Prepayments. 

(a) Noteholder Sanctions Event. 

(i) Upon the Company’s receipt of notice from any Affected Noteholder that a Noteholder Sanctions Event has occurred
(which notice shall refer specifically to this Section 8.4(a) and describe in reasonable detail such Noteholder Sanctions Event), the Company shall promptly, and in any event within ten (10) Business Days, make an
offer 

  
 24 

 
(the “Sanctions Prepayment Offer”) to prepay the entire unpaid principal amount of Notes held by such Affected Noteholder (the “Affected Notes”), together with
interest thereon determined for the prepayment date with respect to such principal amount, which prepayment shall be on a Business Day not less than thirty (30) days and not more than sixty (60) days after the date of the Sanctions
Prepayment Offer (the “Sanctions Prepayment Date”). Such Sanctions Prepayment Offer shall provide that such Affected Noteholder notify the Company in writing by a stated date, which date is not later than ten (10) Business Days
prior to the stated Sanctions Prepayment Date, of its acceptance or rejection of such prepayment offer. If such Affected Noteholder does not notify the Company as provided above, then the Affected Noteholder shall be deemed to have accepted such
offer. 
 (ii) Subject to the provisions of subparagraphs (iii) and (iv) of this
Section 8.4(a), the Company shall prepay on the Sanctions Prepayment Date the entire unpaid principal amount of the Affected Notes held by such Affected Noteholder who has accepted (or has been deemed to have accepted) such
prepayment offer (in accordance with subparagraph (a)(i)), together with interest thereon to the Sanctions Prepayment Date with respect to each such Affected Note. 

(iii) If a Noteholder Sanctions Event has occurred but the Company and/or its Controlled Entities have taken such action(s) in
relation to their activities so as to remedy such Noteholder Sanctions Event prior to the Sanctions Prepayment Date, provided that such Noteholder Sanctions Event is capable of remedy, as certified in writing by the Company and accepted by the
Affected Noteholders in their reasonable discretion, then the Company shall no longer be obliged or permitted to prepay such Affected Notes in relation to such Noteholder Sanctions Event. If the Company and/or its Controlled Entities shall undertake
any actions to remedy any such Noteholder Sanctions Event, the Company shall keep the holders reasonably and timely informed of such actions and the results thereof. 

(iv) If any Affected Noteholder that has given written notice to the Company of its acceptance of (or has been deemed to have
accepted) the Company’s prepayment offer in accordance with subparagraph (a) also gives notice to the Company prior to the relevant Sanctions Prepayment Date that it has determined (in its sole discretion) that it requires clearance from
any Governmental Authority in order to receive a prepayment pursuant to this Section 8.4, the principal amount of each Note held by such Affected Noteholder, together with interest accrued thereon to the date of prepayment,
shall become due and payable on the later to occur of (but in no event later than the Maturity Date of the relevant Note) (i) such Sanctions Prepayment Date and (ii) the date that is ten (10) Business Days after such Affected
Noteholder gives notice to the Company that it is entitled to receive a prepayment pursuant to this Section 8.4 (which may include payment to an escrow account designated by such Affected Noteholder to be held in escrow for
the benefit of such Affected Noteholder until such Affected Noteholder obtains such clearance from such Governmental Authority), and in any event, any such delay in accordance with the foregoing clause (ii) shall not be deemed to give
rise to any Default or Event of Default. 

  
 25 

 (v) Promptly, and in any event within five (5) Business Days, after the
Company’s receipt of notice from any Affected Noteholder that a Noteholder Sanctions Event shall have occurred with respect to such Affected Noteholder, the Company shall forward a copy of such notice to each other Holder. 

(vi) The Company shall promptly, and in any event within ten (10) Business Days, give written notice to the Holders after
the Company or any Controlled Entity having been notified that (i) its name appears or may in the future appear on a State Sanctions List or (ii) it is in violation of, or is subject to the imposition of sanctions under, any Sanctions, in
each case which notice shall describe the facts and circumstances thereof and set forth the action, if any, that the Company or a Controlled Entity proposes to take with respect thereto. 

(vii) The foregoing provisions of this Section 8.4 shall be in addition to any rights or remedies
available to any Holder that may arise under this Agreement as a result of the occurrence of a Noteholder Sanctions Event; provided, that, if the Notes shall have been declared due and payable pursuant to
Section 12.1 as a result of the events, conditions or actions of the Company or its Controlled Entities that gave rise to a Noteholder Sanctions Event, the remedies set forth in Section 12 shall
control. 
 (b) Change of Control. 

(i) Upon the occurrence of a Change of Control, the Company shall promptly, and in any event within ten (10) Business
Days, make an offer (the “CoC Prepayment Offer”) to prepay the entire unpaid principal amount of each Note, together with interest thereon determined for the prepayment date with respect to such principal amount, which prepayment
shall be on a Business Day not less than thirty (30) days and not more than sixty (60) days after the date of the CoC Prepayment Offer (the “CoC Prepayment Date”). Such CoC Prepayment Offer shall require that each Holder
notify the Company in writing by a stated date, which date is not later than ten (10) Business Days prior to the stated CoC Prepayment Date, of its acceptance or rejection of such prepayment offer. If a Holder does not notify the Company as
provided above, then such holder shall be deemed to have accepted such offer. 
 (ii) The Company shall prepay on the CoC
Prepayment Date the entire unpaid principal amount of the Notes held by each Holder who has accepted (or has been deemed to have accepted) such prepayment offer (in accordance with subparagraph (b)(i)), together with interest thereon to the CoC
Prepayment Date with respect to each such Note. 
 Section 8.5. Allocation of Partial Prepayments. In the
case of each partial prepayment of the Notes pursuant to Section 8.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as
practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. 

  
 26 

 Section 8.6. Maturity; Surrender, Etc. In the case of each
prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount
accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid,
interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note.

 Section 8.7. Purchase of Notes. The Company will not and will not permit any Affiliate to purchase,
redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except upon the payment or prepayment of the Notes in accordance with this Agreement and the Notes. The Company will promptly cancel all Notes acquired by it
or any Affiliate pursuant to any payment or prepayment of Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 

Section 8.8. Make-Whole Amount. 

The term “Make-Whole Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value
of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may not in any event be less than zero. For the purposes of determining the
Make-Whole Amount, the following terms have the following meanings: 
 “Applicable Percentage” means 0.50% (50 basis
points). 
 “Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant
to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

“Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining
Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the
same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of the (x) Applicable Percentage
plus (y) the yield to maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as
“Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury
securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining
Average Life, then such implied yield to maturity will be determined by 

  
 27 

 
(a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the “Ask Yields”
Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such
Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the Interest Rate of the applicable Note. 

If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then
“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (x) the Applicable Percentage plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the
latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the
U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such
implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant
maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the Interest Rate of the applicable Note. 

“Remaining Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such
Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year comprised of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the
scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with respect to the Called
Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date,
provided that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such
Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1. For purposes of determining the Remaining Scheduled Payments, the Interest Rate of any Note
shall be assumed to be the rate set forth in clause (a) of the definition of Series A Note Interest Rate, Series B Note Interest Rate, Series C Note Interest Rate or Series D Note Interest Rate, as applicable, with respect to such Note at all
times. 
 “Settlement Date” means, with respect to the Called Principal of any Note, the date on which such Called
Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

  
 28 

 Section 8.9. Payments Due on
Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding, (x) except as set forth in clause (y), any payment of interest on any Note that is due on a
date that is not a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y) any payment of principal of
or Make-Whole Amount on any Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include
the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 
 SECTION 9.
AFFIRMATIVE COVENANTS. 
 From the date of this Agreement and thereafter, so long as
any of the Notes are outstanding, the Company covenants that: 
 Section 9.1. Know Your Customer Checks.

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

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

(iii) a proposed assignment or transfer by a Holder of any of its rights and obligations under this Agreement to a party that
is not a Holder prior to such assignment or transfer, 
 obliges the Holders (or, in the case of
Section 9.1(a)(iii), any prospective new Holder) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the
Company shall promptly upon the request of the Note Administrative Agent or any Holder supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Note Administrative Agent (for itself or, in the case of
the event described in Section 9.1(a)(iii), on behalf of any prospective new Holder) in order for the Note Administrative Agent, such Holder or, in the case of the event described in
Section 9.1(a)(iii), any prospective new Holder 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 Financing Documents, 
 (b) The Company shall promptly upon the request of the Note Administrative Agent
or any Holder supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Note Administrative Agent (on behalf of itself or any Holder) or any Holder in order for it to refresh 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 Financing Documents, provided that the Company shall not be required
to comply with any such request more than once in any twelve (12) month period. 

  
 29 

 Section 9.2. Authorizations. Each Obligor must promptly
obtain, maintain and comply, in all material respects, with the terms of any authorization required under any Applicable Law to enable it to perform its obligations under, or for the validity or enforceability of, any Financing Document. 

Section 9.3. Compliance with laws. Each Obligor must comply and must procure that the Manager complies in all
material respects with all Applicable Laws to which it is subject. 
 Section 9.4. Pari passu ranking. Each
Obligor must ensure that its payment obligations under the Financing Documents rank at least pari passu with all its other present and future unsecured and unsubordinated payment obligations, except for obligations mandatorily preferred by law
applying to companies generally. 
 Section 9.5. Place of business. Each Obligor must: 

(a) establish and maintain a place of business in, and shall keep its corporate documents and records at any of, Hong Kong, the Republic of
Singapore and Vancouver, British Columbia, or any of them, provided the Note Administrative Agent is satisfied that such establishment in such location does not adversely affect the validity, enforceability or effectiveness of any Financing Document
and does not give rise to any requirement under any Applicable Law for a deduction for withholding Tax; and 
 (b) except with respect to the
Guarantor, will not establish, or do anything as a result of which it would be deemed to have, a place of business in any other location other than Hong Kong, the Republic of Singapore or Vancouver without the consent either obtained in accordance
with the Requisite Program Debt, subject to Section 24.9, or of the Required Holders (such consent not to be unreasonably withheld or delayed). 

Section 9.6. Security. Each Obligor: 

(a) will procure that each Mortgage to which it is a party is, and continues to be, registered as a first priority mortgage on the registry of
the relevant Approved Flag State; 
 (b) without prejudice to paragraph (a) will procure that the Mortgages and any other security
conferred by it under any Security Document are registered as a first priority interest with the relevant authorities within the period prescribed by the Applicable Laws and are maintained and perfected with the relevant authorities; 

(c) will at its own cost, use best efforts to ensure that any Financing Document to which it is a party validly creates the obligations and
Security Interests which it purports to create; and 
 (d) without limiting the generality of paragraph (a) above, will at its own cost,
promptly register, file, record or enroll any Financing Document to which it is a party with any court or authority, pay any stamp, registration or similar tax payable in respect of any such Financing Document, give any notice or take any other step
which, in the reasonable opinion of the Required Holders, is or has become necessary for any such Financing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates.

  
 30 

 Section 9.7. Separateness Covenants. Each Obligor (other
than the Guarantor) shall conduct its business such that it is a separate and readily identifiable business from, and independent of, any Unrelated Party, and further covenants as follows: 

(a) Each Obligor (other than the Guarantor) will observe all corporate formalities necessary to remain a legal entity separate and distinct
from, and independent of, each Unrelated Party; 
 (b) Each Obligor (other than the Guarantor) shall maintain its assets and liabilities
separate and distinct from those of each Unrelated Party other than the Company, and will not commingle its assets with those of any Unrelated Party other than the Company; 

(c) Each Obligor (other than the Guarantor) shall maintain its accounts and funds separate and distinct from the accounts and funds of each
Unrelated Party other than the Company and will receive, deposit, withdraw and disburse its funds separately from any funds of any Unrelated Party other than the Company; 

(d) Each Obligor (other than the Guarantor) shall maintain records, books, accounts and minutes separate from those of any Unrelated Party;

 (e) Each Obligor (other than the Guarantor) shall conduct its own business in its own name, and not in the name of any Unrelated Party;

 (f) Each Obligor (other than the Guarantor) shall maintain an arm’s-length relationship with
its Affiliates; 
 (g) Each Obligor (other than the Guarantor) shall maintain separate financial statements from each Unrelated Party, or if
part of a consolidated group, then it will be shown as a separate member of such group; 
 (h) Each Obligor (other than the Guarantor) shall
pay its own liabilities and obligations out of its own funds, whether in the ordinary course of business or not, as a legal entity separate from each Unrelated Party, provided that liabilities and obligations of Vessel Owners may be paid by
Company; 
 (i) Each Obligor (other than the Guarantor) shall use separate invoices and checks from those of each Unrelated Party; 

(j) Each Obligor (other than the Guarantor) shall hold itself out as a separate entity, and correct any known misunderstanding regarding its
status as a separate entity; 
 (k) Each Obligor (other than the Guarantor) shall not agree to pay or become liable for any Indebtedness of
any Unrelated Party; 

  
 31 

 (l) Each Obligor (other than the Guarantor) shall not hold out that it is a division of any
Unrelated Party, or that any Unrelated Party is a division of it; 
 (m) Each Obligor (other than the Guarantor) shall not induce any third
party to rely on the creditworthiness or any Unrelated Party other than the Guarantor in order that such third party will be induced to contract with it; 

(n) Each Obligor (other than the Guarantor) shall not enter into any transactions between it and any Unrelated Party that are more favorable to
the Unrelated Party than transactions that the parties would have been able to enter into at such time on an arm’s-length basis with a non-affiliated third party,
other than any agreements in effect on the date of the Initial Closing; and 
 (o) Each Obligor (other than the Guarantor) shall observe all
corporate or other procedures required under Applicable Law and under its constitutive documents; and 
 (p) Each Obligor (other than the
Guarantor) shall procure that each of its directors will act in accordance with their duties at law and to exercise independent judgment, and shall not in breach of those duties, act solely in accordance with any direction, opinion, recommendation
or instruction of any Unrelated Party in relation to the approval or rejection of, or the exercise of any voting power in relation to, any transaction approval requirements. 

Section 9.8. Registration of the Collateral Vessels. Each Obligor shall and shall procure that the Manager
shall: 
 (a) procure and maintain the valid and effective provisional registration of the Collateral Vessels under the flag of an Approved
Flag State and shall effect permanent registration of the Collateral Vessel within two months following the Initial Closing, and shall ensure nothing is done or omitted by which the registration of the Collateral Vessels would or might be defeated
or imperilled; and 
 (b) not change the name or port of registration of the Collateral Vessels without prior written notice to the Note
Administrative Agent. 
 Section 9.9. Classification and repair. Each Obligor will, and will procure that
the Manager will: 
 (a) ensure that the Collateral Vessels are surveyed from time to time as required by the Classification Society in which
that Collateral Vessel is for the time being entered and maintain and preserve each Collateral Vessel in good working order and repair, ordinary wear and tear excepted, and in any event in such condition as will entitle each to classification free
of all recommendations or conditions against class except that are not overdue; 
 (b) procure that all repairs to or replacement of any
damaged, worn or lost parts or equipment shall be effected in such manner (both as regards workmanship and quality of materials) as not to diminish the value of the Collateral Vessels; 

  
 32 

 (c) unless required to comply with clause (e) below, not remove any material
part of any of the Collateral Vessels, or any item of equipment installed on any of the Collateral Vessels 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 (other than any Permitted Liens) or any right in favor of any Person other than the Security Trustee and becomes on installation on that Collateral Vessel the property of the relevant
Vessel Owner and subject to the security constituted by the relevant Security Document(s) provided that such Vessel Owner may install and remove equipment owned by a third party if the equipment can be removed without any risk of material
damage to a Collateral Vessel; 
 (d) ensure that each Collateral Vessel complies in all material respects with all Applicable Laws from time
to time applicable to vessels registered under the laws and flag of the relevant Approved Flag State; 
 (e) not without the prior written
consent either obtained in accordance with the Requisite Program Debt, subject to Section 24.9, or of the Required Holders (such consent not to be unreasonably withheld), cause or permit to be made any substantial change in
the structure, type or performance characteristics of any of the Collateral Vessels and provide notification of such substantial changes in structure, type or performance characteristics of any of the Collateral Vessels to the Note Administrative
Agent and, furthermore, provide confirmation to the Note Administrative Agent that such substantial change in structure, type or performance characteristics of any of the Collateral Vessels shall not result in a breach of any covenant under this
Agreement; provided, however, that this Section 9.16(e) shall not apply to (i) modifications of any Collateral Vessel with respect to ballast water treatment systems, bulbous bows, and scrubbers
provided that there is no reduction in the value of such Collateral Vessel, and (ii) mandatory modifications to any Collateral Vessel required by Applicable Law from time to time; 

(f) maintain a safe, sustainable and socially responsible policy with respect to dismantling of the Collateral Vessels; 

(g) ensure that any Collateral Vessel controlled by it or sold to an intermediary with the intention of being scrapped prior to the Discharge
of Secured Obligations, is recycled at a recycling yard which conducts its recycling business in a socially and environmentally responsible manner, in accordance with the provisions of the Hong Kong International Convention for the Safe and
Environmentally Sound Recycling of Ships, 2009 (the “Hong Kong Convention”) and/or Regulation (EU) No 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling and amending Regulation (EC) No
1013/2006 and Directive 2009/16/EC, as applicable; and 
 (h) procure an Inventory of Hazardous Material in respect of the Collateral Vessel
owned by it which shall be maintained until the Discharge of Secured Obligations. For the purposes of this clause, “Inventory of Hazardous Material” means a statement of compliance issued by the relevant Classification Society which
includes a list of any and all materials known to be potentially hazardous present in a Collateral Vessel’s structure and equipment, also referred to as “List of Hazardous Materials” or “Green Passport”. 

  
 33 

 Section 9.10. Lawful and safe operation. Each Obligor will,
and will procure that the Manager will: 
 (a) operate each Collateral Vessel and cause each Collateral Vessel to be operated in a manner
consistent in all material respects with any and all laws, regulations, treaties and conventions (and all rules and regulations issued thereunder) from time to time applicable to that Collateral Vessel; 

(b) not cause or permit any of the Collateral Vessels to trade with, or within the territorial waters of any country in which her safety could
reasonably be expected to be imperilled by exposure to piracy, terrorism, arrest, requisition, confiscation, forfeiture, seizure, destruction or condemnation as prize; 

(c) not cause or permit any of the Collateral Vessels to be employed in any manner which will or may give rise to any reasonable degree of
likelihood that such Collateral Vessel would be liable to requisition, confiscation, forfeiture, seizure, destruction or condemnation as prize; 

(d) not cause or permit any of the Collateral Vessels to be employed in any trade or business which is forbidden by international law or is
illicit or in knowingly carrying illicit or prohibited goods; 
 (e) in the event of hostilities in any part of the world (whether war be
declared or not) not cause or permit any of the Collateral Vessels to be employed in carrying any contraband goods and that she does not trade in any zone after it has been declared a war zone by any authority or by any of that Collateral
Vessel’s war risks Insurers unless that Collateral Vessel’s Insurers shall have confirmed to the Company that such Collateral Vessel is held covered under the Obligatory Insurances for the voyage(s) in question; and 

(f) not charter any of the Collateral Vessels or permit any of the Collateral Vessels to serve under any contract of affreightment with any
foreign country or national of any foreign country which would be contrary to Applicable Law or would render any Financing Document or the security conferred by the Security Documents unlawful. 

Section 9.11. Repair of the Collateral Vessels. No Obligor will and each Obligor will procure that the
Manager will not, put any of the Collateral Vessels into the possession of any Person for the purpose of work being done upon her beyond the amount of US$5,000,000 (or equivalent), other than for classification or scheduled dry docking unless such
Person shall have given an undertaking to the Note Administrative Agent not to exercise any lien on that Collateral Vessel or Obligatory Insurances for the cost of that work or otherwise. 

Section 9.12. Arrests and liabilities. Each Obligor will, and will procure that the Manager will, at all
times: 
 (a) pay and discharge all obligations and liabilities whatsoever which have given or may give rise to liens (other than Permitted
Liens) on or claims enforceable against any of the Collateral Vessels and take all reasonable steps to prevent a threatened arrest of any of the Collateral Vessels; 

  
 34 

 (b) notify the Note Administrative Agent promptly in writing of the levy of either distress
on any of the Collateral Vessels or her arrest, detention, seizure, condemnation as prize, compulsory acquisition or requisition for title or use and (save in the case of compulsory acquisition or requisition for title or use) obtain her release
within thirty (30) days; 
 (c) pay and discharge when due all dues, taxes, assessments, governmental charges, fines and penalties
lawfully imposed on or in respect of any of the Collateral Vessels or any Obligor except those which are being disputed in good faith by appropriate proceedings (and for the payment of which adequate reserves have been provided or are and continue
to be available) and provided that the continued existence of such dues, taxes, assessments, governmental charges, fines or penalties does not give rise to any reasonable degree of likelihood that any of the Collateral Vessels would be liable
to arrest, requisition, confiscation, forfeiture, seizure, destruction or condemnation as prize; and 
 (d) pay and discharge all other
obligations and liabilities whatsoever in respect of any of the Collateral Vessels and the Obligatory Insurances except those which are being disputed in good faith by appropriate proceedings (and for the payment of which adequate reserves have been
provided or are and continue to be available) and provided that the continued existence of those obligations and liabilities in respect of any of the Collateral Vessels and the Obligatory Insurances does not give rise to any reasonable degree
of likelihood that such Collateral Vessel would be liable to arrest, requisition, confiscation, forfeiture, seizure, destruction or condemnation as prize and provided always that each Collateral Vessel remains properly managed and insured at
all times in accordance with the terms of the Financing Documents. 
 Section 9.13. Environment. Each
Obligor shall, and shall procure that the Manager shall, at all times: 
 (a) comply with all applicable Environmental Laws including,
without limitation, requirements relating to the establishment of financial responsibility (and shall require that all Environmental Representatives of such Obligor comply with all applicable Environmental Laws and obtain and comply with all
required Environmental Approvals, which Environmental Laws and Environmental Approvals relate to any of the Collateral Vessels or her operation or her carriage of cargo); and 

(b) promptly upon the occurrence of any of the following events in relation to a Collateral Vessel, provide to the Note Administrative Agent a
certificate of an officer of the Company or of the Company’s agents specifying in detail the nature of the event concerned: 

(i) the receipt by the Company or any Environmental Representative (where the Company has knowledge of the receipt) of any
Environmental Claim; or 
 (ii) any release of Hazardous Materials. 

  
 35 

 Section 9.14. Information regarding the Collateral Vessels.
Each Obligor shall, and shall procure that the Manager shall, at all times: 
 (a) promptly notify the Note Administrative Agent of the
occurrence of any accident, casualty or other event which has caused or resulted in or may cause or result in a Collateral Vessel being or becoming a Total Loss; 

(b) promptly notify the Note Administrative Agent of any material requirement or recommendation made by any insurer or Classification Society
or by any competent authority which is not complied with in a timely manner; 
 (c) if requested by the Note Administrative Agent (not more
than once in any calendar year), provide the Note Administrative Agent with a schedule setting out and all intended dry dockings of any of the Collateral Vessels; 

(d) promptly notify the Note Administrative Agent of any Environmental Claim being made in connection with any of the Collateral Vessels or its
operation; 
 (e) promptly notify the Note Administrative Agent of any claim for breach of the ISM Code being made in connection with any of
the Collateral Vessels or its operation; 
 (f) promptly notify the Note Administrative Agent of any claim for breach of the ISPS Code being
made in connection with any of the Collateral Vessels or its operation; 
 (g) give to the Note Administrative Agent from time to time on
request such information, in sufficient copies (which may take the form of electronic copies) for all the Holders, as the Holders may reasonably request regarding any of the Collateral Vessels, her employment, position and engagements; 

(h) provide the Note Administrative Agent with copies of the classification certificate of the Collateral Vessels and of all periodic damage or
survey reports on any of the Collateral Vessels which the Note Administrative Agent may reasonably request; 
 (i) promptly furnish the Note
Administrative Agent with full information of any casualty or other accident or damage to any of the Collateral Vessels involving an amount in excess of US$1,500,000 (or equivalent); 

(j) give to the Note Administrative Agent and its duly authorized representatives reasonable access to any of the Collateral Vessels for the
purpose of conducting on board inspections and/or surveys of such Collateral Vessel provided that (i) the Note Administrative Agent shall co-operate with the Company in respect of the timing for
and the place where such surveys take place in order to minimize disruption to the activities of such Collateral Vessel, and (ii) unless a Default or Event of Default has occurred and is continuing or such on board inspection and/or survey
demonstrates that a Default or Event of Default is continuing, such inspections and/or surveys shall (x) not occur more than one time during any calendar year and (y) not take place at the expense of the Company; and 

(k) if the Required Holders reasonably believe an Event of Default may have occurred and the Required Holders specify such Event of Default,
furnish to the Note Administrative Agent from time to time upon reasonable request certified copies of the ship’s log in respect of any of the Collateral Vessels. 

  
 36 

 Section 9.15. Provision of further information. Each
Obligor shall, and shall procure that the Manager shall, as soon as practicable following receipt of a request by the Note Administrative Agent or the Required Holders, provide the Note Administrative Agent with any additional or further financial
or other information relating to any of the Collateral Vessels, the Obligatory Insurances or to any other matter relevant to, or to any provision of, a Financing Document which the Note Administrative Agent or the Required Holders may reasonably
request. The Company will furnish to each Holder prompt written notice of any change in the information provided in the Beneficial Ownership Certification delivered to such Holder that would result in a change to the list of beneficial owners
identified in such certification. 
 Section 9.16. Management. Each Obligor shall, and shall procure that
the Manager shall, ensure that at all times: 
 (a) the relevant Collateral Vessel is managed by the Manager; and 

(b) no Manager shall terminate or materially vary (or agree to materially vary) the terms of its management. 

There shall be no change in the Manager or appointment of an alternative manager unless such replacement or alternative manager is a Manager
and the terms of its appointment are approved either in accordance with the Requisite Program Debt, subject to Section 24.9, or by the Required Holders, and, simultaneously with its appointment, the management agreement
with such manager is assigned to the Security Trustee and the manager enters into a Manager’s Undertaking, each on substantially the same terms as applicable to the previous manager, and such other documents and evidence of the kind referred to
in Section 4 in respect of the management arrangements are provided in respect of such replacement management arrangements. 

Section 9.17. Charters. Each Vessel Owner shall be entitled to let its Collateral Vessels, pursuant to an
Eligible Charter or other Charter, provided always that each Vessel Owner complies with the terms of this Agreement and the other Financing Documents (including the Concentration Limit Requirements) and: 

(a) if a Vessel Owner enters into a Charter in respect of a Collateral Vessel, it promptly notifies the Note Administrative Agent thereof; 

(b) such Vessel Owner shall either promptly obtain the consent (if required) of the Charterer to the assignment of that Charter pursuant to the
General Assignment or ensure that the terms of such Charter permit assignment of that Charter without consent; 
 (c) such Vessel Owner
serves a notice of assignment upon the Charterer pursuant to the terms of the General Assignment and, if such Vessel Owner is party to a Charter with a term that exceeds twelve (12) months (including any extension options) such Vessel Owner
shall obtain an acknowledgement from the Charterer (and such Vessel Owner shall use reasonable endeavors to obtain such acknowledgement in a signed writing as opposed to by email, which shall otherwise be acceptable if such Charterer refuses to
provide such acknowledgement in a signed writing); 

  
 37 

 (d) Vessel Owners may only enter into bareboat or demise charters with Eligible Bareboat
Charterers, as such term is defined in Schedule A-1, and, prior to entering into any such bareboat or demise charter, the Company shall procure that a Charterer’s Undertaking is provided by the
applicable Charterer (unless, after using commercially reasonable efforts to procure such Charterer’s Undertaking, the Company is unable to reach agreement with the relevant Charterer for the provision of such Charterer’s Undertaking and
either consent in accordance with the Requisite Program Debt, subject to Section 24.9, is obtained or the Required Holders consent to the foregoing). In addition, the Company shall procure that any such bareboat or demise
charter includes an undertaking from the Charterer to the effect that such Charterer will not permit the use or operation of the applicable Collateral Vessel (i) in any country or territory that at such time is the subject of comprehensive
Sanctions, or (ii) in any other manner that will result in a violation by any Person, the Finance Parties or any other Person participating in the Program Debt (whether as underwriter, advisor, investor or otherwise) of Sanctions; 

(e) Vessel Owners shall procure the prior written consent either in accordance with the Requisite Program Debt, subject to
Section 24.9, or of the Required Holders for any charter where more than six (6) months charter hire is paid in advance; 

(f) Vessel Owners shall procure the prior written consent either in accordance with Requisite Program Debt, subject to
Section 24.9, or of the Required Holders for any arrangement under which Earnings of any Collateral Vessel may be shared with anyone else; and 

(g) Vessel Owners shall procure the prior written consent either in accordance with Requisite Program Debt, subject to
Section 24.9, or of the Required Holders for any charter with any Affiliate of the Guarantor or which is otherwise than on arm’s length terms. 

Section 9.18. Termination of Eligible Charters. Each Obligor shall advise the Note Administrative Agent of
any of the following events: 
 (a) any breach (other than a technical breach which is cured promptly) by the relevant Charterer or the
Vessel Owner of the terms of an Eligible Charter of which such Obligor becomes aware; 
 (b) the termination of an Eligible Charter by either
the relevant Vessel Owner or the relevant Charterer; and 
 (c) as soon as it becomes aware of such event, the occurrence of an insolvency
event of the nature referred to in Section 11(f), (g), (h) or (j) in respect of a Charterer. 

Section 9.19. Scope of Obligatory Insurances. Each Vessel Owner will, or in the case of a Collateral Vessel
subject to a Charter which is a demise or bareboat charter, shall procure that the Charterer of such Collateral Vessel will, in respect of each Collateral Vessel: 

(a) at all times for a Collateral Vessel, keep that Collateral Vessel insured in the applicable Required Insurance Amount, in Dollars in the
name of the relevant Vessel Owner or in the joint names of the Vessel Owner, the Charterer (if such Collateral Vessel is subject to a Charter which is a demise or bareboat charter), the Manager (except if such Collateral Vessel is subject to a
Charter which is a demise or bareboat charter to a Person not a member of the 

  
 38 

 
Guarantor Group), any crewing agents (except if the Collateral Vessel is subject to a Charter which is a demise or bareboat charter to a Person not a member of the Guarantor Group) and (if the
Required Holders so require) the Security Trustee (provided that all such Persons, other than the Security Trustee, any third party crewing agents (outside the Guarantor Group) and, in respect of protection and indemnity liability insurances
only, any crewing agents within the Guarantor Group, have provided an assignment of their interests in such insurances to the Security Trustee or, in the case of Collateral Vessels that are subject to a demise or bareboat charter, to the relevant
Vessel Owner or the Security Trustee (provided further that in such cases, the terms of any assignment of insurances in favor of the relevant Vessel Owner shall expressly provide that the Vessel Owner shall assign its rights thereunder in
favor of the Security Trustee, and the relevant Vessel Owner provides such onward assignment and assignment of its own interests in such insurances to the Security Trustee)) without the Holders or the Security Trustee being liable for but having the
right to pay premiums, through brokers approved either in accordance with Requisite Program Debt, subject to Section 24.9, or by the Required Holders against fire and usual marine risks (including hull and machinery and
Excess Risks) with approved underwriters or insurance companies approved either in accordance with Requisite Program Debt, subject to Section 24.9, or by the Required Holders and by policies in form and content approved
either in accordance with Requisite Program Debt, subject to Section 24.9, or by the Required Holders with a deductible which is a Required Deductible Amount or in an amount reasonably satisfactory either pursuant to the
Requisite Program Debt, subject to Section 24.9, or to the Required Holders; 
 (b) at all times for a Collateral
Vessel, keep that Collateral Vessel insured in the applicable Required Insurance Amount in the same manner as above against war risks (including risks of mines and all risks, whether or not regarded as war risks, London Blocking and Trapping
Addendum and Lost Vessel clause, excepted by the free of capture and seizure clauses in the standard form of Lloyds marine policy) either: 

(i) with underwriters or insurance companies approved either in accordance with Requisite Program Debt, subject to
Section 24.9, or by the Required Holders and by policies in form and content approved either in accordance with Requisite Program Debt, subject to Section 24.9, or by the Required Holders; or 

(ii) by entering the relevant Collateral Vessel in an approved war risks association, 

and for the avoidance of doubt, such war risks insurance will include protection and indemnity liability up to at least the applicable
Required Insurance Amount, excluding any liability in respect of death, injury or damage to crew, and shall include a deductible which is a Required Deductible Amount or in an amount reasonably satisfactory either pursuant to the Requisite Program
Debt, subject to Section 24.9, or to the Required Holders; 
 (c) at all times for a Collateral Vessel, keep that
Collateral Vessel entered in respect of her full value and tonnage in an approved protection and indemnity association against all risks as are normally covered by such protection and indemnity association (including pollution risks and the
proportion not recoverable in case of collision under the running down clause inserted in the ordinary Lloyds policies), such cover for pollution risks to be for: 

  
 39 

 (i) a minimum amount of US$1,000,000,000 or such other amount of cover
against pollution risks as shall at any time be comprised in the basic entry of each Collateral Vessel with either a protection and indemnity association which is an acceptable member of either the International Group of protection and indemnity
associations (or any successor organization designated either pursuant to the Requisite Program Debt, subject to Section 24.9, or by the Required Holders for this purpose) or the International Group (or such successor
organization) itself; or 
 (ii) if the International Group or any such successor ceases to exist or ceases to provide or
arrange any cover for pollution risks (or any supplemental cover for pollution risks over and above that afforded by the basic entry of each Collateral Vessel with its protection and indemnity association), such aggregate amount of cover against
pollution risks as shall be available on the open market and by basic entry with a protection and indemnity association for ships of the same type, size, age and flag as each respective Collateral Vessel, 

provided that, if any Collateral Vessel has ceased trading or is in lay up and in either case has unloaded all cargo, the level of
pollution risks cover afforded by ordinary protection and indemnity cover available through a member of the International Group or such successor organization or, as the case may be, on the open market in such circumstances shall be sufficient for
such purposes; and 
 (d) at all times for a Collateral Vessel, whenever any Collateral Vessel is trading to Japanese territorial waters and
when so required either pursuant to the Requisite Program Debt, subject to Section 24.9, or to the Required Holders, maintain in full force and effect social responsibility insurance in respect of the Collateral Vessel with
underwriters or insurance companies approved either in accordance with the Requisite Program Debt, subject to Section 24.9, or by the Required Holders and by policies in form and content approved either in accordance with
the Requisite Program Debt, subject to Section 24.9, or by the Required Holders, provided always that a first class Vessel Owner or operator of vessels such as the Collateral Vessels would maintain and effect such
social responsibility insurance. 
 Section 9.20. Obligatory Insurances. Without prejudice to its
obligations under Section 9.20, each Vessel Owner will or, in the case of a Collateral Vessel subject to a Charter which is a demise or bareboat charter to a Person who is not a member of the Guarantor Group, shall procure
that the Charterer of such Collateral Vessel will: 
 (a) not without the prior consent either in accordance with the Requisite Program Debt,
subject to Section 24.9, or by the Required Holders, materially alter any Obligatory Insurance nor make, do, consent or agree to any act or omission which would or might render any Obligatory Insurance invalid, void,
voidable or unenforceable or render any sum paid out under any Obligatory Insurance repayable in whole or in part; 
 (b) not cause or permit
any Collateral Vessel to be operated or traded in any way inconsistent with the provisions or warranties of, or implied in, or outside the cover provided by, or which would trigger the exclusion clause (or similar) under, any Obligatory Insurance or
to be engaged in any voyage or to carry any cargo not permitted by any Obligatory Insurances without first covering the relevant Collateral Vessel in the relevant Required Insurance Amount and her freights for an amount approved either in accordance
with the Requisite Program Debt, subject to Section 24.9, or by the Required Holders in Dollars or another approved currency with the Insurers; 

  
 40 

 (c) duly and punctually pay when due all premiums, calls, contributions or other sums of
money from time to time payable in respect of any Obligatory Insurance; 
 (d) renew all Obligatory Insurances at least three (3) days
before the relevant policies or contracts expire and procure that the approved brokers and/or war risks and protection and indemnity clubs and associations shall promptly confirm in writing to the Note Administrative Agent as and when each renewal
is effected; 
 (e) forthwith upon the effecting of any Obligatory Insurance, give written notice of the insurance to the Note Administrative
Agent stating the full particulars (including the dates and amounts) of the insurance, and on request produce the receipts for each sum paid by it pursuant to paragraph (c) above; 

(f) not settle, release, compromise or abandon any claim in respect of any Total Loss unless either in accordance with the Requisite Program
Debt, subject to Section 24.9, or the Required Holders are satisfied that such release, settlement, compromise or abandonment will not prejudice the interests of the Finance Parties under or in relation to any Financing
Document; 
 (g) arrange for the execution and delivery of such guarantees as may from time to time be required by any protection and
indemnity or war risks club or association; 
 (h) procure that the interest of the Security Trustee is noted on all policies of insurance;

 (i) procure that a loss payee provision in the form scheduled to the Insurances Assignment is endorsed on all policies of insurance
relating to the Collateral Vessels; 
 (j) obtain from the relevant insurance brokers and P&I Club letters of undertaking in the forms
scheduled to the Insurances Assignments; and 
 (k) in the event that the Vessel Owner (or, where applicable, the relevant Charterer of a
Collateral Vessel which is subject to a Charter which is a demise or bareboat charter to a Person who is not a member of the Guarantor Group) receives payment of any moneys under the Insurance Assignment, save as provided in the loss payable clauses
scheduled to the Insurance Assignment, forthwith pay over the same to the Security Trustee and, until paid over, such moneys (to the extent they are held by an Obligor) shall be held in trust for the Security Trustee. 

Section 9.21. Power of Purchasers to Insure. If the Obligors (or, where applicable, the relevant Charterer(s)
of a Collateral Vessel which is subject to a Charter which is a demise or bareboat charter to a Person who is not a member of the Guarantor Group) fail to effect and keep in force Obligatory Insurances in accordance with this Agreement, it shall be
permissible, but not obligatory, for the Required Holders to, or direct the Security Trustee or Note Administrative Agent to, effect and keep in force insurance or insurances in the amounts required under this Agreement and entries in a protection
and indemnity association or club and, if it deems necessary or expedient, to insure the war risks upon any Collateral Vessel, and the Company will reimburse the Holders and/or Security Trustee or Note Administrative Agent for the costs of so doing.

  
 41 

 Section 9.22. ISM Code. Each Vessel Owner shall, and shall
procure that the Manager shall (or, in the case of a Collateral Vessel which is subject to a Charter which is a demise or bareboat charter to a Person who is not a member of the Guarantor Group, shall procure that the Charterer of such Collateral
Vessel shall): 
 (a) at all times be responsible for compliance by itself and by each Collateral Vessel with the ISM Code; and 

(b) at all times ensure that: 

(i) each Collateral Vessel has a valid Safety Management Certificate (as defined in the ISM Code); 

(ii) each Collateral Vessel is subject to a safety management system (as defined in the ISM Code) which complies with the ISM
Code; and 
 (iii) there is a valid Document of Compliance (as defined in the ISM Code), which is held on board the
Collateral Vessel, 
 (c) and shall deliver to the Note Administrative Agent, a copy of a valid Safety Management Certificate and a valid
Document of Compliance in respect of the relevant Collateral Vessel, in each case duly certified by an officer of the Company; 
 (d)
promptly notify the Note Administrative Agent of any actual or, upon becoming aware of the same, threatened withdrawal of an applicable Safety Management Certificate or Document of Compliance; 

(e) promptly notify the Note Administrative Agent of the identity of the person ashore designated for the purposes of paragraph 4 of the ISM
Code and of any change in the identity of that person; and 
 (f) promptly upon becoming aware of the same notify the Note Administrative
Agent of the occurrence of any material accident or major non-conformity (as defined in the ISM Code) requiring action under the ISM Code. 

Section 9.23. ISPS Code. Each Obligor shall, and shall procure that the Manager shall, or, in the case of a
Collateral Vessel subject to a Charter which is a demise or bareboat charter to a Person who is not a member of the Guarantor Group, shall procure that the Charterer of such Collateral Vessel at all times shall: 

(a) comply and be responsible for compliance by itself and by each Collateral Vessel with the ISPS Code; and 

  
 42 

 (b) ensure that: 

(i) each Collateral Vessel has a valid International Ship Security Certificate; 

(ii) each Collateral Vessel’s security system and its associated security equipment comply with section 19.1 of Part
Appendix 1 of the ISPS Code; 
 (iii) each Collateral Vessel’s security system and its associated security equipment
comply in all respects with the applicable requirements of Chapter XI-2 of SOLAS and Appendix 1 of the ISPS Code; and 

(iv) an approved ship security plan is in place. 

Section 9.24. Dry Docking. The Guarantor shall ensure that each Obligor shall meet all of that Obligor’s
obligations with respect to the cost of scheduled dry docking in relation to the Collateral Vessel owned by such Obligor and that such costs are paid when due except those costs which are being disputed in good faith by appropriate proceedings (and
for the payment of which adequate reserves have been provided or are and continue to be available). 

Section 9.25. Rating. The Company shall, at its expense, maintain a credit rating (which may be different
(including, for the avoidance of doubt, lower) from the credit rating obtained pursuant to Section 4.17), with respect to the Notes from a Nationally Recognized Statistical Rating Organization. The Company shall deliver
evidence of such credit rating (or any change thereto) to the holders of the Notes (x) at least once per calendar year and (y) promptly upon any change in such credit rating. The Company shall use commercially reasonable efforts to ensure
that such evidence of such credit rating (or any change thereto) (a) sets forth the credit rating for such Notes, (b) refers to the Private Placement Number issued by Standard & Poor’s CUSIP Bureau Service in respect of such
Notes, (c) states that the credit rating addresses the likelihood of payment of both the principal and interest of such Notes, (d) does not include any prohibition against sharing such evidence with the SVO or any other regulatory
authority having jurisdiction over the holders of the Notes, and (e) includes such other information relating to the credit rating for the Notes as may be required from time to time by the SVO or any other regulatory authority having
jurisdiction over the holders of the Notes. 
 Section 9.26. Taxation. 

(a) Each Obligor shall pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties
unless and only to the extent that: 
 (i) such payment is being contested in good faith; 

(ii) in each case to the extent required by GAAP, adequate reserves are being maintained for those Taxes and the costs required
to contest them which have been disclosed in its latest financial statements delivered to the Holders (or the Note Administrative Agent, if applicable) pursuant to Section 7.1(a); and 

(iii) such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably likely to have a
Material Adverse Effect. 

  
 43 

 (b) No Obligor (other than the Guarantor) may change its residence for Tax purposes except
with the consent either in accordance with the Requisite Program Debt, subject to Section 24.9, or of the Required Holders, such consent not to be unreasonably withheld. 

Section 9.27. Guarantors. The Company will cause each Guarantor to issue and maintain the Program Debt Guarantees for the benefit
of the Holders and the other Secured Parties in accordance with the Intercreditor Agreement, except to the extent the release of the Program Debt Guarantee of any Guarantor is permitted under the Intercreditor Agreement. 

Section 9.28. Decarbonization Certificate. 

(a) The Company must supply to, or procure the supply to, the Note Administrative Agent on or before ten (10) Business Days prior to each
Delta Test Date, in sufficient copies (which may take the form of an electronic copy) for the Lead Sustainability Coordinator and all Holders: 

(i) all Compliance Data in support of the Decarbonization Certificate to be delivered on the next in time Delta Test Date and
such other information required by the Lead Sustainability Coordinator (requested by the Note Administrative Agent or the Required Holders if so directed by or on behalf of the Lead Sustainability Coordinator) in order to populate the Draft DC
(defined below) in accordance with sub-section 9.28(b), provided that where such Collateral Vessel is subject to a bareboat or demise charter with an Eligible Bareboat Charterer (as defined in
Schedule A-1), the Company shall use reasonable efforts to obtain such Compliance Data from that Eligible Bareboat Charterer (as defined in Schedule A-1).
Where the Company is unable to procure such Compliance Data after reasonable efforts, the Lead Sustainability Coordinator shall have reference to corresponding reasonable estimates for the applicable Delta Test Period obtained from a Classification
Society at the Company’s cost, in place of any unavailable “Compliance Data” when calculating the AER and/or the Collateral Vessel Delta on the relevant Delta Test Date; and 

(ii) the relevant extracts of the provisions of any Qualifying Charter Contract including a Sustainability Linked Charter
Mechanism, certified by a Responsible Officer of the Company, 
 provided always that none of the Note Administrative Agent or the Holders shall
publicly disclose such information delivered under this Section 9.28(a) with the identity of the relevant vessel without the prior written consent of the Company. For the avoidance of doubt, such information shall be
“Confidential Information” for the purposes of Section 21 (Confidential Information) but the Company acknowledges that, in accordance with the Poseidon Principles, such information will form part of the
information published regarding each relevant Holder’s portfolio climate alignment, 
 and provided further that if the Company fails to comply
with the conditions set out in, or deliver when due any of the documents and/or items contemplated by, this Section 9.28, then no Default or Event of Default will result therefrom, and the only consequence shall be a
pricing adjustment (if applicable) to the Interest Rate of each Note as otherwise contemplated by this Agreement and such Note. 

  
 44 

 (b) Within five (5) Business Days after receipt of the Compliance Data and any other
information to be provided in accordance with Section 9.35(a) above, the Lead Sustainability Coordinator shall send to the Company, with a copy to the Note Administrative Agent, for distribution to the Holders, a draft
(which may be in electronic form), of the populated Decarbonization Certificate to be delivered by the Company for the applicable Delta Test Period, on the next in time Delta Test Date (“Draft DC”). 

(c) Subject to any revisions and/or amendments to the Draft DC prepared by the Lead Sustainability Coordinator pursuant to
Section 9.28(b) above being prior agreed in writing between the Note Administrative Agent, the Lead Sustainability Coordinator and the Company (the “Amended Draft DC”), on or before two (2) Business
Days before such next in time Delta Test Date, the Company must supply to, or procure the supply to, the Note Administrative Agent in sufficient copies (which may take the form of an electronic copy) for the Lead Sustainability Coordinator and all
Holders, a completed Decarbonization Certificate for the applicable Delta Test Period, in a form reflective of either the Draft DC or Amended Draft DC, as applicable, and which is signed by a Responsible Officer of the Company. 

(d) Notwithstanding anything in this Agreement to the contrary, the Lead Sustainability Coordinator shall not: 

(i) have any duty to verify and/or confirm the accuracy of any information, calculations and/or other details (including but
not limited to any Compliance Data provided to it in accordance with this Section 9.28) included and/or reflected in any Draft DC, Amended Draft DC and/or Decarbonization Certificate; and 

(ii) shall not be liable to the Company or any other party for: 

(i) any inaccuracies or errors in such information, calculations and/or other details (including but not limited to transposing
any Compliance Data provided to it in accordance with this Section 9.28) included and/or reflected in any Draft DC, Amended Draft DC and/or Decarbonization Certificate; and/or 

(ii) any failure to deliver, or delay in delivering, a Draft DC to and/or any failure to agree, or delay in agreeing an Amended
DC with, the Company and the Required Holders in accordance with this Section 9.28, if such failure and/or delay in delivering any Draft DC and/or agreeing any Amended DC, arises as a result of, or in connection with, the
Company’s (x) failure to deliver and/or delay in delivering, any Compliance Data and/or other information required by the Lead Sustainability Coordinator and/or a Decarbonization Certificate, and/or (y) failure to agree, or delay in
agreeing, any Amended DC, in each case in accordance with the terms of this Section 9.28, 
 and the Company hereby confirms and
acknowledges for the benefit of the Lead Sustainability Coordinator, that notwithstanding any of the provisions of this Agreement, the contents of any Decarbonization Certificate, signed by a Responsible Officer of the Company and delivered in
accordance with this Section 9.28, shall be verified by the Company only, and shall be true and accurate in all material respects. 

  
 45 

 SECTION 10. NEGATIVE
COVENANTS. 
 From the date of this Agreement and thereafter, the Company covenants that so long as any of
the Notes are outstanding: 
 Section 10.1. Security Interests. Each Obligor shall not, and each Obligor
shall procure that the Manager does not, create or permit to subsist any Security Interest over the Obligatory Insurances or any other Security Assets or any Related Contract other than: 

(a) Permitted Liens; or 
 (b) with
the prior written consent either in accordance with the Requisite Program Debt, subject to Section 24.9, or of the Required Holders. 

Section 10.2. Merger. No Obligor (other than the Guarantor) shall enter into any amalgamation, demerger,
merger or corporate reconstruction (other than intercompany mergers and amalgamations which would not otherwise lead to a contravention of this Agreement or any other Financing Document). 

Section 10.3. Special Purpose Covenants. Unless otherwise stated, references to “Obligor” in this
Section 10.3 shall be deemed, for this Section only, to exclude the Guarantor: 
 (a) No Obligor shall have any
employees. 
 (b) No Obligor shall enter into any contract or agreement with any Person, or conduct any business, or otherwise create or
incur any liability to any Person, other than in connection with the acquisition, chartering and disposition of the Security Assets, the issuance of the Notes or otherwise as permitted by the Financing Documents and activities ancillary thereto.

 (c) No Obligor shall incur any Indebtedness other than (i) Indebtedness normally associated with the day to day operation of the
Collateral Vessels, or otherwise in the normal course of business, (ii) Indebtedness under the Related Contracts and the Financing Documents, (iii) Indebtedness under Intra Group Loans and (iv) Additional Secured Debt. 

(d) No Obligor shall principally engage in any business other than the direct or indirect ownership, operation and chartering of container
vessels and any business incidental or related thereto. The Guarantor shall not principally engage in any business other than the direct or indirect ownership, operation and chartering of seagoing vessels and any business incidental or related
thereto. 
 (e) No Obligor shall own, or otherwise have title to, any deposit account or securities account other than the Charged Accounts.

 (f) No Obligor shall create or own any Subsidiary except, in the case of the Company, any Vessel Owner. 

  
 46 

 (g) No Obligor shall be party to any Intra Group Loan Agreement unless the lender under such
Intra Group Loan Agreement has fully subordinated its rights thereunder and provided certain other undertakings in accordance with Section 5.02 of the Intercreditor Agreement and, in no circumstances, shall the maturity date in respect of any
such Intra Group Loan occur on or prior to the latest Maturity Date of any Series of Notes. 
 Section 10.4.
Payment of dividends. No Obligor shall pay any dividends or make any other distributions (whether by loan or otherwise) to shareholders unless, (a) under Applicable Law and accounting principles in its jurisdiction of incorporation, it
is entitled to pay such dividends or make such other distribution, and (b) no Default or Event of Default has occurred and is continuing. 

Section 10.5. Vessel Substitutions. A Vessel Owner may not substitute a Collateral Vessel with one or more
vessels (each a “Substitute Vessel”) unless such vessel substitution is completed subject to and in accordance with the following conditions: 

(a) the Company provides notice thereof at least five (5) Business Days prior to the date that it wishes the Substitute Vessel to become a
Collateral Vessel and the existing Collateral Vessel to be released as a Collateral Vessel; 
 (b) each Substitute Vessel satisfies the
requirements for being a Collateral Vessel hereunder and, on the date on which it becomes a Collateral Vessel, the Note Administrative Agent shall receive all conditions precedent it would be entitled to receive under
Section 4 in form and substance satisfactory to the Note Administrative Agent; 
 (c) the Company provides a
Compliance Certificate evidencing such substitution will not give rise to a Default, Event of Default, a Concentration Limit Event, a breach of the Guarantor Financial Covenants, a BB Event or a DSCR Cash Sweep Event, assuming for the purposes of
the calculation of such requirements that the substitution had taken place, and no such event shall be continuing; and 
 (d) such Substitute
Vessel shall become a Collateral Vessel on the same date as the existing Collateral Vessel ceases to be a Collateral Vessel for the purposes of the Financing Documents. 

Section 10.6. Vessel Dispositions and Removals. A Vessel Owner may not sell or dispose of a Collateral Vessel
(a “Vessel Disposition”) unless the Vessel Disposition is completed subject to and in accordance with the following conditions: 

(a) the Note Administrative Agent shall have received five (5) Business Days’ prior written notice (a “Disposition
Notice”) of any such Vessel Disposition from the Company, and such Disposition Notice shall specify the proposed date of the Vessel Disposition, the relevant Collateral Vessel subject of the Vessel Disposition, the proposed buyer, the
purchase price, levels of cash deposit and/or letter of credit provided by or on behalf of the proposed buyer and the anticipated Net Sale Proceeds (it being acknowledged that such information may change); 

(b) such Vessel Disposition shall not be permitted if, after giving effect to the application of the proceeds thereof, a Default, Event of
Default, Concentration Limit Event, breach of the Guarantor Financial Covenants, BB Event or DSCR Cash Sweep Event would occur; 

  
 47 

 (c) such Vessel Disposition shall not be permitted at any time when a Default, Event of
Default a Concentration Limit Event, a breach of the Guarantor Financial Covenants, a BB Event or a DSCR Cash Sweep Event is continuing, unless such Vessel Disposition or the application of the proceeds thereof would cure such Default, Event of
Default, Concentration Limit Event, breach of the Guarantor Financial Covenants, BB Event or DSCR Cash Sweep Event, as applicable; and 
 (d)
the Note Administrative Agent shall have received no later than three (3) Business Days prior to the date of such Vessel Disposition a written confirmation from the Company: 

(i) confirming that such Vessel Disposition is proceeding; 

(ii) confirming the date on which such Vessel Disposition is scheduled to be completed (it being acknowledged that such date
may change); 
 (iii) incorporating a representation and warranty from the Company in connection with the matters referred to
in subsections (b), (c) and (d) above and certifying the BB Ratio and DSCR Ratio following such Vessel Disposition (including the supporting calculations). 

(e) Any prepayment of Notes made to effect a cure pursuant to Section 10.6(c) shall be made at par together with
accrued interest on the amount so prepaid. Any other optional prepayment of Notes with proceeds of a Vessel Disposition shall be made in accordance with Section 8.2. 

In addition, a Vessel Owner may from time to time designate any Collateral Vessel to cease to be a Collateral Vessel, and thereby cause such
Collateral Vessel to cease to be subject to the terms and conditions of this Agreement, so long as the Vessel Owner would be permitted pursuant to the above provisions to sell or dispose of such Collateral Vessel in circumstances where the proceeds
thereof are zero, assuming that all references to any disposition of such Collateral Vessel pursuant to the above provisions referred instead to its removal as a Collateral Vessel. 

Section 10.7. Year end. No Obligor shall change its financial year end except with prior notice to the Note
Administrative Agent and, in the case of any Obligor other than the Guarantor, prior consent either in accordance with the Requisite Program Debt, subject to Section 24.9, or of the Required Holders (not to be unreasonably
withheld or delayed). 
 Section 10.8. Related Contracts. Subject to Obligors’ right to release,
substitute and dispose of Collateral Vessels, no Obligor shall take any action, enter into any document or agreement or omit to take any action or to enter into any document or agreement which would, or could reasonably be expected to, cause any
Obligatory Insurances or Management Agreement to cease to remain in full force and effect and shall use commercially reasonable efforts to procure that each other party to such Related Contract does not take any action, enter into any document or
agreement or omit to take any action or to enter into any document or agreement which would, or could reasonably be expected to, cause such Related Contract to cease to remain in full force and effect. 

  
 48 

 Section 10.9. Financial Covenants. 

(a) Borrowing Base Ratio. If on any BB Test Date it is determined that a BB Event has occurred and is continuing, the Company shall, on
the next Payment Date, prepay the Notes in accordance with Section 4.02(a)(viii) of the Intercreditor Agreement; provided that the Company shall be permitted to deposit or pledge Additional Security pursuant to
Section 10.10 in an amount sufficient to ensure that a BB Event is not continuing after giving effect to such pledge or deposit. 

(b) Debt Service Coverage Ratio. On any Test Date a DSCR Cash Sweep Event shall occur if the DSCR Ratio is less than 1.25:1. 

(c) Consolidated Tangible Net Worth. The Guarantor must ensure that its Consolidated Tangible Net Worth always equals or exceeds four
hundred and fifty million Dollars ($450,000,000). 
 (d) Gearing. The Guarantor must ensure that its Total Borrowings are always less
than 65% of its Total Assets. 
 (e) Interest and Principal Coverage Ratio. The Guarantor must ensure that its Interest and Principal
Coverage Ratio is always greater than or equal to 1.1:1. 
 (f) Guarantor Cross Default. The Guarantor must ensure its Indebtedness is
paid when due (having due regard to any applicable grace period), provided that it shall not be a breach of this subsection if the Guarantor fails to pay its Indebtedness when due but the aggregate amount of such Indebtedness is less than
$50,000,000 or its equivalent. 
 Each of the Guarantor Financial Covenants set forth in Sections 10.9(c) to (f) (inclusive)
above shall be tested on each Determination Date by reference to each rolling twelve (12) month Measurement Period, and compliance shall be evidenced in the Compliance Certificates. 

Section 10.10. Creation of Additional Security. The value of any additional security which the Company offers
to provide pursuant to Section 10.9(a) will only be taken into account for the purposes of determining the BB Ratio if and when: 

(a) that additional security, its value and the method of its valuation have been approved either in accordance with the Requisite Program
Debt, subject to Section 24.9, or by the Required Holders (and, where required, the holders of any Additional Secured Debt), provided that (i) cash and (ii) any vessel which could be a Substitute Vessel (by
meeting the criteria set forth in Section 10.5 and said conditions are met (other than, for the avoidance of doubt, the removal of any Collateral Vessel)), shall be approved additional security; 

(b) a Security Interest over that security has been constituted in favor of the Security Trustee in an approved form and manner; 

  
 49 

 (c) the Financing Documents have been unconditionally amended in such a manner as the
Company and either in accordance with the Requisite Program Debt, subject to Section 24.9, or the Required Holders reasonably agree in consequence of that additional security being provided; and 

(d) the Note Administrative Agent have received such documents and evidence it may reasonably require in relation to that amendment and
additional security including documents and evidence of the type referred to in Section 4 in relation to that amendment and additional security and its execution and (if applicable) registration. 

Section 10.11. No Amendment to Related Contracts. No Obligor shall amend or agree to any material amendment
to the Obligatory Insurances or the Management Agreements without the prior written consent either in accordance with the Requisite Program Debt, subject to Section 24.9, or of the Required Holders. 

Section 10.12. Anti-Corruption Law. (a) Each Obligor shall conduct their business in compliance with
Anti-Corruption Laws and Anti-Money Laundering Laws; and (b) each Obligor shall ensure that no proceeds of the Program Debt will be applied in a manner or for a purpose prohibited by Anti-Corruption Laws. 

Section 10.13. Sanctions. (a) Each Obligor shall ensure that no proceeds of the Program Debt will be
Made Available, directly or indirectly, to or for the benefit of, or used to fund any activities with or business of a Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of Sanctions, or otherwise
applied in a manner or for a purpose prohibited by Sanctions or Anti-Corruption Laws, or which would result in a violation of Sanctions by any Person (including any Person participating in the issuance, offering or funding of the Program Debt,
whether as underwriter, advisor, investor, lender, hedge provider, facility or security agent or otherwise); (b) each Obligor shall remain in compliance with all Sanctions and shall continue to implement a policy for Sanctions in line with the
requirements in this Agreement; (c) no Obligor nor their respective Subsidiaries shall fund all or part of any repayment required to be made pursuant to Program Debt out of proceeds directly or indirectly derived from any business, activities
or transactions which would be prohibited by Sanctions or which would otherwise cause any Person or a Purchaser or Holder to be in breach of Sanctions or to otherwise become the subject or target of Sanctions; (d) no Obligor shall (and shall
procure that no Charterer of any Collateral Vessel will) operate, possess, use, dispose of or otherwise deal with, or procure or allow the ownership, operation, possession, use, disposal of or any other dealing with, each Collateral Vessel or part
thereof for any purpose or to any Person which would violate or cause any Finance Party to violate, when and as applicable, any Sanctions, any Anti-Money Laundering Law or any Anti-Corruption Law in each case applicable to it; and (e) no
Obligor will permit the use or operation of any Collateral Vessel (i) in any country or territory that at such time is the subject of Sanctions, (ii) by a Sanctioned Person, or (iii) in any other manner that will result in a violation
by any Person, any of the Finance Parties or any other Person participating in the Program Debt (whether as underwriter, advisor, investor or otherwise) of Sanctions. 

  
 50 

 Section 10.14. Additional Secured Debt; Revolving Credit
Facilities. 
 (a) The Company shall ensure that the terms of any Additional Secured Debt in the form of a private placement of debt
securities shall not, when considered in aggregate, have a weighted average maturity date that is earlier than any existing Program Debt of such type. The weighted average maturity date shall be determined by multiplying the remaining term of each
series of additional private placement notes by the aggregate principal amount of such notes and dividing the product of such calculation by the sum of the principal amounts of all such additional private placement notes. The Company shall ensure
that any Additional Secured Debt shall not provide for Concentration Limits, a DSCR Ratio, a BB Ratio or Project Debt Guarantees on terms more beneficial to the lenders or holders of such Additional Secured Debt than to the Holders unless this
Agreement and the other Financing Documents, as applicable, are amended to provide the same benefit to the Holders. 
 (b) The Company shall
ensure that the aggregate amount of all revolving credit facility commitments under any Secured Debt Documents at any time shall not exceed an amount equal to forty percent (40%) of the aggregate amount of all commitments under all Secured Debt
Documents. 
 SECTION 11. EVENTS OF DEFAULT. 

An “Event of Default” shall exist if any of the following conditions or events shall occur or be continuing: 

(a) any Obligor shall fail to pay, as applicable, any principal of, interest on, or Make-Whole Amount on any Note or any other amount payable
by it under the Financing Documents in the manner required under the Financing Documents unless such non-payment is remedied within three (3) Business Days after the due date; 

(b) an Obligor shall fail to comply with any term of Sections 9.19, 9.20(a), (b), (c) and (f), 10.1,
10.3, 10.9(c) to (e), 10.12 and 10.13; 
 (c) an Obligor shall fail to comply with any other term of the
Financing Documents not already referred to in Section 11(a) or 11(b) above (excluding Section 9.28) unless the non-compliance: (i) is capable of
remedy; and (ii) is remedied within thirty (30) days (or, in the case of (I) Section 9.1(a), three (3) Business Days and (II) Section 9.25, sixty (60) days) after the
earlier of (i) the date on which written notice of such failure is delivered to Guarantor and (ii) any Obligor having knowledge of such failure to comply; 

(d) a representation made or repeated by an Obligor in any Financing Document or in any document delivered by or on behalf of an Obligor under
any Financing Document is incorrect in any material respect when made or deemed to be repeated, unless the circumstances giving rise to the misrepresentation: (i) are capable of remedy; and (ii) are remedied within thirty (30) days of
the earlier of (x) the date on which written notice of such misrepresentation is delivered to Guarantor and (y) any Obligor having knowledge of such misrepresentation; 

(e) a BB Event shall occur and continue uncured for more than six (6) months; 

  
 51 

 (f) any of the following occurs: (i) any Indebtedness of any Obligor is not paid when
due (after the expiry of any originally applicable grace period); (ii) any Indebtedness of any Obligor: (A) becomes prematurely due and payable; or (B) is placed on demand; or (C) is capable of being declared by a creditor to be
prematurely due and payable or being placed on demand, in each case, as a result of an event of default (howsoever described) and after the expiry of any applicable grace period; or (iii) any commitment for its Indebtedness is cancelled or
suspended as a result of an event of default (howsoever described), unless, in the case of the Guarantor, the aggregate amount of such Indebtedness falling within (i) to (iii) above is less than US$50,000,000 or its equivalent; 

(g) any of the following occurs in respect of an Obligor: (i) it is deemed for the purposes of any Applicable Law to be, unable to pay its
debts as they fall due or insolvent; (ii) it admits its inability to pay its debts as they fall due; (iii) it suspends making payments on any of its debts or announces an intention to do so; or (iv) a moratorium is declared in respect
of any of its indebtedness, provided that if a moratorium occurs in respect of an Obligor, the ending of the moratorium will not remedy any Event of Default caused by the moratorium; 

(h) any of the following occurs in respect of an Obligor: (i) any step is taken with a view to a moratorium, a composition, assignment or
similar arrangement with any of its creditors; (ii) a meeting of its shareholders, directors or other officers is convened for the purpose of considering any resolution to petition for or to file documents with a court for its winding-up, administration or dissolution or any such resolution is passed; (iii) any Person presents a petition, or files documents with a court for its winding-up,
administration or dissolution; (iv) an order for its winding-up, administration or dissolution is made; (v) any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver,
receiver and manager, administrative receiver, administrator or similar officer is appointed in respect of it or any of its assets; (vi) its directors, shareholders or other officers request the appointment of or give notice of their intention
to appoint a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, receiver and manager, administrative receiver, administrator or similar officer; or (vii) any other analogous step or procedure is taken or
appointment is made in any jurisdiction, provided that subsections (i) to (vii) above shall not apply to a frivolous or vexatious petition for winding-up presented by a creditor in respect of an Obligor
which is being contested in good faith and with due diligence and is discharged or struck out within, in the case of an Obligor (other than Guarantor), thirty (30) days or, in the case of the Guarantor, sixty (60) days; 

(i) any attachment, sequestration, distress, execution, enforcement action or analogous event affects any asset(s) of the Obligors and, in
relation to the Guarantor only, the same is not discharged or stayed pending appeal within sixty (60) days; 
 (j) an Obligor suspends,
ceases, or threatens to suspend, cease, to carry on all or, in the case of the Guarantor, a material portion of its business, provided that lay-up of a Collateral Vessel or other action in the ordinary course
of business shall not constitute a suspension of business by a Vessel Owner for these purposes; 
 (k) (i) an Obligor (other than Guarantor)
fails to comply with or pay any sum due from it under any final judgment or any final order made or given by any court of competent jurisdiction in a non-appealable judgment or order with respect to which the
amount in controversy exceeds $25,000 or (ii) Guarantor fails to comply with or pay any sum due from it under any final judgment or any final order made or given by any court of competent jurisdiction in a
non-appealable judgment or order with respect to which the amount in controversy exceeds $50,000,000; 

  
 52 

 (l) the Company ceases to be a direct wholly owned Subsidiary of the Guarantor; 

(m) any Obligor (other than the Company or the Guarantor) ceases to be a wholly owned subsidiary of the Company, except in connection with a
permitted disposal of a Collateral Vessel in accordance with the Financing Documents; 
 (n) it is or becomes unlawful for an Obligor to
perform any of its material obligations under the Financing Documents or any Related Contract as a result of the act or inaction of an Obligor; or any material provision of a Financing Document is not effective or is alleged by the Company to be
ineffective for any reason; or any material provision of a Financing Document is not effective or is alleged by any Party (other than a Finance Party, the Company or the Account Bank) to be ineffective for any reason; or an Obligor repudiates any
material provision of a Financing Document or evidences an intention to repudiate any material provision of a Financing Document; or any Party (other than a Finance Party or the Account Bank) repudiates or rescinds any material provision of a
Financing Document or evidences an intention to repudiate or rescind any material provision of a Financing Document; 
 (o) any of the
Security Documents ceases to be valid in any material respect or any of those Security Documents creating a Security Interest in favor of the Security Trustee ceases to provide a perfected first priority security interest in favor of the Security
Trustee as a result of the act or inaction of an Obligor, provided that no Event of Default shall occur under this provision (i) if (A) the applicable Security Documents relate to certain Collateral Vessels only and the Asset Values of
such Collateral Vessels account for no more than seven point five percent (7.5%) of the aggregate Asset Values of all Collateral Vessels, and (B) the Company remedies such circumstances within ten (10) days (and during such period the
Company is diligently taking action to remedy such circumstances), or (ii) if, on the date any Security Document to which a Collateral Vessel or the applicable Vessel Owner is subject ceases to be valid in any material respect or any Security
Document creating a Security Interest in such Collateral Vessel or the applicable Vessel Owner in favor of the Security Trustee ceases to provide a perfected first priority security interest in favor of the Security Trustee in such Collateral Vessel
or the applicable Vessel Owner, such Collateral Vessel is subject to a Vessel Disposition or otherwise ceases to be a Collateral Vessel under and in accordance with the provisions of Sections 10.5 or 10.6; 

(p) the registration of any Collateral Vessel at the registry of any Approved Flag State is cancelled or any Collateral Vessel is arrested or
otherwise detained and such Collateral Vessel is not released within thirty (30) days, provided that no Event of Default shall occur under this provision (i) if (A) the applicable circumstances relate to certain Collateral Vessels
only and the Asset Values of such Collateral Vessels account for no more than ten percent (10%) of the aggregate Asset Values of all Collateral Vessels, and (B) the Company remedies such circumstances within ten (10) days (and during such
period the Company is diligently taking action to remedy such circumstances), which period shall, in the case of any arrest or detention be in addition to the thirty (30) day period above, or (ii) if, on the date of the applicable
cancellation in the case of any cancellation of the registration of any Collateral Vessel at the registry of any Approved Flag State or prior to the expiry of the thirty (30) days in the case of arrest or detention of a Collateral Vessel, such
Collateral Vessel is subject to a Vessel Disposition or otherwise ceases to be a Collateral Vessel under and in accordance with the provisions of Sections 10.5 or 10.6; 

  
 53 

 (q) any Obligor, or anyone acting through an Obligor, makes any withdrawal from, or
instructs an Account Bank to make any payment from, any Charged Account, other than in accordance with Article IV of the Intercreditor Agreement; or 

(r) any other event or circumstance occurs which gives rise to a Material Adverse Effect. 

SECTION 12. REMEDIES ON DEFAULT, ETC. 

Section 12.1. Acceleration. (a) If an Event of Default with respect to the Company described in
Section 11(g) or (h) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 

(a) If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or
notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 
 (b) If any Event of Default described in
Section 11(a) has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare
all the Notes held by it or them to be immediately due and payable. 
 Upon any Notes becoming due and payable under this
Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued
thereon at the Default Rate) and (y) the Make-Whole Amount determined in respect of such principal amount, shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are
hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the
provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such
circumstances. 
 Section 12.2. Other Remedies. If any Default or Event of Default has occurred and is
continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the
rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note or Program Debt Guarantee, or for an injunction against a violation of
any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 

  
 54 

 Section 12.3. Rescission. At any time after any Notes have
been declared due and payable pursuant to Section 12.1(b) or (c), the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has
paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount,
if any, and (to the extent permitted by Applicable Law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such
declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to
Section 18, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to
or affect any subsequent Event of Default or Default or impair any right consequent thereon. 
 Section 12.4.
No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s
rights, powers or remedies. No right, power or remedy conferred by this Agreement, any Program Debt Guarantee or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or
hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Company under Section 16, the Company will pay to the holder of each Note on demand such further amount as shall be
sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including reasonable attorneys’ fees, expenses and disbursements and any Registration Duty.

 SECTION 13. TAX INDEMNIFICATION; FATCA INFORMATION.

 (a) All payments whatsoever under this Agreement and the Notes will be made by the Company in lawful currency of the United States of
America free and clear of, and without liability for withholding or deduction for or on account of, any present or future Taxes of whatever nature imposed or levied by or on behalf of any jurisdiction other than the United States (or any political
subdivision or taxing authority of or in such jurisdiction) (hereinafter a “Taxing Jurisdiction”), unless the withholding or deduction of such Tax is compelled by law. 

(b) If any deduction or withholding for any Tax of a Taxing Jurisdiction shall at any time be required in respect of any amounts to be paid by
the Company under this Agreement or the Notes, the Company will pay to the relevant Taxing Jurisdiction the full amount required to be withheld, deducted or otherwise paid before penalties attach thereto or interest accrues thereon and pay to each
holder of a Note such additional amounts as may be necessary in order that the net amounts paid to such holder pursuant to the terms of this Agreement or the Notes after such deduction, withholding or payment (including any required deduction or
withholding of Tax on or with respect to such additional amount), shall be not less than the amounts then due and payable to such holder under the terms of this Agreement or the Notes before the assessment of such Tax, provided that no
payment of any additional amounts shall be required to be made for or on account of: 

  
 55 

 (i) any Tax that would not have been imposed but for the existence of any
present or former connection between such holder (or a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over, such holder, if such holder is an estate, trust, partnership or corporation or any Person other than the
holder to whom the Notes or any amount payable thereon is attributable for the purposes of such Tax) and the Taxing Jurisdiction, other than the mere holding of the relevant Note or the receipt of payments thereunder or in respect thereof or the
exercise of remedies in respect thereof, including such holder (or such other Person described in the above parenthetical) being or having been a citizen or resident thereof, or being or having been present or engaged in trade or business therein or
having or having had an establishment, office, fixed base or branch therein, provided that this exclusion shall not apply with respect to a Tax that would not have been imposed but for the Company, after the date of the Initial Closing,
opening an office in, moving an office to, reincorporating in, or changing the Taxing Jurisdiction from or through which payments on account of this Agreement or the Notes are made to, the Taxing Jurisdiction imposing the relevant Tax; 

(ii) any Tax that would not have been imposed but for the delay or failure by such holder (following a written request by the
Company) in the filing with the relevant Taxing Jurisdiction of Forms (as defined below) that are required to be filed by such holder to avoid or reduce such Taxes (including for such purpose any refilings or renewals of filings that may from time
to time be required by the relevant Taxing Jurisdiction), provided that the filing of such Forms would not (in such holder’s reasonable judgment) impose any unreasonable burden (in time, resources or otherwise) on such holder or result
in any confidential or proprietary income tax return information being revealed, either directly or indirectly, to any Person and such delay or failure could have been lawfully avoided by such holder, and provided further that such holder
shall be deemed to have satisfied the requirements of this clause (b)(ii) upon the good faith completion and submission of such Forms (including refilings or renewals of filings) as may be specified in a written request of the Company no
later than 60 days after receipt by such holder of such written request (accompanied by copies of such Forms and related instructions, if any, all in the English language or with an English translation thereof); or 

(iii) any combination of clauses (i) and (ii) above; 

provided further that in no event shall the Company be obligated to pay such additional amounts to any holder (i) not resident in the United
States of America or any other jurisdiction in which an original Purchaser is resident for tax purposes on the date of the Closing in which such Purchaser purchases Notes in excess of the amounts that the Company would be obligated to pay if such
holder had been a resident of the United States of America or such other jurisdiction, as applicable, for purposes of, and eligible for the benefits of, any double taxation treaty from time to time in effect between the United States of America or
such other jurisdiction and the relevant Taxing Jurisdiction or (ii) registered in the name of a nominee if under the law of the relevant Taxing Jurisdiction (or the current regulatory interpretation of such law) securities held in the name of
a nominee do not qualify for an exemption from the relevant Tax and the Company shall have given timely notice of such law or interpretation to such holder. 

  
 56 

 (c) By acceptance of any Note, the holder of such Note agrees, subject to the limitations of
clause (b)(ii) above, that it will from time to time with reasonable promptness (x) duly complete and deliver to or as reasonably directed by the Company all such forms, certificates, documents and returns provided to such holder by the
Company (collectively, together with instructions for completing the same, “Forms”) required to be filed by or on behalf of such holder in order to avoid or reduce any such Tax pursuant to the provisions of an applicable statute,
regulation or administrative practice of the relevant Taxing Jurisdiction or of a tax treaty between the United States of America or any other jurisdiction in which an original Purchaser is resident for tax purposes on the date of the Closing in
which such Purchaser purchases Notes and such Taxing Jurisdiction and (y) provide the Company with such information with respect to such holder as the Company may reasonably request in order to complete any such Forms, provided that
nothing in this Section 13 shall require any holder to provide information with respect to any such Form or otherwise if in the opinion of such holder such Form or disclosure of information would involve the disclosure of
tax return or other information that is confidential or proprietary to such holder, and provided further that each such holder shall be deemed to have complied with its obligation under this paragraph with respect to any Form if such Form
shall have been duly completed and delivered by such holder to the Company or mailed to the appropriate taxing authority, whichever is applicable, within 60 days following a written request of the Company (which request shall be accompanied by
copies of such Form and English translations of any such Form not in the English language) and, in the case of a transfer of any Note, at least 90 days prior to the relevant interest payment date. 

(d) On or before the date of each Closing the Company will furnish each Purchaser purchasing Notes at such Closing with copies of the
appropriate Form (and English translation if required as aforesaid) required to be filed in the United States or the applicable Taxing Jurisdiction as of the date of such Closing pursuant to Section 13(b)(ii), if any, and
in connection with the transfer of any Note the Company will furnish the transferee of such Note with copies of any Form and English translation then required. 

(e) If any payment is made by the Company to or for the account of the holder of any Note after deduction for or on account of any Taxes, and
increased payments are made by the Company pursuant to this Section 13, then, if such holder at its sole discretion determines that it has received or been granted a refund of such Taxes, such holder shall, to the extent
that it can do so without prejudice to the retention of the amount of such refund, reimburse to the Company such amount as such holder shall, in its sole discretion, determine to be attributable to the relevant Taxes or deduction or withholding.
Nothing herein contained shall interfere with the right of the holder of any Note to arrange its tax affairs in whatever manner it thinks fit and, in particular, no holder of any Note shall be under any obligation to claim relief from its corporate
profits or similar tax liability in respect of such Tax in priority to any other claims, reliefs, credits or deductions available to it or (other than as set forth in Section 13(b)(ii)) oblige any holder of any Note to
disclose any information relating to its tax affairs or any computations in respect thereof. 
 (f) The Company will furnish the holders of
Notes, promptly and in any event within 60 days after the date of any payment by the Company of any Tax in respect of any amounts paid under this Agreement or the Notes, the original tax receipt issued by the relevant taxation or other authorities
involved for all amounts paid as aforesaid (or if such original tax receipt is not available or must legally be kept in the possession of the Company, a duly certified copy of the original tax receipt or any other reasonably satisfactory evidence of
payment), together with such other documentary evidence with respect to such payments as may be reasonably requested from time to time by any holder of a Note. 

  
 57 

 (g) If the Company is required by any Applicable Law, as modified by the practice of the
taxation or other authority of any relevant Taxing Jurisdiction, to make any deduction or withholding of any Tax in respect of which the Company would be required to pay any additional amount under this Section 13, but for
any reason does not make such deduction or withholding with the result that a liability in respect of such Tax is assessed directly against the holder of any Note, and such holder pays such liability, then the Company will promptly reimburse such
holder for such payment (including any related interest or penalties to the extent such interest or penalties arise by virtue of a default or delay by the Company) upon demand by such holder accompanied by an official receipt (or a duly certified
copy thereof) issued by the taxation or other authority of the relevant Taxing Jurisdiction. 
 (h) If the Company makes payment to or for
the account of any holder of a Note and such holder is entitled to a refund of the Tax to which such payment is attributable upon the making of a filing (other than a Form described above), then such holder shall, as soon as practicable after
receiving written request from the Company (which shall specify in reasonable detail and supply the refund forms to be filed) use reasonable efforts to complete and deliver such refund forms to or as directed by the Company, subject, however, to the
same limitations with respect to Forms as are set forth above. 
 (i) The obligations of the Company under this
Section 13 shall survive the payment or transfer of any Note and the provisions of this Section 13 shall also apply to successive transferees of the Notes. 

(j) By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the
Company, or to such other Person as may be reasonably requested by the Company, from time to time (i) in the case of any such holder that is a United States Person, such holder’s United States tax identification number or other Forms
reasonably requested by the Company necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (ii) in the case of any
such holder that is not a United States Person, such documentation prescribed by Applicable Law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with
its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this
Section 13(j) shall require any holder to provide information that is confidential or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall
treat any such information it receives as confidential. 

  
 58 

 SECTION 14. REGISTRATION; EXCHANGE;
SUBSTITUTION OF NOTES. 
 Section 14.1.
Registration of Notes. The Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the
name and address of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered
in such register as an owner and holder thereof and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment
for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the
contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. 

Section 14.2. Transfer and Exchange of Notes. Upon surrender of any Note to the Company at the address and to
the attention of the designated officer (all as specified in Section 19(a)(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of
transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof),
within 10 Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount
equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of the applicable Schedule 1. Each such new Note shall be dated
and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any
stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its
entire holding of Notes, one Note may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in
Section 6.3. 
 Section 14.3. Replacement of Notes. Upon receipt by the Company
at the address and to the attention of the designated officer (all as specified in Section 19(a)(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note
(which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 

(i) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder
of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $100,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to
be satisfactory), or 

  
 59 

 (ii) in the case of mutilation, upon surrender and cancellation thereof,

 within 10 Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest
from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 

Section 14.4. Registrar. Notwithstanding anything to the contrary in this
Section 14, the Company may engage a third party registrar (a “Registrar”) to keep the register for the registration and registration of transfers of Notes and to perform the Company’s obligations
pursuant to this Section 14 on the Company’s behalf. The Company or the Registrar shall promptly notify each Holder in writing of such engagement, and, following receipt of such notice, if such Holder desires to
surrender its Notes, as provided in Section 14.2, or to provide evidence of the ownership of and the loss, theft, destruction or mutilation of its Note, as provided in Section 14.3, or to advise as to any change in its name, address,
contact details or payment details, such Holder shall so surrender or so provide evidence to the Registrar in lieu of the Company. On the date of the Initial Closing, the Company hereby engages Citibank, N.A. as Registrar in accordance with this
Section 14.4 (and this sentence shall constitute the notice contemplated in the second sentence of this Section 14.4), and Citibank, N.A. hereby accepts such engagement. 

SECTION 15. PAYMENTS ON NOTES. 

Section 15.1. Place of Payment. Subject to Section 15.2, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of Citibank, N.A. in such jurisdiction. The Company may at any time, by
notice to each Holder, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. 

Section 15.2. Payment by Wire Transfer. So long as any Purchaser or its nominee shall be the holder of any
Note, and notwithstanding anything contained in Section 15.1 or in such Note to the contrary, the Company (or the Paying Agent, on the Company’s behalf) will pay all sums becoming due on such Note for principal,
Make-Whole Amount, if any, interest and all other amounts becoming due hereunder by the method and at the address specified for such purpose below such Purchaser’s name in the Purchaser Schedule, or by such other method or at such other address
as such Purchaser shall have from time to time specified to the Company or the Paying Agent in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of
the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal
executive office or at the place of payment most recently designated by the Company pursuant to Section 15.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at
its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company or the Registrar in exchange for a new Note or Notes pursuant to
Section 14.2. The Company will afford the benefits of this Section 15.2 to any 

  
 60 

 
Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the
Purchasers have made in this Section 15.2. The Company may, from time to time, engage a paying agent (a “Paying Agent”) to make payments on behalf of the Company pursuant to this Agreement or the Notes. On
the date of the Initial Closing, the Company hereby engages Citibank, N.A. as Paying Agent in accordance with this Section 15.2, and Citibank, N.A. hereby accepts such engagement. 

SECTION 16. EXPENSES, ETC. 

Section 16.1. Transaction Expenses. Whether or not the transactions contemplated hereby are
consummated, the Company will pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders or the Note Administrative Agent, as applicable, local or other counsel)
incurred by the Purchasers, each other holder of a Note, the Note Administrative Agent, the Registrar and the Paying Agent in connection with such transactions and the Financing Documents and in connection with the preparation, negotiation,
execution, delivery and administration of the Financing Documents (including the filing of UCC continuation (or similar) statements), and the administration of and any amendments, waivers or consents under or in respect of any Financing Document
(whether or not such amendment, waiver or consent becomes effective), including: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under any Financing Document or in
responding to any subpoena or other legal process or informal investigative demand issued in connection with any Financing Document, or by reason of being a holder of any Note, the Note Administrative Agent, the Registrar or the Paying Agent
hereunder, (b) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of any Obligor or in connection with any work-out or restructuring
of the transactions contemplated hereby and/or by the other Financing Documents, and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO.
If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI). 
 The Company
will indemnify, pay, and will save and hold each Purchaser, each other holder of a Note, the Note Administrative Agent (and any sub-agent thereof), the Paying Agent, the Registrar and the Lead Sustainability
Coordinator harmless from, (i) all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes) and the Note
Administrative Agent, (ii) any and all wire transfer fees that any bank or other financial institution deducts from any payment under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note
and (iii) any loss, judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys’ fees and expenses) or obligation resulting from the consummation of the transactions contemplated hereby,
including the execution or delivery of this Agreement, any other Financing Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto or their respective obligations hereunder or thereunder, or the
use of the proceeds of the Notes by the Company. 

  
 61 

 Section 16.2. Certain Taxes. The Company agrees to
pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or any other Financing Document or the execution and delivery (but not the transfer) or the
enforcement of any of the Notes in the United States, the Republic of the Marshall Islands, Hong Kong, Singapore or any other jurisdiction of organization of the Company or any other Obligor or any other jurisdiction where the Company or any other
Obligor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any other Financing Document, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company
pursuant to this Section 16, and will save each holder of a Note to the extent permitted by Applicable Law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required
to be paid by the Company hereunder. 
 Section 16.3. Survival. The obligations of the Company under
this Section 16 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement or any other Financing Document, and the termination of this Agreement. 

SECTION 17. SURVIVAL OF REPRESENTATIONS AND
WARRANTIES; ENTIRE AGREEMENT. 
 All representations and warranties
contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any
subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company
pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and any Subsidiary Guaranties embody the entire agreement and understanding
between each Purchaser, the Note Administrative Agent and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 

SECTION 18. AMENDMENT AND WAIVER. 

Section 18.1. Requirements. This Agreement and the Notes may be amended, and the observance of any
term hereof or of the Notes may be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that: 

(a) no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 22 hereof, or any defined
term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing; 
 (b) no amendment or
waiver may (i) without the written consent of each Purchaser and the holder of each Note at the time outstanding, (A) subject to Section 12 relating to acceleration or rescission, change the amount or time of any
prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of (x) interest on 

  
 62 

 
the Notes or (y) the Make-Whole Amount, (B) change the percentage of the principal amount of the Notes the holders of which are required to consent to any amendment or waiver, or
(C) amend any of Sections 8 (except as set forth in the second sentence of Section 8.2), 11(a), 12, 13, 18, 21 or 24.8, or (ii) without the written consent
of each Purchaser of Series B Notes, change the principal amount of the Series B Notes to be purchased hereunder upon satisfaction of the conditions to Closing in respect of such Notes set forth in Section 4; 

(c) Section 8.7 may be amended or waived to permit offers to purchase made by the Company or an Affiliate pro rata to the holders of all
Notes at the time outstanding upon the same terms and conditions only with the written consent of the Company and the Super-Majority Holders; and 

(d) no amendment, waiver or consent shall amend, modify or otherwise affect the rights or duties hereunder or under any other Financing
Document of the Note Administrative Agent, the Registrar or the Paying Agent, unless in writing executed by the Note Administrative Agent, the Registrar or the Paying Agent, as applicable. 

Section 18.2. Solicitation of Holders of Notes. 

(a) Solicitation. The Company will provide each Purchaser and each holder of a Note with sufficient information, sufficiently far in
advance of the date a decision is required, to enable such Purchaser and such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or
any Program Debt Guarantee. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 18 or any Program Debt Guarantee to each Purchaser and each
holder of a Note promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Purchasers or holders of Notes. 

(b) Payment. The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or
additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a Note as consideration for or as an inducement to the entering into by such holder of any waiver or amendment of any of the terms and
provisions hereof or of any Program Debt Guarantee or any Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of a Note even
if such holder did not consent to such waiver or amendment. 
 (c) Consent in Contemplation of Transfer. Any consent given pursuant to
this Section 18 or any Program Debt Guarantee by a holder of a Note that has transferred or has agreed to transfer its Note to (i) the Company, (ii) any Subsidiary or any other Affiliate or (iii) any other
Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with the Company and/or any of its Affiliates (either pursuant to a waiver under Section 18.1(c) or
subsequent to Section 8.7 having been amended pursuant to Section 18.1(c)), in each case in connection with such consent, shall be void and of no force or effect except solely as to such holder,
and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or
similar conditions) shall be void and of no force or effect except solely as to such holder. 

  
 63 

 Section 18.3. Binding Effect, Etc. Any
amendment or waiver consented to as provided in this Section 18 or any Program Debt Guarantee applies equally to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any Note and upon
the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or
waived or impair any right consequent thereon. No course of dealing between the Company and any Purchaser or holder of a Note and no delay in exercising any rights hereunder or under any Note or Program Debt Guarantee shall operate as a waiver of
any rights of any Purchaser or holder of such Note. 
 Section 18.4. Notes Held by Company,
Etc. Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given
under this Agreement, any Program Debt Guarantee or the Notes, or have directed the taking of any action provided herein or in any Program Debt Guarantee or the Notes to be taken upon the direction of the holders of a specified percentage of the
aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. 

SECTION 19. NOTICES; ENGLISH LANGUAGE. 

(a) Except to the extent otherwise provided in Section 7.5, all notices and communications provided for hereunder
shall be in writing and sent (w) by email if the recipient has provided and email address in its notice instructions herein (x) by telephonic facsimile if the recipient has provided a facsimile number in its notice instructions herein and
if sender on the same day sends a confirming copy of such notice by an internationally recognized commercial delivery service (charges prepaid) or (y) by an internationally recognized commercial delivery service (charges prepaid). Any such
notice must be sent: 
 (i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for
such communications in the Purchaser Schedule, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 

(ii) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the
Company in writing, 
 (iii) if to the Company, to it at Unit 2, 16/F., W668 Building, Nos. 668 Castle Peak Road, Cheung Sha
Wan, Kowloon, Hong Kong, China, Attention of Chief Financial Officer (Facsimile No. +852 3010 1868; Telephone No. +852 2540 1696; Email: gtalbot@atlascorporation.com and legal@atlascorporation.com), or at such other address as the Company shall have
specified to the holder of each Note in writing, 
 (iv) if to the Note Administrative Agent, to Citibank, N.A., Agency and
Trust at 480 Washington Blvd, 30th Floor, Jersey City, New Jersey 07310, United States of America, Attention of Marion O’Connor (Telephone No. +1.201.763.3055; Email: marion.oconnor@citi.com), or at such other address as the Note Administrative
Agent shall have specified to the Company and the holder of each Note in writing, 

  
 64 

 (v) if to the Registrar, to Citibank, N.A., Agency and Trust at 480
Washington Blvd, 30th Floor, Jersey City, New Jersey 07310, United States of America, Attention of Marion O’Connor (Telephone No. +1.201.763.3055; Email: marion.oconnor@citi.com, citinygats@citi.com, and cts.spag@citi.com), or at such other
address as the Registrar shall have specified to the Company and the holder of each Note in writing, or 
 (vi) if to the
Paying Agent, to Citibank, N.A., Agency and Trust at 480 Washington Blvd, 30th Floor, Jersey City, New Jersey 07310, United States of America, Attention of Marion O’Connor (Telephone No. +1.201.763.3055; Email: marion.oconnor@citi.com,
citinygats@citi.com, and cts.spag@citi.com), or at such other address as the Paying Agent shall have specified to the Company and the holder of each Note in writing. 

Notices under this Section 19 will be deemed given only when actually received. 

(b) Each document, instrument, financial statement, report, notice or other communication delivered in connection with this Agreement shall be
in English or accompanied by an English translation thereof. 
 (c) This Agreement and the Notes have been prepared and signed in English and
the parties hereto agree that the English version hereof and thereof (to the maximum extent permitted by Applicable Law) shall be the only version valid for the purpose of the interpretation and construction hereof and thereof notwithstanding the
preparation of any translation into another language hereof or thereof, whether official or otherwise or whether prepared in relation to any proceedings which may be brought in any jurisdiction in respect hereof or thereof. 

SECTION 20. REPRODUCTION OF DOCUMENTS. 

This Agreement and all documents relating thereto, including (a) consents, waivers and modifications that may hereafter be executed,
(b) documents received by any Purchaser at each Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser
by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted by Applicable Law, any such
reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of
business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 20 shall not prohibit the Company or any other Holder from contesting any such
reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 

  
 65 

 SECTION 21. CONFIDENTIAL
INFORMATION. 
 For the purposes of this Section 21, “Confidential
Information” means information delivered to any Purchaser by or on behalf of the Company, the Guarantor or any Subsidiary of the Company in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is
proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential information of the Company, the Guarantor or such Subsidiary, provided that such term does
not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on
such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Company, the Guarantor or any Subsidiary of the Company or (d) constitutes financial statements delivered to such Purchaser
under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect
confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its affiliates, and its and their respective directors, officers, employees
(legal and contractual), agents, attorneys and trustees (collectively, “Related Persons”) (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), (ii) its auditors, financial
advisors, investment advisors and other professional advisors and in the case of any Purchaser or holder that is a Related Fund, to its investors and partners and their Related Persons, in each case under this clause (ii), who agree to hold
confidential the Confidential Information substantially in accordance with this Section 21, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part
thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 21), (v) any Person from which it offers to purchase any security
of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 21), (vi) any federal or state regulatory authority having jurisdiction over such
Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or (viii) any other Person to
which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection
with any litigation to which such Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the
enforcement or for the protection of the rights and remedies under such Purchaser’s Notes, this Agreement or any Program Debt Guarantee. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be
entitled to the benefits of this Section 21 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered
to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying this Section 21.

 In the event that as a condition to receiving access to information relating to the Company, the Guarantor or the Subsidiaries of the
Company in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through Intralinks, another secure website, a
secure virtual workspace or otherwise) which is different from this Section 21, this Section 21 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this
Section 21 shall supersede any such other confidentiality undertaking. 

  
 66 

 SECTION 22. SUBSTITUTION OF
PURCHASER. 
 Each Purchaser shall have the right to substitute any one of its Affiliates or another
Purchaser or any one of such other Purchaser’s Affiliates (a “Substitute Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both
such Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser’s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the
representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 22), shall be deemed to refer to such Substitute
Purchaser in lieu of such original Purchaser. In the event that such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such
Substitute Purchaser, upon receipt by the Company of notice of such transfer, any reference to such Substitute Purchaser as a “Purchaser” in this Agreement (other than in this Section 22), shall no longer be
deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 

SECTION 23. NOTE ADMINISTRATIVE AGENT AND
SECURITY TRUSTEE. 
 Section 23.1. Appointment and
Authority. Each of the Purchasers hereby irrevocably appoints Citibank, N.A. to act on its behalf as Note Administrative Agent for the limited purposes set forth herein and under the other Financing Documents and authorizes the Note
Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Note Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The
Note Administrative Agent shall, unless a contrary indication appears in a Financing Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Note Administrative Agent in accordance with any
instructions given to it by the Required Holders. The provisions of this Section 23 are solely for the benefit of the Note Administrative Agent and the Purchasers, and the Company shall not have rights as a third-party
beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Financing Document (or any other similar term) with reference to the Note Administrative Agent is not intended to
connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship
between contracting parties. 
 Section 23.2. Exculpatory Provisions. 

(a) The Note Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Financing
Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Note Administrative Agent: 

  
 67 

 (i) shall not be subject to any fiduciary or other implied duties,
regardless of whether a Default or Event of Default has occurred and is continuing; 
 (ii) shall not have any duty to take
any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Financing Documents that the Note Administrative Agent is required to exercise as directed in writing
by the Required Holders; provided that the Note Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Note Administrative Agent to liability, cost or expense or that is
contrary to any Financing Document or Applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law; and 

(iii) shall not, except as expressly set forth herein and in the other Financing Documents, have any duty to disclose, and
shall not be liable for the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by the Person serving as the Note Administrative Agent or any of its Affiliates in any capacity.

 (b) The Note Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request
of the Required Holders, or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Note Administrative Agent shall be deemed not to have
knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the Note Administrative Agent in writing by the Company or a Holder. 

(c) The Note Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with this Agreement or any other Financing Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Financing Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Section 4 or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Note Administrative Agent. 
 (d) Each Holder acknowledges and consents to the
fact that (i) the Company has engaged or may engage, as applicable, Citibank, N.A. as the Registrar and/or as Paying Agent for the purposes of, among other things, making payments hereunder or under the Notes on behalf of the Company and
(ii) holders of other Program Debt have engaged or may engage, as applicable, Citibank, N.A. as the administrative agent or Additional Debt Representative and Secured Lien Representative in respect of such other Program Debt. Each Holder agrees
that none of the engagements set forth in (i) or (ii) above shall modify or have any effect on the Note Administrative Agent’s rights set forth in this Agreement (including this Section 23) or any other Financing Document. 

  
 68 

 Section 23.3. Reliance by Administrative Agent. The Note
Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or
intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Note Administrative Agent also may rely upon any statement made to it orally or by
telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the purchase of a Note that by its terms must be fulfilled to the
satisfaction of a Holder, the Note Administrative Agent may presume that such condition is satisfactory to such Holder unless the Note Administrative Agent shall have received notice to the contrary from such Holder prior to the purchase of a Note.
The Note Administrative Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the
advice of any such counsel, accountants or experts. 
 Section 23.4. Delegation of Duties. The Note
Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Financing Document by or through any one or more sub-agents appointed by the Note
Administrative Agent. The Note Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The
exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Note Administrative Agent and any such sub-agent. The Note
Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment
that the Note Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

Section 23.5. No Other Duties. Anything herein to the contrary notwithstanding, the Note Administrative Agent
shall not have any powers, duties or responsibilities under this Agreement or any of the other Financing Documents, except in its capacity as the Note Administrative Agent hereunder or thereunder. 

Section 23.6. Note Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding
under any Debtor Relief Law or any other judicial proceeding relative to the Company, the Note Administrative Agent (irrespective of whether the principal of any Note shall then be due and payable as herein expressed or by declaration or otherwise
and irrespective of whether the Note Administrative Agent shall have made any demand on the Company) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Notes and all other payment
obligations of the Company and each other Obligor under this Agreement, the Notes and the other Financing Documents that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the
Holders and the Note Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Holders and the Note Administrative Agent and their respective agents and counsel and all other amounts due
the Holders and the Note Administrative Agent under Section 16) allowed in such judicial proceeding; and 

  
 69 

 (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the Note Administrative Agent and, in the event that the Note Administrative Agent shall consent to the making of such payments directly to any Holder, to pay to the
Note Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Note Administrative Agent and its agents and counsel, and any other amounts due the Note Administrative Agent under
Section 16. 
 Section 23.7. Resignation and Removal of Note Administrative
Agent. 
 (a) The Note Administrative Agent may at any time give notice of its resignation to the Purchasers and the Company, or the Note
Administrative Agent may be removed at any time, with or without cause, by an act of the Required Holders. Upon receipt of any such notice of resignation or removal, the Required Holders shall have the right, in consultation with the Company, to
appoint a successor, which shall be a bank with an office in New York, New York, or an Affiliate of any such bank with an office in New York, New York. If no such successor shall have been so appointed by the Required Holders and shall have accepted
such appointment within thirty (30) days after the retiring Note Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Holders) (the “Resignation Effective Date”) or
receives notice of removal (the “Removal Effective Date”), then the retiring Note Administrative Agent may (but shall not be obligated to), on behalf of the Purchasers, appoint a successor Note Administrative Agent meeting the
qualifications set forth above. Whether or not a successor Note Administrative Agent has been appointed, such resignation or removal of such retiring Note Administrative Agent shall become effective in accordance with such notice on the Resignation
Effective Date or Removal Effective Date, as applicable. 
 (b) With effect from the Resignation Effective Date or the Removal Effective Date
(as applicable) (i) the retiring or removed Note Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Financing Documents and (ii) except for any indemnity payments owed to the retiring or
removed Note Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Note Administrative Agent shall instead be made by or to each Purchaser directly, until such time, if any, as the Required
Holders appoint a successor Note Administrative Agent as provided for above. Upon the Purchasers’ acceptance of a successor’s appointment as Note Administrative Agent hereunder, such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring or removed Note Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Note Administrative Agent), and the retiring or removed Note Administrative
Agent shall be discharged from all of its duties and obligations hereunder or under the other Financing Documents. The fees payable by the Company to a successor Note Administrative Agent shall be the same as those payable to its

  
 70 

 
predecessor unless otherwise agreed between the Company and such successor. After the retiring or removed Note Administrative Agent’s resignation or removal hereunder and under the other
Financing Documents, the provisions of this Section 23, Section 12.4 and Section 16 shall continue in effect for the benefit of such retiring or removed Note
Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Note Administrative Agent was
acting as Note Administrative Agent. 
 Section 23.8. Intercreditor Agreement. Each Purchaser hereby
appoints the Note Administrative Agent as its Additional Debt Representative and its Secured Lien Representative for the benefit of the Holders and instructs the Note Administrative Agent to execute and deliver the Intercreditor Joinder and to
become a party to the Intercreditor Agreement as an Additional Debt Representative and agrees, for the enforceable benefit of all holders of all existing and future Secured Obligations and each existing and future Secured Lien Representative, to
each of the matters set out in paragraphs (1), (2) and (3) of the definition of “Lien Sharing and Priority Confirmation” in the Intercreditor Agreement. 

Section 23.9. Non-Reliance. Each Purchaser acknowledges that it has,
independently and without reliance upon the Note Administrative Agent or any of its Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Purchaser also acknowledges that it will, independently and without reliance upon the Note Administrative Agent or any of its Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue
to make its own decisions in taking or not taking action under or based upon this Agreement, any other Financing Document or any related agreement or any document furnished hereunder or thereunder. 

Section 23.10. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction
contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Financing Document), the Company acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) no
fiduciary, advisory or agency relationship between the Company and its Subsidiaries and the Note Administrative Agent is intended to be or has been created in respect of the transactions contemplated hereby or by the other Financing Documents,
irrespective of whether the Note Administrative Agent has advised or is advising the Company or any Subsidiary on other matters or is acting as Paying Agent or Registrar, and (ii) the arranging and other services regarding this Agreement
provided by the Note Administrative Agent are arm’s-length commercial transactions between the Company and its Affiliates, on the one hand, and the Note Administrative Agent, on the other hand; and
(b) (i) the Note Administrative Agent is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the
Company or any of its Affiliates, or any other Person; (ii) the Note Administrative Agent does not have any obligation to the Company or any of its Affiliates with respect to the transactions contemplated hereby except those obligations
expressly set forth herein, in the other Financing Documents and in the engagement letter between the Note Administrative Agent and the Company with respect to the Note Administrative Agent’s engagement hereunder; and (iii) the Note
Administrative Agent and its Affiliates may be engaged, for their own accounts or the accounts of customers, in a broad range 

  
 71 

 
of transactions that involve interests that differ from those of the Company and its Affiliates, and the Note Administrative Agent does not have any obligation to disclose any of such interests
to the Company or its Affiliates. To the fullest extent permitted by law, the Company hereby waives and releases any claims that it may have against the Note Administrative Agent with respect to any breach or alleged breach of agency or fiduciary
duty in connection with any aspect of any transaction contemplated hereby. 
 Section 23.11. Security Trustee
Appointment. Each Purchaser hereby irrevocably (i) appoints UMB Bank, National Association to act on its behalf as Security Trustee under the Intercreditor Agreement in connection with this Agreement, the Notes and the other Financing
Documents and (ii) authorizes the Security Trustee to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Trustee under or in connection with
the Intercreditor Agreement and the other Secured Debt Documents together with any other rights, powers, authorities and discretions as are necessarily incidental thereto. 

SECTION 24. MISCELLANEOUS. 

Section 24.1. Successors and Assigns. All covenants and other agreements contained in this Agreement
by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether so expressed or not, except that, subject to
Section 10.2, the Company may not assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

Section 24.2. Accounting Terms. All accounting terms used herein which are not expressly defined in
this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all
financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including Section 9, Section 10 and the definition of
“Indebtedness”), any election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar accounting standard) shall be
disregarded and such determination shall be made as if such election had not been made. 
 Section 24.3.
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 72 

 Section 24.4. Construction, Etc. Each
covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be
deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or
indirectly by such Person. 
 Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein) and, for purposes of the Notes, shall also include any such notes issued in substitution therefor pursuant to Section 14, (b) subject to Section 23.1, any reference herein to any
Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (d) all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein
shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time. 

Section 24.5. Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

Section 24.6. Governing Law. This Agreement shall be construed and enforced in accordance with, and
the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State. 
 Section 24.7. Jurisdiction and Process;
Waiver of Jury Trial. (a) The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any
suit, action or proceeding arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by Applicable Law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim
that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum. 

  
 73 

 (a) The Company agrees, to the fullest extent permitted by Applicable Law, that a final
judgment in any suit, action or proceeding of the nature referred to in Section 24.7(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced
in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

(b) The Company consents to process being served by or on behalf of any Holder in any suit, action or proceeding of the nature referred to in
Section 24.7(a) by mailing a copy thereof by registered, certified, priority or express mail, postage prepaid, return receipt or delivery confirmation requested, or delivering a copy thereof in the manner for delivery of
notices specified in Section 19, to Puglisi & Associates, at 850 Library Avenue, Suite 204, Newark, Delaware 19711, as its agent for the purpose of accepting service of any process in the United States. The Company
agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by Applicable Law, be taken and held to
be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(c) Nothing in this Section 24.7 shall affect the right of any holder of a Note to serve process in any manner
permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in
any other jurisdiction. 
 (d) The Company hereby irrevocably appoints Puglisi & Associates, at 850 Library Avenue, Suite 204,
Newark, Delaware 19711. to receive for it, and on its behalf, service of process in the United States. 
 (E)
THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT
ON OR WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER
DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH. 

Section 24.8. Obligation to Make Payment in Dollars. Any payment on account of an amount that is
payable hereunder or under the Notes in Dollars which is made to or for the account of any holder in any other currency, whether as a result of any judgment or order or the enforcement thereof or the realization of any security or the liquidation of
the Company, shall constitute a discharge of the obligation of the Company under this Agreement or the Notes only to the extent of the amount of Dollars which such holder could purchase in the foreign exchange markets in London, England, with the
amount of such other currency in accordance with normal banking procedures at the rate of exchange prevailing on the London Banking Day following receipt of the payment first referred to above. If the amount of Dollars that could be so purchased is
less than the amount of Dollars originally due to such holder, the Company agrees to the fullest extent permitted by law, to indemnify and save harmless such holder from and against all loss or damage arising out of or as a result of such
deficiency. This indemnity shall, to the fullest extent permitted by law, constitute an obligation separate and independent from the 

  
 74 

 
other obligations contained in this Agreement and the Notes, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by such holder from
time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder or under the Notes or under any judgment or order. As used herein the term “London Banking
Day” shall mean any day other than Saturday or Sunday or a day on which commercial banks are required or authorized by law to be closed in London, England. 

Section 24.9. Requisite Program Debt Consents. In respect of any provision of this Agreement which permits
the Obligors to act or refrain from acting based upon an approval, consent or similar action under any Requisite Program Debt, if such approval, consent or similar action under one or more of such Program Debt facilities requires approval, consent
or similar action to be obtained from the lenders under such facility (and not solely from an agent in respect of such facility), the Company shall deliver written notice of such approval, consent or similar action by the Requisite Program Debt
(other than the Notes) to the Note Administrative Agent for further delivery to each Holder. Such notice shall state that the matter to which such notice relates shall be considered approved under this Agreement unless Holders constituting at least
the Required Holders object thereto in writing within the period set forth in the immediately following sentence. If, within ten (10) Business Days following delivery of such notice to the Note Administrative Agent (for further delivery to each
Holder) the Required Holders deliver to the Company written notice of their objection to such approval, consent or similar action, such specific approval, consent or similar action based upon the Requisite Program Debt shall cease to be effective
for purposes of this Agreement (and such specific approval, consent or similar action shall only be effective if ratified by the Required Holders). For the avoidance of doubt, no such notice to or consent from the Holders shall be required in
connection with any approval, consent or similar action by the Requisite Program Debt which is based solely upon, and has received, the approval, consent or similar action from the agent or agents under the Program Debt facilities constituting the
Requisite Program Debt. 
 24.10 Electronic Contracting. The parties agree to electronic contracting and signatures with respect to
this Agreement, the Guaranty and any Financing Documents, other than the Notes or any documents that are required to be filed or recorded in a jurisdiction or with a registry that does not recognize electronic contracting (“Required Original
Documents”). Delivery of an electronic signature to, or a signed copy of, this Agreement and such other documents (other than the Notes or Required Original Documents) by facsimile, email or other electronic transmission shall be fully
binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes. The words “execution,” “execute”, “signed,” “signature,” and words of
like import in or related to any document to be signed in connection with this Agreement and such other documents (other than the Notes or Required Original Documents) shall be deemed to include electronic signatures, the electronic matching of
assignment terms and contract formations on electronic platforms approved by the Obligors and the Required Holders, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Notwithstanding the foregoing, if any 

  
 75 

 
Purchaser shall request manually signed counterpart signatures to this Agreement or any such document, each Obligor and Financing Party hereby agrees to use its reasonable endeavors to provide
such manually signed signature pages as soon as reasonably practicable (but in any event within 30 days after such request or such longer period as the requesting Purchaser, the other Financing Parties and the Obligors may mutually agree). 

* * * * * 
  

  
 76 

 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. 

Very truly yours, 
  

			
	 SEASPAN HOLDCO III LTD.,
 as
Issuer

		
	By	 	 /s/ Graham Talbot

	Name: Graham Talbot
	Title: Chief Financial Officer

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	 SEASPAN CORPORATION,
 as
Guarantor

		
	By:	 	 /s/ Graham Talbot

	Name: Graham Talbot
	Title: Chief Financial Officer

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	 CITIBANK, N.A.,
 as Note
Administrative Agent

		
	By:	 	 /s/ Marion O’Connor

	Name: Marion O’Connor
	Title: Senior Trust Officer

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	 CITIBANK, N.A.,
 as Registrar
and Paying Agent

		
	By:	 	 /s/ Marion O’Connor

	Name: Marion O’Connor
	Title: Senior Trust Officer

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	 SOCIÉTÉ GÉNÉRALE, HONG

KONG BRANCH,
 as Lead Sustainability
Coordinator

		
	By:	 	 /s/ Gwenael Delattre

	Name: Gwenael Delattre
	
	Title: Diector, Head of Shipping & Offshore Finance Asia Pacific
		
	By:	 	 /s/ Ting Zhang

	Name: Ting Zhang
	Title: Director, Shipping & Offshore Finance

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
	
	 ATHENE ANNUITY AND LIFE

COMPANY

	By: Apollo Insurance Solutions Group LP, its investment adviser
	By: Apollo Capital Management, L.P., its sub adviser
	By: Apollo Capital Management GP, LLC, its General Partner

  

			
	By:	 	 /s/ Joseph D. Glatt

	Name: Joseph D. Glatt
	Title: Vice President

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
	
	 VENERABLE INSURANCE AND
 ANNUITY
COMPANY

	By: Apollo Insurance Solutions Group LP, its investment adviser
	By: Apollo Capital Management, L.P., its sub adviser
	By: Apollo Capital Management GP, LLC, its General Partner

  

			
	By:	 	 /s/ Joseph D. Glatt

	Name: Joseph D. Glatt
	Title: Vice President

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	ATHENE ANNUITY & LIFE ASSURANCE COMPANY
	By: Apollo Insurance Solutions Group LP, its investment adviser
	By: Apollo Capital Management, L.P., its sub adviser
	By: Apollo Capital Management GP, LLC, its General Partner
		
	By:	 	 /s/ Joseph D. Glatt

	Name:	 	Joseph D. Glatt
	Title:	 	Vice President

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY
	By: Apollo Insurance Solutions Group LP, its investment adviser
	By: Apollo Capital Management, L.P., its sub adviser
	By: Apollo Capital Management GP, LLC, its General Partner
		
	By:	 	 /s/ Joseph D. Glatt

	Name:	 	Joseph D. Glatt
	Title:	 	Vice President

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
	By: Barings LLC as Investment Adviser
		
	By:	 	 /s/ James Moore

	Name:	 	James Moore
	Title:	 	Managing Director

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	C.M. LIFE INSURANCE COMPANY
	By: Barings LLC as Investment Adviser
		
	By:	 	 /s/ James Moore

	Name:	 	James Moore
	Title:	 	Managing Director

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	MUFG FUND SERVICES (CAYMAN) LIMITED, acting solely in its capacity as trustee of Bright – III Fund, a sub-fund of Global Private Credit Umbrella Unit Trust*
	By: Barings LLC as Investment Adviser
		
	By:	 	 /s/ James Moore

	Name:	 	James Moore
	Title:	 	Managing Director

  

	*	 Trustee’s obligations in such capacity will be solely the obligations of the Trustee acting on behalf of
Bright – III Fund, and that no creditor will have any recourse against any of the Trustee, (or any of its directors, officers or employees) for any claims, losses, damages, liabilities, indemnities or other obligations whatsoever in connection
with actions taken by the Trustee, with any recourse to the Trustee limited to the assets of Bright – III Fund. 

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	THE CANADA LIFE ASSURANCE COMPANY
	
	By: /s/ Jason
Ward                                         
               
	Name: Jason Ward
	Title: Authorized Signatory
		
	By:	 	 /s/ Gaurav Mittal

	Name:	 	Gaurav Mittal
	Title:	 	Authorized Signatory

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	CONNECTICUT GENERAL LIFE INSURANCE COMPANY
	By: Cigna Investments, Inc. (authorized agent)
		
	By:	 	 /s/ Jason Smith

	Name:	 	Jason Smith
	Title:	 	Managing Director

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	CIGNA HEALTH AND LIFE INSURANCE COMPANY
	By: Cigna Investments, Inc. (authorized agent)
		
	By:	 	 /s/ Jason Smith

	Name:	 	Jason Smith
	Title:	 	Managing Director

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	EQUITRUST LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Kenyatta Matheny

	Name:	 	Kenyatta Matheny
	Title:	 	Chief Investment Officer

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	FARM BUREAU LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Michael Warmuth

	Name:	 	Michael Warmuth
	Title:	 	Securities Vice President

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ John W. Kunkle

	Name:	 	John W. Kunkle
	Title:	 	Managing Director

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	BERKSHIRE LIFE INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ John W. Kunkle

	Name:	 	John W. Kunkle
	Title:	 	Managing Director

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC.
		
	By:	 	 /s/ Maxime Durivage

	Name:	 	Maxime Durivage
	Title:	 	Director, Private Placement
		
	By:	 	 /s/ Martin Gauthier

	Name:	 	Martin Gauthier
	Title:	 	Vice-President, General Funds and Fixed Income

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	 INDUSTRIAL ALLIANCE INVESTMENT MANAGEMENT INC.,

in its capacity as administrator of, and on behalf of, FC143 Private Debt Fund

		
	By:	 	 /s/ Maxime Durivage

	Name:	 	Maxime Durivage
	Title:	 	Principal Vice-President and Chief of Private Placement
		
	By:	 	 /s/ Martin Gauthier

	Name:	 	Martin Gauthier
	Title:	 	First Vice-President and Chief of General Funds Investment and Fixed Income

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
	By: Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney-in-Fact
		
	By:	 	 /s/ Jamie Chiarieri

	Name:	 	Jamie Chiarieri
	Title:	 	Vice President

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK
	By: Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney-in-Fact
		
	By:	 	 /s/ Jamie Chiarieri

	Name:	 	Jamie Chiarieri
	Title:	 	Vice President

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	USAA PENSION TRUST
	By: Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney in Fact
		
	By:	 	 /s/ Jamie Chiarieri

	Name:	 	Jamie Chiarieri
	Title:	 	Vice President

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	METROPOLITAN LIFE INSURANCE COMPANY
	By: MetLife Investment Management, LLC, its Investment Manager
		
	By:	 	 /s/ Jennifer Potenta

	Name:	 	Jennifer Potenta
	Title:	 	Authorized Signatory

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	METROPOLITAN TOWER LIFE INSURANCE COMPANY
	By: MetLife Investment Management, LLC, its Investment Manager
		
	By:	 	 /s/ Jennifer Potenta

	Name:	 	Jennifer Potenta
	Title:	 	Authorized Signatory

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	BRIGHTHOUSE LIFE INSURANCE COMPANY
	By: MetLife Investment Management, LLC, its Investment Manager
		
	By:	 	 /s/ Jennifer Potenta

	Name:	 	Jennifer Potenta
	Title:	 	Authorized Signatory

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	BALTIMORE LIFE INSURANCE COMPANY
	By: MetLife Investment Management, LLC, its Investment Manager
		
	By:	 	 /s/ Jennifer Potenta

	Name:	 	Jennifer Potenta
	Title:	 	Authorized Signatory

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	THE SAVINGS BANK MUTUAL LIFE INSURANCE COMPANY OF MASSACHUSETTS
	By: MetLife Investment Management, LLC, its Investment Manager
		
	By:	 	 /s/ Jennifer Potenta

	Name:	 	Jennifer Potenta
	Title:	 	Authorized Signatory

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	NASSAU LIFE AND ANNUITY COMPANY
	By: Nassau Asset Management LLC, its Investment Manager
		
	By:	 	 /s/ David E. Czerniecki

	Name:	 	David E. Czerniecki
	Title:	 	Chief Investment Officer

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	NATIONWIDE MUTUAL INSURANCE COMPANY
	NATIONWIDE LIFE INSURANCE COMPANY
	NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
		
	By:	 	 /s/ Thomas A. Gleason

	Name:	 	Thomas A. Gleason
	Title:	 	Authorized Signatory

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
	By: Northwestern Mutual Investment Management Company, LLC, its investment advisor
		
	By:	 	 /s/ Howard Stern

	Name:	 	Howard Stern
	Title:	 	Managing Director

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY FOR ITS GROUP ANNUITY SEPARATE ACCOUNT
		
	By:	 	 /s/ Howard Stern

	Name:	 	Howard Stern
	Title:	 	Its Authorized Representative

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	AMERICAN UNITED LIFE INSURANCE COMPANY
		
	By:	 	 /s/ David M. Weisenburger

	Name:	 	David M. Weisenburger
	Title:	 	VP, Fixed Income Securities

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	THE STATE LIFE INSURANCE COMPANY
	BY: AMERICAN UNITED LIFE INSURANCE COMPANY,
	ITS: AGENT
		
	By:	 	 /s/ David M. Weisenburger

	Name:	 	David M. Weisenburger
	Title:	 	VP, Fixed Income Securities

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	PACIFIC LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Cathy L. Schwartz

	Name:	 	Cathy L. Schwartz
	Title:	 	Assistant Vice President

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	PACIFIC LIFE & ANNUITY COMPANY
		
	By:	 	 /s/ Matthew A. Levene

	Name:	 	Matthew A. Levene
	Title:	 	Assistant Vice President

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	PAN-AMERICAN LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Steven Friedman

	Name:	 	Steve Friedman
	Title:	 	Executive Vice-President
		
	By:	 	 /s/ Lisa Baudot

	Name:	 	Lisa Baudot
	Title:	 	Sr. Vice-President, Investments

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	MUTUAL TRUST LIFE INSURANCE COMPANY, A PAN-AMERICAN LIFE INSURANCE GROUP STOCK COMPANY
		
	By:	 	 /s/ Steven Friedman

	Name:	 	Steve Friedman
	Title:	 	Executive Vice-President
		
	By:	 	 /s/ Lisa Baudot

	Name:	 	Lisa Baudot
	Title:	 	Sr. Vice-President, Investments

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Paul Koenig

	Name:	 	Paul Koenig
	Title:	 	Head of Portfolio Management National Life Group

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	LIFE INSURANCE COMPANY OF THE SOUTHWEST
		
	By:	 	 /s/ Paul Koenig

	Name:	 	Paul Koenig
	Title:	 	Head of Portfolio Management National Life Group

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

			
	 SUN LIFE ASSURANCE

COMPANY OF CANADA,
 acting through its Bermuda
Branch

		
	By:	 	 /s/ Russell Goldenberg

	Name:	 	Russell Goldenberg
	Title:	 	Senior Director, Private Fixed Income
		
	By:	 	 /s/ David Fletcher

	Name:	 	David Fletcher
	Title:	 	Managing Director, Private Fixed Income

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	SUN LIFE ASSURANCE (CANADA) LIMITED
		
	By:	 	 /s/ Russell Goldenberg

	Name:	 	Russell Goldenberg
	Title:	 	Senior Director, Private Fixed Income
		
	By:	 	 /s/ David Fletcher

	Name:	 	David Fletcher
	Title:	 	Managing Director, Private Fixed Income

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	SUN LIFE ASSURANCE COMPANY OF CANADA, acting through its U.S. Branch
		
	By:	 	 /s/ Jeff Krunnfusz

	Name:	 	Jeff Krunnfusz
	Title:	 	Senior Director
		
	By:	 	 /s/ Andrew Kleeman

	Name:	 	Andrew Kleeman
	Title:	 	Senior Managing Director

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	SUN LIFE AND HEALTH INSURANCE COMPANY (U.S.)
		
	By:	 	 /s/ Jeff Krunnfusz

	Name:	 	Jeff Krunnfusz
	Title:	 	Senior Director
		
	By:	 	 /s/ Andrew Kleeman

	Name:	 	Andrew Kleeman
	Title:	 	Senior Managing Director

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	NDG I, LLC,
	By: Sun Life Capital Management (U.S.) LLC, its Investment Adviser
		
	By:	 	 /s/ Jeff Krunnfusz

	Name:	 	Jeff Krunnfusz
	Title:	 	Authorized Signer
		
	By:	 	 /s/ Andrew Kleeman

	Name:	 	Andrew Kleeman
	Title:	 	Authorized Signer

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	CSAA INSURANCE EXCHANGE,
	By: Sun Life Capital Management (U.S.) LLC, its Investment Adviser
		
	By:	 	 /s/ Jeff Krunnfusz

	Name:	 	Jeff Krunnfusz
	Title:	 	Authorized Signer
		
	By:	 	 /s/ Andrew Kleeman

	Name:	 	Andrew Kleeman
	Title:	 	Authorized Signer

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY
		
	By:	 	 /s/ David Divine

	Name:	 	David Divine
	Title:	 	Director – Securities Management

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	THRIVENT FINANCIAL FOR LUTHERAN
		
	By:	 	 /s/ Christopher Patton

	Name: Christopher Patton
	Title: Managing Director

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	 CHUBB BERMUDA
 INSURANCE
LTD.

	 ANTHEM BLUE CROSS LIFE

AND HEALTH INSURANCE
 COMPANY

	 LOUISIANA HEALTH SERVICE

& INDEMNITY COMPANY

	CHUBB EUROPEAN GROUP SE
	 TEXAS MUTUAL INSURANCE

COMPANY

	 EMPIRE HEALTHCHOICE

ASSURANCE INC.

	 CHUBB EUROPEAN
 INVESTMENT
HOLDINGS SLP

	 SIMPLY HEALTHCARE
 PLANS,
INC.

	HMO COLORADO, INC.
	 CONVERGE ASSET
 MANAGEMENT
LLC

	 By: Western Asset Management

Company, LLC as Investment
 Manager and Agent

		
	By:	 	 /s/ Adam C. Wright

	Name: Adam C. Wright
	Title: Manager, U.S. Legal Affairs

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 
			
	 CHUBB BERMUDA
 INSURANCE
LTD.

	CHUBB EUROPEAN GROUP SE
	 TEXAS MUTUAL INSURANCE

COMPANY

	 EMPIRE HEALTHCHOICE

ASSURANCE INC.

	BLUE CROSS OF CALIFORNIA
	 THE TOA REINSURANCE

COMPANY OF AMERICA

	 SIMPLY HEALTHCARE
 PLANS,
INC.

	By: Western Asset Management Company, LLC as Investment Manager and Agent
		
	By:	 	 /s/ Adam C. Wright

	Name: Adam C. Wright
	Title: Manager, U.S. Legal Affairs

  
 [Seaspan - Signature
Page to Note Purchase Agreement] 

 SCHEDULE A 

DEFINED TERMS 

Capitalized terms used in this Agreement which are not otherwise defined have the meanings assigned to them in the Intercreditor Agreement. As
used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Account Bank” means, in relation to the HK Collection Account, Citibank, N.A., Hong Kong Branch, in relation to any Vessel
Owner Account, such bank as may be approved either in accordance with the Requisite Program Debt, subject to Section 24.9, or by the Required Holders, and, in relation to all other Charged Accounts, Bank of Montreal. 

“Account Charge” means, in relation to each of the Charged Accounts, the first priority fixed charge or pledge over all such
accounts given or to be given by the relevant account holder thereof in favor of and in form and substance satisfactory to the Security Trustee. 

“Additional Secured Debt” has the meaning specified in the Intercreditor Agreement. 

“Additional Secured Debt Designation” has the meaning specified in the Intercreditor Agreement. 

“Additional Security” means any Security Interest created pursuant to Section 10.10. 

“Additional Vessel” means any vessel (other than the Identified Vessels) that meets the Eligibility Criteria. 

“Advance Rate” shall mean the amount calculated as a percentage of the Asset Value of such Collateral Vessel as follows:
(a) in respect of a Collateral Vessel which is subject to an Eligible Charter, (i) where such Collateral Vessel is less than 5 years old, 75%, (ii) where such Collateral Vessel is equal to or more than 5 years old but less than 10 years
old, 70%, and (iii) where such Collateral Vessel is equal to or greater than 10 years old, 60%; and (b) in respect of a Collateral Vessel which is not subject to an Eligible Charter, (i) where such Collateral Vessel is less than 10
years old, 60%, and (ii) where such Collateral Vessel is equal to or greater than 10 years old, 50%. 
 “Affected
Noteholder” is defined within the definition of “Noteholder Sanctions Event.” 
 “Affiliate”
means, with respect to a specified Person, another Person that directly or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agreement” means this Note Purchase Agreement, including all Schedules attached to this Agreement. 

 “Annex VI” means Annex VI of the Protocol of 1997 (as subsequently amended
from time to time) to amend the International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto. 

“Anti-Corruption Laws” means all laws, rules, and regulations, as amended, concerning or relating to bribery or corruption,
including, without limitation, the U.S. Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 (as amended), and all other applicable anti-bribery and corruption laws, regulations or ordinances in Canada and any other jurisdiction where the
Obligors are located or doing business. 
 “Anti-Money Laundering Laws” has the meaning specified in
Section 5.21. 
 “Applicable Charter Rate Adjustment” means, for the relevant Interest Rate
Period: 
 (a)    less 0.0125% per annum where the QCC Target Ratio determined on the QCC Test Date immediately prior to
the relevant Interest Rate Period is equal to or greater than 25% and less than 30%; 
 (b)    less 0.0150% per annum
where the QCC Target Ratio determined on the QCC Test Date immediately prior to the relevant Interest Rate Period is equal to or greater than 30% and less than 35%; 

(c)    less 0.0175% per annum where the QCC Target Ratio determined on the QCC Test Date immediately prior to the relevant
Interest Rate Period is equal to or greater than 35% and less than 40%; 
 (d)    less 0.0200% per annum where the QCC
Target Ratio determined on the QCC Test Date immediately prior to the relevant Interest Rate Period is equal to or greater than 40% and less than 45%; 

(e)    less 0.0225% per annum where the QCC Target Ratio determined on the QCC Test Date immediately prior to the relevant
Interest Rate Period is equal to or greater than 45% and less than 50%; and 
 (f)    less 0.0250% per annum where the
QCC Target Ratio determined on the QCC Test Date immediately prior to the relevant Interest Rate Period is equal to or greater than 50%. 

“Applicable Law” means, as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject.

 “Applicable Performance Rate Adjustment” means for the relevant Interest Rate Period: 

(a)    plus 0.0125% per annum where the Average Collateral Vessel Delta determined on the Delta Test Date immediately prior
to the relevant Interest Rate Period is greater than +2.5%; and 

  
 A-2 

 (b)    less 0.0125% per annum where the Average Collateral Vessel Delta
determined on the Delta Test Date immediately prior to the relevant Interest Rate Period is less than -2.5%. 

“Approved Flag State” means the Republic of the Marshall Islands, the Commonwealth of the Bahamas, the Republic of Liberia,
the Republic of Panama, the Commonwealth of Bermuda, the Cayman Islands, the Isle of Man, Malta, Hong Kong, the United Kingdom, the Commonwealth of Australia, Barbados, Belgium, the Republic of Cyprus, Danish International Ship Register (DIS),
Germany, Gibraltar, Greece, Norwegian International Ship Register (NIS), Norway, The Netherlands, Singapore, United States of America and any other flag state approved either in accordance with the Requisite Program Debt, subject to
Section 24.9, or by the Required Holders in writing; provided that the total number of Collateral Vessels that may be registered under the United States of America flag at any one time shall be limited to two and
such Collateral Vessels shall not be qualified Jones Act vessels. 
 “Approved Valuers” means H. Clarkson & Co.
Ltd. and Howe Robinson Partners (or, in either case, such other appraiser as shall have been approved either in accordance with the Requisite Program Debt, subject to Section 24.9, or by the Required Holders). 

“Asset Value” means, in respect of any Collateral Vessel or Substitute Vessel, the greater of the DCF Value and the Market
Value of such Collateral Vessel. 
 “Average Collateral Vessel Delta” means the weighted average Collateral Vessel Delta
for all Collateral Vessels when calculated on each Delta Test Date, with the weighting of each Collateral Vessel Delta to be determined by the proportion the Asset Value of the relevant Collateral Vessel multiplied by the Advance Rate for such
Collateral Vessel, bears to the Borrowing Base on 31 December of the year immediately prior to the relevant Delta Test Date, calculated by the Lead Sustainability Coordinator with reference to the Decarbonization Certificate and the Compliance
Data. 
 “Average Efficiency Ratio” and/or “AER” means, in respect of a single Collateral Vessel, such
Collateral Vessel’s average efficiency ratio expressed in unit grams of CO2 per tonne-mile i.e.
gCO2/dwt-nm calculated by the Lead Sustainability Coordinator with reference to the Decarbonization Certificate and the Compliance Data, as per the below
formula: 
  
 

 
 where ci is the carbon emissions for
voyage i computed using the fuel consumption with reference to the Decarbonization Certificate and the Compliance Data and carbon factor of each type of fuel set out in MEPC 63/23 Annex 8 – 2012 Guidelines on the Method of Calculation of
the Attained Energy Efficient Design Index (EEDI) for New Ships as updated from time to time, is the design deadweight of the Collateral Vessel, and Di is the distance travelled
on voyage Di. The AER is computed for all voyages performed by the relevant Collateral Vessel over the applicable 12 calendar months. 

“BB Event” means, as of any BB Test Date, a BB Ratio in excess of 1.0:1.0x. 

  
 A-3 

 “BB Ratio” means, at any Test Date, the ratio of (a) the aggregate of
(x) the outstanding Program Debt plus (y) the then mark-to-market value of any amounts payable to (but, for the avoidance of any doubt, ignoring amounts
payable by) the Hedge Counterparties under any Hedging Agreements and the other Hedge Counterparties under any other Hedging Agreements, to (b) the Borrowing Base. 

“BB Test Date” means (a) the date of each Closing; (b) each Vessel Substitution Date; (c) each Vessel
Disposition Date; and (d) each Determination Date. 
 “Beneficial Ownership Certification” means a certification
regarding beneficial ownership or control as required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230. 
 “Borrowing Base” means, at any Test Date, the aggregate of
(a) the latest Asset Value of each Collateral Vessel (other than Excluded Collateral Vessels) multiplied by the Advance Rate applicable to each such Collateral Vessel (provided that, where a Concentration Limit Event has occurred and is
continuing, there shall be excluded from the Borrowing Base an amount equal to the Asset Values of Collateral Vessels solely to the extent such Asset Value exceeds the specified percentage thresholds set forth on Schedule A-1); (b) any Additional Security multiplied by such percentage as shall be agreed between the Company and either in accordance with the Requisite Program Debt, subject to Section 24.9,
or the Required Holders acting in their reasonable judgment; and (c) the then current balance of any amounts on deposit in the Collateral Account. 

“Business Day” means any day that is not a Saturday, Sunday or other day that is a legal holiday under the laws of the State
of New York, the Province of British Columbia, the Province of Ontario or Hong Kong, or is a day on which banking institutions in such jurisdictions are authorized or required by Law to close. 

“Capital Lease” means, at any time, a lease with respect to which the lessee is required concurrently to recognize the
acquisition of an asset and the incurrence of a liability in accordance with GAAP. 
 “Cash Sweep Event” means a BB Event
or a DSCR Cash Sweep Event. 
 “Change of Control” means the acquisition, directly or indirectly, by any Person or group of
Persons other than a UBO of beneficial ownership of more than 50% of the aggregate outstanding voting power of the equity interests of the Guarantor. 

“Charged Accounts” means each of: (a) the Collection Account; (b) the Collateral Account; (c) the HK
Collection Account; and (d) any Vessel Owner Account, and each such account shall be held with the Account Bank in the name of (in the case of any Vessel Owner Account) the relevant Vessel Owner and (in all other cases) the Company. 

“Charter” means any charter or contract for the use, employment or operation of a vessel or the carriage of people and/or
cargo or the provision of services by or from such vessel. 

  
 A-4 

 “Charter Guarantees” means in relation to each of the Collateral Vessels,
any guarantee provided or to be provided by a Charter Guarantor in relation to a Charterer’s obligations under a Charter and “Charter Guarantee” means any of them. 

“Charter Guarantor” means any guarantor of a Charterer’s obligations under a Charter. 

“Charter Termination Fee” means any amount due to the Company or Vessel Owner from a Charterer or Charter Guarantor as a
result of or in connection with the termination of a Charter. 
 “Charterer” means any charterer of a Collateral Vessel,
and “Charterer” shall mean any of them. 
 “Charterer’s Undertaking” means, in respect of any Collateral
Vessel which is subject to a Charter which is a demise or bareboat charter, an undertaking from the Charterer in favor of the Security Trustee in substantially the form set out in Schedule A-3 (or in
such other form as the Security Trustee and the Company may agree). 
 “Citi” means Citigroup Global Markets Inc.,
Citibank, N.A., Citicorp North America, Inc., and/or any of their affiliates as may be appropriate to consummate the transactions contemplated hereby. 

“Classification Society” means Lloyds Register of Shipping, DNV GL, or any other member of the International Association of
Classification Societies. 
 “Closing” is defined in Section 3. 

“CoC Prepayment Date” is defined in Section 8.4(b). 

“CoC Prepayment Offer” is defined in Section 8.4(b). 

“Code” means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.

 “Collateral Account” means the account of the Company maintained with Bank of Montreal with account number 0004-4624-922. 
 “Collateral Vessel” means each or any, as the context may require, of
the Identified Vessels and Additional Vessels which are from time to time Security for the Notes or which are otherwise mortgaged or over which security is granted to secure Program Debt, and any Substitute Vessel that has satisfied the requirements
of Section 10.5, but excluding any Collateral Vessel which has been sold and which no longer constitutes part of the Security, in each case in accordance with this Agreement. 

“Collateral Vessel Delta” means for each Collateral Vessel, the percentage difference between (i) that Collateral
Vessel’s Average Efficiency Ratio for the relevant Delta Test Period, and (ii) the then current and applicable IMO Decarbonization Trajectory (for a vessel’s average efficiency ratio) expressed as a positive or negative percentage
(+/-)% as calculated by the Lead Sustainability Coordinator with reference to the Decarbonization Certificate and the Compliance Data, on each Delta Test Date per the formula below: 

  
 A-5 

 

 
 where

 is the required average efficiency ratio for the ship type and size class for the relevant calendar year period as determined by the related IMO Decarbonization Trajectory. For the sake of clarity, a positive Collateral
Vessel Delta means that a Collateral Vessel is misaligned and above the then current and applicable IMO Decarbonization Trajectory (for a vessel’s average efficiency ratio). A zero or negative Collateral Vessel Delta means that a Collateral
Vessel is aligned and on or below the then current and applicable IMO Decarbonization Trajectory (for a vessel’s average efficiency ratio). 

“Collection Account” means the account of the Company maintained with Bank of Montreal with account number 0004-4624-914. 
 “Company” is defined in the first paragraph of this Agreement. 

“Compliance Certificate” means the form of certificate attached at Schedule 7.2. 

“Compliance Data” means all information necessary for and/or reasonably requested by the Lead Sustainability Coordinator, in
order for the Lead Sustainability Coordinator (i) to calculate the AER and/or the Collateral Vessel Delta, including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A
of Annex VI and any Statement of Compliance provided by a Recognized Organization, in each case relating to any relevant Collateral Vessel for the relevant Delta Test Period, and (ii) to verify the existence and suitability of a Sustainability
Linked Charter Mechanism in a Qualifying Charter Contract, including, without limitation, the relevant extracts (certified by a Responsible Officer of the Company) of the provisions of the corresponding Qualifying Charter Contracts, in each case
relating to any relevant vessel owned by the Guarantor Group for the relevant Delta Test Period. 
 “Concentration Limit
Event” has the meaning specified in Schedule A-1. 
 “Concentration Limit
Requirements” has the meaning specified in Schedule A-1. 
 “Concentration
Test Date” means each of the following dates: (a) each Closing; (b) each Vessel Substitution Date; (c) each Vessel Disposition Date; (d) any date on which a Vessel Owner proposes entering into a new Eligible Charter in
respect of a Collateral Vessel; and (e) each other Test Date. 
 “Confidential Information” is defined in
Section 21. 
 “Consolidated Tangible Net Worth” means, as of any date of determination, for the
Guarantor on a consolidated basis, total shareholders’ equity as reported in the most recently delivered balance sheet of the Guarantor and its consolidated Subsidiaries adjusted by: 

  
 A-6 

 (a)    adding any subordinated debentures (being convertible debentures
and other equity linked instruments which are subordinate to the rights of its unsecured creditors generally and which are akin to equity), mezzanine equity and redeemable shares; 

(b)    adding the amount referred to in Schedule 10.9 for the date of such balance sheet (as the same may be
adjusted from time to time to reflect the sale of any of the vessels referred to in Schedule 10.9 whether or not they are Collateral Vessels or Collateral Vessels at the date of their sale, following the date of this Agreement); 

(c)    deducting any amount attributable to goodwill or any other intangible asset; and 

(d)    reflecting any variation in the amount of the issued share capital of the Guarantor since the date of such balance
sheet 
 “Contracted Net Cash Flow” means, in respect of any Collateral Vessel and Eligible Charter, the contracted cash
flow payable to the applicable Vessel Owner under such Eligible Charter, reduced by US$6,800 per day (which amount shall be escalated on an annual basis at the LTM Rate); provided that such reduction shall not apply to the calculation of the
Contracted Net Cash Flow for any Collateral Vessel which is subject to a bareboat or demise charter; and provided further that Contracted Net Cash Flow in respect of any Collateral Vessel and Eligible Charter and any extension period
shall be deemed to be zero to the extent that, as of the relevant date, the applicable contracted cash flow payable during such extension period (or part thereof) is uncertain or is not capable of being conclusively calculated. With respect to
bareboat charters (in which operating costs are covered by the charterer), the Contracted Net Cash Flow calculation shall not include the daily operating expense reduction. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling” shall have meanings correlative to the foregoing. 

“Controlled Entity” means (i) any of the Subsidiaries of the Company and any of their or the Company’s respective
Controlled Affiliates and (ii) if the Company has a parent company, such parent company and its Controlled Affiliates. 
 “DCF
Value” means the sum of (i) the Present Value of Contracted Net Cash Flow in respect of the relevant Collateral Vessel, plus (ii) the Terminal Value of such Collateral Vessel. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect. 

“Decarbonization Certificate” means the form of certificate attached as Schedule
A-4. 
 “Deeds of Covenants” means, in respect of a Collateral Vessel, the deed
of covenants entered into or to be entered into by the relevant Vessel Owner and the Security Trustee collateral to the Mortgage over that Collateral Vessel. 

  
 A-7 

 “Default” means an event or condition the occurrence or existence of which
would, with the lapse of time or the giving of notice or both, become an Event of Default. 
 “Default Rate” means, with
respect to any Note, the Interest Rate on such Note plus 2.00% per annum. 
 “Delta Test Date” means June 30, 2022 and
thereafter each anniversary of such date in each subsequent calendar year provided that if any such date shall not be a Business Day, the relevant Delta Test Date shall be the immediately succeeding Business Day. 

“Delta Test Period” means the twelve (12) calendar month period commencing on January 1 ending on December 31
immediately prior to the relevant Delta Test Date. 
 “Determination Date” means the last day of each of February, May,
August and November in each year. 
 “Disclosure Documents” is defined in Section 5.8.

 “Dollars” or “$” means lawful currency of the United States of America. 

“DSCR Cash Sweep Event” means, as of any date of determination, the failure of the DSCR Ratio as of such date to be at least
equal to 1.25:1.0x. 
 “DSCR Ratio” means, with respect to the last two fiscal quarters for the Company, the ratio of:
(a) EBITDA of the Company for such period, to (b) the aggregate amount of scheduled principal and interest payable (excluding any final payments due at maturity) in respect of Program Debt during the applicable period (whether or not
actually paid during such period and disregarding any voluntary prepayments made at the Company’s election in accordance with Section 8.2) payable during such period, plus any amounts paid by the Company during such
period under any Hedging Agreements. 
 “Earnings” means, in respect of a Collateral Vessel, all present and future moneys
and claims which are earned by or become payable to or for the account of the Company or Vessel Owner in connection with the operation or ownership of that Collateral Vessel and including but not limited to: (a) freights, passage and hire
moneys (howsoever earned); (b) remuneration for salvage and towage services; (c) demurrage and detention moneys; (d) all moneys and claims in respect of the requisition for hire of that Collateral Vessel; (e) payments received in
respect of any off-hire insurance; (f) payments received pursuant to any Charter Guarantee relating to that Collateral Vessel; and (g) Charter Termination Fees or other payments in respect of the
termination of any Charter, including without limitation, pursuant to legal proceedings, arbitration or other settlement arrangements. 

“EBITDA” means the net income of the Guarantor (on a consolidated basis) or the Company, as applicable, for a Measurement
Period as adjusted by: 
 (a)    adding back taxation; 

(b)    adding back Interest Expenses; 

  
 A-8 

 (c)    taking no account of any extraordinary item; 

(d)    excluding any amount attributable to minority interests; 

(e)    adding back depreciation and amortization, including amounts relating to operating leases but with the exception of
amortization of dry-docking costs; 
 (f)    adding back non-cash expenses and deducting non-cash gains, including mark to market on Hedging Agreements and any other financial instruments and stock based compensation; 

(g)    adding bareboat charter fees and deducting bareboat related interest income from leasing; 

(h)    taking no account of any revaluation of an asset or any loss or gain over book value, whether or not arising on the
disposal of an asset (otherwise than in the ordinary course of trading) by the Guarantor or the Company, as applicable, during that Measurement Period; and 

(i)    adding proportionate distributions from unconsolidated entities to the Guarantor or the Company, as applicable. 

“EEOI” means the Energy Efficiency Operational Indicator, developed by the International Maritime Organization in order to
allow shipowners to measure the fuel efficiency of a ship in operation. 
 “Eligibility Criteria” means: (a) such
vessel shall be a container vessel that satisfies the requirements in respect of a Collateral Vessel set out in this Agreement; (b) such vessel shall be owned by (and not leased or chartered to) a Vessel Owner on the date of the Initial
Closing; (c) its inclusion as a Collateral Vessel shall not give rise to a Default, a Concentration Limit Event, a BB Event or a DSCR Cash Sweep Event; and (d) it and any contract of employment or charter for such vessel shall comply with
all requirements set out in the Financing Documents as if it was a Collateral Vessel and its owner was a Vessel Owner. 
 “Eligible
Charter” shall mean any firm contract for the employment of a Collateral Vessel with a Person other than a member of the Guarantor Group which has a remaining fixed term of not less than 3 months (which shall include any extension options
which (i) if at the option of the Charterer, have been exercised, (ii) if at the option of the Vessel Owner, have or have not yet been exercised and (iii) are automatically exercised (without any condition, requirement or other
arrangement whereby such extension will not occur other than a determination from the Vessel Owner otherwise)), and shall include any charter providing the applicable Vessel Owner with a termination right. 

“Environmental Approvals” means any permit, license, approval, ruling, variance, exemption or other authorization required
under applicable Environmental Laws. 

  
 A-9 

 “Environmental Claim” means any and all obligations, liabilities, losses,
administrative, regulatory or judicial actions, suits, demands, decrees, claims, liens, judgments, warning notices, notices of noncompliance or violation, investigations, proceedings, removal or remedial actions or orders, or damages (foreseeable
and unforeseeable, including consequential and punitive damages), penalties, fees, out-of-pocket costs, expenses, disbursements, attorneys’ or consultants’
fees, arising under or relating in any way to any Environmental Liability, Environmental Laws or any Environmental Approval issued under any such Environmental Laws (hereafter as used in this definition, “Claims”), including
(a) any and all Claims by any Governmental Authority for enforcement, clean-up, removal, response, remedial or other actions or damages arising under or pursuant to any applicable Environmental Laws, and
(b) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from or relating to Hazardous Materials or arising from alleged injury or threat of injury to
health, safety or the environment. 
 “Environmental Laws” means any and all federal, state, local, and foreign statutes,
Laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions, including all common law, relating to pollution or the protection of health, safety or the
environment or the release of any materials into the environment, including those related to Hazardous Materials, air emissions, discharges to waste or public systems and health and safety matters. 

“Environmental Liability” means any liability or obligation, contingent or otherwise (including any liability for damages,
costs of environmental remediation, fines, penalties or indemnities), directly or indirectly, resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment,
disposal or permitting or arranging for the disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Environmental
Representative” means each Vessel Owner and the Manager together with their respective employees and all of those persons for whom such Vessel Owner or the Manager is responsible under any Applicable Law in respect of any activities
undertaken in relation to any of the Collateral Vessels. 
 “ERISA” means the Employee Retirement Income Security Act of
1974 and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA Affiliate” means any trade
or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414 of the Code. 

“Event of Default” is defined in Section 11. 

“Excess Risks” means, in respect of a Collateral Vessel: (a) the proportion of claims for general average, salvage and
salvage charges which are not recoverable as a result of the value at which that Collateral Vessel is assessed for the purpose of such claims exceeding her hull and machinery insured value; and (b) collision liabilities not recoverable in full
under the hull and machinery insurance by reason of those liabilities exceeding such proportion of the insured value of that Collateral Vessel as is covered by the hull and machinery insurance. 

“Excluded Collateral Vessels” means each of: 

  
 A-10 

 (a)    any Collateral Vessel with respect to which (i) any Security
Document to which such Collateral Vessel or the applicable Vessel Owner is subject ceases to be valid in any material respect or (ii) any Security Document creating a Security Interest in such Collateral Vessel or the applicable Vessel Owner in
favor of the Security Trustee ceases to provide a perfected first priority security interest in favor of the Security Trustee in such Collateral Vessel or the applicable Vessel Owner as a result of the act or inaction of an Obligor; and 

(b)    any Collateral Vessel with respect to which the registration at the registry of any Approved Flag State is cancelled
or any Collateral Vessel that is arrested or otherwise detained and not released within thirty (30) days. 
 “FATCA”
means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), together with any current or future
regulations or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case)
facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to section 1471(b)(1) of the Code. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System of the United States. 

“Finance Parties” means, collectively, the Sole Structuring Agent, the Note Administrative Agent, the Paying Agent, the
Registrar, the Purchasers, the Lead Sustainability Coordinator and the Security Trustee. 
 “Financing Documents” means,
collectively (a) this Agreement, (b) the Notes, (c) the Intercreditor Agreement, (d) the Intercreditor Joinder in respect of the Notes and (e) the Security Documents. 

“GAAP” means, subject to Section 24.2, United States generally accepted accounting principles as in
effect as of the date of determination thereof. 
 “General Assignment” means in respect of a Collateral Vessel, the
assignment of its Eligible Charter, any Charter Guarantee, any Requisition Compensation and the Earnings granted or to be granted by the relevant Vessel Owner in favor of the Security Trustee, together with any and all notices and acknowledgements
entered into in connection therewith. 
 “Governmental Authority” means the government of the United States of
America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

  
 A-11 

 “Guarantee” means, as to any Person, (a) any obligation, contingent or
otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property,
securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any
other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (iv) entered into for the purpose of assuring in any
other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part) or (b) any Lien on any assets of such Person
securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien);
provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount
of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good
faith. The term “Guarantee” as a verb has a corresponding meaning. 
 “Guarantor” is defined in the first
paragraph of this Agreement. 
 “Guarantor Financial Covenants” means the requirements set forth in
Section 10.9(c) to (f). 
 “Guarantor Group” means the Guarantor and each of its
Subsidiaries. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic
substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes, and other substances or wastes of any nature
regulated under or with respect to which liability or standards of conduct are imposed pursuant to any Environmental Law. 
 “Hedge
Counterparty” is defined in the Intercreditor Agreement. 
 “Hedging Agreement” is defined in the Intercreditor
Agreement. 
 “HK Collection Account” means the account of the Company maintained with Citibank, N.A., Hong Kong Branch
with account number 1004151018. 
 “Holder” means, with respect to any Note, the Person in whose name such Note is
registered in the register maintained by the Company pursuant to Section 14.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 18.2 and 19 and
any related definitions in this Schedule A, “Holder” shall mean the beneficial owner of such Note whose name and address appears in such register. 

“Identified Vessels” means the vessels referred to in Schedule A-2. 

  
 A-12 

 “IMO Decarbonization Trajectory” means the standard decarbonization
trajectories produced or to be produced (as the case may be) from time to time by the Secretariat of the Poseidon Principles for each ship type and size class, being a representation of how many grams of CO2 a single vessel can emit to move one
tonne of goods one nautical mile (gCO2/tnm) over the relevant time horizon, and on any Delta Test Date the IMO Decarbonization Trajectory shall be the most recent standard decarbonization trajectory which is applicable to the relevant Delta Test
Period. The IMO Decarbonization Trajectory for the period 2020 to 2026, measured with reference to average efficiency ratio for containerships as of the date hereof (and as may be updated from time to time) is as set forth on Schedule A-5. 
 “Indebtedness” means, as to any Person at a particular time, without
duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 

(a)    all obligations of such Person for borrowed money and all obligations of such Person evidenced by
bonds, debentures, notes, loan agreements or other similar instruments; 
 (b)    all direct or
contingent obligations of such Person arising under (i) letters of credit (including standby and commercial), bankers’ acceptances and bank guaranties and (ii) surety bonds, performance bonds and similar instruments issued or created
by or for the account of such Person; 
 (c)    net obligations of such Person under any Hedging
Agreement; 
 (d)    all obligations of such Person to pay the deferred purchase price of property or
services (other than trade accounts payable in the ordinary course of business); 
 (e)    indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been
assumed by such Person or is limited in recourse; 
 (f)    any agreement treated as a finance or capital
lease in accordance with GAAP; and 
 (g)    all Guarantees of such Person in respect of any of the
foregoing. 
 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The
amount of any net obligation under any Hedging Agreement on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any Indebtedness of any Person for purposes of clause (e) that is expressly made
non-recourse or limited-recourse (limited solely to the assets securing such Indebtedness) to such Person shall be deemed to be equal to the lesser of (i) the aggregate principal amount of such
Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by such Person in good faith. 

  
 A-13 

 “INHAM Exemption” is defined in Section 6.3(e).

 “Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with
one or more of its affiliates) more than 5% of the aggregate principal amount of any Series of Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment
company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Insurances Assignment” means, in respect of a Collateral Vessel, the assignment of the Obligatory Insurances granted or to
be granted in favor of the Security Trustee by the relevant Vessel Owner together with any and all notices and acknowledgments entered into in connection therewith. 

“Insurers” means the underwriters or insurance companies with whom any Obligatory Insurances are effected and the managers of
any protection and indemnity or war risks association in which any or the Collateral Vessels may at any time be entered. 

“Intercreditor Agreement” means the amended and restated intercreditor and proceeds agreement dated as of May 19, 2021,
among, inter alios, the Company, the Guarantor, the Administrative Agent (as defined therein) and the Security Trustee (as further amended and/or restated from time to time). 

“Intercreditor Joinder” means, with respect to the provisions of this Agreement relating to any Additional Secured Debt, an
agreement substantially in the form of Exhibit B of the Intercreditor Agreement. 
 “Interest and Principal Coverage Ratio”
means, as at any date of determination and with respect to any period, the ratio of EBITDA for such period to Interest and Principal Expense for such period. 

“Interest and Principal Expense” means all Interest Expense incurred and all scheduled payments of principal (excluding any
final payment thereof due on the maturity date thereof) made by the Guarantor and its consolidated Subsidiaries during a Measurement Period. 

“Interest Expense” means all cash interest and cash commitment fees incurred by the Guarantor or the Company, as applicable,
and its consolidated Subsidiaries during a Measurement Period. 
 “Interest Rate” means (a) with respect to each
Series A Note, the Series A Note Interest Rate, (b) with respect to each Series B Note, the Series B Note Interest Rate, (c) with respect to each Series C Notes, the Series C Note Interest Rate and (d) with respect to each Series D
Note, the Series D Note Interest Rate. 
 “Interest Rate Period” means (i) for the first Interest Rate Period, the
period commencing on the date of the Initial Closing and ending on June 4, 2022, and (ii) for any subsequent period, each 12 month period commencing on the June 5 Payment Date which follows a Delta Test Date and ending on June 4,
the following year (or if earlier, the latest Maturity Date of any Series of Notes). 

  
 A-14 

 “Intra Group Loan” means: 

(a)     any loan or other Indebtedness advanced by an Obligor, as lender, to any other Obligor (other than the Guarantor),
as borrower; and 
 (b)     any loan or other Indebtedness owing by the Company to a member of the Guarantor Group which
is, as at the Initial Closing, the shareholder of the owner of m.v. “Seaspan Thames”, “CMA CGM Tuticorin”, “MOL Brilliance”, “MOL Belief”, “YM World”, “YM Wondrous”, “MOL Beauty”
or “YM Wreath” or any other vessel owned, as at the Closing, directly or indirectly by Greater China Intermodal Investments LLC for purposes of adding a Collateral Vessel to the Security Interests created by Security Documents. 

“Intra Group Loan Agreement” means any agreement in respect of an Intra Group Loan. 

“ISM Code” means the International Safety Management Code (including the guidelines on its implementation), adopted by the
International Maritime Organization Assembly as Resolutions A.741(18) and A.788(19), as the same may have been or may be amended or supplemented from time to time. The terms “safety management system”, “Safety Management
Certificate”, “Document of Compliance” and “major non-conformity” shall have the same meanings as are given to them in the ISM Code. 

“ISPS Code” means the International Ship and Port Facility Security Code adopted by the International Maritime Organization
Assembly as the same may have been or may be amended or supplemented from time to time. 
 “Laws” means, collectively, all
international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority, in each case whether or not having the force of law. 
 “Lead Sustainability Coordinator” is defined in the
first paragraph of this Agreement. 
 “Lien” means, with respect to any Person, any mortgage, lien, pledge, charge,
security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any
property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements). 

“LTM Rate” means the most recent US CPI rate as published by the U.S. Bureau of Labor Statistics, provided that the
applicable indexation will have a floor of 0% p.a. and a cap of 3% p.a.. 

  
 A-15 

 “Made Available” means, with respect to documents or other information to
be provided by the Company under this Agreement, having posted such documents or information to an electronic dataroom from which such documents or information may be accessed by each Purchaser and its counsel. 

“Make-Whole Amount” is defined in Section 8.8. 

“Management Agreement” means each management agreement between a Vessel Owner and the Manager in respect of a Collateral
Vessel, as the same may be amended from time to time in accordance with this Agreement. 
 “Management Agreement
Assignment” means each assignment of a Management Agreement granted or to be granted in favor of the Security Trustee by a Vessel Owner with any and all notices and acknowledgements entered into in connection therewith, one to be entered
into between the Manager and the relevant Vessel Owner. 
 “Manager” means Seaspan Management Services Ltd., V.Group,
Anglo-Eastern and Bernhard Schulte Ship management, or such other professional manager or managers as may be approved either in accordance with the Requisite Program Debt, subject to Section 24.9, or by the Required Holders
from time to time. 
 “Manager’s Undertaking” means, in respect of each Collateral Vessel, a letter of undertaking to
be issued by the Manager to the Security Trustee confirming it shall not make a claim to security ranking ahead of the Purchasers’ security in respect of that Collateral Vessel, in form and substance satisfactory to the Purchasers. 

“Market Value” means, in respect of any Collateral Vessel, the average of the two values of such Collateral Vessel provided
by the Approved Valuers. 
 “Material” means material in relation to the business, operations, affairs, financial
condition, assets, properties, or prospects of the Company and its Subsidiaries taken as a whole. 
 “Material Adverse
Effect” means a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Obligors taken as a whole, (b) the ability of the Company to perform its obligations under any
Financing Document to which it is a party, (c) the legality, validity, binding effect or enforceability against the Company of any Financing Document to which it is a party, (c) the rights, remedies and benefits available to, or conferred
upon the Note Administrative Agent or any Purchaser under any Financing Document, (d) the ability of any Guarantor (as defined in the Intercreditor Agreement) to perform its obligations under its Program Debt Guarantee, or (e) the validity
or enforceability of this Agreement, the Notes or any Program Debt Guarantee. 
 “Maturity Date” means, with respect to any
Note or Series of Notes, the “Maturity Date” as defined in the first paragraph of such Note or the Notes of such Series. 

“Measurement Period” means, at any time, the last four fiscal quarters for the Guarantor or the Company, as applicable. 

  
 A-16 

 “Memorandum” is defined in Section 5.8. 

“Mortgage” means, in respect of a Collateral Vessel, the first priority or first preferred ship mortgage, each given or to be
given by the relevant Vessel Owner in favor of the Security Trustee and registered with the Approved Flag State registry of such Collateral Vessel. 

“NAIC” means the National Association of Insurance Commissioners. 

“Nationally Recognized Statistical Rating Organization” means S&P Global Ratings, Moody’s Investors
Service, Inc., Fitch Ratings, Inc., Kroll Bond Rating Agency, Inc. or DBRS, Inc., or their successors. 
 “Non-U.S. Plan” means any plan, fund or other similar program that (a) is established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of
employees of the Company or one or more Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments
to be made upon termination of employment, and (b) is not subject to ERISA or the Code. 
 “Noteholder Sanctions
Event” means, with respect to any holder of a Note (an “Affected Noteholder”), such holder or any of its affiliates being in violation of or subject to Sanctions (a) as a result of the Company or any Controlled Entity
becoming a Sanctioned Person or, directly or indirectly, having any investment in or engaging in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Sanctioned Person or
(b) under any similar laws, regulations or orders adopted by any State within the United States as a result of the name of the Company or any Controlled Entity appearing on a State Sanctions List. 

“Notes” is defined in Section 1. 

“Obligatory Insurances” means, in respect of each Collateral Vessel: (a) all contracts and policies of insurance and all
entries in clubs and/or associations which are from time to time required to be effected and maintained in accordance with this Agreement in respect of each of the Collateral Vessels; and (b) all benefits under the contracts, policies and
entries under subsection (a) above and all claims in respect of them and the return of premiums. 
 “Obligor”
means the Company, the Guarantor and the Vessel Owners. 
 “OFAC” means the Office of Foreign Assets Control of the
United States Department of the Treasury. 
 “OFAC Sanctions Program” means any economic or trade sanction that OFAC is
responsible for administering and enforcing. A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 

“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose
responsibilities extend to the subject matter of such certificate. 

  
 A-17 

 “Original Financial Statements” means the consolidated financial statements
of the Guarantor for the financial year ended 31 December 2020. 
 “Payment Date” means each March 5,
June 5, September 5, December 5 commencing on September 5, 2021, provided that if any such date is not a Business Day, the relevant Payment Date shall be the immediately succeeding Business Day. 

“Paying Agent” is defined in Section 15.2. 

“Permitted Liens” means, in respect of a Collateral Vessel: (a) Security Interests created by the Security Documents;
(b) liens for unpaid crew’s wages including wages of the master and stevedores employed by the Collateral Vessel, outstanding in the ordinary course of trading for not more than one calendar month after the due date for payment;
(c) liens for salvage; (d) liens for classification or scheduled dry docking or for necessary repairs to that Collateral Vessel that in each case are outstanding for not more than one month; (e) liens for collision; (f) liens for
master’s disbursements incurred in the ordinary course of trading; (g) statutory and common law liens of carriers, warehousemen, mechanics, suppliers, materials men, repairers or other similar liens, including maritime liens, in each case
arising in the ordinary course of business, outstanding for not more than one month and (h) liens for damages arising from maritime torts which are unclaimed, or are covered by insurance and any deductible applicable thereto, or in respect of
which a bond or other security has been posted on behalf of the relevant Vessel Owner with the appropriate court or other tribunal to prevent the arrest or secure the release of such Collateral Vessel from arrest; provided that in the case of
subsections (b) to (g) inclusive the amounts which give rise to such liens are paid when due (or, in the case of subsections (b) or (g) above, within one month of such amount being outstanding) or, if not paid
when due are being disputed in good faith by appropriate proceedings (and for the payment of which adequate reserves or security are at the relevant time maintained or provided), provided further that such proceedings, whether by payment of
adequate security into court or otherwise, do not give rise to a material risk of the relevant Collateral Vessel or any interest therein being seized, sold, forfeited or otherwise lost or of criminal liability on any Purchaser, any Finance Party or
any of their respective Related Parties. 
 “Person” means an individual, partnership, corporation, limited liability
company, association, trust, unincorporated organization, business entity or Governmental Authority. 
 “Poseidon
Principles” means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in Applicable Law or
regulation or the introduction of or changes to mandatory requirements of the International Maritime Organization from time to time. 

“Present Value of Contracted Net Cash Flow” means, in respect of any Collateral Vessel and Eligible Charter, the Contracted
Net Cash Flow in respect thereof discounted using a discount rate of 10% per annum (or, where the Terminal Value provider is VesselsValue, 8% per annum). 

“Program Debt” has the meaning specified in the Intercreditor Agreement. 

  
 A-18 

 “Program Debt Documents” means (a) the credit agreement dated as of
May 15, 2019, as amended and restated on May 19, 2021 between, among others, the Company, the Guarantor, the Administrative Agent (as defined therein) and the Lenders (as defined therein) party thereto from time to time, as further amended
or amended and restated from time to time; (b) the credit agreement dated as of December 30, 2020, as amended and restated on May 19, 2021 between, among others, the Company, the Guarantor, the Administrative Agent (as defined
therein) and the Lenders (as defined therein) party thereto from time to time, as further amended or amended and restated from time to time; (c) the credit agreement dated as of October 14, 2020, as amended and restated on May 19,
2021 between, among others, the Company, the Guarantor, the Administrative Agent (as defined therein) and the Lenders (as defined therein) party thereto from time to time, as further amended or amended and restated from time to time; and
(d) any other Additional Debt Document. 
 “Program Debt Guarantee” is defined in
Section 4.9(a). 
 “property” or “properties” means, unless otherwise
specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 
 “PTE” is
defined in Section 6.3(a). 
 “Purchase Agreement” means, in respect of a Collateral Vessel, the
memorandum of agreement or purchase agreement entered into or to be entered into between the relevant seller of such Collateral Vessel and the Vessel Owner, as buyer. 

“Purchaser” or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to
the Company and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 14.2), provided, however, that any Purchaser of a Note that ceases to be the registered holder or a
beneficial owner (through a nominee) of such Note as the result of a transfer thereof pursuant to Section 14.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this
Agreement upon such transfer. 
 “Purchaser Schedule” means the Purchaser Schedule to this Agreement listing the Purchasers
of the Notes and including their notice and payment information. 
 “QCC Target Ratio” means in respect of any QCC Test
Period, the proportion expressed as a percentage (Q) of (i) the number of Qualifying Charter Contracts which are executed and dated during that QCC Test Period (and, if elected by the Company, any Qualifying Charter Contracts which are extended
or renewed during such period (such Qualifying Charter Contracts being referred to herein as “Renewals”)) and which contain a Sustainability Linked Charter Mechanism, to (ii) the total number of Qualifying Charter
Contracts which are executed and dated during such QCC Test Period (and any Renewals) and calculated per the formula below: 
  

 

  
 A-19 

 where

 is the number Qualifying Charter Contracts which are executed and dated during that QCC Test Period (and any Renewals) and which contain a Sustainability Linked Charter Mechanism and

 is the total number Qualifying Charter Contracts which are executed and dated during the same QCC Test Period (and any Renewals). 

“QCC Test Date” means, at the election of the Lead Sustainability Coordinator, a Business Day falling on or before
June 30, 2022 and thereafter each anniversary of such date in each subsequent calendar year provided that if any such date shall not be a Business Day, the relevant QCC Test Date shall be the immediately succeeding Business Day. 

“QCC Test Period” means the twelve (12) calendar month period commencing on January 1 and ending on
December 31 immediately prior to the relevant QCC Test Date. 
 “QPAM Exemption” is defined in
Section 6.3(d). 
 “Qualified Institutional Buyer” means any Person who is a “qualified
institutional buyer” within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “Qualifying
Charter Contracts” means any firm contract for the employment of a vessel owned by a member of the Guarantor Group with a Person other than a member of the Guarantor Group, which has a remaining fixed term of not less than 12 months (which
shall include any extension options which (i) if at the option of the Charterer, have been exercised, (ii) if at the option of the relevant vessel owner, have or have not yet been exercised and (iii) are automatically exercised
(without any condition, requirement or other arrangement whereby such extension will not occur other than a determination from the relevant vessel owner otherwise)), and shall include any charter providing the applicable vessel owner with a
termination right. 
 “Recognized Organization” means, in respect of a Collateral Vessel, an organization approved by the
maritime administration of the Collateral Vessel’s flag state to verify that the ship energy efficiency management plans of vessels registered in such flag state are in compliance with Regulation 22A of Annex Vl and to issue “statements of
compliance for fuel consumption reporting” confirming that vessels registered in such flag state are in compliance with that regulation, including any Classification Society. 

“Registrar” is defined in Section 14.4. 

“Registration Duty” means any registration duty or similar amount payable pursuant to any Applicable Law in connection with
the use in a judicial proceeding of this Agreement, the Notes or any other agreement or document related hereto or thereto or the transactions contemplated herein or therein. 

“Related Contracts” means any or all of the following (as the context requires): (a) the Obligatory Insurances; (b) the
Eligible Charters; (c) the Management Agreements; and (d) the Charter Guarantees. 

  
 A-20 

 “Related Fund” means, with respect to any holder of any Note, any fund or
entity that (i) invests in Securities or bank loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 

“Related Parties” means, with respect to any Person, such Person’s Affiliates, head office, other branches and regional
offices, and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates, head office, other branches and regional offices. 

“Required Deductible Amount” means, in respect of the Obligatory Insurances for a Collateral Vessel, an amount to be
commercially reasonable and consistent with other similarly situated operators. 
 “Required Holders” means at any time on
or after the Initial Closing, the holders of more than fifty percent (50%) in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 

“Required Information” is defined in Section 7.5. 

“Required Insurance Amount” means, in respect of a Collateral Vessel, the higher of (a) the amount which is 120% of the
product of (i) the proportion of the Market Value of such Collateral Vessel to the total Market Value of all Collateral Vessels, multiplied by (ii) the total outstanding amount of the Secured Obligations, and (b) the Market Value of
such Collateral Vessel calculated as of the date on which such Collateral Vessel is added to the Security Assets and thereafter as of the date of the annual renewal of the relevant Obligatory Insurances. 

“Required Original Documents” is defined in Section 24.10. 

“Requisite Program Debt” means, with respect to any applicable approval, consent or similar action hereunder, each credit
facility constituting Program Debt which contains a corresponding and substantially similar approval, consent or similar action provision. 

“Requisition Compensation” means, in respect of a Collateral Vessel, all moneys or other compensation payable by reason of
requisition for title to, or other compulsory acquisition of, that Collateral Vessel including requisition for hire. 
 “Responsible
Officer” means any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement. 

“Sanctioned Jurisdiction” means, at any time, a country or territory that is the subject of comprehensive Sanctions. 

“Sanctioned Person” means, at any time, (a) any Person listed in, or acting on behalf of a Person listed in, any
Sanctions related list maintained by any Sanctions Authority, (b) any Person located, organized, or resident in a Sanctioned Jurisdiction, or (c) any other subject of Sanctions, including, without limitation, any Person controlled or fifty
percent (50%) or more owned in the aggregate, directly or indirectly, by any subject or subjects of Sanctions. 

  
 A-21 

 “Sanctions” means economic or financial sanctions or trade embargoes
imposed, administered or enforced from time to time by any Sanctions Authority. 
 “Sanctions Authority” means the United
States (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the U.S. Department of Commerce or through any existing or future statute or Executive Order), the
United Kingdom (including, without limitation, Her Majesty’s Treasury), the European Union and any EU member state, the French Republic, the United Nations Security Council, Canada and Hong Kong Monetary Authority and any other Governmental
Authority with jurisdiction over the Obligors or, to the extent this term is used in Section 8.4(a), the Finance Parties. 

“SEC” means the Securities and Exchange Commission of the United States. 

“Securities” or “Security” shall have the meaning specified in section 2(1) of the Securities Act. 

“Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in
effect. 
 “Security Assets” means any asset which is the subject of a Security Interest created by a Security Document.

 “Security Documents” means: (a) the Mortgages; (b) the Deeds of Covenant; (c) the Insurances Assignments;
(d) the Management Agreement Assignments; (e) the General Assignments; (f) the Account Charges; (g) the Manager’s Undertakings; (h) the Share Pledges; (i) any Charterer’s Undertakings, (j) any Additional
Security; (k) any other Collateral Documents and (k) any other document designated as such in writing by the Company or any Vessel Owner and the Purchasers; in each case together with any and all notices and acknowledgements entered into
and in connection therewith. 
 “Security Interest” means any mortgage, pledge, lien, charge, assignment, hypothecation or
security interest or any other agreement or arrangement having a similar effect. 
 “Security Trustee” means UMB Bank,
National Association. 
 “Senior Financial Officer” means the chief financial officer, principal accounting officer,
treasurer or comptroller of the Company. 
 “Series” means the Series A Notes, Series B Notes, Series C Notes or Series D
Notes. 
 “Series A Note Interest Rate” means, with respect to each Series A Note, the aggregate of: 

(a)    3.91% per annum; and 

  
 A-22 

 (b)     (i) any Applicable Performance Rate Adjustment for the relevant
Interest Rate Period, minus (ii) any Applicable Charter Rate Adjustment in the immediately preceding Interest Rate Period, plus (iii) any Applicable Charter Rate Adjustment for the relevant Interest Rate Period, save that the collective
aggregate of the foregoing (b)(i), (b)(ii) and (b)(iii) may not (A) exceed 0.025% per annum or (B) be less than -0.025% per annum, in each case for any single Interest Rate Period (relative to the
prior Interest Rate Period); 
 provided that, the collective aggregate of the foregoing paragraphs (a) and (b) shall not
(X) exceed 3.96% per annum for any single Interest Rate Period, or (Y) be less than 3.91% per annum for any single Interest Rate Period; 

and provided further that, where the Company fails to deliver any of the Compliance Data, other items contemplated by
Section 9.35(a) hereof and/or any Decarbonization Certificate required by this Agreement, in order to determine any Applicable Charter Rate Adjustment for the relevant Interest Rate Period, the foregoing paragraph (b)
(excluding the provisos following such paragraph (b)) shall be replaced with and applied as follows: 
 “(b)
    (i) 3.91% per annum, minus (ii) any Applicable Charter Rate Adjustment in the immediately preceding Interest Rate Period, save that the collective aggregate of the foregoing (b)(i) and (b)(ii) may not (A) exceed
0.025% per annum or (B) be less than -0.025% per annum, in each case for any single Interest Rate Period (relative to the prior Interest Rate Period)”. 

“Series A Notes” is defined in Section 1. 

“Series B Note Interest Rate” means, with respect to each Series B Note, the aggregate of: 

(a)    3.91% per annum; and 

(b)     (i) any Applicable Performance Rate Adjustment for the relevant Interest Rate Period, minus (ii) any
Applicable Charter Rate Adjustment in the immediately preceding Interest Rate Period, plus (iii) any Applicable Charter Rate Adjustment for the relevant Interest Rate Period, save that the collective aggregate of the foregoing (b)(i), (b)(ii)
and (b)(iii) may not (A) exceed 0.025% per annum or (B) be less than -0.025% per annum, in each case for any single Interest Rate Period (relative to the prior Interest Rate Period); 

provided that, the collective aggregate of the foregoing paragraphs (a) and (b) shall not (X) exceed 3.96% per annum for any
single Interest Rate Period, or (Y) be less than 3.91% per annum for any single Interest Rate Period; 
 and provided further
that, where the Company fails to deliver any of the Compliance Data, other items contemplated by Section 9.35(a) hereof and/or any Decarbonization Certificate required by this Agreement, in order to determine any Applicable
Charter Rate Adjustment for the relevant Interest Rate Period, the foregoing paragraph (b) (excluding the provisos following such paragraph (b)) shall be replaced with and applied as follows: 

“(b)     (i) 3.91% per annum, minus (ii) any Applicable Charter Rate Adjustment in the immediately preceding
Interest Rate Period, save that the collective aggregate of the foregoing (b)(i) and (b)(ii) may not (A) exceed 0.025% per annum or (B) be less than -0.025% per annum, in each case for any single
Interest Rate Period (relative to the prior Interest Rate Period)”. 

  
 A-23 

 “Series B Notes” is defined in Section 1. 

“Series C Note Interest Rate” means, with respect to each Series C Note, the aggregate of: 

(a)    4.06% per annum; and 

(b)     (i) any Applicable Performance Rate Adjustment for the relevant Interest Rate Period, minus (ii) any
Applicable Charter Rate Adjustment in the immediately preceding Interest Rate Period, plus (iii) any Applicable Charter Rate Adjustment for the relevant Interest Rate Period, save that the collective aggregate of the foregoing (b)(i), (b)(ii)
and (b)(iii) may not (A) exceed 0.025% per annum or (B) be less than -0.025% per annum, in each case for any single Interest Rate Period (relative to the prior Interest Rate Period); 

provided that, the collective aggregate of the foregoing paragraphs (a) and (b) shall not (X) exceed 4.11% per annum for any
single Interest Rate Period, or (Y) be less than 4.06% per annum for any single Interest Rate Period; 
 and provided further
that, where the Company fails to deliver any of the Compliance Data, other items contemplated by Section 9.35(a) hereof and/or any Decarbonization Certificate required by this Agreement, in order to determine any Applicable
Charter Rate Adjustment for the relevant Interest Rate Period, the foregoing paragraph (b) (excluding the provisos following such paragraph (b)) shall be replaced with and applied as follows: 

“(b)     (i) 4.06% per annum, minus (ii) any Applicable Charter Rate Adjustment in the immediately preceding
Interest Rate Period, save that the collective aggregate of the foregoing (b)(i) and (b)(ii) may not (A) exceed 0.025% per annum or (B) be less than -0.025% per annum, in each case for any single
Interest Rate Period (relative to the prior Interest Rate Period)”. 
 “Series C Notes” is defined in Section 1.

 “Series D Note Interest Rate” means, with respect to each Series D Note, the aggregate of: 

(a)    4.26% per annum; and 

(b)     (i) any Applicable Performance Rate Adjustment for the relevant Interest Rate Period, minus (ii) any
Applicable Charter Rate Adjustment in the immediately preceding Interest Rate Period, plus (iii) any Applicable Charter Rate Adjustment for the relevant Interest Rate Period, save that the collective aggregate of the foregoing (b)(i), (b)(ii)
and (b)(iii) may not (A) exceed 0.025% per annum or (B) be less than -0.025% per annum, in each case for any single Interest Rate Period (relative to the prior Interest Rate Period); 

provided that, the collective aggregate of the foregoing paragraphs (a) and (b) shall not (X) exceed 4.31% per annum for any
single Interest Rate Period, or (Y) be less than 4.26% per annum for any single Interest Rate Period; 

  
 A-24 

 and provided further that, where the Company fails to deliver any of the Compliance
Data, other items contemplated by Section 9.35(a) hereof and/or any Decarbonization Certificate required by this Agreement, in order to determine any Applicable Charter Rate Adjustment for the relevant Interest Rate Period,
the foregoing paragraph (b) (excluding the provisos following such paragraph (b)) shall be replaced with and applied as follows: 

“(b)     (i) 4.26% per annum, minus (ii) any Applicable Charter Rate Adjustment in the immediately preceding
Interest Rate Period, save that the collective aggregate of the foregoing (b)(i) and (b)(ii) may not (A) exceed 0.025% per annum or (B) be less than -0.025% per annum, in each case for any single
Interest Rate Period (relative to the prior Interest Rate Period)”. 
 “Series D Notes” is defined in Section 1.

 “Share Pledge” means, in relation to the Company and each Vessel Owner, each first priority charge, pledge or mortgage
or equivalent over the shares in the Company or Vessel Owner (as the case may be) to be given by: (a) in the case of the Company, the Guarantor; and (b) in the case of each Vessel Owner, the Company, in each case in favor of and in form
and substance satisfactory to the Security Trustee and “Share Pledges” means all such share pledges. 
 “Sole Structuring
Agent” means Citi. 
 “Source” is defined in Section 6.3. 

“State Sanctions List” means a list that is adopted by any state Governmental Authority within the United States of America
pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws. 

“Subsidiary” of a Person means a corporation, partnership, limited liability company, association or joint venture or other
business entity of which a majority of the equity interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency)
are at the time owned or the management of which is controlled, directly, or indirectly through one or more intermediaries, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of the Company. 
 “Substitute Purchaser” is defined in
Section 22. 
 “Substitute Vessel” has the meaning set forth in
Section 10.5. 
 “Super-Majority Holders” means at any time on or after the Closing, the holders
of at least 66-2/3% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 

“Sustainability Linked Charter Mechanism” means, in the sole opinion of the Lead Sustainability Coordinator, acting
reasonably, a qualifying contractual provision of a Qualifying Charter Contract providing for the relevant charter rate to be increased and/or reduced, by an amount which is not less than 0.5% of the relevant initial charter rate, and where any such
increase and reduction in the charter rate is subject to and dependent on the alignment of the relevant vessel’s carbon intensity, measured by that vessel’s AER, EEOI, or some other broadly accepted emissions metric for which the
International Maritime Organization produces a related trajectory, with such trajectory. 

  
 A-25 

 “SVO” means the Securities Valuation Office of the NAIC. 

“Swap” means any trade or transaction entered into by the Company and a Hedge Counterparty under or pursuant to a Hedging
Agreement. 
 “Swap Termination Value” means, in respect of any one or more Swaps, after taking into account the effect of
any legally enforceable netting agreement relating to such Swaps, (a) for any date on or after the date such Swaps have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swaps, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swaps. 

“Tax” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Taxing Jurisdiction” is defined in Section 13(a). 

“Terminal Value” means, in respect of any Collateral Vessel: (a) the present value (using a discount rate of 10% per
annum) of the forward projected value for such Collateral Vessel as at the maturity of the relevant Eligible Charter (which shall, for these purposes, take account of any extension option which is included for the purposes of the definition of
Eligible Charter for such Collateral Vessel) as provided by Maritime Strategies International Ltd; or (b) if the Company has elected that VesselsValue valuations shall be used for all Collateral Vessels on the applicable calculation date, the
fixed age valuation for such Collateral Vessel as at the maturity of the relevant Eligible Charter (which shall, for these purposes, take account of any extension option which is included for the purposes of the definition of Eligible Charter for
such Collateral Vessel) as provided by VesselsValue (with no discount rate applicable). Where the Eligible Charter of any Collateral Vessel has been extended and the Terminal Value on any Test Date would otherwise be calculated on the basis of
valuations which pre-date such extension, the Company shall be permitted to obtain an updated valuation for such Collateral Vessel which shall be used for the purposes of calculating the Terminal Value of such
Collateral Vessel. 
 “Test Date” means: (a) any BB Test Date; and (b) any Determination Date. 

“Total Assets” means, in respect of the Guarantor on a consolidated basis, the following, in each case as indicated on the
most recently delivered financial statement of the Guarantor and its consolidated Subsidiaries: 
 (a)    all of the
assets of the types presented on its consolidated balance sheet; less 

  
 A-26 

 (b)    assets under any vessel construction or ship purchase agreement
(including novation and assignment and assumption agreements) that the Guarantor or any of its Subsidiaries is required to record on its books under GAAP even though such entity is no longer the legal owner of the vessel or legally obligated to take
delivery of the vessel. 
 “Total Borrowings” means, in respect of the Guarantor on a consolidated basis and without
duplication, in each case as indicated on the most recently delivered financial statement of the Guarantor and its Subsidiaries, the aggregate of the following: 

(a)    the outstanding principal amount of any moneys borrowed; plus 

(b)    the outstanding principal amount of any acceptance under any acceptance credit; plus 

(c)    the outstanding principal amount of any bond, note, debenture or other similar instrument; plus 

(d)    the book values of indebtedness under a lease, charter, hire purchase agreement or other similar arrangement which
would, in accordance with GAAP, be treated as a finance or capital lease; plus 
 (e)    the outstanding principal amount
of all moneys owing in connection with the sale or discounting of receivables (otherwise than on a non-recourse basis or which otherwise meet any requirements for
de-recognition under GAAP); plus 
 (f)    the outstanding principal amount of
any indebtedness arising from any deferred payment agreements arranged primarily as a method of raising finance or financing the acquisition of an asset (except trade payables); plus 

(g)    any fixed or minimum premium payable on the repayment or redemption of any instrument referred to in clause
(c) above; and plus 
 (h)    the outstanding principal amount of any indebtedness of any Person other than a
Subsidiary of the Guarantor of a type referred to in the above clauses of this definition which is the subject of a guarantee (or other agreement by which recourse is granted to the Guarantor) given by the Guarantor to the extent that such
guaranteed indebtedness is determined and given a value in respect of the Guarantor on a consolidated basis in accordance with GAAP. 

Notwithstanding the foregoing, “Total Borrowings” shall not include (a) Indebtedness or obligations arising from derivative
transactions, such as protecting against interest rate or currency fluctuations or (b) Indebtedness under any vessel construction or ship purchase agreement (including novation and assignment and assumption agreements) that the Guarantor is
required to record on its books under GAAP even though the Guarantor is no longer the legal owner of the vessel or legally obligated to take delivery of the vessel. 

“Total Loss” means in relation to a Collateral Vessel: 

  
 A-27 

 (a)    actual, constructive, compromised, agreed or
arranged total loss of that Collateral Vessel; 
 (b)    requisition for title or other compulsory
acquisition of that Collateral Vessel otherwise than by requisition for hire; 
 (c)    capture, seizure,
arrest, detention, or confiscation of that Collateral Vessel by any government or by persons acting or purporting to act on behalf of any government or by any other Person which deprives the Vessel Owner of that Collateral Vessel or as the case may
be the Charterer of the use of that Collateral Vessel for more than sixty (60) days after that occurrence; and 

(d)    requisition for hire of that Collateral Vessel by any government or by persons acting or purporting
to act on behalf of any government which deprives the Vessel Owner or as the case may be the Charterer of the use of that Collateral Vessel for a period of sixty (60) days, other than a Charter of the Collateral Vessel to a government or
government agency approved by the Company and either in accordance with the Requisite Program Debt, subject to Section 24.9, or by the Required Holders. 

“UBO” means (a) any of Kyle Washington, Kevin Washington, Dennis Washington or any of their estate, spouse, and/or
descendants; (b) any trust for the benefit of the Persons listed in (a); (c) Fairfax Financial Holdings Limited; (d) an Affiliate of any of the Persons listed in (a), (b) or (c); or (e) a combination of the foregoing. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York or any other applicable jurisdiction. 

“United States Person” has the meaning set forth in Section 7701(a)(30) of the Code. 

“U.S. Economic Sanctions Laws” means those laws, executive orders, enabling legislation or regulations administered and
enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran
Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. 
 “Vessel Disposition”
has the meaning given to such term in Section 10.6. 
 “Vessel Disposition Date” means the date
of any Vessel Disposition in accordance with the requirements set forth in Section 10.6. 
 “Vessel
Owner” means any special purpose company that owns a Collateral Vessel and the entire issued share capital of which is acquired or to be acquired by the Company. 

“Vessel Owner Account” means, in respect of any Vessel Owner, any account in the name of the applicable Vessel Owner opened
or to be opened with the Account Bank into which Earnings shall be paid, as more particularly described in the relevant Account Charge relating thereto. 

  
 A-28 

 “Vessel Substitution Date” means the date of any vessel substitution in
accordance with the requirements set forth in Section 10.5. 

  
 A-29

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}]]