Document:

EX-10.4

 EXHIBIT 10.4 

DATED 23 December 2011 

EURONAV N.V. 
 as Borrower

 THE BANKS AND FINANCIAL INSTITUTIONS 

listed in Schedule 1 
 as Lenders

 THE BANKS AND FINANCIAL INSTITUTIONS 

listed in Schedule 2 
 as Swap
Providers 
 DNB BANK ASA 

SKANDINAVISKA ENSKILDA BANKEN AB (publ) 

as Mandated Lead Arrangers 
 and

 DNB BANK ASA 
 as
Bookrunner, Agent and Security Trustee 
  
  

LOAN AGREEMENT 
 relating to
a loan facility of up to $65,000,000 
 in respect of Hull No. 1894 at 

Samsung Heavy Industries Co., Ltd. 
  

 
  

 

 INDEX 
  

							
	 1.
	 	 DEFINITIONS AND INTERPRETATION
	  	 	2	  
			
	 2.
	 	 POSITION OF THE BANKS
	  	 	20	  
			
	 3.
	 	 THE LOAN
	  	 	21	  
			
	 4.
	 	 DRAWDOWN
	  	 	21	  
			
	 5.
	 	 REPAYMENT
	  	 	23	  
			
	 6.
	 	 PREPAYMENT AND CANCELLATION
	  	 	23	  
			
	 7.
	 	 SWAP TRANSACTIONS
	  	 	26	  
			
	 8.
	 	 INTEREST
	  	 	27	  
			
	 9.
	 	 PAYMENTS
	  	 	30	  
			
	 10.
	 	 NO SET-OFF, COUNTERCLAIM OR TAX DEDUCTION
	  	 	32	  
			
	 11.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	33	  
			
	 12.
	 	 GENERAL UNDERTAKINGS
	  	 	36	  
			
	 13.
	 	 INFORMATION UNDERTAKINGS
	  	 	39	  
			
	 14.
	 	 FINANCIAL COVENANTS
	  	 	41	  
			
	 15.
	 	 VESSEL UNDERTAKINGS - INSURANCE
	  	 	42	  
			
	 16.
	 	 VESSEL UNDERTAKINGS - OPERATION AND MAINTENANCE
	  	 	46	  
			
	 17.
	 	 VALUATIONS AND ASSET PROTECTION
	  	 	51	  
			
	 18.
	 	 EVENTS OF DEFAULT
	  	 	53	  
			
	 19.
	 	 FEES, EXPENSES AND INDEMNITIES
	  	 	57	  
			
	 20.
	 	 THE AGENT
	  	 	62	  
			
	 21.
	 	 THE SECURITY TRUSTEE
	  	 	66	  
			
	 22.
	 	 RETIREMENT OR REPLACEMENT OF A SERVICE BANK
	  	 	69	  
			
	 23.
	 	 LIMITS OF THE SERVICE BANKS’ OBLIGATIONS
	  	 	70	  
			
	 24.
	 	 SHARING OF PAYMENTS
	  	 	73	  
			
	 25.
	 	 CHANGES TO THE LENDERS
	  	 	74	  
			
	 26.
	 	 SET-OFF
	  	 	77	  
			
	 27.
	 	 MISCELLANEOUS
	  	 	78	  
			
	 28.
	 	 NOTICES
	  	 	79	  
			
	 29.
	 	 BANKS’ DUTIES OF CONFIDENTIALITY
	  	 	81	  
			
	 30.
	 	 APPLICABLE LAW AND JURISDICTION
	  	 	84	  
		
	 SCHEDULE 1 - LENDERS AND COMMITMENTS
	  	 	86	  
		
	 SCHEDULE 2 - SWAP PROVIDERS AND SWAP PROVIDER PERCENTAGES
	  	 	87	  
		
	 SCHEDULE 3 - FORM OF NOTICE OF DRAWDOWN
	  	 	88	  
		
	 SCHEDULE 4 - CONDITIONS PRECEDENT
	  	 	89	  
		
	 SCHEDULE 5 - FORM OF TRANSFER CERTIFICATE
	  	 	92	  
		
	 SCHEDULE 6 - FORM OF COMPLIANCE CERTIFICATE
	  	 	96	  
		
	 SCHEDULE 7 - MANDATORY COSTS FORMULA
	  	 	98	  

 THIS AGREEMENT is made on 23 December 2011 

BETWEEN 
  

	(1)	EURONAV N.V., a company incorporated in Belgium with enterprise number 0860.402.767 whose registered office is at de Gerlachekaai 20, 2000 Antwerpen, Belgium (the “Borrower”); 

 

	(2)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1 acting through their respective Lending Offices in their capacity as lenders (the “Original Lenders”); 

 

	(3)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 2 acting through their respective offices stated in Schedule 2 in their capacity as swap providers (the “Original Swap Providers”);

  

	(4)	DNB BANK ASA, a bank incorporated in Norway acting through its office at 20 St. Dunstan’s Hill, London EC3R 8HY, and SKANDINAVISKA ENSKILDA BANKEN AB (publ), a bank incorporated in Sweden
acting through its office at Kungstradgardsgatan 8, SE-106 40 Stockholm, Sweden, in their capacity as mandated lead arrangers (the “Mandated Lead Arrangers”) and, in the case of DNB Bank ASA only, also in its capacity as bookrunner
(the “Bookrunner”); 

  

	(5)	DNB BANK ASA, a bank incorporated in Norway acting through its office at 20 St. Dunstan’s Hill, London EC3R 8HY in its capacity as agent for the Lenders (the “Agent”); and 

 

	(6)	DNB BANK ASA, a bank incorporated in Norway acting through its office at 20 St. Dunstan’s Hill, London EC3R 8HY in its capacity as security trustee for the Banks (the “Security Trustee”).

 WHEREAS 
  

	(A)	The Bookrunner and the Mandated Lead Arrangers have arranged, and the Lenders have agreed to make available to the Borrower, a secured term loan facility in an amount not exceeding the lower of (i) $65,000,000 and
(ii) 70% of the Fair Market Value of the Vessel as at the Delivery Date for the purpose of assisting the Borrower to refinance its acquisition of the Vessel pursuant to the Building Contract. 

 

	(B)	The Swap Providers may enter into swap transactions with the Borrower from time to time to hedge the Borrower’s floating interest rate exposure in relation to the Loan. 

 

	(C)	The Lenders and the Borrower have agreed with the Swap Providers that the Swap Providers will share in the security to be granted to the Security Trustee pursuant to this Agreement on a pari passu basis as set out in
this Agreement. 

 IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement, including the Recitals, the following expressions shall
have the following meanings: 
 “Account Security Deed” means the first priority English law deed of charge in respect of
the Earnings Account to be executed by the Borrower in favour of the Security Trustee in the agreed form; 
 “Affected
Lender” and “Affected Lenders” each has the meaning given to it in the definition of “Market Disruption Event” in this Clause 1.1; 

“Agency Fee Letter” means the fee letter agreement dated on or about the date of this Agreement made between the Agent and the
Borrower in respect of the agency fee payable under Clause 19.4; 
 “Agreed Form Certificate” means the certificate dated on
or after the date of this Agreement executed by the Borrower and the Agent attaching the agreed forms of the Finance Documents to be executed after the date of this Agreement and any other relevant documents referred to in this Agreement; 

“Applicable Margin” means 2.95% per annum; 

“Approved Flag State” means the jurisdiction under whose laws and flag the Vessel is registered being Belgium, France, Greece,
the Marshall Islands or such other jurisdiction as the Security Trustee (as directed by the Lenders) may approve in accordance with Clause 16.2; 

“Approved Shipbrokers” means ACM Shipping Limited, Arrow Sale & Purchase (UK) Ltd., Braemar Seascope Limited,
Fearnleys A.S., Galbraith’s Limited, H. Clarkson & Co. Ltd., Maersk Broker K/S, and R.S. Platou Shipbrokers A.S. or such other list of shipbrokers as may from time to time be agreed in writing between the Borrower and the Majority
Lenders for the purposes of Clause 17.1.2; 
 “Arrangement Fee Letter” means the fee letter agreement dated on or about the
date of this Agreement made between the Agent and the Borrower in respect of the arrangement fee payable under Clause 19.2; 

“Availability Period” means the period commencing on the date of this Agreement and ending on the earlier of
(a) 31 January 2013 (or such later date as the Lenders may in their discretion agree), (b) the dated falling 15 days after the Delivery Date and (c) the date on which the Lenders’ obligation to advance the Loan is cancelled;

 “Bank” means any of the Lenders, the Swap Providers, the Mandated Lead Arrangers, the Bookrunner, the Agent and the
Security Trustee; 

  
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 “Banking Day” means a day (excluding Saturdays and Sundays) on which banks are
open in London, Stockholm, Antwerp and New York City; 
 “Break Costs” means the amount (if any) by which: 

 

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

 exceeds: 

 

	 	(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount received by it on deposit with a leading bank in the London interbank market for a period starting on the Banking
Day of receipt or recovery and ending on the last day of the current Interest Period; 

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

“Building Contract” means the shipbuilding contract dated 23 July 2008 made between the Builder and the Borrower pursuant
to which the Builder has agreed to construct the Vessel and sell it to the Borrower; 
 “Change of Control” means, in
relation to the Borrower, if two or more persons acting in concert or any individual person other than Saverco or Tanklog: 
  

	 	(a)	acquires legally and/or beneficially, and either directly or indirectly, in excess of 50% of the issued share capital of the Borrower; or 

 

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

“Charged Property” means any real or personal property, assets or rights belonging to the Borrower, whether present or future,
over which an Encumbrance has been or is intended to be created pursuant to any of the Finance Documents; 
 “Charter
Assignment” means, in relation to a Long Term Charter, the first priority deed of assignment of that Long Term Charter and any related Charter Guarantee to be executed by the Borrower in favour of the Security Trustee in accordance with
Clause 12.8 in the agreed form; 
 “Charter Guarantee” means any guarantee, bond, letter of credit or other instrument
provided as security for the obligations of the charterer under any Long Term Charter; 
 “Classification Society” means
American Bureau of Shipping, Bureau Veritas, Det Norske Veritas, Germanischer Lloyd, Lloyds Register of Shipping, Nippon Kaiji Kyokai or such other classification society which is a member of the International Association of Classification Societies
as may be approved in writing by the Security Trustee (acting on the instructions of the Majority Lenders); 

  
 3 

 “Commercial Management Agreement” means the agreement for the time being in
force between the Borrower and the Commercial Manager with respect to the commercial management of the Vessel by the Commercial Manager; 

“Commercial Manager” means any company belonging to the Group that may be appointed as the commercial manager of the Vessel or
such other company as the Borrower may from time to time appoint as the commercial manager of the Vessel with the prior consent of the Agent (such consent not to be unreasonably withheld); 

“Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount set opposite its name in Schedule 1 and the amount of any other Commitment transferred to it under this Agreement; and 

 

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

to the extent not cancelled, reduced or transferred by it under this Agreement, and “Total Commitments” means the aggregate of
the Commitments of all the Lenders; 
 “Compliance Certificate” means a certificate signed by the chief financial officer of
the Borrower substantially in the form of Schedule 6; 
 “Compulsory Acquisition” means requisition for title or other
compulsory acquisition of the Vessel by any government or other competent authority, otherwise than by requisition for hire; 

“Confidential Information” means all information relating to the Borrower, the Group, the Finance Documents or the Loan of
which a Bank becomes aware in its capacity as, or for the purpose of becoming, a Bank or which is received by a Bank in relation to, or for the purpose of becoming a Bank under, the Finance Documents or the Loan from either: 

 

	 	(a)	the Borrower or any of its advisers; or 

  

	 	(b)	another Bank, if the information was obtained by that Bank directly or indirectly from the Borrower or any of its advisers, 

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

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Bank of Clause 29.1; or 

  

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

  
 4 

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

“Confidentiality Undertaking” means a confidentiality undertaking substantially in the recommended form published from time to
time by the Loan Market Association or in any other form agreed between the Borrower and the Agent; 
 “Confirmation”, in
relation to any continuing Designated Transaction, has the meaning given to it in the relevant Master Agreement; 

“Contribution” means, in relation to a Lender in respect of the Loan or any other amount, the part of the Loan or such other
amount which is owing to that Lender at any relevant time, and “Total Contributions” means the aggregate of the Contributions of all the Lenders; 

“Default Rate” means the annual rate of interest determined in accordance with Clause 8.3; 

“Defaulting Lender” means any Lender: 
  

	 	(a)	which has failed to make available the relevant proportion of its Commitment or has given notice to the Agent that it will not make such amount available by the Drawdown Date in accordance with Clause 4.3; or

  

	 	(b)	which has rescinded or repudiated this Agreement; or 

  

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

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

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; 

  

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

  

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

“Deferred Payment” means the deferred payment amount of up to $30,000,000 from time to time as deferred in accordance with the
Deferred Payment Agreement; 
 “Deferred Payment Agreement” means the agreement made or to be made between (1) the
Borrower and (2) the Builder setting out the terms and conditions on which the Deferred Payment is to be made to the Builder, such agreement to provide for the Deferred Payment to be repaid in one amount on the date falling 3 years after the
Delivery Date with interest payable annually at a rate of 5.5% per annum and otherwise to be in such form as the Lenders may approve; 

  
 5 

 “Deferred Payment Security Documents” means the documents to be executed by the
Borrower in favour of the Builder as security for repayment of the Deferred Payment comprising a second priority mortgage on the Vessel, a second priority assignment of the Insurances and Requisition Compensation of the Vessel and such other
documents as the Lenders may in their discretion agree, each such document to be in such form as the Lenders may approve; 

“Delivery Date” means the date on which the Vessel is actually delivered by the Builder to, and duly accepted by, the Borrower
pursuant to the Building Contract; 
 “Designated Transaction” means a transaction: 

 

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

  

	 	(b)	whose purpose is the hedging of all or a part of the Borrower’s exposure under this Agreement to fluctuations in LIBOR arising from the funding of the Loan (or any part thereof); 

 

	 	(c)	which is for a period expiring no later than the Final Maturity Date; and 

  

	 	(d)	which is designated as a Designated Transaction by notice in writing from the Borrower and the relevant Swap Provider to the Agent in accordance with Clause 7.1; 

“Disruption Event” means: 
  

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

  

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

 

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

  

	 	(ii)	communicating with other Parties under the Finance Documents, 

 and which is not caused by, and
is beyond the control of, the Party whose operations are disrupted; 
 “Document of Compliance” has the meaning given to it
in paragraph 1.1.5 of the ISM Code; 
 “Dollars” and “$” mean the lawful currency for the time being of the
United States of America; 

  
 6 

 “Drawdown Date” means the Banking Day on which the Borrower specifies that it
wishes the Loan to be advanced or (as the context requires) the date on which the Loan is actually advanced to the Borrower; 

“Earnings” means: 
  

	 	(a)	all moneys whatsoever (and all claims for such moneys), present and future, which are earned or recoverable by, or become payable to or for the account of, the Borrower arising (whether in contract, tort or otherwise
howsoever), directly or indirectly, out of the ownership, use or operation of the Vessel, including (but not limited to) all freight, hire and passage moneys, compensation payable in the event of requisition of the Vessel for hire, remuneration for
salvage and towage services, demurrage and detention moneys, contributions in general average, damages for breach (or payments for variation or termination) of any charterparty or other contract for employment of the Vessel, and all moneys (other
than in respect of Insurances or Requisition Compensation) arising from a Total Loss of the Vessel, together with the benefit of any guarantee, indemnity or other security which may at any time be given as security for the payment of such moneys;

  

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

  

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

 “Earnings Account” means the Dollar denominated
account designated “Euronav N.V. - Hull 1894 - Earnings Account” with account number 62827013 held by the Borrower with the Agent; 

“Encumbrance” means any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, trust
arrangement or security interest or other encumbrance of any kind securing any obligation of any person or having the effect of conferring security or any type of preferential arrangement (including, without limitation, title transfer and/or
retention arrangements having a similar effect); 
 “Environmental Approval” means any permit, licence, approval, ruling,
exemption or other authorisation required under applicable Environmental Laws; 
 “Environmental Claim” means: 

 

	 	(a)	any claim by, or directive from, any applicable governmental, judicial or other regulatory authority alleging breach of, or non-compliance with, any Environmental Laws or Environmental Approvals or otherwise howsoever
relating to or arising out of an Environmental Incident; or 

  

	 	(b)	any claim by any other person howsoever relating to or arising out of an Environmental Incident, 

  
 7 

 (and, in each such case, “claim” shall mean a claim for damages, clean-up costs,
compliance, remedial action or otherwise); 
 “Environmental Incident” means: 

 

	 	(a)	any release, discharge, disposal or emission of Material of Environmental Concern from a Relevant Ship; or 

  

	 	(b)	any incident in which Material of Environmental Concern is released, discharged, disposed of, or emitted by or from a ship other than a Relevant Ship and which involves collision between a Relevant Ship and such other
ship, or some other incident of navigation or operation, in either case where a Relevant Ship or the Borrower is actually or potentially at fault or otherwise liable (in whole or in part); or 

 

	 	(c)	any incident in which Material of Environmental Concern is released, discharged, disposed of, or emitted by or from a ship other than a Relevant Ship and where the Relevant Ship is actually or potentially liable to be
arrested or attached as a result and/or where the Borrower is actually or potentially at fault or otherwise liable; 

“Environmental Laws” means all national and international laws, ordinances, rules, regulations, rules of common law,
conventions and agreements applicable to any Relevant Ship and pertaining to pollution or protection of human health or the environment; 

“Event of Default” means any of the events or circumstances listed in Clause 18.1; 

“Fair Market Value” means the value of the Vessel as most recently determined in accordance with Clause 17; 

“Fee Letters” means the Agency Fee Letter, the Arrangement Fee Letter and the Structuring Fee Letter; 

“Final Maturity Date” means the date on which the final Repayment Instalment falls due (being not later than 31 January
2018); 
 “Finance Documents” means this Agreement, the Fee Letters, the Mortgage, the General Assignment, each Charter
Assignment (if any), the Account Security Deed, the Master Agreement Security Deed, the Intercreditor Agreement and any and every other document (other than a Manager’s Undertaking) from time to time executed as security for, or to establish a
subordination or priorities arrangement in relation to, all or any of the obligations of any person to the Banks (or any of them) under this Agreement or any of the other documents referred to in this definition; 

“Financial Indebtedness” means any indebtedness in respect of: 

 

	 	(a)	moneys borrowed; 

  
 8 

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

  

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

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with International Accounting Standard 17 issued by the International Accounting Standards Committee as in force
and applied on the date of this Agreement, be treated as a finance or capital lease; 

  

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

  

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	 	(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market
value shall be taken into account); 

  

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

 

	 	(i)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above; 

“General Assignment” means the first priority deed of assignment of the Insurances, Earnings and Requisition Compensation of
the Vessel to be executed by the Borrower in favour of the Security Trustee in the agreed form; 
 “Group” means the
Borrower and its subsidiaries for the time being and “member of the Group” means the Borrower or any of its subsidiaries; 

“IFRS” means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to
the relevant financial statements; 
 “Increased Cost” means, in respect of a Bank; 

 

	 	(a)	a reduction in the rate of return from the Loan or on that Bank’s (or its affiliate’s) overall capital; 

  

	 	(b)	an additional or increased cost (including any loss, liability or cost suffered for or on account of tax); or 

  

	 	(c)	a reduction of any amount due and payable under any Finance Document, which is incurred or suffered by that Bank or any of its affiliates to the extent that it is attributable to that Bank having entered into its
Commitment or funding or performing its obligations under this Agreement or any Finance Document; 

  
 9 

 “Insolvency Event” in relation to a Bank means that the Bank: 

 

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

  

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

 

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

  

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

  

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

  

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

 

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

  

	 	(f)	has a resolution passed for its winding-up, official management or liquidation (other than as a result of a consolidation, amalgamation or merger); 

 

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

  

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

  
 10 

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

 

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

“Insurances” means all policies and contracts of insurance (including all entries of the Vessel in a protection and indemnity
association and a war risks association) which are from time to time taken out or entered into in respect of the Vessel or her Earnings or otherwise howsoever (as specified in greater detail in Clause 15) and all benefits of such policies and
contracts, including all claims of whatsoever nature and return of premiums; 
 “Intercreditor Agreement” means the
intercreditor agreement made or to be made between (1) the Borrower, (2) the Security Trustee and (3) the Builder setting out the terms on which the Deferred Payment Security Documents are subordinated to the Finance Documents, such
agreement to be in such form as the Lenders may approve or require; 
 “Interest Date” means a date upon which interest is
due and payable in accordance with Clause 8.1; 
 “Interest Period” means each period determined in accordance with Clause
8.2 or pursuant to Clause 8.11, as the case may be; 
 “Interest Rate” means the annual rate of interest which is determined
by the Agent in accordance with Clause 8.2; 
 “International Ship Security Certificate” has the meaning given to it in the
ISPS Code; 
 “ISM Code” means The International Management Code for the Safe Operation of Ships and for Pollution
Prevention as adopted by the International Maritime Organisation as Resolutions A.741(18) and A.913(22) (as amended, supplemented or replaced from time to time); 

“ISPS Code” means The International Ship and Port Facility Security Code as adopted by the International Maritime Organisation
(as amended, supplemented or replaced from time to time); 
 “Lender” means: 

 

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank, financial institution or other entity which has become a Party as Lender in accordance with Clause 25.1, 

which in each case has not ceased to be a Party as Lender in accordance with the terms of this Agreement; 

  
 11 

 “Lending Office” means, in respect of a Lender, the office through which it will
perform its obligations under this Agreement being, in the case of an Original Lender, the office set out against its name in Schedule 1 and, in the case of each other Lender, the office specified in the relevant Transfer Certificate by which it
becomes a Party (or such other office in respect of any Lender as may be selected by it in accordance with Clause 25.11); 

“LIBOR” means, in relation to an Interest Period or any other relevant period: 

 

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for that period) the arithmetic mean of the rates (rounded upwards to four decimal places) quoted to the Reference Banks by leading banks in the London interbank market,

 at or about 11:00 a.m. London time on the Quotation Day for the offering of deposits in Dollars and for a period comparable
to that period; 
 “Loan” means the sum of up to $65,000,000 to be advanced by the Lenders to the Borrower under this
Agreement and, as the context may require, means the principal amount from time to time outstanding under this Agreement; 
 “Loan
Indebtedness” means the aggregate of the Loan, all interest accrued on the Loan and all other sums of money whatsoever (other than in respect of the Master Agreement Liabilities) from time to time due or owing actually or contingently to
the Banks (or any of them) under or pursuant to the Finance Documents; 
 “Long Term Charter” means any charter or other
contract of employment for the Vessel which is entered into by the Borrower for a term which exceeds, or which by virtue of any optional extensions might exceed, 24 months’ duration; 

“Major Casualty” means any casualty to the Vessel or incident (other than a Total Loss) in respect of which the claim or the
aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $5,000,000 or the equivalent in any other currency; 

“Majority Lenders” means: 
  

	 	(a)	before the Loan has been drawn, Lenders the aggregate of whose Commitments at any relevant time exceeds 66 2⁄3% of the Total
Commitments at that time; and 

  

	 	(b)	after the Loan has been drawn, Lenders the aggregate of whose Contributions at any relevant time exceeds 66 2⁄3% of the Total
Contributions at that time; 

 “Management Agreements” means the Commercial Management Agreement and the
Technical Management Agreement; 
 “Managers” means the Commercial Manager and the Technical Manager; 

  
 12 

 “Manager’s Undertaking” means the undertaking to be executed by each
Manager with respect to its commercial and/or technical management of the Vessel and the rights of the Banks under the Finance Documents in the agreed form; 

“Mandatory Cost” means the percentage rate per annum calculated by the Agent in respect of each Lender in accordance with
Schedule 7; 
 “Market Disruption Event” means, in relation to an Interest Period, if: 

 

	 	(a)	at or about noon on the Quotation Day for that Interest Period the Screen Rate is not available and none of the Reference Banks supplies a rate to the Agent to determine LIBOR for that Interest Period; or

  

	 	(b)	before close of business in London on the Quotation Day for that Interest Period, the Agent receives notification in the form required by Clause 8.9 from a Lender or Lenders whose Contributions aggregate more than 66 2⁄3% of the Total Contributions (or, if the Loan has not been drawn, whose Commitments aggregate more than 66 2⁄3% of the Total Commitments) that the cost to it or them of obtaining matching deposits for that Interest Period in the London interbank market or such other
source as it may reasonably select would be in excess of LIBOR (such Lender or Lenders being an “Affected Lender” or the “Affected Lenders”, as the case may be); 

“Master Agreements” means: 
  

	 	(a)	the master agreement (on the 1992 ISDA (Multicurrency Crossborder) form) and schedule made or to be made between the Borrower and DNB Bank ASA as an Original Swap Provider; and 

 

	 	(b)	the master agreement (on the 1992 ISDA (Multicurrency Crossborder) form) and schedule made or to be made between the Borrower and Skandinaviska Enskilda Banken AB (publ) as an Original Swap Provider, 

including, in each case, all Designated Transactions from time to time entered into, and all Confirmations from time to time exchanged or
deemed exchanged, under such master agreement; 
 “Master Agreement Security Deed” means the first priority deed of
assignment and charge in respect of the Borrower’s rights under the Master Agreements to be executed by the Borrower in favour of the Security Trustee in the agreed form; 

“Master Agreement Liabilities” means, as at any relevant date, the aggregate of all liabilities of the Borrower to the Swap
Providers under or pursuant to the Master Agreements, whether actual or contingent, present or future; 
 “Material Adverse
Change” or “Material Adverse Effect” means any occurrence, condition or circumstance (i) subsequent to 30 June 2010 and (ii) not previously known to the Lenders or the Agent, which the Lenders determine has
had, or could reasonably be expected to have, a material adverse change in or a material adverse effect on: 
  

	 	(a)	the rights or remedies available to the Banks under any Finance Document; 

  
 13 

	 	(b)	the ability of the Borrower or any other Obligor to perform and comply with its obligations under any Finance Document; 

  

	 	(c)	the validity, legality or enforceability of any Finance Document; 

  

	 	(d)	the validity, legality or enforceability of any Encumbrance expressed to be created pursuant to any Finance Document or the priority or ranking of that Encumbrance; or 

 

	 	(e)	the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower or any other member of the Group; 

“Material of Environmental Concern” means and includes chemicals, pollutants, contaminants, waste, toxic or hazardous
substances, oil, petroleum, oil and petroleum products and any other polluting substances, the release, discharge, disposal or emission of which into the environment is regulated, prohibited or penalised by or pursuant to any Environmental Law; 

“Mortgage” means: 
  

	 	(a)	if the Vessel is registered under the laws and flag of Greece, a first priority Greek law mortgage over the Vessel to be executed by the Borrower in favour of the Banks as security for the Outstanding Indebtedness in
such form as the Banks shall reasonably require having regard to the laws of Greece, such mortgage to be for an amount equal to at least 130% of the amount of the Loan drawn on the Drawdown Date; or 

 

	 	(b)	if the Vessel is registered under the laws and flag of any other Approved Flag State, a first priority ship mortgage over the Vessel to be executed by the Borrower in favour of the Security Trustee (and/or such other
Banks as may be appropriate) as security for the Outstanding Indebtedness in such form as the Banks shall reasonably require having regard to the laws of such Approved Flag State together with, if customary for vessels registered in that Approved
Flag State, a deed of covenants collateral thereto or a declaration of pledge of mortgage, such document or documents to contain covenants, to the extent relevant, substantially in the same terms as Clauses 15 and 16 of this Agreement;

 “Non-Consenting Lender” means any Lender who does not consent to the terms of a waiver or amendment
requested by the Borrower which pursuant to Clause 20.14 or any other provision of the Finance Documents requires the consent of all the Lenders and where other Lenders whose Contributions aggregate more than 49% of the Total Contributions (or,
before the Loan has been drawn, Lenders whose Commitments aggregate more than 49% of the Total Commitments) have consented to such waiver or amendment request; 

“Nordea Earnings Account” means the Dollar denominated account with account number NO3960170441527 held by the Borrower with
Nordea Bank Norge ASA at its Oslo branch (or any substitute account from time to time approved by the Lenders); 
 “Notice of
Drawdown” means a notice substantially in the form set out in Schedule 3; 

  
 14 

 “Obligor” means the Borrower and any other member of the Group which is a party
from time to time to any of the Finance Documents; 
 “Outstanding Indebtedness” means the aggregate of the Loan
Indebtedness and the Master Agreement Liabilities; 
 “Party” means a party to this Agreement; 

“Permitted Encumbrance” means: 
  

	 	(a)	any Encumbrance created by or pursuant to the Finance Documents; 

  

	 	(b)	any Encumbrance created by or pursuant to the Deferred Payment Security Documents (provided that the Intercreditor Agreement has been executed by all of the parties thereto); 

 

	 	(c)	liens for unpaid master’s and crew’s wages; 

  

	 	(d)	liens for salvage; 

  

	 	(e)	liens by operation of law for not more than 2 months’ prepaid hire under any charter in relation to the Vessel not prohibited by this Agreement; 

 

	 	(f)	liens for master’s disbursements in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of the Vessel, provided
such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the Borrower in good faith by appropriate steps); 

  

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

 

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

 “Pool Earnings” means any Earnings due to the Borrower which arise from, and are attributable
to, the Vessel’s employment in the Tankers International Pool; 
 “Potential Event of Default” means any event or
circumstance specified in Clause 18 which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default; 

“Quotation Day” means, in relation to any period for which an interest rate is to be determined, the day falling 2 Banking
Days before the first day of that period; 

  
 15 

 “Reference Banks” means, subject to Clause 8.8, the principal offices in London
of the Agent and Skandinaviska Enskilda Banken AB (publ) or such other banks as may be appointed by the Agent in consultation with the Borrower; 

“Relevant Ship” means the Vessel and any other ship from time to time (whether before or after the date of this Agreement)
owned by, or demise chartered to, the Borrower; 
 “Repayment Date” means each of the Banking Days upon which a Repayment
Instalment is due and payable in accordance with Clause 5.2; 
 “Repayment Instalment” means each of the instalments of the
Loan becoming due on a Repayment Date in accordance with Clause 5.1; 
 “Representative” means, any delegate, agent,
manager, administrator, nominee, attorney, trustee or custodian; 
 “Requisition Compensation” means all moneys or other
compensation payable during the Security Period by reason of a Compulsory Acquisition of the Vessel; 
 “Safety Management
Certificate” has the meaning given to it in paragraph 1.1.6 of the ISM Code; 
 “Saverco” means Saverco NV, a
company incorporated in Belgium with enterprise number 0427685965 whose registered office is at de Gerlachekaai 20, 2000 Antwerpen, Belgium; 

“Screen Rate” means, in respect of LIBOR for any period, the British Bankers’ Association Interest Settlement Rate for
Dollars for the relevant period, displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Agent may specify another page or service displaying the appropriate rate after
consultation with the Borrower; 
 “Security Period” means the period from the date of this Agreement until the discharge of
the security created by the Finance Documents by final and irrevocable repayment or payment in full of the Outstanding Indebtedness; 

“Service Bank” means the Agent or the Security Trustee; 

“Structuring Fee Letter” means the fee letter agreement dated on or about the date of this Agreement made between the Agent
and the Borrower in respect of the structuring fee payable under Clause 19.3; 
 “Swap Provider” means: 

 

	 	(a)	any Original Swap Provider; and 

  

	 	(b)	any bank, financial institution or other entity which has become a Party as Swap Provider in accordance with Clause 7.4, 

which in each case has not ceased to be a Party as Swap Provider in accordance with the terms of this Agreement; 

  
 16 

 “Swap Provider Percentage” means, in respect of a Swap Provider, the proportion
(expressed as a percentage) of any proposed transactions in respect of which such Swap Provider has a right of first refusal under Clause 7.1 being: 
  

	 	(a)	in relation to an Original Swap Provider, the percentage set opposite its name in Schedule 2 as adjusted pursuant to Clause 7.4; and 

 

	 	(b)	in relation to any other Swap Provider, the amount of any Swap Provider Percentage transferred to it under this Agreement in accordance with Clause 7.4, 

to the extent not cancelled, reduced or transferred by it under this Agreement; 

“Tankers International Pool” means the pool of very large crude carriers (VLCC) and V-Plus vessels operated by Tankers
International LLC as commercial managers and known as the “Tankers International Pool”; 
 “Tanklog” means Tanklog
Holdings Limited, a company incorporated in Cyprus with company number HE 161603 whose registered office is at 1 C. Pantelides Avenue, Nicosia 1010, Cyprus; 

“Technical Management Agreement” means the agreement for the time being in force between the Borrower and the Technical
Manager with respect to the technical management of the Vessel by the Technical Manager; 
 “Technical Manager” means any
company belonging to the Group that may be appointed as the technical manager of the Vessel or such other company as the Borrower may from time to time appoint as the technical manager of the Vessel with the prior consent of the Agent (such consent
not to be unreasonably withheld); 
 “Total Loss” means: 

 

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

  

	 	(b)	Compulsory Acquisition of the Vessel; or 

  

	 	(c)	capture, seizure, hijacking, theft, arrest, detention or confiscation of the Vessel by any person (not amounting to Compulsory Acquisition), unless the Vessel is released and restored to the Borrower or any relevant
charterer within 180 days after such capture, seizure, hijacking, theft, arrest, detention or confiscation; 

 “Total
Loss Date” means the date upon which a Total Loss of the Vessel is deemed for the purposes of the Finance Documents to have occurred, being: 
  

	 	(a)	if it consists of an actual total loss, the actual date of loss or, if that is not known, the date when the Vessel was last heard of; 

 

	 	(b)	 if it consists of a constructive total loss, the date notice of abandonment of the Vessel is given to her insurers (provided a claim for total loss is
admitted by the insurers) or, if the insurers do not forthwith admit such a claim, the date on which the total loss is 

  
 17 

	 	
subsequently admitted by the insurers to have occurred or (as the case may be) is subsequently adjudged by a competent court of law or arbitration panel to have occurred or, if earlier, the date
falling 180 days after notice of abandonment of the Vessel was given to the insurers; 

  

	 	(c)	if it consists of a compromised, agreed or arranged total loss, the date on which a binding agreement as to such compromised, agreed or arranged total is entered into by or on behalf of the Borrower with the
Vessel’s insurers; 

  

	 	(d)	if it consists of a Compulsory Acquisition of the Vessel, the date on which the requisition of title or other compulsory acquisition of the Vessel occurs; and 

 

	 	(e)	if it consists of capture, seizure, hijacking, theft, arrest, detention or confiscation of the Vessel by any person (not amounting to Compulsory Acquisition) and the Vessel is not released and restored to the Borrower
or any relevant charterer within 180 days, the date falling 180 days after the date on which the relevant capture, seizure, hijacking, theft, arrest, detention or confiscation occurred; 

“Total Loss Event” means any event which constitutes a Total Loss or which, with the expiry of any relevant grace period,
would constitute a Total Loss; 
 “Transfer Certificate” means a transfer certificate in the form set out in Schedule 5 with
any modifications or amendments approved or required by the Agent; 
 “Trust Property” has the meaning given to it in Clause
21; 
 “VAT” means value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature;

 “Vessel” means the 318,000 dwt very large crude carrier with Builder’s hull number 1894 being constructed by the
Builder pursuant to the Building Contract with a contract price of $158,936,400 and scheduled for delivery on or about 28 February 2012 and which, upon the Delivery Date, is to be registered in the ownership of the Borrower under the laws and
flag of an Approved Flag State. 
  

	1.2	Construction of certain expressions 

 The following expressions shall be construed in the
following manner: 
 “affiliate” means, in relation to any person, a subsidiary of that person or a holding company of that
person or any other subsidiary of that holding company; 
 “certified copy” means, in respect of any document, a copy of it
certified as a true and complete and up to date copy of the original by a director or officer of the Borrower or by its lawyers or by another person acceptable to the Agent; 

“person” includes a corporate entity and any body of persons (including a partnership) whether corporate or unincorporate;

  
 18 

 “subsidiary” and “holding company” have the meanings given to
them by Section 1159 of the Companies Act 2006 provided that a company shall be treated, for the purposes only of the membership requirement contained in subsections 1159(1)(b) and (c), as a member of another company even if its shares in that
other company are registered in the name of (a) another person (or its nominee), whether by way of security or in connection with the taking of security, or (b) its nominee; 

“taxes” includes all present and future income, corporation and value-added taxes and all stamp and other taxes, duties,
levies, imposts, deductions, charges and withholdings whatsoever, together with interest on them and penalties with respect to them, if any, and any payments of principal, interest, charges, fees or other amounts made on or in respect of them, and
references to “tax” and “taxation” shall be construed accordingly. 
  

	1.3	General interpretation 

 In this Agreement: 

 

	 	1.3.1	unless the context otherwise requires, words in the singular include the plural and vice versa; 

  

	 	1.3.2	references to any document include that document as varied, supplemented or replaced from time to time; 

  

	 	1.3.3	references to any enactment include re-enactments, amendments and extensions of that enactment; 

  

	 	1.3.4	references to any person include that person’s successors and permitted assigns; 

  

	 	1.3.5	clause headings are for convenience of reference only and are not to be taken into account in construction; 

  

	 	1.3.6	unless otherwise specified, references to Clauses, Recitals and Schedules are respectively to Clauses of and Recitals and Schedules to this Agreement; 

 

	 	1.3.7	any words following the terms “including”, “include”, “in particular” or any similar expression shall be construed as illustrative and shall not limit the sense of the
words, description, definition, phrase or term preceding those terms; 

  

	 	1.3.8	references to a document being “in the agreed form” are to a document in the form attached to the Agreed Form Certificate and include references to that form with such modifications as the Majority
Lenders may approve or require; 

  

	 	1.3.9	 references to a period of one or more “months” shall mean a period beginning in one calendar month and ending in the relevant
calendar month on the day numerically corresponding to the day of the calendar month in which that period started, provided that (a) if that period started on the last day in a calendar month, or if there is no such numerically corresponding
day, that period shall end on the last Banking Day in the relevant calendar month and (b) if such numerically corresponding day is not a Banking Day, that period shall end on the next following Banking Day in the same

  
 19 

	 	
calendar month, or if there is no such Banking Day, that period shall end on the preceding Banking Day (and “month” and “monthly” shall be construed
accordingly). 

  

	1.4	Third party rights 

 A person who is not a Party may not enforce, or otherwise have the
benefit of, any provision of this Agreement under the Contracts (Rights of Third Parties) Act 1999. 
  

	2.	POSITION OF THE BANKS 

  

	2.1	Obligations of Banks several 

 The obligations of the Banks under the Finance Documents
and the Master Agreements are several and, accordingly: 
  

	 	2.1.1	no Bank shall be liable for the failure of any other Bank to perform its obligations under any Finance Document or Master Agreement; and 

 

	 	2.1.2	the failure of a Bank to perform any of its obligations under any Finance Document or Master Agreement shall not relieve any other Bank or the Borrower from any of their respective obligations under those documents.

  

	2.2	Rights of Banks several 

 The rights and interests of each Bank under the Finance
Documents and the Master Agreements are several and, accordingly, notwithstanding any provision to the contrary in any Finance Document or Master Agreement: 
  

	 	2.2.1	the aggregate of the amounts outstanding at any time under the Finance Documents and/or the Master Agreements to each Bank shall be due as a separate and independent debt; and 

 

	 	2.2.2	each Bank shall have the right to sue for any amount due and payable to it from the Borrower or any other Obligor under the Finance Documents or any Master Agreement and it shall not be necessary for any other Bank to
be joined as an additional party in any proceedings to that end. 

  

	2.3	Restrictions on other proceedings by individual Banks 

 Except as provided in Clause
2.2.2, no Bank shall, except with the prior written consent of the Majority Lenders, bring any proceedings against the Borrower or any other Obligor in respect of any other claim (whether in contract, tort or otherwise) which that Bank may have
under or in connection with the Finance Documents and/or the Master Agreements. For the avoidance of doubt, this Clause 2.3 applies to any proceedings against the Borrower or any other Obligor to enforce any Encumbrance created in favour of the
Security Trustee by any Finance Document. 

  
 20 

	2.4	Banks as mortgagees 

 If and to the extent that any Bank other than the Security Trustee
is a party to the Mortgage in order to secure more effectively the Outstanding Indebtedness owing to it, it undertakes to act under the Mortgage in all respects in accordance with the instructions of the Security Trustee (as directed by the Majority
Lenders). 
  

	3.	THE LOAN 

  

	3.1	Agreement to advance 

 Subject to the provisions of this Agreement, the Lenders agree to
make the Loan available to the Borrower. 
  

	3.2	Availability and purpose 

 The Loan will be available to be drawn in one amount in
Dollars on the Drawdown Date in an amount not exceeding 70% of the Fair Market Value of the Vessel as at the Delivery Date and is to be applied exclusively for the purpose referred to in Recital (A), provided that none of the Banks shall be bound to
monitor or verify the application of the proceeds of the Loan. 
  

	3.3	Lenders’ participations 

 Subject to the provisions of this Agreement, each Lender
will participate in the Loan up to a principal amount not exceeding its Commitment in the proportion which its Commitment bears to the Total Commitments. No Lender is obliged to lend more than the amount of its Commitment. 

 

	3.4	No advance after expiry of Availability Period 

 No Lender will have any liability
whatsoever to make available its Commitment after the expiry date of the Availability Period and any part of a Lender’s Commitment which has not been advanced to the Borrower at close of business on that date shall be cancelled. 

 

	4.	DRAWDOWN 

  

	4.1	Notice of Drawdown 

 The Borrower may draw the Loan subject to giving the Agent a duly
completed Notice of Drawdown not later than 10:00 a.m. London time 3 Banking Days before the proposed Drawdown Date, which notice shall be irrevocable and will not be regarded as having been duly completed unless (a) the proposed Drawdown Date
is a Banking Day within the Availability Period and (b) the proposed Interest Period complies with Clause 8.4. 
  

	4.2	Agent’s notification to Lenders 

 Upon receipt of a Notice of Drawdown given in
accordance with Clause 4.1, the Agent shall promptly notify each Lender of the contents thereof and the relevant proportion of the Loan to be funded by that Lender. 

  
 21 

	4.3	Availability of Lenders’ Commitments 

 Each Lender shall, subject to the provisions
of this Agreement, make available to the Agent on the Drawdown Date the relevant proportion of its Commitment. 
  

	4.4	Conditions precedent 

 Notwithstanding the giving of a Notice of Drawdown pursuant to
Clause 4.1, neither the Lenders nor the Agent shall be obliged to disburse any funds in respect of the Loan, and the Borrower shall not be entitled to draw down the Loan, unless the following conditions precedent are satisfied: 

 

	 	4.4.1	the Agent has received payment of the fees and expenses specified in Clause 19 to the extent due and payable on or before the Drawdown Date; 

 

	 	4.4.2	the Agent has received the documents and evidence described in Schedule 4, in form and substance satisfactory to it; 

  

	 	4.4.3	the Agent is satisfied that both at the date of the relevant Notice of Drawdown and at the Drawdown Date: 

  

	 	(a)	the representations and warranties contained in Clause 11 and in any other Finance Document would be true and not misleading if repeated on each of those dates with reference to the circumstances then existing;

  

	 	(b)	none of the circumstances specified in Clauses 6.2, 6.4, 6.5, 8.10 or 19.10 has occurred and is continuing; 

  

	 	(c)	if the ratio set out in Clause 17.2 were tested immediately following the drawdown of the Loan, the Borrower would not be obliged to provide additional security or prepay the Loan under that Clause; and

  

	 	(d)	no Event of Default or Potential Event of Default has occurred or will arise following the advance of the Loan. 

  

	4.5	Waiver of conditions precedent 

 If the Lenders in their absolute discretion advance the
Loan notwithstanding that one or more of the conditions precedent specified above in relation to it remains unsatisfied on the Drawdown Date, the Borrower shall procure the satisfaction of such condition or conditions precedent within 7 days after
the Drawdown Date or such other period as the Majority Lenders may in their absolute discretion agree in writing. 
  

	4.6	Application of Loan proceeds 

 Subject to the provisions of this Agreement, the Agent
will pay to the Borrower on the Drawdown Date the amounts which the Agent receives from the Lenders under Clause 4.3 in like funds as are received by the Agent from the Lenders by paying the same in accordance with the Notice of Drawdown given by
the Borrower. Such payment shall constitute the 

  
 22 

 
making of the Loan and the Borrower shall at that time become indebted, as principal and direct obligor, to each Lender accordingly, in an amount equal to that Lender’s proportion of the
Loan. 
  

	5.	REPAYMENT 

  

	5.1	Repayment by instalments 

 Subject to the provisions of this Agreement, the Borrower
shall repay the Loan in 10 instalments each in the amount of $2,150,000 together with a balloon instalment of $43,500,000 payable with (and forming part of) the 10th and final Repayment
Instalment. If the full amount of the Loan is not advanced to the Borrower, the amount of each Repayment Instalment shall be reduced pro rata to the amount actually advanced. 
  

	5.2	Repayment Dates 

 The Repayment Instalments shall be paid on the Banking Days falling at
successive 6 monthly intervals from the Drawdown Date. 
  

	5.3	Final repayment 

 On the Final Maturity Date the Borrower shall additionally pay to the
Agent all sums which are then accrued or owing to the Banks (or any of them) under this Agreement and the other Finance Documents. 
  

	6.	PREPAYMENT AND CANCELLATION 

  

	6.1	Voluntary prepayment or cancellation 

 The Borrower shall have the right: 

 

	 	6.1.1	upon giving the Agent not less than 5 Banking Days’ prior written notice, to prepay the Loan in whole or in part on any Banking Day provided that if the Loan is to be prepaid in part the amount prepaid shall be
$5,000,000 or a higher integral multiple of $1,000,000; or 

  

	 	6.1.2	upon giving the Agent not less than 15 Banking Days’ prior written notice, to cancel, without penalty, the Commitments in whole or in part on any Banking Day provided that any cancellation of part of the
Commitments must be in the minimum amount of $10,000,000. 

 The Agent shall promptly notify the Lenders of any notice which is
received from the Borrower under this Clause 6.1. 
  

	6.2	Mandatory prepayment and cancellation upon illegality 

 If by reason of the introduction,
imposition, variation or change of any law, regulation or regulatory requirement or by reason of any judgment, order or direction of any relevant court, tribunal or authority it becomes unlawful in any applicable jurisdiction for a Lender to perform
any of its obligations as contemplated by this Agreement or to fund or maintain its Commitment or its Contribution (as the case may be) that Lender shall promptly notify the Agent upon becoming aware of that event, whereupon: 

 

	 	6.2.1	the Agent shall immediately notify the Borrower thereof; 

  
 23 

	 	6.2.2	the relevant Lender shall, following consultation with the Borrower, use all reasonable efforts to avoid the effects of such event and in particular shall consider, subject to obtaining any necessary consents,
transferring at par its rights and obligations under this Agreement to another legal entity approved by the Borrower not affected by such law, regulation, regulatory requirement, judgment, order or direction; 

 

	 	6.2.3	if the relevant Lender is unable, within 90 days following the date upon which it became aware of such event, or such shorter period permitted thereby, to avoid the effect thereof, or the Borrower fails to agree to any
proposal put forward by the relevant Lender to avoid the effects of such event, then the Agent shall, at the request and on behalf of the relevant Lender, give notice to the Borrower that on such date or on a future specified date, in either case
not being earlier than the last day of any applicable grace period permitted by law, the Commitment of that Lender (if still undrawn) shall be cancelled or, as the case may be, the Borrower shall be obliged to prepay that Lender’s Contribution
in full. 

  

	6.3	Mandatory prepayment upon sale or Total Loss 

 The Borrower shall prepay the Loan in full
if: 
  

	 	6.3.1	the Vessel is sold in accordance with Clause 11.2.4, in which case the Borrower shall make the prepayment simultaneously with the completion of that sale; or 

 

	 	6.3.2	the Vessel becomes a Total Loss, in which case the Borrower shall make the prepayment on the date which is the earlier of (a) the date falling 90 days after the Total Loss Date and (b) the date upon which the
insurance proceeds or Requisition Compensation in respect of the Vessel are received by the Security Trustee pursuant to the relevant Finance Documents unless (i) the Vessel was not insured at the time of the Total Loss in accordance with the
Finance Documents in which case the Borrower shall prepay the Loan in full within 10 Banking Days of its receipt of a demand from the Agent (as directed by the Majority Lenders) for prepayment of that amount, or (ii) an insurer has refused to
meet or has disputed the claim for the Total Loss in which case the Borrower shall prepay the Loan in full within 60 Banking Days of its receipt of a demand from the Agent (as directed by the Majority Lenders) for prepayment of that amount.

  

	6.4	Mandatory prepayment and cancellation upon a Change of Control 

 If a Change of Control
occurs without the prior consent of the Majority Lenders (such consent not to be unreasonably withheld or delayed), the Borrower shall prepay the Loan in full on or before the date falling 60 days after the date of the Change of Control or, if the
Loan has not been drawn, any undrawn Commitments shall be cancelled on the date of such Change of Control. 

  
 24 

	6.5	Mandatory prepayment and cancellation upon breach of financial covenants 

 If there is a
breach of the financial covenants set out in Clause 14.1, the Borrower shall prepay the Loan in full within 5 Banking Days after receipt of a written demand from the Agent (as directed by the Majority Lenders) requiring it to do so or, if the Loan
has not been drawn, any undrawn Commitments shall be cancelled on the date of the Agent’s demand. 
  

	6.6	Conditions of prepayment and cancellation 

 The following shall apply to any prepayment
under this Agreement: 
  

	 	6.6.1	each prepayment must be made together with all accrued interest on the amount prepaid and all other sums payable in respect of that amount under the provisions of this Agreement and, in the case of prepayment of the
whole of the Loan, shall be accompanied by payment of all other Outstanding Indebtedness; 

  

	 	6.6.2	unless otherwise specifically stated in this Agreement, any partial prepayment of the Loan shall be applied as follows: 

  

	 	(a)	any partial prepayment of the Loan made pursuant to Clause 6.1 or Clause 17.2.2 shall be applied towards the discharge of the remaining Repayment Instalments in inverse order of maturity; and 

 

	 	(b)	any partial prepayment of the Loan made pursuant to Clause 6.2, Clause 8.11, Clause 19.10.4 or any other relevant provision of this Agreement shall be paid to the relevant Lender or Lenders and all of the remaining
Repayment Instalments shall be reduced pro rata accordingly; 

  

	 	6.6.3	any partial cancellation of the Commitments shall reduce those amounts pro rata; 

  

	 	6.6.4	any notice of prepayment or cancellation given by the Borrower shall be effective on receipt by the Agent and, once given, may not be withdrawn or amended without the consent of the Majority Lenders and, in the case of
a notice of prepayment, the Borrower shall be bound to make the relevant prepayment in accordance with it; 

  

	 	6.6.5	except as specifically provided in this Agreement, in the absence of an Event of Default and demand for repayment by the Agent, the Lenders shall not be obliged to accept any other prepayment of the whole or any part of
the Loan; 

  

	 	6.6.6	any part of the Loan which is repaid or prepaid by the Borrower may not be reborrowed; 

  

	 	6.6.7	no amount of the Commitments cancelled under this Agreement may be subsequently reinstated; and 

  

	 	6.6.8	any prepayment made on a day other than the last day of an Interest Period applicable to the whole amount prepaid shall be made together with any Break Costs. 

  
 25 

	7.	SWAP TRANSACTIONS 

  

	7.1	Swap Providers’ right of first refusal 

 If the Borrower decides to hedge some or
all of the its exposure in respect of the Loan then the Swap Providers shall have a right of first refusal to effect the transactions (it being agreed that any such transactions shall expire no later than the Final Maturity Date and shall be for a
period exceeding 12 months with interest payment dates falling every 6 months); however there is no obligation on any Swap Provider to offer terms for any such transaction. If all Swap Providers wish to effect the relevant transactions they shall do
so in proportion to their respective Swap Provider Percentages, subject to those relevant transactions each being in all respects in materially the same terms as each other. In the event that the Borrower concludes any such transactions with any or
all of the Swap Providers, such transaction shall be designated as a Designated Transaction. 
  

	7.2	Limitation on security where not all Swap Providers conclude swap transactions 

 Unless
otherwise agreed by the Lenders, if a Swap Provider concludes a Designated Transaction with the Borrower in respect of the Loan for an aggregate initial notional principal amount exceeding its Swap Provider Percentage of the principal amount of the
Loan, the Master Agreement Liabilities owing to that Swap Provider relating to the amount of such excess shall rank behind the rest of the Outstanding Indebtedness in right of payment for the purpose of applying moneys received under the Finance
Documents in accordance with Clause 9.2. 
  

	7.3	Consent to Master Agreement Security Deed 

 Each Swap Provider consents to the execution
of the Master Agreement Security Deed and to the Encumbrances created by it. 
  

	7.4	Changes to Swap Providers 

 Where a Swap Provider (a “Transferor Swap
Provider”) effects a transfer of all or any of its rights and obligations under its Master Agreement to any person (a “Transferee Swap Provider”) in accordance with the provisions of that Master Agreement, it shall also be
entitled to assign or transfer to the Transferee Swap Provider a commensurate proportion of its rights and obligations as a Swap Provider under this Agreement and the other Finance Documents, provided that: 

 

	 	7.4.1	no such rights and obligations may be assigned or transferred to a Transferee Swap Provider that is a member of the Group, except with the consent of all the Lenders and the other Swap Providers; and 

 

	 	7.4.2	 no assignment or transfer by a Swap Provider of any of its rights or obligations under this Agreement and the other Finance Documents to a Transferee
Swap Provider that is not already a Party to this Agreement in the capacity of Swap Provider shall be 

  
 26 

	 	
binding on, or effective in relation to, any other Party unless the Transferee Swap Provider has confirmed in writing its agreement to be bound by the provisions of this Agreement insofar as they
apply to the Swap Providers, which confirmation shall be in such form as shall be approved by the Borrower, the Agent and the other Swap Providers. 

  

	7.5	Notice of transfer 

 Promptly after completion of any relevant transfer referred to in
Clause 7.4 the Transferor Swap Provider and the Transferee Swap Provider shall give notice in writing to the Agent notifying it of that transfer and, in the case of the Transferee Swap Provider (if it is not already a Swap Provider), advising of its
address for communications under Clause 28. 
  

	7.6	Transfer documents 

 The Borrower undertakes to do or to procure all such acts and things
and to sign, execute and deliver or procure the signing, execution and delivery of all such instruments and documents as the Transferor Swap Provider and/or the Transferee Swap Provider may reasonably require for the purpose of perfecting any such
assignment or transfer as mentioned in Clause 7.4. 
  

	8.	INTEREST 

  

	8.1	Payment of interest 

 Subject to the provisions of this Agreement, the Borrower shall pay
interest on the Loan or any part of it (as the case may be) at the Interest Rate applicable to it in arrears on the last day of each Interest Period, except in the case of an Interest Period longer than 6 months where interest shall be paid every 6
months during that Interest Period and on the last day of that Interest Period. 
  

	8.2	Interest Rate 

 Subject to Clauses 8.3 and 8.10, the Interest Rate applicable to the Loan
for each Interest Period applicable to it will be the annual rate of interest determined by the Agent to be the aggregate of: 
  

	 	8.2.1	the Applicable Margin; 

  

	 	8.2.2	LIBOR for that Interest Period; and 

  

	 	8.2.3	the Mandatory Cost (if any) for that Interest Period. 

  

	8.3	Default Rate 

 If an Event of Default has occurred and is continuing and notice of such
Event of Default has been given to the Borrower by the Agent (whether or not a demand for immediate repayment of all or any part of the Outstanding Indebtedness has been made under Clause 18.2), all amounts payable by the Borrower under this
Agreement or any other Finance Document shall, for the purposes of this Clause 8.3 only, be deemed to be overdue and interest shall accrue on 

  
 27 

 
all those amounts from the date of such Event of Default up to the earlier of (i) if capable of remedy, the date on which such Event of Default is remedied or (ii) if not capable of
remedy or the Borrower has failed to pay any amount actually payable by it under this Agreement or any other Finance Document, the date of actual payment (both before and after judgment) of that overdue amount, at a rate which is 2% per annum
higher than the rate which would have been payable if the overdue amount had, during the period of default, constituted part of the Loan for successive Interest Periods, each of a duration selected by the Agent. Any interest accruing under this
Clause 8.3 shall be immediately payable by the Borrower on demand by the Agent. If unpaid, any such interest will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately
due and payable. 
  

	8.4	Borrower’s selection of Interest Periods 

 Subject to Clauses 8.4.1 to 8.4.7 and the
other provisions of this Agreement, the Borrower may, by giving notice in writing to the Agent not later than 11:00 a.m. London time 3 Banking Days before the first day of each Interest Period, select the duration of that Interest Period (being a
period of 3, 6, 9 or 12 months or such other period for which a Screen Rate is published as the Borrower may select and the Agent may agree). 

The following shall apply in determining the duration of an Interest Period: 

 

	 	8.4.1	except as provided in this Clause 8.4, the Borrower may select the duration of an Interest Period only in relation to the whole of the Loan; 

 

	 	8.4.2	the first Interest Period shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the last day of the immediately preceding Interest Period for it; 

 

	 	8.4.3	the Borrower shall make each selection under this Clause 8.4 (and in the case of the duration of any Interest Period being determined in accordance with Clause 8.4.4 below shall be deemed to have selected the period so
determined) in such manner as to ensure that, in the event that any Repayment Date falls within the Interest Period so selected, a separate Interest Period is selected in respect of the part of the Loan due to be repaid under Clause 5 on that
Repayment Date, the expiry of which period coincides with the relevant Repayment Date (and for this purpose alone the Borrower shall be entitled to select Interest Periods of different lengths in relation to the Loan); 

 

	 	8.4.4	in the absence of any selection by the Borrower of the duration of an Interest Period, the duration of that Interest Period shall (subject as provided in this Clause 8.4) be 3 months; 

 

	 	8.4.5	if the Agent shall certify to the Borrower that matching funds are not available for an Interest Period of the duration selected by the Borrower the duration of that Interest Period shall (subject as provided in this
Clause 8.4) be 3 months unless otherwise agreed between the Borrower and the Agent; 

  
 28 

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

  

	 	8.4.7	no Interest Period shall extend beyond the Final Maturity Date. 

  

	8.5	Agent’s notification 

 The Agent shall promptly notify the Borrower and the Lenders
of each determination under this Agreement of (a) the duration of an Interest Period and/or (b) a rate of interest. 
  

	8.6	Obligation of Reference Banks to quote 

 In circumstances where a quotation is required
from the Reference Banks, a Bank which is a Reference Bank shall use all reasonable efforts to supply the quotation required of it for the purposes of fixing a rate of interest under this Agreement. 

 

	8.7	Absence of quotations from Reference Banks 

 Subject to Clause 8.10, if LIBOR is to be
determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 11:00 a.m. London time on the Quotation Day, the applicable LIBOR shall be determined on the basis of the quotations provided to the remaining
Reference Bank or Reference Banks. 
  

	8.8	Replacement of Reference Bank 

 If any Reference Bank which is a Lender ceases to be a
Lender or has become an Affected Lender or, in the opinion of the Agent, is substantially unable to provide the Agent from time to time when required with the necessary quotations for the purpose of fixing a rate of interest under this Agreement,
then the Agent shall (after consultation with the Borrower) appoint another bank to be a Reference Bank in replacement of that Reference Bank. 
  

	8.9	Notice of Market Disruption Event by Affected Lenders 

 Any notification to the Agent by
an Affected Lender of a Market Disruption Event occurring under paragraph (b) of the definition of that term shall be in writing and accompanied by a certificate signed by an officer of that Affected Lender certifying the cost to that Affected
Lender of obtaining matching deposits in the London interbank market on the date of that certificate. 
 The Agent shall pass to the Borrower
a copy of each certificate provided to it under this Clause 8.9 (and each Affected Lender consents to such disclosure). 
  

	8.10	Market disruption 

 If a Market Disruption Event occurs in relation to a Lender in
respect of any Interest Period, the rate of interest on that Lender’s Contribution for that Interest Period shall be the percentage rate per annum which is the sum of: 
  

	 	8.10.1	the Margin; 

  
 29 

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

  

	 	8.10.3	the Mandatory Cost, if any, applicable to that Lender’s Contribution. 

  

	8.11	Alternative basis of interest or funding 

 If a Market Disruption Event occurs, and the
Agent or the Borrower so requires, the Agent, the Lenders or (as the case may be) the Affected Lender and the Borrower shall enter into negotiations (for a period of not more than 15 days) with a view to agreeing an alternative basis for determining
the rate of interest for the Loan or, as the case may be, the Affected Lender’s Contribution. Any alternative basis so agreed shall, with the prior consent of the Borrower and the Lenders or (as the case may be) the Affected Lender, be binding
on those parties. In the absence of such agreement, the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, select the Interest Periods for the Loan and set a rate of interest for each such Interest Period in
accordance with Clause 8.10 provided that the Borrower shall have the right, upon giving 3 Banking Days notice to the Agent, to: 
  

	 	8.11.1	prepay the whole of the Loan; or 

  

	 	8.11.2	prepay the Contribution of any Affected Lender; or 

  

	 	8.11.3	exercise its rights under Clause 25.14 in respect of any Affected Lender. 

  

	9.	PAYMENTS 

  

	9.1	Place, time and manner of payment 

 Unless otherwise specified by the Agent, all moneys
to be paid by the Lenders to the Agent or by the Borrower to any Bank under this Agreement and the other Finance Documents shall be paid to the Agent in Dollars by not later than 10:00 a.m. London time on the due date and in same day funds to such
account as the Agent may from time to time notify the Borrower. The Borrower waives any right it may have in any jurisdiction to pay any such amount in a currency other than that in which it is expressed to be payable. 

 

	9.2	Order of application 

 Except as otherwise specifically provided in this Agreement or any
other Finance Document, all moneys received or recovered by any Bank under the Finance Documents will, after discharging the cost (if any) incurred in collecting those moneys, be applied as follows: 

 

	 	9.2.1	first, in or towards payment of any unpaid fees, costs and expenses of the Banks under this Agreement; 

  

	 	9.2.2	secondly, in or towards the satisfaction of any amounts forming the balance of the Outstanding Indebtedness which are then due and payable, whether by reason of payment demanded or otherwise, pro rata between the Banks
in such order of application as the Agent may, with the Majority Lenders’ approval, think fit, but subject always to Clause 7.2; 

  
 30 

	 	9.2.3	lastly, the surplus (if any) shall be paid to the Builder for application in accordance with the Deferred Payment Agreement (unless at such date (i) no payment of any amount of the Deferred Payment or interest is
then due and payable in accordance with the Deferred Payment Agreement or (ii) all moneys secured by the Deferred Payment Security Documents have been finally and irrevocably repaid or paid, in which case the surplus shall be paid to the
Borrower or whomsoever else shall be entitled thereto). 

 The provisions of this Clause 9.2 will override any appropriation
made by the Borrower. 
  

	9.3	Availability of funds conditional upon receipt by Agent 

 The Agent shall not be obliged
to make available to any other Party any amount which it is due to receive for the account of that Party unless it is satisfied that it has unconditionally received the funds concerned. 

 

	9.4	Refunds by Borrower 

 Without prejudice to Clause 9.3, if the Agent makes an amount
available to the Borrower which has not (but should have) been made unconditionally available to the Agent by a Lender, the Borrower shall on demand refund that amount to the Agent. 

 

	9.5	Refunds by Banks 

 Without prejudice to Clause 9.3, if the Agent makes an amount
available to a Bank which has not (but should have) been paid to the Agent by the Borrower, that Bank shall: 
  

	 	9.5.1	on demand refund that amount to the Agent; and 

  

	 	9.5.2	pay to the Agent on demand such further amount (as conclusively certified by the Agent) as shall indemnify the Agent against any cost, loss, liability or expense suffered or incurred by the Agent as a result of its
having made available such amount to that Bank before receiving it from the Borrower. 

  

	9.6	Non-Banking Days 

 Any payment which is due to be made on a day that is not a Banking Day
shall be made on the next Banking Day in the same calendar month (if there is one) or the preceding Banking Day (if there is not). 
  

	9.7	Accrual of interest and periodic payments 

 All payments of interest and other payments
of an annual or periodic nature to be made by the Borrower shall accrue from day to day and be calculated on the basis of the actual number of days elapsed and a 360 day year. 

  
 31 

	9.8	Control account 

 The Agent and each other Bank will open and maintain on its books a
control account showing the amounts owing to the Banks (in the case of the Agent) or that Bank (in the case of each other Bank) from the Borrower and the amounts of all payments of principal, interest and other moneys falling due and received by
them or it, as the case may be. The Borrower’s obligation to repay the Loan, to pay interest thereon and to pay all other sums due under this Agreement and the other Finance Documents shall be conclusively evidenced (in the absence of manifest
error) by the entries from time to time made in the control accounts opened and maintained under this Clause 9.8. 
  

	10.	NO SET-OFF, COUNTERCLAIM OR TAX DEDUCTION 

  

	10.1	No set-off or counterclaim 

 All payments to be made by the Borrower under this Agreement
and the other Finance Documents shall be made without set-off or counterclaim free and clear of, and without deduction for or on account of, any present or future taxes, unless the Borrower is compelled by law to make payment subject to any such
tax. 
  

	10.2	Gross up 

 If the Borrower is compelled by law to make any tax deduction from any payment
due under this Agreement or any other Finance Document, the Borrower will (subject to Clause 25.12): 
  

	 	10.2.1	promptly notify the Agent upon becoming aware of that requirement; 

  

	 	10.2.2	pay the tax deducted to the appropriate taxation authority promptly, and in any event before any fine or penalty arises; 

  

	 	10.2.3	pay the Bank to which that payment is made such additional amount as is necessary to ensure that such Bank receives a net amount equal to the full amount which it would have received had that tax deduction not been
required to be made; and 

  

	 	10.2.4	as soon as reasonably practicable after making the relevant tax deduction, deliver to the Agent a copy of the receipt from the relevant taxation authority evidencing that the tax had been paid to that authority.

  

	10.3	Tax credit 

 If, following any tax deduction as is referred to in Clause 10.2 from any
payment by the Borrower, the recipient of that payment shall receive or be granted a credit against or remission for any taxes payable by it, such recipient shall, subject to the Borrower having made any increased payment in accordance with Clause
10.2.3 and to the extent that such recipient can do so without prejudicing the retention of the amount of such credit or remission and without prejudice to the right of such recipient to obtain any other relief or allowance which may be available to
it, reimburse the Borrower with such amount as such recipient shall in its absolute discretion certify to be the proportion of such credit or remission as will leave it (after such reimbursement) in no worse position than it would have been in had
there been no 

  
 32 

 
such deduction or withholding from the payment to such recipient as aforesaid. Such reimbursement shall be made forthwith upon the recipient certifying that the amount of such credit or remission
has been received by it. Nothing contained in this Agreement shall oblige any Bank to rearrange its tax affairs or to disclose any information regarding its tax affairs and computations. Without prejudice to the generality of the foregoing, the
Borrower shall not by virtue of this Clause 10.3 be entitled to enquire about the tax affairs of any Bank. 
  

	10.4	Double tax treaties 

 Where the Borrower is or may be obliged to withhold tax from any
payment to a Bank under this Agreement or any other Finance Document and its obligation to withhold such tax may be eliminated or reduced under any applicable double taxation agreement or treaty, the relevant Bank will promptly comply with all
appropriate formalities required to be performed by it under such double taxation agreement or treaty (save as may depend on action being taken by a third party which has not been taken) so that it can receive the relevant payments from the Borrower
without deduction of such tax or with deduction at the reduced level permitted by such double taxation agreement or treaty. 
  

	10.5	VAT 

 All amounts expressed to be payable under a Finance Document by any party to a Bank
shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by any Bank to any party in connection with a Finance Document, that party shall pay to the Bank (in addition to and at the same time as paying any other
consideration for such supply) an amount equal to the amount of such VAT. 
 Where a Finance Document requires any party to reimburse a Bank
for any costs or expenses, that party shall also at the same time pay and indemnify such Bank against all VAT incurred by the Bank in respect of those costs or expenses to the extent that the Bank reasonably determines that it is not entitled to
credit or repayment of the VAT. 
  

	11.	REPRESENTATIONS AND WARRANTIES 

  

	11.1	Date of representations and warranties 

 The Borrower represents and warrants that the
following matters are true at the date of this Agreement. 
  

	11.2	Existence, listing, powers, compliance and solvency 

 The Borrower: 

 

	 	11.2.1	is a limited liability company duly incorporated and validly existing in goodstanding under the laws of, and has the centre of its main interests in, Belgium; 

 

	 	11.2.2	is listed on the First Market of Euronext Brussels; 

  

	 	11.2.3	has full power to own its property and assets and to carry on its business as it is now being conducted; 

  
 33 

	 	11.2.4	has complied with all statutory and other requirements relative to its business; 

  

	 	11.2.5	is solvent and not in liquidation or administration or subject to any other insolvency procedure, and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in
respect of it or all or any part of its assets. 

  

	11.3	Capacity and authorisation 

 The entry into and performance by the Borrower of this
Agreement, the Master Agreements and the other Finance Documents to which it is (or is to become) a party are within the corporate powers of the Borrower and have been duly authorised by all necessary corporate actions and approvals and no
limitation on its powers will be exceeded as a result of the borrowings made or other liabilities incurred under this Agreement. In entering into this Agreement, the Master Agreements and the other relevant Finance Documents the Borrower is acting
on its own account and not as agent or nominee of any person. 
  

	11.4	No contravention of laws or contractual restrictions 

 The entry into and performance by
the Borrower of this Agreement, the Master Agreements and the other Finance Documents to which it is (or is to become) a party do not and will not: 
  

	 	11.4.1	contravene in any respect the constitutional documents of the Borrower or any law, regulation or contractual restriction binding on the Borrower or any of its assets; or 

 

	 	11.4.2	result in the creation or imposition of any Encumbrance (other than a Permitted Encumbrance) on any of its assets in favour of any party. 

 

	11.5	Licences and approvals in force 

 All licences, authorisations, approvals and consents
necessary for the entry into, performance, validity, enforceability or admissibility in evidence of this Agreement, the Master Agreements and the other Finance Documents have been obtained and are in full force and effect and there has been no
breach of any condition or restriction imposed in this respect. 
  

	11.6	Validity and enforceability 

 When duly executed and delivered, and where applicable
registered, each of the Finance Documents and the Master Agreements will: 
  

	 	11.6.1	constitute the legal, valid and binding obligations of each Obligor which is a party thereto enforceable against such Obligor in accordance with its terms; and 

 

	 	11.6.2	(to the extent that by its terms it purports to do so) create a legal, valid and binding first priority Encumbrance in accordance with its terms over all the assets to which by its terms it relates, 

except insofar as enforcement may be limited by any applicable laws relating to bankruptcy, insolvency, administration and similar laws
affecting creditors’ rights generally and by principles of equity. 

  
 34 

	11.7	No third party Encumbrances; title 

 At the time of execution of each Finance Document,
no third party will have any Encumbrance (other than a Permitted Encumbrance) on any asset over which an Encumbrance is to be created pursuant to that Finance Document and the Obligor entering into that Finance Document will be the sole and absolute
legal and beneficial owner of that asset. 
  

	11.8	No litigation current or pending 

 No litigation, arbitration, tax claim or
administrative proceeding involving the Borrower is current or pending or (to the knowledge of the Borrower) threatened or likely to commence or be taken, which would potentially have a Material Adverse Effect. 

 

	11.9	No defaults 

  

	 	11.9.1	No Event of Default or Potential Event of Default is continuing or might reasonably be expected to result from the advance of the Loan or any part thereof. 

 

	 	11.9.2	The Borrower is not in default under any other agreement where such default would have a Material Adverse Effect. 

  

	11.10	Truth of financial and other information 

 All factual information furnished in writing
to any Bank by or on behalf of the Borrower in connection with the negotiation and preparation of this Agreement and the other Finance Documents was (when given) true and correct in all material respects and there are no other facts or
considerations the omission of which would render any such information materially misleading. 
  

	11.11	No liability to deduction or withholding; no registration taxes 

 All payments to be made
by the Borrower under this Agreement, the Master Agreements and the other Finance Documents may be made free and clear of and without deduction or withholding for or on account of any taxes, and neither this Agreement nor any other Finance Document
is liable to any registration charge or any stamp, documentary or similar taxes imposed by any authority, including without limitation, in connection with its admissibility in evidence. 

 

	11.12	Tax compliance 

 The Borrower has complied in all material respects with all relevant tax
laws and regulations applicable to it and its business. 
  

	11.13	Pari passu obligations 

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

  
 35 

	11.14	Environmental matters 

 Except as may have been disclosed by the Borrower in writing to,
and acknowledged in writing by, the Agent: 
  

	 	11.14.1	the Borrower has complied with the provisions of all Environmental Laws; 

  

	 	11.14.2	the Borrower has obtained all Environmental Approvals and is in compliance with all Environmental Approvals; 

  

	 	11.14.3	the Borrower has not received notice of any Environmental Claim that alleges that it is not in compliance with any Environmental Law or any Environmental Approval; 

 

	 	11.14.4	there is no Environmental Claim pending or, to the best of the Borrower’s knowledge and belief (having made due enquiry), threatened against the Borrower or any Relevant Ship; and 

 

	 	11.14.5	no Environmental Incident which could or might give rise to any Environmental Claim has occurred. 

  

	11.15	No money laundering 

 In relation to the utilisation by the Borrower of the facility
granted to it under this Agreement, the performance and discharge of its obligations and liabilities under the Finance Documents to which it is a party, and the transactions and other arrangements effected or contemplated by the Finance Documents to
which it is a party, the Borrower confirms that it is acting for its own account and that the foregoing will not involve or lead to contravention of any law, official requirement or other regulatory measure or procedure implemented to combat
“money laundering” (as defined in Article 1 of the Directive 2005/60/EC of the European Parliament and of the Council of the European Union of 26 October 2005). 

 

	12.	GENERAL UNDERTAKINGS 

  

	12.1	Duration of undertakings 

 The undertakings in this Clause 12 shall remain in force from
the date of this Agreement to the end of the Security Period. 
  

	12.2	Maintenance of status; listing 

 The Borrower: 

 

	 	12.2.1	shall maintain its separate corporate existence as a limited liability company under the laws of Belgium; 

  

	 	12.2.2	shall not, without the prior consent of the Agent, change its name; 

  
 36 

	 	12.2.3	shall maintain its listing on the First Market of Euronext Brussels or another reputable international stock exchange (and any delisting shall only be permitted with the consent of the Lenders); 

 

	 	12.2.4	shall not, without the prior consent of the Majority Lenders, change its place of incorporation or domicile or alter its legal status as a limited liability company. 

 

	12.3	Consents 

 The Borrower shall obtain and maintain in force, and promptly upon the
Agent’s request furnish certified copies to the Agent of, all licences, authorisations, approvals and consents, and do all other acts and things, which may from time to time be necessary or desirable for the continued due performance of its
obligations under the Finance Documents and the Master Agreements or which may be required for the validity, enforceability or admissibility in evidence of the Finance Documents and the Master Agreements. 

 

	12.4	Pari passu obligations 

 The Borrower shall ensure that its obligations under the Finance
Documents and the Master Agreements rank at least pari passu with all its other present, future and/or contingent unsecured and unsubordinated obligations. 
  

	12.5	Conduct of business 

 The Borrower shall conduct its business in a proper and efficient
manner in compliance with its constitutional documents and all relevant applicable laws and regulations (including, without limitation, all relevant Environmental Laws) and notify the Agent immediately upon becoming aware of any breach of any such
law or regulation. 
  

	12.6	Payment of taxes 

 The Borrower shall pay all taxes, assessments and other governmental
charges as they fall due, except to the extent that it is contesting them in good faith by appropriate proceedings and has set aside adequate reserves for their payment if those proceedings fail. 

 

	12.7	Books of account 

 The Borrower shall keep proper books of account in respect of its
business in accordance with IFRS consistently applied and, whenever so requested by the Agent, make them available for inspection by or on behalf of the Agent. 
  

	12.8	Execution of Charter Assignments 

 The Borrower undertakes to procure that, promptly
after the execution of a Long Term Charter, it will: 
  

	 	12.8.1	execute a Charter Assignment in favour of the Security Trustee in respect of that Long Term Charter (unless, despite the commercially reasonable efforts of the Borrower, that Long Term Charter can only be assigned with
the consent of the relevant charterer and the Borrower is unable to obtain the charterer’s consent to the assignment); and 

  
 37 

	 	12.8.2	subject to Clause 12.8.1, give notice of the Charter Assignment to the relevant charterer in the form required by the Charter Assignment and use its commercially reasonable efforts to obtain the charterer’s
acknowledgment thereto in the form required by the Charter Assignment. 

  

	12.9	Earnings Account 

 The Borrower undertakes to procure that, with effect from the Delivery
Date and throughout the remainder of the Security Period, unless and until the Security Trustee shall otherwise direct in accordance with the Account Security Deed, all Earnings due to the Borrower in respect of the Vessel shall be paid and credited
to the Earnings Account provided that, in the case of Pool Earnings only, the Borrower may at its option procure that such Earnings are paid to the Nordea Earnings Account rather than to the Earnings Account. 

Unless and until an Event of Default has occurred and is continuing (in which case such moneys shall be applied in accordance with the Account
Security Deed), the Borrower shall be entitled to withdraw any and all moneys from time to time credited to the Earnings Account. 
  

	12.10	Negative pledge 

 The Borrower shall not, without the prior consent of the Majority
Lenders, create or permit to exist any Encumbrance (other than a Permitted Encumbrance) over any Charged Property, whether present or future (provided that where any such Encumbrance arises in the ordinary course of business, the Borrower shall as
soon as practicably possible discharge it). 
  

	12.11	Restriction on dividends 

 The Borrower shall not declare or pay any dividend, or make
any distribution of any kind or character (whether in cash, property or securities), in respect of any class of the Borrower’s share capital to the holders thereof, or purchase or otherwise acquire any share capital of the Borrower, except as
follows: 
  

	 	12.11.1	payments of aggregate dividends on a semi-annual basis of up to 50% of its semiannual net income; or 

  

	 	12.11.2	payments of aggregate dividends exceeding 50% of its annual net income where such payments have been approved by the Majority Lenders 

provided always that no dividend may be paid if: 
  

	 	(a)	an Event of Default or Potential Event of Default has occurred or will occur as a result of the payment of that dividend; or 

  

	 	(b)	one or more of the financial covenants in respect of the Group set out in Clause 14.1 has been breached or will be breached as a result of the payment of that dividend. 

  
 38 

	12.12	No mergers or demergers 

 The Borrower shall not, without the prior consent of the
Majority Lenders, consolidate, amalgamate or merge with any other entity or demerge or enter into any form of reconstruction or reorganisation or do anything analogous thereto which has or could reasonably be expected to have a Material Adverse
Effect. 
  

	12.13	No change to financial year 

 The Borrower shall not, without the prior consent of the
Majority Lenders, alter or extend its financial year for the purposes of the preparation of its accounts. 
  

	12.14	No change of business 

 The Borrower shall not, without the prior consent of the Lenders,
make or permit to be made any substantial change to the general nature of its business from that permitted to be carried out under its articles of association as in force at the date of this Agreement. 

 

	12.15	Restriction on undertakings with affiliates 

 The Borrower shall not, without the prior
consent of the Majority Lenders, undertake any transaction with any person, company or other entity which is an affiliate of the Borrower (other than another member of the Group) unless such transaction is conducted at arm’s length on normal
commercial terms and does not have a Material Adverse Effect. 
  

	13.	INFORMATION UNDERTAKINGS 

  

	13.1	Duration of undertakings 

 The undertakings in this Clause 13 shall remain in force from
the date of this Agreement to the end of the Security Period. 
  

	13.2	Financial information 

 The Borrower shall, to the extent that the Agent is unable to
obtain copies from the Borrower’s website, provide to the Agent: 
  

	 	13.2.1	as soon as possible, but in no event later than 120 days after the end of each financial year of the Borrower, the audited consolidated accounts of the Group for that financial year, prepared in accordance with IFRS;

  

	 	13.2.2	as soon as possible, but in no event later than 75 days after the end of each financial half-year of the Borrower, the consolidated accounts of the Group for that financial half-year, prepared in accordance with IFRS,
subjected to a limited audit and certified to their correctness by the chief financial officer of the Borrower; 

  

	 	13.2.3	as soon as possible, but in no event later than 60 days after the end of each quarter in each financial year of the Borrower, the Borrower’s press release which shall include its unaudited quarterly income
statement for that relevant quarter certified as to their correctness by the chief financial officer of the Borrower; 

  
 39 

	 	13.2.4	together with the audited consolidated accounts referred to in Clauses 13.2.1 and 13.2.2: 

  

	 	(a)	a Compliance Certificate evidencing that as at that date the Borrower is in compliance with all of the financial covenants in respect of the Group as set out in Clause 14.1 and that there is no security shortfall under
Clause 17.2 (or, if not, showing in either case the amount of any shortfall); and 

  

	 	(b)	(after the Drawdown Date) copies of the valuations of the Vessel obtained by the Borrower in accordance with Clause 17.1 from the relevant Approved Shipbrokers and dated not earlier than 30 days before the date of such
Compliance Certificate; 

  

	 	13.2.5	as soon as possible, but in no event later than 120 days after the end of each financial year of the Borrower, a financial projection for the Borrower and the Group for the next 5 years in a format which is acceptable
to the Borrower; 

  

	 	13.2.6	promptly, such further information in the possession or control of the Borrower regarding the financial condition and operations of the Group as the Agent may reasonably request. 

 

	13.3	Form of financial statements 

 The audited accounts delivered under Clause 13.2 will:

  

	 	13.3.1	be prepared in accordance with all applicable laws and IFRS, effective as at that time, consistently applied; and 

  

	 	13.3.2	give a true and fair view of the state of affairs of the Group at the date of those accounts and of profit for the period to which those accounts relate. 

 

	13.4	Notification of material litigation 

 The Borrower shall inform the Agent promptly of any
litigation, arbitration, tax claim or administrative proceeding instituted or (to its knowledge) threatened and of any other occurrence of which it becomes aware which has or could reasonably be expected to have a Material Adverse Effect. 

 

	13.5	Notification of default 

 The Borrower shall promptly after the happening of any Event of
Default or a Potential Event of Default, notify the Agent of that event and of the steps (if any) which are being taken to remedy it. 
  

	13.6	Inspection of books and records 

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

  
 40 

	13.7	“Know your customer” checks 

 The Borrower shall provide the Agent with any
information requested by any Bank in order for that Bank to comply with any anti-money laundering or “know your customer” legislation, regulation or procedures applicable to it from time to time. 

 

	13.8	Provision of further information 

 The Borrower shall, to the extent that the Agent is
unable to obtain such information from the Borrower’s website, promptly provide the Agent with such other financial and other information concerning itself and its affairs as the Agent may from time to time reasonably require and which can be
delivered without breach of confidentiality including, but not limited to, all documents dispatched by the Borrower to all of its shareholders or all of its creditors or all of any class of its creditors. 

 

	14.	FINANCIAL COVENANTS 

  

	14.1	Covenants 

 The Borrower shall ensure that at all times during the Security Period: 

 

	 	14.1.1	Current Assets exceed Current Liabilities; 

  

	 	14.1.2	Free Liquid Assets are not less than the higher of: 

  

	 	(a)	$50,000,000; and 

  

	 	(b)	5% of the Total Indebtedness; 

  

	 	14.1.3	the aggregate amount of cash is not less than $30,000,000; and 

  

	 	14.1.4	the ratio of Stockholders’ Equity to Total Assets is not less than 30%. 

  

	14.2	Notice of breach 

 The Borrower shall notify the Agent in writing immediately upon
becoming aware of a breach of any of the financial covenants set out in Clause 14.1. 
  

	14.3	Definitions of financial terms 

 For the purposes of this Clause 14: 

“Available Facilities” means, at any date of determination under this Agreement, the aggregate undrawn amount of any committed
loan or overdraft facilities available to the Borrower or any other member of the Group having a maturity of at least 6 months from that date of determination (including the Facilities provided under this Agreement); 

“Current Assets” means, at any date of determination under this Agreement, the amount of the current assets of the Group
determined on a consolidated basis in accordance with IFRS as in effect on the date of this Agreement and as shown in the Latest Balance Sheet and including any amounts available under committed credit lines having maturities of more than 12 months;

  
 41 

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

“Free Liquid Assets” means, at any date of determination under this Agreement, the aggregate amount of cash (which, for the
avoidance of doubt, shall include cash on debt reserve accounts or other accounts having the same effect), cash equivalents and Available Facilities of the Group determined on a consolidated basis in accordance with IFRS as in effect on date of this
Agreement and as shown in the Latest Balance Sheet but excluding any of those assets subject to an Encumbrance (other than an Encumbrance in favour of the Security Trustee pursuant to this Agreement) at any time; 

“Latest Balance Sheet” means, at any date, the consolidated balance sheet of the Group most recently delivered to the Agent
pursuant to Clause 13.2 and/or most recently publicly available; 
 “Stockholders’ Equity” means, at any date of
determination under this Agreement, the amount of the capital and reserves of the Group determined on a consolidated basis in accordance with IFRS as in effect on the date of this Agreement and as shown in the Latest Balance Sheet; 

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

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

 

	15.	VESSEL UNDERTAKINGS - INSURANCE 

  

	15.1	Duration of undertakings 

 The Borrower undertakes to the Security Trustee to comply with
the undertakings contained in this Clause 15 at all times from the Delivery Date until the end of the Security Period. 
  

	15.2	Obligatory Insurances 

 The Borrower undertakes in respect of the Vessel: 

 

	 	15.2.1	to effect and maintain sufficient insurances on and over the Vessel in respect of (a) hull and machinery, (ii) hull interest, (iii) freight interest, (iv) protection and indemnity (including oil
pollution risks for the Vessel) and (v) war risks (including piracy, terrorism and confiscation); 

  
 42 

	 	15.2.2	to effect such insurances on the Vessel in Dollars and upon such terms as shall from time to time be reviewed by the Security Trustee, but in any event for not less than: 

 

	 	(a)	in the case of hull, machinery and equipment, marine and war risks, on an agreed value basis for an amount (the “agreed insurable value”) which is equal to the greater of (i) the Fair Market Value
of the Vessel and (ii) 125% of the amount of the Loan, provided however that the amount of hull and machinery cover other than total loss only cover shall be equal to at least 70% of the agreed insurable value of the Vessel; and

  

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

  

	 	15.2.3	to effect the Insurances through Belgibo or such other brokers (the “approved insurance brokers”) and with such insurance companies, underwriters, war risks associations and/or protection and indemnity
associations as shall from time to time be approved in writing by the Security Trustee, as directed by the Lenders (which approval shall not be unreasonably withheld); 

 

	 	15.2.4	to notify the Security Trustee, at least 10 days before the relevant policies or contracts expire, of the relevant brokers and/or insurance companies, underwriters, war risks association and/or protection and indemnity
association through and with whom the Insurances for the Vessel are expected to be renewed; 

  

	 	15.2.5	to renew the Insurances before the relevant policies or contracts expire, and to procure that the approved insurance brokers or insurers with which the Insurances for the Vessel are effected shall promptly confirm such
renewal in writing to the Security Trustee and inform the Security Trustee of the terms and conditions thereof, as and when the same occurs; 

  

	 	15.2.6	punctually to pay all premiums, calls, contributions or other sums in respect of the Insurances and to produce all relevant receipts when so reasonably required by the Security Trustee; 

 

	 	15.2.7	to arrange for the execution of such guarantees as may from time to time be required by any protection and indemnity or war risks association (if applicable) for or for the continuance of the Vessel’s entry;

  

	 	15.2.8	to procure that notice of assignment to the Security Trustee in respect of the Vessel signed by the Borrower is duly endorsed upon all slips, cover notes, policies, certificates of entry or other instruments of
insurance issued or to be issued in connection with the Insurances for the Vessel, together with a loss payable clause, in each case in such form as may be required by the Security Trustee, all in accordance with usual industry practice;

  
 43 

	 	15.2.9	to procure that all such instruments of insurance referred to in Clause 15.2.8 as are effected through the approved insurance brokers shall be deposited with the approved insurance brokers, and that such brokers shall
furnish the Security Trustee with pro forma copies and a letter or letters of undertaking in such form as the Security Trustee may reasonably require having regard to the then current market practice; 

 

	 	15.2.10	to procure that the protection and indemnity association and/or war risks association (if applicable) in which the Vessel is entered shall furnish the Security Trustee with a certified copy of the certificate of entry
for the Vessel and a letter or letters of undertaking in such form as may be required by the Security Trustee together with a certified copy of each certificate of financial responsibility for pollution by oil or other substances in relation to the
Vessel; 

  

	 	15.2.11	without prejudice to the generality of Clauses 15.2.9 and 15.2.10, if any of the Insurances form part of a fleet cover, to use its reasonable endeavours (having regard to then current market practice including the
practice prescribed by the Lloyds Insurance Brokers’ Committee and/or any other professional association of which the approved insurance brokers are members) to procure that the approved insurance brokers shall undertake to the Security Trustee
that they shall neither set off against any claim in respect of the Vessel any premiums or calls due in respect of any other vessel or in respect of other insurances nor cancel any of the Insurances by reason of non payment of premiums or calls due
in respect of any other vessel or in respect of other insurances; 

  

	 	15.2.12	to comply with all the requirements from time to time applicable to the Insurances, and not to make, do, consent or agree to any act or omission which would or might render any such instrument of insurance invalid,
void, voidable or unenforceable or subject to any material exclusion or qualification or which would render any sum payable under them repayable in whole or in part; 

 

	 	15.2.13	not to employ the Vessel, or suffer the Vessel to be employed, otherwise than in conformity with the terms of the said instruments of insurance (including any express or implied warranties they contain), without first
obtaining the insurers’ consent to such other employment and complying with such requirements as to extra premium or otherwise as the insurers may prescribe, or arranging for additional insurances; 

 

	 	15.2.14	to apply all sums received in respect of the Insurances in accordance with the Finance Documents for the purpose of making good the loss and repairing the damage in respect of which those sums have been received;

  

	 	15.2.15	not to alter any of the terms of any of the instruments of insurance referred to in Clause 15.2.8 if, as a result of such alteration, the position of the Banks would be materially adversely affected; 

 

	 	15.2.16	not without the prior written consent of the Security Trustee (such consent not to be unreasonably withheld) to settle, compromise or abandon any claim under the Insurances for a Total Loss or a Major Casualty;

  
 44 

	 	15.2.17	to do all things necessary and provide the Security Trustee with all relevant documents, evidence and information as the Security Trustee may require to enable the Security Trustee to collect or recover any moneys in
respect of the Insurances which are payable to the Security Trustee pursuant to the Finance Documents; 

  

	 	15.2.18	to provide the Security Trustee, upon its reasonable request, with copies of all communications of a material nature between the Borrower and the approved insurance brokers or (as the case may be) approved associations
relating to the Insurances in relation to: 

  

	 	(a)	any material condition, qualification or exclusion applicable to those Insurances; 

  

	 	(b)	any actual or potential suspension of any of those Insurances; 

  

	 	(c)	payment of premiums and calls and performance by the Borrower of its other material obligations in respect of those Insurances; 

  

	 	15.2.19	to make or procure that the managers of the Vessel shall make such quarterly voyage declarations as may be required from time to time in accordance with the Insurances, especially in order to maintain cover for trading
in and to the United States of America and the Exclusive Economic Zone (as defined in the United States of America Oil Pollution Act 1990) and shall on request supply the Security Trustee with copies thereof. 

 

	15.3	MII and MAP Cover 

 The Borrower undertakes to pay to the Security Trustee on demand all
reasonable premiums and other amounts reasonably payable by the Security Trustee in effecting and maintaining on behalf of the Security Trustee a mortgagee’s interest insurance policy and a mortgagee’s interest additional perils
(pollution) policy in respect of the Vessel in an amount equal to 110% of the amount of the Loan outstanding from time to time and otherwise to be on such terms and conditions as the Security Trustee shall deem appropriate after consulting with the
Borrower. 
 Notwithstanding the above, if at any time before the date on which the Security Trustee requires any insurances of the nature
referred to in this Clause 15.3 to be effected, the Borrower can demonstrate that a firm of approved insurance brokers is able to arrange those insurances upon the same terms, before that date, for a price lower than that for which any firm of
insurance brokers nominated by the Security Trustee is prepared to arrange those insurances, with a scope of coverage and with underwriters acceptable to the Security Trustee, the Security Trustee shall not unreasonably refuse to effect those
insurances through that firm of insurance brokers so nominated by the Borrower, but only if that firm of insurance brokers will enter into such agreements with the Security Trustee as it may require taking into account the identity of that firm of
insurance brokers. 

  
 45 

	16.	VESSEL UNDERTAKINGS - OPERATION AND MAINTENANCE 

  

	16.1	Duration of undertakings 

 The Borrower undertakes to the Security Trustee to comply with
the undertakings contained in this Clause 16 at all times from the Delivery Date until the end of the Security Period, provided that at any time after a Total Loss Event has occurred and is continuing the Borrower shall not be obliged to perform any
of its undertakings under this Clause 16 in respect of that Vessel to the extent that it would be impossible or impractical for it to do so. 
  

	16.2	Ownership and registration 

 The Borrower undertakes: 

 

	 	16.2.1	to keep the Vessel registered under the laws and flag of an Approved Flag State and not to do or suffer to be done anything by which that registration may be forfeited or imperilled; 

 

	 	16.2.2	not to change the port of registration of the Vessel without the prior written consent of the Security Trustee (such consent not to be unreasonably withheld); 

 

	 	16.2.3	to inform the Security Trustee in advance of any change to the name of the Vessel; 

  

	 	16.2.4	unless the Loan is prepaid in full in accordance with Clause 6.3 upon the completion of that sale, not to sell or agree to sell the Vessel or any share in the Vessel without the prior written consent of the Security
Trustee. 

  

	16.3	Classification, repair and surveys 

 The Borrower undertakes: 

 

	 	16.3.1	to procure that the Vessel is kept in a good and seaworthy state of repair, so as to maintain the highest class with its Classification Society free of material overdue recommendations and conditions, and so as to
comply with the provisions of all laws and all other regulations and requirements (statutory or otherwise) from time to time applicable to vessels registered at ports in the Approved Flag State; 

 

	 	16.3.2	to procure that the Vessel is submitted regularly to such periodical or other surveys as may be required for classification and regulatory purposes and, if so required by the Security Trustee, to procure that the
Security Trustee is supplied with copies of all survey reports and class and other certificates issued in this respect; 

  

	 	16.3.3	to procure that all repairs to or replacement of any damaged, worn or lost parts or equipment shall be effected in accordance with the rules and requirements of the Classification Society in such manner (both as regards
workmanship and quality of materials) as not to diminish the value of the Vessel; 

  

	 	16.3.4	 not to remove any material part of the Vessel, or any item of equipment installed on it, unless the part or item so removed is promptly replaced by a
suitable part or item 

  
 46 

	 	
which (a) is in the same condition as or better condition than the part or item removed, (b) is free from any Encumbrance (other than a Permitted Encumbrance) or right in favour of any
person other than the Security Trustee and (c) becomes on installation on the Vessel the property of the Borrower and subject to the security constituted by the Mortgage, provided that the Borrower may install and remove equipment owned by a
third party if the equipment can be removed without any risk of damage to the Vessel; 

  

	 	16.3.5	except as required by law or by the Classification Society, not without, the prior written consent of the Security Trustee, to cause or permit to be made any substantial change in the structure, type or performance
characteristics of the Vessel which would materially and adversely affect the value of the Vessel. 

  

	16.4	Management 

 The Borrower undertakes: 

 

	 	16.4.1	to procure that at all times the Vessel is technically managed only by the Technical Manager on the terms of the Technical Management Agreement and is commercially managed only by the Commercial Manager on the terms of
the Commercial Management Agreement; 

  

	 	16.4.2	not, without the prior written consent of the Security Trustee (which shall not be unreasonably withheld or delayed), to amend any Management Agreement in any material respect or to terminate or suffer the termination
of any such appointment or to appoint or suffer the appointment of any other managers for the Vessel; and 

  

	 	16.4.3	to procure that on or before the Drawdown Date (or, if later, the date of its appointment) each Manager executes and delivers to the Security Trustee a Manager’s Undertaking. 

 

	16.5	Employment 

 The Borrower undertakes: 

 

	 	16.5.1	not to employ the Vessel, or suffer the Vessel to be employed: 

  

	 	(a)	in any trade or business which is forbidden by the law of its Approved Flag State or of any country to which the Vessel may sail, or which is otherwise illicit; 

 

	 	(b)	in carrying illicit or prohibited goods, or in any manner whatsoever which may render her liable to condemnation in a Prize Court or to destruction, seizure or confiscation; 

 

	 	(c)	in the event of hostilities in any part of the world (whether war be declared or not), in carrying any contraband goods, nor to enter or trade to any zone which is declared a war zone by the Vessel’s war risks
insurers unless the Borrower has effected, at its own expense, special insurance cover for the Vessel in relation thereto; 

  
 47 

	 	16.5.2	not, without the prior written consent of the Security Trustee, to let or employ the Vessel on demise charter; 

  

	 	16.5.3	fully to perform its own obligations under each Long Term Charter; 

  

	 	16.5.4	not to employ or permit any member of the Vessel’s crew to be employed in breach of the International Transport Worker’s Federation (ITF) rules and regulations. 

 

	16.6	Inspection; access to records 

 The Borrower undertakes to procure that the Security
Trustee or any representative of the Security Trustee is permitted: 
  

	 	16.6.1	without affecting the Vessel’s daily operations, to board the Vessel at all reasonable times for the purpose of inspecting her condition or satisfying itself as to proposed or executed repairs, and to afford all
proper facilities for such inspections (which inspections shall be at the cost of the Borrower up to a maximum of one inspection per calendar year, provided that following the occurrence of an Event of Default which is continuing, all inspections
shall be at the cost of the Borrower); and 

  

	 	16.6.2	at any time after the Borrower has failed to supply such information in accordance with Clause 16.7, with prior notice to the Borrower, to obtain information about the Vessel and her condition from her Classification
Society and the relevant regulatory authorities, to have access to the records of the Vessel maintained by her Classification Society and such authorities and otherwise to communicate direct with each of them as if the Security Trustee were the
owner of the Vessel. 

  

	16.7	Information 

 The Borrower undertakes: 

 

	 	16.7.1	as soon as practically possible to furnish the Security Trustee, when so reasonably required by it in writing, with a copy of the classification certificate issued by the relevant Classification Society for the Vessel,
all such reasonable information regarding the Vessel, her employment, position and engagements, particulars of all towages and salvages and copies of all charters and other contracts for her employment or otherwise howsoever concerning her and all
such material information as shall be or ought to be supplied to the insurers of the Vessel; 

  

	 	16.7.2	to notify the Security Trustee immediately upon its becoming aware of: 

  

	 	(a)	any accident to the Vessel or incident which is or is likely to be a Major Casualty; 

  

	 	(b)	any occurrence resulting in the Vessel becoming or being likely to become a Total Loss; 

  
 48 

	 	(c)	any requirement or recommendation made by any insurer or the relevant Classification Society, or by any competent authority, in respect of the Vessel which is not complied with within any time limit imposed by that
insurer, Classification Society or authority; 

  

	 	(d)	any arrest of the Vessel, or the exercise or purported exercise of any lien on the Vessel or her Earnings or any requisition of the Vessel for hire; 

 

	 	(e)	any hijacking or theft (or attempted hijacking or theft) of the Vessel; 

  

	 	(f)	any other matter, event or incident, actual or threatened, the effect of which will or may lead to the ISM Code or the ISPS Code not being complied with by the Borrower or the relevant Manager or otherwise in connection
with the Vessel. 

  

	16.8	Discharge of debts; avoidance of liens 

 The Borrower undertakes: 

 

	 	16.8.1	unless the same is being contested in good faith by the Borrower, as soon as • practically possible to pay and discharge or secure all debts, damages and liabilities whatsoever which the Borrower shall have been
called upon to pay, discharge or secure and which have given, or may give, rise to maritime or possessory liens on or claims enforceable against the Vessel; 

  

	 	16.8.2	unless the same is being contested in good faith by the Borrower, in the event of arrest of the Vessel pursuant to legal process, or in the event of her detention in exercise or purported exercise of any such lien, to
procure the release of the Vessel from such arrest or detention within 30 days (or such longer period as may be agreed by the Lenders) of receiving notice of the same by providing bail or otherwise as the circumstances may require;

  

	 	16.8.3	not without the previous consent in writing of the Security Trustee (as directed by the Majority Lenders) to create or suffer the creation of an Encumbrance (other than a Permitted Encumbrance) over or in respect of the
Vessel or any share in the Vessel; 

  

	 	16.8.4	not without the previous consent in writing of the Security Trustee (as directed by the Majority Lenders) to put or suffer the Vessel to be put into the possession of any person for the purpose of work being done upon
her in an amount exceeding or likely to exceed $5,000,000 (or the equivalent in any other currency) unless either: 

  

	 	(a)	the cost of that work is fully recoverable under the Insurances; or 

  

	 	(b)	that person has first given to the Security Trustee in terms satisfactory to the Security Trustee a written undertaking not to exercise any lien on the Vessel or her Earnings for the cost of that work or otherwise; or

  

	 	(c)	the Borrower has established to the reasonable satisfaction of the Security Trustee that it has sufficient funds to pay for the cost of that work. 

  
 49 

	16.9	Perfection of Mortgage 

 The Borrower undertakes: 

 

	 	16.9.1	to place, and at all times and places to retain, a properly certified copy of the Mortgage on board the Vessel with her papers, and to cause such certified copy and such papers to be exhibited to any and all persons
having business with the Vessel which might give rise to any lien on it other than liens for crew’s wages and salvage and to any representative of the Security Trustee and keep prominently displayed in the chart room and in the Master’s
cabin of the Vessel a framed notice in plain type, reading as follows (or in such other form as the Security Trustee may reasonably require having regard to the laws of its Approved Flag State): 

“NOTICE OF MORTGAGE 

This Vessel is subject to a First Priority Mortgage in favour of DNB Bank ASA as agent and trustee for and on behalf of itself and certain
other banks and financial institutions. Under the terms of the said Mortgage neither the Borrower, any charterer, the Master of this Vessel nor any other person has any right, power or authority to create, incur or permit to be imposed upon this
Vessel any lien whatsoever other than for crew’s wages and salvage”; 
  

	 	16.9.2	to comply with and satisfy all pertinent requirements and formalities to perfect and maintain the Mortgage as a legal, valid and enforceable first priority mortgage over the Vessel. 

 

	16.10	Environmental undertakings 

 The Borrower undertakes: 

 

	 	16.10.1	to notify the Security Trustee immediately upon its becoming aware of the occurrence of: 

  

	 	(a)	any Environmental Claim against the Borrower or any Relevant Ship; or 

  

	 	(b)	any Environmental Incident which would potentially give rise to any Environmental Claim; 

which, in either case, has affected or could affect the interests of the Banks in a materially adverse way, and to keep the Security Trustee
advised in writing on such regular basis and in such detail as the Security Trustee shall reasonably require of the nature of that Environmental Claim or Environmental Incident and the Borrower’s proposed and actual response thereto; 

 

	 	16.10.2	to comply with and procure that its affiliates comply with all Environmental Laws including, without limitation, requirements relating to manning and establishment of financial responsibility, and to obtain and comply
with, and procure that all such affiliates obtain and comply with, all Environmental Approvals; 

  
 50 

	 	16.10.3	to ensure that the Vessel is, at all times, equipped and accredited with any required trading documentation and/or authorisations necessary to legitimise the entry of the Vessel into the waters of any relevant
jurisdiction. Such trading documentation and authorisations shall include, amongst other things, valid certification under the International Convention on Civil Liability for Oil Pollution Damage (as amended) and the International Convention on
Civil Liability for Bunker Oil Pollution Damage, a valid US Coast Guard certificate of financial responsibility (water pollution), a valid certificate from any US state that requires a state equivalent of a certificate of financial responsibility, a
vessel classification certificate and any other credentials as might be, or may come to be, required. Copies of such trading documentation and/or authorisations shall be made available to the Security Trustee as and when requested.

  

	16.11	ISM Code and ISPS Code 

 The Borrower undertakes to comply, and procure compliance by the
Manager and any other operator of the Vessel, with: 
  

	 	16.11.1	all provisions of the ISM Code including, without limitation, obtaining and maintaining in force at all times a valid Document of Compliance in relation to the company responsible for the Vessel’s compliance with
the ISM Code under paragraph 1.1.2 of the ISM Code and a valid Safety Management Certificate in respect of the Vessel as required by the ISM Code; and 

  

	 	16.11.2	all provisions of the ISPS Code including, without limitation, obtaining and maintaining in force a valid International Ship Security Certificate in respect of the Vessel as required by the ISPS Code, and ensuring that
the Vessel’s security system and its associated security equipment comply with the applicable requirements of Part A of the ISPS Code and of Chapter XI-2 of the Safety of Life at Sea Convention (SOLAS), and that an approved ship security plan
is in place, 

 and to procure that certified copies of all such certificates and other documents are provided promptly on
demand to the Security Trustee. 
  

	17.	VALUATIONS AND ASSET PROTECTION 

  

	17.1	Valuations 

 The Borrower shall, with effect from the Drawdown Date, arrange at its own
expense for valuations of the Vessel to be carried out on or about each date on which the Borrower is required to provide a Compliance Certificate to the Agent under Clause 13.2.4(a) (and at any other time that the Borrower deems appropriate) in
order to determine her market value as at each such date. Such valuations shall be addressed to the Agent (for the benefit of the Lenders) and shall be prepared: 
  

	 	17.1.1	without a physical inspection of the Vessel (at the discretion of the Agent) in Dollars on the basis of a sale for prompt delivery, charter-free, at arm’s length between a willing seller and a willing buyer;

  

	 	17.1.2	by any two Approved Shipbrokers as the Borrower may from time to time select; 

  
 51 

 and the Fair Market Value of the Vessel shall be the mean average of those valuations, except
that: 
  

	 	(a)	where the two valuations obtained differ by a margin of over 10% of the amount of the lower such valuation, a valuation shall be obtained from a third Approved Shipbroker and the Fair Market Value of the Vessel shall be
the mean average of all three valuations; 

  

	 	(b)	where the Vessel is subject to a Mortgage under which the amount recoverable is restricted to a registered maximum mortgage amount, the Fair Market Value of the Vessel shall be restricted to that mortgage amount if the
valuation otherwise determined under this Clause 17.1 would be higher; and 

  

	 	(c)	where the Vessel becomes a Total Loss but the proceeds of the Insurances in respect of that Total Loss have not yet been applied in accordance with Clause 6.3, the Vessel shall be deemed to have a Fair Market Value
equal to its insured value or, if lower, such amount as the Agent determines is reasonably expected to be received from the Vessel’s insurers in respect of the Total Loss. 

Each such valuation shall be conclusive and binding on the Borrower and the Banks save in the case of manifest error. 

 

	17.2	Consequences of security shortfall 

 If the aggregate of (a) the Fair Market Value
of the Vessel determined pursuant to Clause 17.1 and (b) the market value of any additional security previously provided under this Clause 17 is at any time less than 125% of the Loan, the Borrower shall at its own discretion, as soon as
possible but in any event not later than 30 days after a written demand by the Agent to make good that shortfall (as directed by the Majority Lenders), either: 
  

	 	17.2.1	provide additional security over cash deposits and/or such other assets and in such form as is acceptable to the Majority Lenders where such cash deposits and/or other assets have an aggregate market value (after
deducting the amount secured by any prior Encumbrances over such assets) at least equal to the shortfall; or 

  

	 	17.2.2	prepay such part of the Loan as will eliminate the shortfall in accordance with the relevant provisions of Clause 6.6; or 

  

	 	17.2.3	make good the shortfall by combining the provision of additional security under Clause 17.2.1 with a partial prepayment of the Loan under Clause 17.2.2. 

  
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	17.3	Valuation of additional security 

 The market value of any additional security provided
or to be provided under this Clause 17 shall be determined at the cost of the Borrower on such basis and by such independent valuers as the Borrower and the Agent may agree (or, in the absence of such agreement, on such basis and by such independent
valuers as shall reasonably be selected by the Agent), subject to the following: 
  

	 	17.3.1	the value of any cash collateral in Dollars will be valued at its principal amount; and 

  

	 	17.3.2	any additional vessel will be valued in accordance with Clause 17.1. 

  

	17.4	Agent’s right to obtain valuations after Event of Default 

 If an Event of Default
has occurred and is continuing, the Agent shall be entitled from time to time to obtain its own valuations of: 
  

	 	17.4.1	the Vessel or any additional vessel in accordance with Clause 17.1 from any two Approved Shipbrokers selected by the Agent; and/or 

  

	 	17.4.2	any other additional security in accordance with Clause 17.3 from such independent valuers as the Agent shall select, 

and the Borrower shall reimburse the Agent on demand for the costs of each such valuation. The Borrower undertakes to provide such assistance
as the Agent shall require in connection with all valuations obtained by the Agent in accordance with this Clause 17.4. 
  

	18.	EVENTS OF DEFAULT 

  

	18.1	Defaults 

 Each of the following events or circumstances is an Event of Default: 

 

	 	18.1.1	Non-payment An Obligor does not pay on the due date any amount payable pursuant to the Finance Documents at the place and in the currency in which it is expressed to be payable or, in respect of moneys payable on
demand, (unless otherwise specifically provided) within 3 Banking Days from the date of demand, unless the non-payment: 

  

	 	(a)	is caused by technical or administrative error and is remedied within 3 Banking Days of the due date; or 

  

	 	(b)	is caused by a Disruption Event and is remedied within 3 Banking Days of the due date. 

  

	 	18.1.2	Insurances The Vessel is not, or ceases to be, insured in the relevant amount and on the relevant terms specified in Clause 15 or the Borrower fails to comply with any of its other material (in the Agent’s
reasonable opinion) obligations in respect of the Insurances. 

  

	 	18.1.3	Security shortfall The aggregate of (a) the Fair Market Value of the Vessel determined pursuant to Clause 17.1 and (b) the market value of any additional security previously provided under Clause 17 is less than
125% of the aggregate of the Loan and is not remedied in accordance with Clause 17.2. 

  
 53 

	 	18.1.4	Other obligations An Obligor does not comply with any provision of the Finance Documents other than those referred to in Clauses 18.1.1, 18.1.2 and 18.1.3 provided that no Event of Default will occur under this
Clause 18.1.4 if: 

  

	 	(a)	such failure to comply relates to a breach of the financial covenants set out in Clause 14.1 (in which case the mandatory prepayment provisions of Clause 6.5 shall apply but the breach shall not constitute an Event of
Default); or 

  

	 	(b)	such failure to comply is capable of remedy (in the Agent’s reasonable opinion) and is remedied within 30 days of the Agent giving notice to the Borrower or the Borrower becoming aware of the failure to comply,
whichever date occurs earlier. 

  

	 	18.1.5	Misrepresentation Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of an Obligor under or in connection with any
Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

  

	 	18.1.6	Event of Default under a Master Agreement Any of the Master Agreements is terminated as a result of an Event of Default (as therein defined) in relation to the Borrower. 

 

	 	18.1.7	Other cross default 

  

	 	(a)	Any repayment of principal in respect of, or any payment of interest on, any Financial Indebtedness of an Obligor is not paid when due or within any originally applicable grace period (unless the due date for payment
thereof is rescheduled with the agreement of the relevant creditor before the expiry of any such grace period); or 

  

	 	(b)	any Financial Indebtedness of an Obligor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described); or 

 

	 	(c)	any commitment to an Obligor for any Financial Indebtedness is cancelled by a creditor of that Obligor by reason of an event of default (however described); or 

 

	 	(d)	any Financial Indebtedness of an Obligor becomes capable of being declared due and payable prior to its specified maturity or any commitment to an Obligor for any Financial Indebtedness becomes capable of being
cancelled in either case as a result of an event of default (however described) and the event giving rise to that event of default is not waived or remedied to the satisfaction of the relevant creditor within 30 days of its occurrence;

 provided that no Event of Default will occur under this Clause 18.1.7 if the aggregate amount of Financial Indebtedness or
commitment for Financial Indebtedness falling 

  
 54 

 
within paragraphs (a) to (d) above is up to (and not exceeding) an agreed minimum amount of less than $10,000,000 (or its equivalent in any other currency or currencies). 

 

	 	18.1.8	Insolvency 

  

	 	(a)	An Obligor is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with its
creditors generally or any class of creditors with a view to rescheduling any of its indebtedness; or 

  

	 	(b)	the value of the assets of an Obligor is less than its liabilities (taking into account contingent and prospective liabilities); or 

  

	 	(c)	a moratorium is declared in respect of any indebtedness of an Obligor. 

  

	 	18.1.9	Insolvency proceedings Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

  

	 	(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration, bankruptcy or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of an Obligor
other than a solvent liquidation or reorganisation of an Obligor other than the Borrower; or 

  

	 	(b)	a composition, compromise, assignment or arrangement with any class of creditors of an Obligor; or 

  

	 	(c)	the appointment of a liquidator (other than in respect of a solvent liquidation of an Obligor other than the Borrower), receiver, administrative receiver, administrator, compulsory manager or other similar officer in
respect of an Obligor or any of its assets; or 

  

	 	(d)	enforcement of any Encumbrance over any assets of an Obligor, 

 or any analogous procedure or
step is taken in any jurisdiction. 
  

	 	18.1.10	Creditors’ process Any expropriation, attachment, sequestration, distress or execution by a creditor affects any asset or assets of an Obligor having an aggregate value of at least $10,000,000 and is not
discharged within 30 days (unless the same is capable of appeal and is being contested in good faith by the relevant Obligor, in which case, as long as the Obligor continues its appeal in good faith, it shall only be an Event of Default if such
appeal fails and such expropriation, attachment, sequestration, distress or execution is not discharged within 30 days of the date on which the Obligor’s final appeal is dismissed). 

  
 55 

	 	18.1.11	Security imperilled Anything is done, suffered or omitted to be done or occurs which, in the reasonable opinion of the Majority Lenders, would in any way imperil the security created by the Finance Documents.

  

	 	18.1.12	Change or cessation of business The Borrower ceases, or threatens to cease, to carry on its business, or a material part of its properties or assets is seized or nationalised, appropriated or compulsorily
purchased by or under the authority of any government, and such cessation, disposal, seizure, nationalisation, appropriation or compulsory purchase, in the reasonable opinion of the Majority Lenders, does or would have a Material Adverse Effect.

  

	 	18.1.13	Unlawfulness, impossibility or repudiation It becomes impossible or unlawful for an Obligor to fulfil any of its obligations under the Finance Documents, or for any Bank to exercise any of the rights vested in it
by, or to enforce the security constituted by, the Finance Documents, or any of the Finance Documents for any reason becomes invalid or unenforceable or ceases to be in full force and effect or (save to the extent that it ranks behind a Permitted
Encumbrance arising by operation of law) loses its first priority ranking or an Obligor repudiates any of the Finance Documents. 

  

	 	18.1.14	Revocation or modification of authorisations Any licence, approval, consent, authorisation or registration at any time necessary or desirable for the validity, enforceability or admissibility in evidence of the
Finance Documents, or for an Obligor to comply with its obligations under them, or in connection with the ownership or operation of the Vessel, is revoked, withheld or expires, or is modified in what the Majority Lenders reasonably consider a
material respect. 

  

	 	18.1.15	Breach of Environmental Law The Borrower fails to comply with any Environmental Law or any Environmental Approval or any Relevant Ship is involved in any incident which gives rise to an Environmental Claim if, in
any such case, that non-compliance or incident or the consequences of it would, in the reasonable opinion of the Majority Lenders, have a Material Adverse Effect. 

 

	 	18.1.16	Material Adverse Change There is any Material Adverse Change. 

  

	18.2	Banks’ remedies 

 Upon the occurrence of an Event of Default and at any time whilst
it is still continuing, without prejudice to any of the rights and remedies of the Agent and/or the other Banks under any of the other Finance Documents or otherwise: 
  

	 	18.2.1	the Agent may, and shall if so requested by the Majority Lenders, take any one or more of the following actions: 

  

	 	(a)	by written notice to the Borrower declare the Total Commitments of the Lenders cancelled, whereupon they shall be cancelled; 

  
 56 

	 	(b)	by written notice to the Borrower demand the immediate repayment of the Loan, all interest accrued thereon and all other Outstanding Indebtedness, whereupon such amount shall become immediately due and payable;

  

	 	(c)	take steps to exercise the rights and remedies conferred upon the Agent and/or the other Banks by this Agreement and the other Finance Documents and exercisable on or after the occurrence of an Event of Default; and

  

	 	18.2.2	the Security Trustee may, and shall if so requested by the Majority Lenders, take steps to enforce the security created by the Finance Documents and/or otherwise exercise the rights and remedies conferred on the
Security Trustee by this Agreement and the other Finance Documents or otherwise under any applicable law and exercisable on or after the occurrence of an Event of Default. 

 

	19.	FEES, EXPENSES AND INDEMNITIES 

  

	19.1	Commitment fee 

 The Borrower shall pay to the Agent for the account of the Lenders (pro
rata in accordance with their Commitments) quarterly in arrears a commitment fee on the daily undrawn and uncancelled balance of the Commitments in relation to the relevant period computed from the date of this Agreement at an annual rate equal to:

  

	 	19.1.1	40% of the Applicable Margin for the period from the date of this Agreement up to (and including) 31 May 2012; and 

  

	 	19.1.2	45% of the Applicable Margin thereafter. 

 The first period in respect of which such commitment
fee shall be calculated will be the period from the date of this Agreement up to and including 31 May 2012; subsequently the commitment fee shall be calculated for each of the following consecutive periods of 3 months ending on 31 August,
30 November, 28 February and 31 March respectively in each year with a final instalment being calculated in respect of the period ending on the last, day of the Availability Period. 

The amount of the commitment fee payable in respect of each such period shall be calculated by the Agent within 5 Banking Days of the end of
such period and shall be notified by the Agent to the Borrower who shall pay such amount to the Agent not later than 5 Banking Days after receiving the Agent’s notification thereof. 

 

	19.2	Arrangement fee 

 The Borrower shall pay to the Agent for equal distribution to the
Mandated Lead Arrangers a non-refundable arrangement fee on such dates and in such amount as is specified in the Arrangement Fee Letter. 

  
 57 

	19.3	Structuring fee 

 The Borrower shall pay to the Agent for equal distribution to the
Mandated Lead Arrangers a non-refundable structuring fee on such dates and in such amount as is specified in the Structuring Fee Letter. 
  

	19.4	Agency fee 

 The Borrower shall pay to the Agent for its own account a non-refundable
agency fee on such dates and in such amount as is specified in the Agency Fee Letter. 
  

	19.5	Indemnity against costs 

 The Borrower shall pay to the Agent on demand, and the Borrower
shall indemnify and keep each relevant Bank indemnified against, all costs, charges, expenses, claims, liabilities, losses, duties and fees (including, but not limited to, legal fees and expenses on a full indemnity basis) and taxes thereon suffered
or reasonably incurred: 
  

	 	19.5.1	by the Mandated Lead Arrangers, the Agent and/or the Security Trustee in the negotiation, preparation, printing, execution and registration of this Agreement and the other Finance Documents; 

 

	 	19.5.2	by the Agent in collating, monitoring and otherwise attending to the relevant conditions precedent to drawdown of the Loan; 

  

	 	19.5.3	by any Bank in the enforcement or preservation or the attempted enforcement or preservation of any of the rights and powers of the Banks (or any of them) under this Agreement and the other Finance Documents or of the
security constituted by the Finance Documents; 

  

	 	19.5.4	by any Bank in connection with any actual or proposed amendment of or supplement to this Agreement or any other Finance Document, or with any request to the Banks (or any of them) to grant any consent or waiver in
respect of any provision of this Agreement or any other Finance Document, whether or not it is given, 

 provided that the
Borrower shall not be liable to reimburse the costs of any legal advisers in respect of the matters referred to in Clauses 19.5.1 and 19.5.2 except the legal fees and disbursements of Holman Fenwick Willan LLP as counsel to the Agent and the fees
and disbursements of the legal counsel who are to render opinions in respect of any of the Finance Documents or to deal with the preparation and/or registration of the Mortgage or other Finance Documents on behalf of the Agent. 

 

	19.6	Documentary taxes 

 The Borrower shall promptly pay all stamp duty, registration and
other similar taxes payable on or by reference to any Finance Document and shall indemnify the Banks on the Agent’s written demand against any and all claims, expenses, liabilities and losses resulting from any failure or delay by the Borrower
to pay any such duty or tax. 

  
 58 

	19.7	Tax indemnity 

 The Borrower shall indemnify each Bank on the Agent’s written demand
against any loss, liability or cost suffered for or on account of tax by that Bank in respect of a Finance Document under any laws in effect (and as interpreted, administered and applied) at the date of this Agreement, except that the indemnity
under this Clause 19.7 shall not apply: 
  

	 	19.7.1	with respect to any tax assessed on a Bank: 

  

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

 

	 	(b)	under the law of the jurisdiction in which that Bank’s Lending Office is located in respect of amounts received or receivable in that jurisdiction, 

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

	 	19.7.2	to the extent a loss, liability or cost is compensated for by a payment under Clause 10.2; or 

  

	 	19.7.3	to the extent that Clause 25.12 applies. 

 For the avoidance of doubt, any loss, liability or
cost suffered for or on account of tax by a Bank in respect of a Finance Document as a result of the introduction of, or any change in (or in the interpretation, administration or application of), any law or regulation after the date of this
Agreement, or the compliance with any law or regulation made after the date of this Agreement, shall be indemnified in accordance with the provisions of Clause 19.10 which shall apply thereto. 

 

	19.8	Break costs and other general indemnities 

 The Borrower shall pay to the Agent on
demand, and the Borrower shall indemnify each Bank against all Break Costs and any other actual losses, expenses or liabilities (as to the amount of which the Agent’s certificate shall be conclusive and binding upon the Borrower, except in case
of manifest error) suffered or reasonably incurred by that Bank in connection with or as a result of: 
  

	 	19.8.1	the Loan not being drawn for any reason in full on the Drawdown Date specified in the Notice of Drawdown, other than as a result of a default by that Bank; 

 

	 	19.8.2	any repayment or prepayment of the whole or any part of the Loan being made on any date other than the last day of an Interest Period applicable to it; 

 

	 	19.8.3	any default in payment by the Borrower of any sum due under this Agreement and/or the other Finance Documents on its due date; or 

  

	 	19.8.4	the occurrence or continuance of an Event of Default and/or a Potential Event of Default. 

  
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	19.9	Currency indemnity 

 If any sum due from the Borrower under this Agreement or any other
Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the
“Second Currency”) for the purpose of making or filing a claim or proof against the Borrower or obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, the Borrower shall as an
independent obligation, within 3 Banking Days of demand, indemnify each Bank to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (a) the rate of exchange
used to convert that Sum from the First Currency into the Second Currency and (b) the rate or rates of exchange available to that Bank at the time of its receipt of that Sum. 

 

	19.10	Increased costs 

 If, as result of the introduction of or any change in (or in the
interpretation, administration or application of) any law or regulation after the date of this Agreement or the compliance with any law or regulation made after the date of this Agreement, any Bank suffers or incurs an Increased Cost, it shall
promptly notify the Agent upon becoming aware of that event, whereupon, subject to Clause 19.11 and Clause 25.12: 
  

	 	19.10.1	the Agent shall immediately notify the Borrower thereof; 

  

	 	19.10.2	the relevant Bank shall, following consultation with the Borrower, use all reasonable efforts within a period of 60 days from the date of the Agent’s notice under Clause 19.10.1 (the “Remedy
Period”) to avoid the effects of such event and in particular shall consider, subject to obtaining any necessary consents, transferring at par its rights and obligations under this Agreement to another legal entity approved by the Borrower
not affected by such law or regulation; 

  

	 	19.10.3	if the relevant Bank, having used all reasonable efforts as required under Clause 19.10.2, is unable to avoid the effects of such event during the Remedy Period, the Borrower shall indemnify the relevant Bank against
all Increased Costs suffered or incurred by that Bank or any of its affiliates by paying to the Agent for the account of the relevant Bank within 3 Banking Days of a demand by the Agent the amount of such Increased Costs so suffered or incurred from
time to time as certified by that Bank to the Agent; 

  

	 	19.10.4	without prejudice to Clause 19.10.3, if the relevant Bank is a Lender, the Borrower shall have the right at any time (whether during or after the Remedy Period), upon giving 3 Banking Days notice to the Agent, to prepay
that Lender’s Contribution or, to the extent permitted thereunder, to exercise its rights under Clause 25.14 in respect of that Lender. 

  
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	19.11	Exceptions to increased costs provisions 

 Clause 19.10 does not apply to the extent any
Increased Cost is: 
  

	 	19.11.1	compensated for by a payment under Clause 10.2 or Clause 19.7; or 

  

	 	19.11.2	compensated for by the payment of the Mandatory Cost; or 

  

	 	19.11.3	attributable to any tax assessed on a Bank: 

  

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

 

	 	(b)	under the law of the jurisdiction in which that Bank’s Lending Office is located in respect of amounts received or receivable in that jurisdiction, 

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

	 	19.11.4	attributable to the wilful breach by that Bank or its affiliates of any law or regulation; or 

  

	 	19.11.5	attributable to the implementation or application of or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee
on Banking Supervision in June 2004 in the form existing on the date of this Agreement (“Basel II”) or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government,
regulator, Bank or any of its affiliates) but, for the avoidance of doubt, shall not include any amendment to Basel II taking account of or incorporating any measure from the Basel III Paper or any law or regulation implementing the Basel III Paper,
in each case irrespective of whether the Basel III Paper is introduced by way of a separate framework, by way of one or more amendments to Basel II or by way of incorporation into Basel II. 

For the purposes of this Clause 19.11, “Basel III Paper” means any of the agreements reached on 26 July 2010 and
12 September 2010 by the Groups of Governors and Heads of Supervision of the Basel Committee on Banking Supervision, the paper “The Basel Committee’s response to the financial crisis: report to the G20” published by the
Basel Committee on Banking Supervision in October 2010, the documents “Basel III: A global regulatory framework for more resilient banks and banking systems” and “Basel III: International framework for liquidity risk measurement,
standards and monitoring” both published by that committee in December 2010 or any follow-up agreement or paper from that committee. 

  
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	19.12	Survival of indemnities 

 The indemnities contained in this Agreement and the other
Finance Documents shall continue in full force and effect after the full and final discharge of the Outstanding Indebtedness with respect to matters arising prior to that discharge. 

 

	20.	THE AGENT 

  

	20.1	Appointment of Agent 

 Each Lender irrevocably appoints and authorises the Agent to act
as its agent under this Agreement and the other Finance Documents. 
  

	20.2	Agent’s powers and discretions 

 The Agent shall have such powers and discretions:

  

	 	20.2.1	which are expressly delegated to the Agent by the terms of this Agreement and the other Finance Documents; 

  

	 	20.2.2	which the Majority Lenders consider appropriate and give to the Agent (generally or in a particular case) with the Agent’s consent; and 

 

	 	20.2.3	which the Agent considers to be reasonably incidental to the discharge and performance of any of its functions under this Agreement or any of the Finance Documents or otherwise appropriate in the context of those
functions, including the exercise of any powers given to it by the Majority Lenders. 

  

	20.3	Agent is agent only 

 The relationship between the Agent and each Lender is that of agent
and principal only. Nothing in this Agreement or the Finance Documents shall constitute the Agent a trustee or fiduciary for any Lender or any other person and no action taken by the Lenders pursuant hereto or thereto, shall be deemed to constitute
the Lenders a partnership, association, joint venture or other entity. 
  

	20.4	Agent’s responsibility to Borrower 

 In performing its functions and duties under
this Agreement and the other Finance Documents, the Agent shall act solely as agent of the Lenders and does not assume and shall not be deemed to have assumed any responsibility, liability or obligation (whether fiduciary or otherwise) towards, or
relationship of agency or trust with or for, the Borrower except for liability in circumstances where it is not acting in good faith or lawfully or where it acts in breach of the provisions of this Agreement and/or any other Finance Document. 

 

	20.5	Matters within Agent’s authority 

 Subject to Clause 20.6 and the other provisions
of this Agreement and the other Finance Documents, the Agent is irrevocably authorised by the Lenders in their name and on their behalf (and shall, if so directed by written notice from the Majority Lenders after the Lenders shall have consulted for
a period of not less than 5 days, which direction shall be binding on all the Lenders): 
  

	 	20.5.1	to waive, modify, vary or otherwise amend or excuse performance of any provisions of this Agreement or any of the Finance Documents; and 

 

	 	20.5.2	to enforce or take or refrain from taking any other action or proceedings with regard to this Agreement or any of the Finance Documents, 

  
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	20.6	Notification of proposed waivers and amendments 

 Except in cases where the Agent is of
the opinion that the Lenders would be prejudiced by any delay in the Agent enforcing or taking action, in which event the Agent may, but shall not be obliged to, enforce or take action without prior notification to the Lenders, the Agent shall be
obliged to notify the Lenders if it proposes to waive, modify, vary or otherwise amend or excuse performance of any provision of this Agreement or any of the Finance Documents or to enforce or take or refrain from taking any action under Clause 18.2
and the Agent shall not be entitled to proceed with that proposal unless the Majority Lenders shall give notice to the Agent agreeing to that proposal. The Agent shall be entitled to cancel that proposal if written notice pursuant to this Clause
20.6 is not received within 5 days of the Lenders being so notified by the Agent. 
  

	20.7	Agent to act in accordance with instructions of Majority Lenders 

 Subject to Clause
20.14 and any other provision of this Agreement and the other Finance Documents which expressly requires the Agent to act in accordance with the instructions of all the Lenders, the Agent agrees to act with respect to this Agreement and the other
Finance Documents in accordance with the written instructions of the Majority Lenders. Any such instructions given by the Majority Lenders shall be binding on all the Banks. In the absence of any instructions (and provided that it is not explicitly
required to obtain the consent of the Lenders or Majority Lenders pursuant to any relevant provision of this Agreement or the Finance Documents) the Agent shall be entitled (but not bound) to give or withhold its consent or approval in such manner
as it considers to be in the interests of all the Lenders without obtaining instructions from, or consulting with, all or any of the Lenders. 
  

	20.8	Agent not required to act 

 In no event shall the Agent be required to take any action
which exposes, or is likely to expose, the Agent to personal liability or which is contrary to the provisions of: 
  

	 	20.8.1	this Agreement or any of the Finance Documents; or 

  

	 	20.8.2	any law, regulation or directive. 

  

	20.9	Provision of copy documents to Lenders 

 The Agent shall furnish each Lender: 

 

	 	20.9.1	with copies of any documents received by it under Clause 12.2 (but the Agent shall not be obliged to review or check the accuracy or completeness thereof); 

  
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	 	20.9.2	if requested by that Lender, with copies of all documents received by the Agent under Clause 4.4; 

  

	 	20.9.3	with details of any communication received from the Borrower or any other Obligor referring to this Agreement and which: 

  

	 	(a)	contains a request for a consent or waiver which, under the terms of this Agreement or any Finance Document, requires the consent of the Lenders or the Majority Lenders; or 

 

	 	(b)	states that an Event of Default or Potential Event of Default has occurred and is continuing; or 

  

	 	(c)	contains any other request or information which, in the reasonable opinion of the Agent, is of a material nature. 

  

	20.10	Provision of copy communications to Agent 

 Each Lender will, promptly after receipt or
despatch thereof, forward to the Agent a copy of any communication: 
  

	 	20.10.1	sent by that Lender to the Borrower or any other Obligor; or 

  

	 	20.10.2	received by that Lender from the Borrower or any other Obligor and, in each case, relating to this Agreement or any of the Finance Documents. 

 

	20.11	Distributions of sums received and deductions by Agent 

 The Agent shall (subject to
Clause 9.3) distribute promptly to each Lender its due proportion of all sums received by the Agent on behalf of the Lenders under this Agreement or any of the other Finance Documents, subject to the Agent’s right to deduct and withhold from
any such payment any amount which is then (or which will, upon demand by the Agent, become) due and payable to the Agent from that Lender. 
  

	20.12	Agent’s retention of fees and expenses 

 The Agent may retain for its own use and
benefit (and shall not be liable to account to any Lender for all or any part of) any sums received by it by way of fees (and not payable to any Lender) or by way of reimbursement of expenses incurred by it. 

 

	20.13	Waiver on instructions of Majority Lenders 

 Save in respect of: 

 

	 	20.13.1	any provision which may only be waived or amended with the consent of all the Lenders and/or the relevant Service Bank (as the case may be) as specified in Clause 20.14 or Clause 20.17; 

  
 64 

	 	20.13.2	any provision which is stated to be expressly for the benefit of a Bank other than the Lenders generally; and 

  

	 	20.13.3	any other matter which, under the terms of this Agreement or any other Finance Document, expressly requires the consent or approval of all the Lenders, 

the provisions of this Agreement and any other Finance Document may be waived, and (subject to the written agreement of each of the other
parties thereto, other than the Banks) varied or amended, by the Agent acting on the written instructions of the Majority Lenders, in each case evidenced by an instrument in writing, and any such waiver, variation or amendment shall be binding upon
all the Banks. 
  

	20.14	Consent of Agent and all Lenders required 

 Nothing in Clause 20.13 shall authorise the
effecting, without the prior written consent of the Agent and all the Lenders, of: 
  

	 	20.14.1	any change in the Applicable Margin or in the definitions of “Majority Lenders” or “Finance Documents”; 

 

	 	20.14.2	any change in the date for, or alteration in the amount (or the basis of determining the amount) of, any payment of principal, interest or fees payable to all the Lenders generally;. 

 

	 	20.14.3	any change in a Lender’s Commitment; 

  

	 	20.14.4	any extension of the Availability Period; 

  

	 	20.14.5	any proposed substitution or replacement of the Borrower; 

  

	 	20.14.6	any change to Clauses 3, 4, 5, 6, 8, 9.2, 24 and 30; 

  

	 	20.14.7	any change to this Clause 20.14; 

  

	 	20.14.8	the release or material variation of any of the security created by or pursuant to the Finance Documents or any of them; or 

  

	 	20.14.9	any other matter in respect of which the terms of this Agreement or any of the Finance Documents expressly requires the agreement of all the Lenders. 

 

	20.15	Borrower’s reliance upon Agent 

 At all times throughout the Security Period the
Borrower shall be entitled to rely upon the advice of the Agent as to the giving of any approvals or consents or the exercise of any discretions by the Lenders or any other act of the Lenders as required by this Agreement and/or any other Finance
Document. 

  
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	20.16	Lenders to be informed 

 The Agent shall, subject to Clause 20.6, at all times keep the
Lenders informed of each and every approval or consent given and each exercise of any such discretion and each performance of any such other act which the Agent may have performed on behalf of the Lenders as required by this Agreement or any of the
Finance Documents. 
  

	20.17	Consent of Service Bank required 

 Notwithstanding the provisions of Clauses 20.13 and
20.14, no provision of this Agreement or of any other of the Finance Documents which in any way relates to the rights, duties, functions, powers or responsibilities of a Service Bank may be amended, waived or suspended without the prior consent of
that Service Bank. 
  

	21.	THE SECURITY TRUSTEE 

  

	21.1	Trust Property defined 

 In this Agreement, “Trust Property” means: 

 

	 	21.1.1	all rights, title and interests that may be mortgaged, charged, pledged or assigned in favour of the Security Trustee under or by virtue of the Finance Documents; 

 

	 	21.1.2	all rights granted to, or held or exercisable by, the Security Trustee by virtue of this Agreement and the other Finance Documents; 

  

	 	21.1.3	all moneys and other assets, which are received or recovered by or on behalf of the Security Trustee under or by virtue of any of the foregoing rights, including as a result of the enforcement or exercise of any such
right; and 

  

	 	21.1.4	all moneys and other assets accrued in respect of or derived from any of the foregoing. 

  

	21.2	Duties of Security Trustee 

 The Security Trustee shall: 

 

	 	21.2.1	hold the Trust Property on trust for the Banks in accordance with provisions of this Agreement and the other Finance Documents; and 

  

	 	21.2.2	perform and exercise the rights and benefits vested in it and deal with the Trust Property in accordance with the provisions of this Agreement and the other Finance Documents. 

 

	21.3	Security Trustee’s responsibility to Obligors 

 The Security Trustee does not assume
and shall not be deemed to have assumed any responsibility, liability or obligation (whether fiduciary or otherwise) towards, or relationship of agency or trust with or for, the Borrower or any other Obligor in any circumstances whatsoever except
for liability in circumstances where it is not acting in good faith or lawfully or where it acts in breach of the provisions of this Agreement and/or any other Finance Document. 

  
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	21.4	Security Trustee’s powers and discretions 

 The Security Trustee shall have such
powers and discretions: 
  

	 	21.4.1	which are expressly delegated to the Security Trustee by the terms of this Agreement and the other Finance Documents; 

  

	 	21.4.2	which the Majority Lenders (or, in respect of any powers or discretions which by their terms would otherwise have to be exercised by all the Lenders together) the Lenders consider appropriate and give to the Security
Trustee (generally or in a particular case) with the Security Trustee’s consent; 

  

	 	21.4.3	which the Security Trustee considers to be reasonably incidental and conducive to the discharge and performance of any of its functions under this Agreement or any of the Finance Documents or otherwise appropriate in
the context of those functions, including the exercise of any powers given to it by the Majority Lenders; and 

  

	 	21.4.4	which are conferred on a trustee by the Trustee Act 1925 and/or the Trustee Act 2000 and any other applicable law for the time being in force. 

 

	21.5	Security Trustee to act in accordance with instructions of Majority Lenders 

 Subject to
the provisions of the Agreement and the other Finance Documents, the Security Trustee agrees to act with respect to this Agreement and the other Finance Documents in accordance with the written instructions of the Agent, or, if the Agent and the
Security Trustee are the same person, the Majority Lenders. Any such instructions given by the Majority Lenders shall be binding on all the Banks. In the absence of any instructions (and provided that it is not explicitly required to obtain the
consent of the Majority Lenders or any other Banks pursuant to any relevant provision of the Finance Documents) the Agent shall be entitled (but not bound) to give or withhold its consent or approval in such manner as it considers to be in the
interests of all the Banks without obtaining instructions from, or consulting with, all or any of the Banks. 
  

	21.6	Security Trustee not required to act 

 In no event shall the Security Trustee be required
to take any action which exposes, or is likely to expose, the Security Trustee to personal liability or which is contrary to the provisions of: 
  

	 	21.6.1	this Agreement or any of the Finance Documents; or 

  

	 	21.6.2	any law, regulation or directive. 

  
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	21.7	Provision of copy documents to Banks 

 The Security Trustee shall furnish the Agent, or,
if the Agent and the Security Trustee are the same person, each Lender with copies of any documents received by it under or in connection with this Agreement or any Finance Documents which it considers to be of material importance to the Banks. 

 

	21.8	Transfer of moneys to Agent 

 The Security Trustee shall, except as expressly stated to
the contrary in this Agreement or any Finance Document, transfer any moneys forming part of the Trust Property to the Agent for application in accordance with the relevant provisions of this Agreement and the other Finance Documents, subject to the
Security Trustee’s right to deduct and withhold from any such payment any amount which is then (or which will, upon demand by the Security Trustee, become) due and payable to it, or to any receiver or agent appointed by it, under this Agreement
and the other Finance Documents. 
  

	21.9	Security Trustee’s retention of fees and expenses 

 The Security Trustee may retain
for its own use and benefit (and shall not be liable to account to any other Bank for all or any part of) any sums received by it by way of fees (and not payable to any other Bank) or by way of reimbursement of expenses incurred by it. 

 

	21.10	Release of security 

 At the end of the Security Period the Security Trustee shall,
following a request from the Borrower, release without any recourse, warranty or covenants for title whatsoever, all security granted to it pursuant to the Finance Documents then held by it, whereupon the Security Trustee shall be discharged from
all liabilities and obligations under this Agreement and the other Finance Documents. Any costs associated with the release of any security shall be for the cost of the Borrower. 

 

	21.11	Perpetuity period 

 The perpetuity period applicable to the trusts created by this Clause
21 is 125 years from the date of this Agreement. 
  

	21.12	Parallel debt 

  

	 	21.12.1	Notwithstanding any other provision of this Agreement the Borrower irrevocably and unconditionally undertake to pay to the Security Trustee, as creditor in its own right and not as representative of the Banks, sums
equal to and in the currency of each amount payable by the Borrower to each of the Banks under or by virtue of this Agreement and the other Finance Documents as and when that amount falls due for payment thereunder or would have fallen due but for
any suspension of payment, moratorium, discharge by operation of law or analogous event. 

  

	 	21.12.2	 The Security Trustee shall have its own independent right to demand payment of the amounts payable by the Borrower under this Clause 21.12,
irrespective of any 

  
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suspension, extinction or any other discharge for any reason whatsoever (otherwise than by payment) of the Borrower’s obligation to pay those amounts to the Banks other than a discharge by
virtue of payment which those Banks are entitled to retain. 

  

	 	21.12.3	Any amount due and payable by the Borrower to the Security Trustee under this Clause 21.12 shall be decreased to the extent that the Banks have received (and are able to retain) payment in full of the corresponding
amount under the other provisions of this Agreement and the other Finance Documents and any amount due and payable by the Borrower to the Banks under those provisions shall be decreased to the extent that the Security Trustee has received (and is
able to retain) payment in full of the corresponding amount under this Clause 21.12. 

  

	 	21.12.4	The rights of the Banks (other than the Security Trustee) to receive payment of amounts payable by the Borrower under this Agreement and the other Finance Documents are several and are separate and independent from, and
without prejudice to, the rights of the Security Trustee to receive payment under this Clause 21.12. 

  

	 	21.12.5	Any amounts received by the Security Trustee shall, to the extent permitted by the mandatory provisions of the applicable law, be applied in accordance with Clause 9.2. 

 

	21.13	Intercreditor Agreement 

 Each of the Banks authorises and instructs the Security Trustee
to execute and perform the Intercreditor Agreement. 
  

	22.	RETIREMENT OR REPLACEMENT OF A SERVICE BANK 

  

	22.1	Resignation of Service Bank 

 The following provisions apply where a Service Bank wishes
to retire from its role as such: 
  

	 	22.1.1	Each Service Bank may at any time resign its appointment under this Agreement by giving the Obligors and the other Banks not less than 30 days’ prior written notice to that effect. 

 

	 	22.1.2	After the giving by any Service Bank of a notice of termination the Majority Lenders may, in consultation with the Borrower, appoint a successor. 

 

	 	22.1.3	If no such successor is appointed within the period specified in Clause 22.1.1, the relevant Service Bank may, in consultation with the Borrower, appoint as its successor any reputable bank or financial institution with
an office in London, Oslo, Paris or Brussels. 

  
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	22.2	Effective time of change of Service Bank 

 Any appointment of a successor Service Bank
under this Clause 22 shall take effect upon: 
  

	 	22.2.1	the successor confirming in writing its agreement to be bound by the provisions of this Agreement, which confirmation shall be in such form as shall be approved by the Majority Lenders; and 

 

	 	22.2.2	notice thereof by the outgoing Service Bank and its successor (which notice, in the case of a new Agent, shall specify the bank in New York to which payments to the new Agent shall be made thereafter) being given to
each of the other Parties; and 

  

	 	22.2.3	in the case of a new Security Trustee, the outgoing Security Trustee having transferred to its successor all of its rights and obligations under the Finance Documents. 

 

	22.3	Consequence of change of Service Bank 

 Upon the appointment of a successor to any
Service Bank taking effect under Clause 22.2: 
  

	 	22.3.1	that successor shall become bound by all the obligations of that Service Bank and become entitled to all the rights, privileges, powers, authorities and discretions of that Service Bank under this Agreement and the
other Finance Documents; 

  

	 	22.3.2	the obligations of that Service Bank under this Agreement and the other Finance Documents shall terminate but without prejudice to any liabilities which that Service Bank may have incurred prior to that termination;

  

	 	22.3.3	that Service Bank shall be discharged from any further liability or obligations under this Agreement and the other Finance Documents; and 

 

	 	22.3.4	the provisions of this Agreement and the other Finance Documents shall continue in effect for the benefit of that Service Bank in respect of any action taken or omitted to be taken by it or any event occurring before
the termination of its obligations pursuant to this Clause 22. 

  

	23.	LIMITS OF THE SERVICE BANKS’ OBLIGATIONS 

  

	23.1	No duty to enquire 

 Neither Service Bank shall be obliged to ascertain or enquire: 

 

	 	23.1.1	either initially or on a continuing basis, as to the credit or financial condition or affairs of the Borrower, any other Obligor or any other person; 

 

	 	23.1.2	as to the performance or observance by the Borrower or any other Obligor of any of the terms and conditions of this Agreement or the Finance Documents or any other agreement; or 

 

	 	23.1.3	whether any Event of Default or Potential Event of Default has occurred, and until it shall have actual knowledge or express notice to the contrary, the Agent shall be entitled to assume that no Event of Default or
Potential Event of Default has occurred. 

  
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	23.2	Responsibilities excluded 

 Neither Service Bank and none of their respective officers,
employees or agents shall be responsible to any other Bank for: 
  

	 	23.2.1	any failure or delay in performance, or breach by the Borrower, of their obligations under any of the Finance Documents or any other agreement or any failure or delay in performance, or breach by any of the other
Obligors, of their respective obligations under any of the Finance Documents or any other agreement; or 

  

	 	23.2.2	any recitals, statements, representations or warranties in, or for the legality, validity, effectiveness, enforceability, admissibility in evidence or sufficiency of, any of the Finance Documents or any other agreement;
or 

  

	 	23.2.3	the legality, validity, effectiveness or enforceability of any of the security created, or purported to be created, pursuant to any of the Finance Documents. 

 

	23.3	Limitation of liability 

  

	 	23.3.1	Neither Service Bank and none of their respective officers, employees or agents shall be liable for any loss, damage or expense suffered or incurred by the Borrower or any other Bank or any other person in consequence
of any action taken or omitted to be taken by it under this Agreement or any of the Finance Documents or in connection herewith or therewith unless caused by its gross negligence or wilful misconduct. 

 

	 	23.3.2	Without prejudice to the provisions of Clause 23.3.1, none of the other Parties shall take any proceedings against any officer, employee or agent of a Service Bank in respect of any claim which it may have against that
Service Bank or in respect of any act or omission (including, without limitation, negligence or wilful misconduct) by that officer, employee or agent in relation to this Agreement or any of the Finance Documents. 

 

	23.4	Lenders’ representations and undertakings 

 Each Lender: 

 

	 	23.4.1	severally represents and warrants to the Service Banks that it has made its own independent investigation of the financial condition and affairs of the Borrower and the other Obligors in connection with the entry by it
into this Agreement and in such respect it has not relied on any information provided to it by either Service Bank; and 

  

	 	23.4.2	undertakes that it will continue to make its own independent appraisal of the creditworthiness of the Borrower and the other Obligors and will not rely on any information provided to it by either Service Bank.

  

	23.5	Indemnification by Lenders of Service Banks 

 The Lenders agree (which agreement shall
survive payment of all sums due under this Agreement) to indemnify each Service Bank (to the extent not reimbursed by the Borrower) 

  
 71 

 
rateably, according to their respective Contributions (or, if no part of the Loan has been advanced, their respective Commitments) from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against that Service Bank in performing its functions or duties under this Agreement
or any of the Finance Documents, or in connection with any action taken or omitted to be taken by that Service Bank in enforcing or preserving or attempting to enforce or preserve the rights of the Banks under this Agreement or any of the Finance
Documents or any other documents or security. 
  

	23.6	Ratification by other Banks 

 If a Service Bank takes any action under or in relation to
this Agreement or any Finance Document but that action is not authorised by the terms of this Agreement or that Finance Document and has not otherwise been specifically approved by the other Banks, the other Banks ratify and agree to ratify each
such action provided that (a) it is lawful, (b) it has been taken in good faith for the purpose of preserving or protecting the rights of the Banks (or any of them) and (c) having regard to all of the circumstances, it was reasonable
for the Service Bank to take such action without first seeking to obtain the approval or authorisation of all of the other Banks. 
  

	23.7	Service Banks’ rights 

 Each Service Bank may: 

 

	 	23.7.1	engage and pay for the advice and services of any lawyers, accountants or other experts whose advice or services may to that Service Bank seem necessary or desirable and that Service Bank shall be entitled to rely on
the advice and opinions of such lawyers, accountants and other experts and shall not be liable to any of the other parties hereto for any of the consequences of any such reliance; 

 

	 	23.7.2	perform all or any of its functions and duties under this Agreement and the other Finance Documents through employees or agents or any office or branch of that Service Bank from time to time selected by it and notified
to the other parties hereto; 

  

	 	23.7.3	rely on any communication or document believed by it to be genuine and correct and to have been communicated or signed by the person by whom it purports to be communicated or signed and shall not be liable to any of the
other parties hereto for any of the consequences of such reliance; and 

  

	 	23.7.4	without liability to account, make loans to, accept deposits from and generally engage in any kind of banking or trust business with the Borrower or the other Obligors as though that Service Bank was not a Service Bank.

  

	23.8	Service Banks as Lenders 

 If it is also a Lender, each Service Bank shall have the same
rights and powers under this Agreement as any other Lender and may exercise those rights and powers as though it were not a Service Bank. 

  
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	24.	SHARING OF PAYMENTS 

  

	24.1	Relevant circumstances 

 This Clause 24 applies if any Lender (the “Sharing
Lender”) at any time receives or recovers (whether by way of voluntary or involuntary payment, by virtue of the exercise of its legal rights including but not limited to any right of set-off, counterclaim or otherwise howsoever) the whole
or any part of any amounts due to it from the Borrower under this Agreement or any of the Finance Documents otherwise than by distribution from the Agent in accordance with the terms of this Agreement. 

 

	24.2	Payment by Sharing Lender to Agent 

 Subject to Clauses 24.3 and 24.4: 

 

	 	24.2.1	the Sharing Lender shall immediately pay to the Agent the full amount or (as the case may be) an amount equal to the equivalent of the full amount so received or recovered; 

 

	 	24.2.2	as between the Borrower and the Sharing Lender, the Borrower shall remain or again become indebted to such Sharing Lender under this Agreement in the amount so paid as if it had not been so received or recovered; and

  

	 	24.2.3	the Agent shall treat the amount so paid as if it were a payment by the Borrower on account of amounts due. from the Borrower under this Agreement or any of the Finance Documents for distribution to the Sharing Lender
and such of the other Lenders in the proportions in which the Sharing Lender and the other Lenders would have been entitled to receive such amount had it been paid by the Borrower to the Agent under this Agreement or under such Finance Documents.

  

	24.3	Refund by Agent 

 Any payment and adjustment made pursuant to Clause 24.2 shall be
subject to the condition that, if the amount (or any part thereof) so paid by the Sharing Lender to the Agent subsequently falls to be repaid by the Sharing Lender to the Borrower or any other person, then each of the Lenders who has received any
part thereof from the Agent shall repay the amount received by it to the Sharing Lender, together with such amount (if any) as is necessary to reimburse the Sharing Lender the appropriate portion of any interest it has been obliged to pay when
repaying such amount in accordance with this Clause 24.3, and the relevant adjustments pursuant to Clause 24.2 shall be cancelled. 
  

	24.4	No sharing required 

 A Sharing Lender which has commenced or joined in an action or
proceeding in any court to recover sums due to it under this Agreement or any of the Finance Documents, and pursuant to a judgment obtained in that action or proceeding or a settlement or compromise of that action or proceeding shall have received
any amount, shall not be required to share any proportion of that amount with a Lender which has the legal right to, but does not, join such action or proceeding or commence and diligently prosecute a separate action or proceeding to enforce its
rights under this Agreement or any of the Finance Documents in the same or another court. 

  
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	24.5	Matters notifiable 

 Each Lender shall promptly give notice to the Agent of: 

 

	 	24.5.1	the institution by that Lender of a legal action or proceedings against the Borrower under this Agreement or any of the Finance Documents or in connection therewith; and 

 

	 	24.5.2	the receipt or recovery by that Lender of any amount due and payable by the Borrower under this Agreement or any of the Finance Documents which is received or recovered otherwise than through the Agent.

 Upon receipt of any such notice the Agent will as soon as practicable pass on details of it to the other Banks. 

 

	25.	CHANGES TO THE LENDERS 

  

	25.1	Transfers by Lenders 

 Subject to obtaining the prior written consent of the Borrower
(which shall not be unreasonably withheld or delayed) and to complying with the following provisions of this Clause 25, any Lender (the “Transferor Lender”) may transfer all or any of its rights and obligations in its capacity as a
Lender under this Agreement and the other Finance Documents to another bank or financial institution (the “Transferee Lender”), provided that the consent of the Borrower shall not be required if: 

 

	 	25.1.1	the transfer is made to an affiliate of the Transferor Lender and such transfer does not result in any additional costs for the account of the Borrower; or 

 

	 	25.1.2	the transfer is made either (a) after an Event of Default has occurred and is continuing or (b) after a Potential Event of Default has occurred and is continuing in relation to any of the events specified in
Clause 18.1.1, Clause 18.1.7, Clause 18.1.8 or Clause 18.1.9. 

  

	25.2	Partial transfers 

 Any transfer by a Lender of part only of its Commitment or
Contribution shall be in an amount of not less than $20,000,000 (unless the Agent otherwise agrees) and shall be for the same percentage of its Contribution or Commitment, as the case may be. 

 

	25.3	Prohibition on debt buy-backs 

 Except with the prior consent of all of the other
Lenders, no Lender may transfer all or any of its rights and obligations under this Agreement and the other Finance Documents to the Borrower or any other member of the Group. 

  
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	25.4	Method of transfer 

 No assignment or transfer by a Lender of any of its rights or
obligations under this Agreement and the other Finance Documents shall be binding on, or effective in relation to, any other Party unless it is effected, evidenced and perfected by the delivery by the Transferor Lender to the Agent of a Transfer
Certificate executed by the Transferor Lender and the Transferee Lender. 
 However, if a Lender enters into any merger, de-merger or other
reorganisation as a result of which all its rights or obligations vest in another person (the “successor”), the Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for the
execution and delivery of a Transfer Certificate; and, upon service of the Agent’s notice or, if later, the date on which the relevant merger, de-merger or other reorganisation takes effect, the successor shall become a Lender with the same
Commitments and Contributions as were held by the predecessor Lender. 
  

	25.5	Signature of Transfer Certificate 

 The Agent shall as soon as practicable after receipt
by it of a Transfer Certificate signed by a Transferee Lender permitted under Clause 25.1, sign the Transfer Certificate on behalf of the Obligors, itself and each of the other Banks and give notice to the Obligors and the Banks of its receipt of
that Transfer Certificate (attaching a copy of it). 
  

	25.6	Authorisation of Agent to sign Transfer Certificate 

 Each of the other Parties
irrevocably authorises the Agent to sign any Transfer Certificate on its behalf. 
  

	25.7	Effective date of Transfer Certificate 

 A Transfer Certificate becomes effective on the
date, if any, specified in the Transfer Certificate as its effective date, provided always that it is signed by the Agent under Clause 25.5 on or before that date. 
  

	25.8	Effect of Transfer Certificate 

 A Transfer Certificate shall have effect in accordance
with the following: 
  

	 	25.8.1	to the extent that in that Transfer Certificate the Transferor Lender seeks to transfer its rights and/or its obligations under this Agreement and the other Finance Documents, each Obligor and the Transferor Lender
shall each be released from further obligations to the other under this Agreement and the other Finance Documents and their respective rights against each other shall be cancelled (such rights and obligations being referred to in this Clause 25.8 as
“discharged rights and obligations”); 

  

	 	25.8.2	each Obligor, the Transferee Lender and the other Banks shall each assume obligations towards each other and/or acquire rights against each other which differ from the discharged rights and obligations only insofar as
the Transferee Lender has assumed and/or acquired the same in place of the Transferor Lender; and 

  
 75 

	 	25.8.3	the Transferee Lender and the other Banks shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the Transferee Lender been an original party to this
Agreement as a Lender with the rights and/or obligations acquired or assumed by it as a result of that transfer. 

  

	25.9	Transfer fee 

 The Transferee Lender shall pay to the Agent for its own account a
transfer fee of $3,500 on the date on which the transfer effected by the relevant Transfer Certificate becomes effective. 
  

	25.10	Sub-participation by Lenders 

 Any Lender may at any time without the consent of the
Borrower or any other Obligor sub-participate all or any of its rights and/or obligations under this Agreement and the other Finance Documents. 
  

	25.11	Change of Lending Office 

 Any Lender may at any time and from time to time change its
Lending Office by giving notice to the Agent and that change shall be effective on the later of (a) the date specified in that notice and (b) the date of receipt by the Agent of that notice from that Lender. The Agent shall promptly notify
the Obligors and the other Banks of any notice received by it pursuant to this Clause 25.11. 
  

	25.12	Mitigation 

 If: 

 

	 	25.12.1	a Lender transfers any of its rights and obligations under this Agreement and the other Finance Documents in accordance with Clause 25.1 or changes its Lending Office in accordance with Clause 25.11; and

  

	 	25.12.2	as a result of circumstances existing at the date the transfer or change occurs, an Obligor would be obliged to make a payment to the Transferee Lender or Lender acting through its new Lending Office under Clause 10.2,
Clause 19.7 or Clause 19.10, 

 then the Transferee Lender or Lender acting through its new Lending Office is only entitled to
receive payment under those Clauses to the same extent as the Transferor Lender or Lender acting through its previous Lending Office would have been if the transfer or change had not occurred. 

  
 76 

	25.13	Register 

 The Agent shall keep a register of all the Lenders for the time being with
details of their respective Commitments, Contributions and Lending Office and shall provide any other Party (at that Party’s expense) with a copy of the register on request. 

 

	25.14	Replacement of Lenders by Borrower 

 The Borrower may, at any time in respect of: 

 

	 	25.14.1	an Affected Lender whose costs of funds charged to the Borrower under Clause 8.10.2 are (in the Borrower’s reasonable opinion) materially higher than those of the other Lenders generally; 

 

	 	25.14.2	a Lender who makes a claim under Clause 19.7 or who imposes an Increased Cost on the Borrower under Clause 19.10; 

  

	 	25.14.3	a Defaulting Lender; or 

  

	 	25.14.4	a Non-Consenting Lender 

 by giving 10 Banking Days’ notice to the Agent and that Lender
(the “Outgoing Lender”) replace the Outgoing Lender by requiring it to (and the Outgoing Lender must) transfer in accordance with Clause 25.1 all (and not part only) of its rights and obligations under this Agreement to a Lender or
other bank, financial institution or other entity (a “Replacement Lender”) selected by the Borrower and which is acceptable to the Agent (acting reasonably) for a purchase price in cash payable at the time of transfer equal to the
outstanding principal amount of the Outgoing Lender’s Contribution and all accrued interest, Break Costs and other amounts payable in relation to that Contribution under this Agreement and the other Finance Documents. 

Any transfer of rights and obligations of an Outgoing Lender under this Clause is subject to the following conditions: 

 

	 	25.14.5	neither the Agent nor the Outgoing Lender will have any obligation to the Borrower to find a Replacement Lender; 

  

	 	25.14.6	the transfer must take place no later than 10 Banking Days after the Borrower’s notice referred to above; and 

  

	 	25.14.7	in no event will the Outgoing Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Outgoing Lender under this Agreement and the other Finance Documents. 

 

	26.	SET-OFF 

 A Bank may, after the occurrence of an Event of Default which is continuing,
set off any matured obligation due from the Borrower under this Agreement or any Finance Document (to the extent beneficially owned by that Bank) against any matured obligation owed by that 

  
 77 

 
Bank to the Borrower, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Bank may convert either obligation
at a market rate of exchange in its usual course of business for the purpose of the set-off. 
 The provisions of Clause 24 shall apply in
respect of any amount received or recovered by a Bank under this Clause 26. 
  

	27.	MISCELLANEOUS 

  

	27.1	No assignment by Borrower 

 The Borrower may not assign or transfer all or any of its
rights, benefits or obligations under this Agreement or any of the other Finance Documents. 
  

	27.2	Delegation 

 Any Bank may at any time and from to time to time delegate any one or more
of its rights, powers and/or obligations under this Agreement and the other Finance Documents to any person (provided that such Bank shall remain fully responsible for the exercise or performance of any rights, powers and/or obligations delegated by
it). 
  

	27.3	Time of essence 

 Time is of the essence as regards every obligation of the Borrower
under this Agreement and the other Finance Documents. 
  

	27.4	Remedies and waivers 

 No failure to exercise, nor any delay in exercising, on the part
of any Bank, any right or remedy under this Agreement or any other Finance Document shall operate as a waiver of it, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise of it or the exercise of any
other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	27.5	Waivers and amendments to be in writing 

 Any waiver by any Bank of any provision of this
Agreement or any other Finance Document, and any consent or approval given by any Bank under or in respect of this Agreement or any other Finance Document, shall only be effective if given in writing and then only strictly for the purpose and upon
the terms for which it is given. Neither this Agreement nor any other Finance Document may be amended or varied orally but only by an instrument signed by each of the parties to it. 

 

	27.6	Severability 

 If at any time one or more of the provisions of this Agreement or any
other Finance Document is or becomes invalid, illegal or unenforceable in any respect under any law by which it may be governed or affected, the validity, legality and enforceability of the remaining provisions shall not be in any way affected or
impaired as a result. 

  
 78 

	27.7	Counterparts 

 This Agreement may be executed in any number of counterparts and all such
counterparts taken together shall be deemed to constitute but one and the same instrument. 
  

	27.8	Conclusiveness of Bank’s certificates 

 The certificate or determination of a Bank
of a rate or amount under this Agreement or any other Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates and is binding on the Borrower. 

 

	27.9	Further assurance 

 The Borrower shall, upon demand, and at its own expense, sign,
perfect, do, execute and register all such further assurances, documents, acts and things as the Agent may require for the purpose of more effectually accomplishing or perfecting the transaction or security contemplated by this Agreement and the
other Finance Documents. 
  

	27.10	Publicity 

 Notwithstanding the provisions of Clause 29, the Borrower agrees that the
Mandated Lead Arrangers and the Agent shall each have the right, at their own expense, to publish information about their participation in, and their respective roles as arrangers and agent in respect of, the loan facility made available to the
Borrower under this Agreement and that, for such purposes, they may use the Borrower’s logo and trademark in connection with such publication. 
  

	28.	NOTICES 

  

	28.1	Communications in writing; addresses 

 All communications (which expression includes any
notice, demand, request, consent or other communication) to be given by one Party to another under this Agreement shall be in writing and (unless delivered personally) shall be given by telefax or first class pre-paid post (airmail if sent
internationally) and be addressed: 
  

	 	28.1.1	in the case of the Agent and the Security Trustee to it at: 

 20 St. Dunstan’s Hill 

London 
 EC3R 8HY 

Telefax No:             +44 20 7626 5956 

Attn:                       
 Shipping Department 

  
 79 

	 	28.1.2	in the case of an Original Lender, Mandated Lead Arranger or Bookrunner, to it at the address set out beneath its name in Schedule 1 and, in the case of any other Lender, to it at the address specified in the relevant
Transfer Certificate; 

  

	 	28.1.3	in the case of an Original Swap Provider, to it at the address set out beneath its name in Schedule 2 and, in the case of any other Swap Provider, to it at the address notified to the Agent pursuant to Clause 7.5;

  

	 	28.1.4	in the case of the Borrower, to it at: 

 de Gerlachekaai 20 

B-2000 Antwerp 
 Belgium 

Telefax No:             +32 3 247 4409 

Attn:                       
 Chief Financial Officer 
 or to such other address and/or number as is notified by any Party to the others under this Agreement. 

 

	28.2	Communications via Agent 

 Notwithstanding any other provision of this Agreement or any
other Finance Document, all communications to be made under this Agreement and the other Finance Documents between the Borrower on the one hand and all or any of the Banks on the other hand shall be made solely through the Agent. 

Where this Agreement or any other Finance Document provides for any matter to be determined by reference to the opinion of the Lenders or the
Majority Lenders or to be subject to the consent or request of the Lenders or the Majority Lenders or for any action to be taken on the instructions of the Lenders or the Majority Lenders and the Agent gives notice to the Borrower that the Lenders
or (as the case may be) the Majority Lenders have given or issued such opinion, consent, request or instructions, the Borrower shall be entitled to rely on such notice whether or not this is in fact the case. 

 

	28.3	Deemed receipt of communications 

 Communications addressed as provided above shall be
deemed to have been duly given when despatched (in the case of telefax), when delivered (in the case of personal delivery), 2 days after posting (in the case of letters sent within the same country), or 5 days after posting (in the case of letters
sent internationally), provided that any communication to a Bank shall be effective only upon its actual receipt by that Bank and then only if it is expressly marked for the attention of the relevant department or officer named above (or any
substitute from time to time notified by that Bank). In each of the above cases any communication received on a non-working day or after business hours in the country of receipt shall be deemed to be given at the opening of business hours on the
next working day in that country. 

  
 80 

	28.4	Electronic communication 

 Any communication to be made between (a) the Agent and a
Lender or (b) the Borrower and the Agent under or in connection with this Agreement or the other Finance Documents may be made by electronic mail or other electronic means, if (a) the Agent and the relevant Lender or (b) the Borrower
and the Agent (as the case may be): 
  

	 	28.4.1	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	28.4.2	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and 

 

	 	28.4.3	notify each other of any change to their address or any other such information supplied by them. 

Any electronic communication made pursuant to this Clause 28.4 will be effective only when actually received in readable form and in the case
of any electronic communication made to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose. 
  

	28.5	English language 

 All communications, notices and documents to be given or delivered
pursuant to or otherwise in relation to this Agreement and the other Finance Documents shall be in the English language or be accompanied by a certified English translation. 
  

	29.	BANKS’ DUTIES OF CONFIDENTIALITY 

  

	29.1	Confidential Information 

 Each Bank agrees for the benefit of the Borrower and each
other Obligor to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by the following provisions of this Clause 29, and to ensure that all Confidential Information is protected with security
measures and a degree of care that would apply to its own confidential information. 
  

	29.2	Disclosure of Confidential Information 

 Any Bank may disclose: 

 

	 	29.2.1	to any of its affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Bank shall consider appropriate if any
person to whom the Confidential Information is to be given pursuant to this Clause 29.2.1 is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there
shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential
Information; 

  
 81 

	 	29.2.2	to any person: 

  

	 	(a)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents and to any of that person’s affiliates,
Representatives and professional advisers; 

  

	 	(b)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by
reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s affiliates, Representatives and professional advisers; 

  

	 	(c)	appointed by any Bank or by a person to whom Clause 29.2.2(a) or 29.2.2(b) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf;

  

	 	(d)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph Clause 29.2.2(a) or 29.2.2(b) above; 

 

	 	(e)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation; 

  

	 	(f)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; 

 

	 	(g)	who is a party to this Agreement; or 

  

	 	(h)	with the consent of the Borrower (such consent not to be unreasonably withheld or delayed), 

in each case, such Confidential Information as that Bank shall consider appropriate if: 

 

	 	(i)	in relation to paragraphs 29.2.2(a) and 29.2.2(b) above, the Borrower has consented (such consent not to be unreasonably withheld or delayed) to the disclosure and the person to whom the Confidential Information is to
be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality
of the Confidential Information; 

  
 82 

	 	(ii)	in relation to paragraph 29.2.2(c) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality
Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

 

	 	(iii)	in relation to paragraph 29.2.2(d) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in
relation to the Confidential Information it receives and is informed that some or all of such Confidential Information may be price-sensitive information; 

  

	 	(iv)	in relation to paragraphs 29.2.2(e) and 29.2.2(f) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be
price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Bank, it is not practicable so to do in the circumstances. 

 

	29.3	Entire agreement 

 This Clause 29 constitutes the entire agreement between the parties in
relation to the obligations of the Banks under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 

 

	29.4	Inside information 

 Each of the Banks acknowledges that some or all of the Confidential
Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Banks undertakes
not to use any Confidential Information for any unlawful purpose. 
  

	29.5	Notification of disclosure 

 Each of the Banks agrees (to the extent permitted by law and
regulation) to inform the Borrower: 
  

	 	29.5.1	of the circumstances of any disclosure of Confidential Information made pursuant to Clause 29.2.2(e) except where such disclosure is made to any of the persons referred to in that Clause during the ordinary course of
its supervisory or regulatory function; and 

  

	 	29.5.2	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 29. 

  
 83 

	29.6	Continuing obligations 

 The obligations in this Clause 29 are continuing and, in
particular, shall survive and remain binding on each Bank for a period of 12 months from the earlier of: 
  

	 	29.6.1	the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and 

 

	 	29.6.2	the date on which such Bank otherwise ceases to be a Bank. 

  

	30.	APPLICABLE LAW AND JURISDICTION 

  

	30.1	Governing law 

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

	30.2	Submission to jurisdiction 

 The Borrower irrevocably agrees for the exclusive benefit of
the Banks that the English courts shall have jurisdiction in relation to any dispute and any suit, action or proceeding (referred to together in this Clause 30 as “Proceedings”) which may arise out of or in connection with this
Agreement and for such purposes irrevocably submits to the jurisdiction of those courts. 
  

	30.3	Service of process 

 The Borrower irrevocably agrees: 

 

	 	30.3.1	that, for the purpose of Proceedings in England, any legal process may be served upon Euronav (UK) Agencies Limited whose registered office is presently at Moreau House,
3rd Floor, 116 Brompton Road, London SW3 1JJ and who, by this Agreement, are authorised to accept service on its behalf, which shall be deemed to be good service on the Borrower; and

  

	 	30.3.2	that throughout the Security Period it will maintain a duly appointed process agent in England, duly notified to the Agent, and that failure by any such process agent to give notice to the Borrower of such service shall
not impair the validity of that service or of a judgment or order based on it. 

  

	30.4	Choice of forum 

 Nothing in this Clause 30 shall affect the right of any Bank to serve
process in any manner permitted by law or limit the right of any Bank to take Proceedings against the Borrower in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of
Proceedings by any Bank in any other jurisdiction, whether concurrently or not. 

  
 84 

 The Borrower shall not commence any Proceedings in any country other than England in relation to
any matter arising out of or in connection with this Agreement and/or any of the other Finance Documents. 
  

	30.5	Forum convenience 

 The Borrower irrevocably waives any objection which it may at any
time have on the grounds of inconvenient forum or otherwise to Proceedings being brought in any such court as is referred to in this Clause 30, and further irrevocably agrees that a judgment or order in any Proceedings brought in the English courts
shall be conclusive and binding upon it and may be enforced without review in the courts of any other jurisdiction. 
  

	30.6	Consent 

 The Borrower consents generally in respect of any Proceedings arising out of or
in connection with this Agreement to the giving of any relief or the issue of any process in connection with those Proceedings, including without limitation, the making, enforcement or execution against any property or assets whatsoever of any order
or judgment which may be made or given in those Proceedings. 
 IN WITNESS of which the Parties have executed this Agreement the day and year first
before written. 

  
 85 

 SCHEDULE 1 

LENDERS AND COMMITMENTS 
  

							
	 Lender
	  	 Lending Office
	  	Commitment
($)	 
			
	 DNB Bank ASA
	  	 20 St. Dunstan’s Hill
 London

EC3R 8HY
 Fax: +44 20 7626 5956

Attn: Shipping Department
	  	 	32,500,000	  
			
	 Skandinaviska Enskilda Banken AB (publ)
	  	 Kungsträdgardsgatan 8
 SE-106 40
Stockholm
 Sweden
	  	 	32,500,000	  
			
		  	 Credit Matters:
 Tel: +47 22 82 70 21

Fax: +47 22 82 71 31
 Attn: Egil Aarrestad
	  			
			
		  	 Administration Matters:
 Tel: +46 8 763
8551
 Fax: +46 8 611 0384
 Atten: Structured Credits

Operations
	  			
		  		  	  
	  
	 
		  		  	 	65,000,000	  
		  		  	  
	  
	 

  
 86 

 SCHEDULE 2 

SWAP PROVIDERS AND SWAP PROVIDER PERCENTAGES 
  

							
	 Swap Provider
	  	 Office
	  	Swap Provider
Percentage	 
			
	 DNB Bank ASA
	  	 20 St. Dunstan’s Hill
 London

EC3R 8HY
 Fax: +44 20 7626 5956

Attn: Markets
 Department/Shipping

Department
	  	 	50	% 
			
	 Skandinaviska Enskilda Banken AB (publ)
	  	 Kungsträdgardsgatan 8
 SE-106 40
Stockholm
 Sweden
	  	 	50	% 
			
		  	 Credit Matters:
 Tel: +47 22 82 70 21

Fax: +47 22 82 71 31
 Attn: Egil Aarrestad
	  			
			
		  	 Administration Matters:
 Tel: +46 8 763
8551
 Fax: +46 8 611 0384

Atten: Structured Credits
 Operations
	  			
		  		  	  
	  
	 
		  		  	 	100	% 
		  		  	  
	  
	 

  
 87 

 SCHEDULE 3 

FORM OF NOTICE OF DRAWDOWN 
  

	To:	DNB Bank ASA 

 20 St. Dunstan’s Hill 

London 
 EC3R 8HY 

 

	Attn:	Shipping Department 

 Date: [—] 201[—] 
 Dear Sirs 

Notice of Drawdown – $65,000,0000 Loan Agreement dated [—] 2011 

We refer to the loan agreement dated [—] 2011 (the “Loan Agreement”) made between
(1) ourselves as Borrower, (2) the banks and financial institutions listed in Schedule 1 thereto as Original Lenders, (3) the banks and financial institutions listed in Schedule 2 thereto as Original Swap Providers,
(4) yourselves as Mandated Lead Arranger and Bookrunner and Skandinaviska Enskilda Banken AB (publ) as Mandated Lead Arranger, (5) yourselves as Agent and (6) yourselves as Security Trustee providing for the making available to us of
a secured term loan in the amount of up to $65,000,000. 
 Expressions defined in the Loan Agreement shall have the same meanings when used in this letter.

 Pursuant to Clause 4.1 of the Loan Agreement we give you notice that we wish to draw the sum of $[—]
under the Loan Agreement on [—] 201[—] and select a first Interest Period of [—] month(s).

 We request and authorise you to pay the proceeds of the Loan to [—] under reference [—]. 
 We confirm that: 
  

	1.	the representations and warranties made by us as set out in Clause 11 of the Loan Agreement are true and accurate on the date of this letter as if made on the same date as this letter; 

 

	2.	no Event of Default or Potential Event of Default has occurred and is continuing or will occur as a result of the proposed borrowing; and 

 

	3.	the financial covenants set out in Clause 14.1 of the Loan Agreement are complied with. 

  

	
	Yours faithfully
	
	  

	For and on behalf of
	EURONAV N.V.

  
 88 

 SCHEDULE 4 

CONDITIONS PRECEDENT 
 Part 1 –
Documents and evidence to be received on or before the date of this Agreement 
  

	1.	Such certificates and documents as any Bank may reasonably require in order to comply with any anti-money laundering or “know your customer” legislation, regulation or procedures applicable to it.

  

	2.	Originals of the following Finance Documents executed by the Borrower: 

  

	 	2.1	this Agreement; and 

  

	 	2.2	the Fee Letters. 

  

	3.	In respect of the Borrower, the original or a certified copy of any power of attorney issued by it in favour of any person or persons executing this Agreement and the Fee Letters on its behalf under such power of
attorney. 

 Part 2 – Documents and evidence to be received on or before the Drawdown Date 

 

	1.	In respect of the Borrower: 

  

	 	1.1	certified copies of its certificate of incorporation and constitutional documents; 

  

	 	1.2	to the extent only that such resolutions are required in connection with any legal opinion mentioned below, certified copies of resolutions duly passed by the board of directors of the Borrower evidencing their approval
of the transactions contemplated by the Finance Documents and authorising the execution of them by the Borrower; 

  

	 	1.3	an original certificate, signed by the secretary or a director of the Borrower, stating: 

  

	 	1.3.1	its officers and directors; 

  

	 	1.3.2	that no licences, authorisations, approvals or consents are required by it in connection with the execution, delivery, performance, validity and enforceability of the Finance Documents to which it is (or is to become) a
party or, if any such licences, authorisations, approvals or consents are required by it, attaching certified copies of them; 

  

	 	1.4	a specimen signature for each person executing this Agreement or any other Finance Document on its behalf; and 

  

	 	1.5	the original or a certified copy of any power of attorney issued by it in favour of any person or persons executing this Agreement and the other Finance Documents on its behalf under such power of attorney.

  

	2.	Originals of the following Finance Documents executed by the Borrower: 

  

	 	2.1	the Agreed Form Certificate; 

  
 89 

	 	2.2	the Mortgage; 

  

	 	2.3	the General Assignment; 

  

	 	2.4	a Charter Assignment if and to the extent required by Clause 12.8; 

  

	 	2.5	the Master Agreement Security Deed; and 

  

	 	2.6	the Account Security Deed. 

  

	3.	An original of the Intercreditor Agreement executed by the Borrower and the Builder. 

  

	4.	All notices, acknowledgements, instruments and other documents as are required to be delivered to the Agent on or before the Drawdown Date under the terms of the Finance Documents listed in paragraphs 2.2 to 2.6 above,
each duly executed (where appropriate) by the relevant parties. 

  

	5.	Certified copies of the Deferred Payment Agreement and the Deferred Payment Security Documents, each in form and substance acceptable to the Lenders. 

 

	6.	A Compliance Certificate evidencing that the Borrower is in compliance with all of the financial covenants in respect of the Group as set out in Clause 14.1. 

 

	7.	Evidence that the Earnings Account has been duly opened by the Borrower with the Agent. 

  

	8.	Evidence that the Mortgage has been registered or is capable of immediate registration with first priority against the Vessel at the appropriate ship registry. 

 

	9.	Evidence that the Vessel is registered in the sole name of the Borrower under the laws and flag of an Approved Flag State free from all Encumbrances except for Permitted Encumbrances. 

 

	10.	A confirmation from the Borrower that no Long Term Charter has been entered into by it in respect of the Vessel or, if it has, a certified true copy of that Long Term Charter and any related Charter Guarantee.

  

	11.	A certificate of class maintained in respect of the Vessel confirming that she is classed with the highest class applicable to vessels of her age, type and specifications with a Classification Society free of overdue
recommendations and conditions. 

  

	12.	Evidence that the Vessel is insured in the manner required by the Finance Documents, that letters of undertaking will be issued in the manner required by the Finance Documents and that all other requirements of the
Finance Documents in respect of the Insurances and the noting of the Security Trustee’s interest thereon have been complied with. 

  

	13.	A favourable opinion on the Insurances from Bankserve Insurance Services Ltd. or such other insurance advisers as the Agent may appoint. 

  
 90 

	14.	The following documents relating to the management of the Vessel: 

  

	 	14.1	a certified copy of each Management Agreement; and 

  

	 	14.2	an original Manager’s Undertaking from each Manager. 

  

	15.	The following documents relating to the safety and security of the Vessel: 

  

	 	15.1	a copy of the Document of Compliance in relation to the company responsible for the Vessel’s compliance with the ISM Code under paragraph 1.1.2 of the ISM Code; 

 

	 	15.2	a copy of the Vessel’s interim Safety Management Certificate as required by the ISM Code; 

  

	 	15.3	a copy of the Vessel’s interim International Ship Safety Certificate as required by the ISPS Code. 

  

	16.	A valuation of the Vessel dated not earlier than 15 days prior to the Drawdown Date determined in accordance with Clause 17 demonstrating that: 

 

	 	16.1	the amount of the Loan to be drawn does not exceed 70% of the Fair Market Value of the Vessel; and 

  

	 	16.2	following drawdown of the Loan there will be no security shortfall under Clause 17.2. 

  

	17.	Confirmation from the agents in England nominated by the Borrower in the Finance Documents for the acceptance of service of process, that they consent to such nomination. 

 

	18.	Favourable legal opinions: 

  

	 	18.1	on Belgian law from Fransen; 

  

	 	18.2	on English law from Holman Fenwick Willan LLP; 

  

	 	18.3	on the laws of the Approved Flag State from such firm in that jurisdiction as the Agent may appoint; 

  

	 	18.4	on the laws of any other relevant jurisdiction from such firm in that jurisdiction as the Agent may appoint, 

or, in respect of any one or more of such legal opinions, confirmation satisfactory to the Agent that the opinion in question will be issued in
form and substance acceptable to it within such period after the Drawdown Date as is acceptable to it. 
 Every copy document delivered under this Schedule
shall be certified as a true and up to date copy by a director or officer of the Borrower or other Obligor or by its lawyers or by another person acceptable to the Agent. 

  
 91 

 SCHEDULE 5 

FORM OF TRANSFER CERTIFICATE 

TRANSFER CERTIFICATE 
 The
Transferor Lender and the Transferee Lender accept exclusive responsibility for ensuring that this Transfer Certificate and the transaction to which it relates comply with all legal and regulatory requirements applicable to them respectively.

  

	To:	DNB Bank ASA, as agent on its own behalf and for and on behalf of the Obligors and Banks defined in the Agreement referred to below: 

 

	1.	This Transfer Certificate relates to a $65,000,000 loan agreement (the “Loan Agreement”) dated [—] 2011 and made between (1) Euronav N.V. as
borrower (the “Borrower”), (2) the banks and financial institutions defined therein as lenders (the “Lenders”), (3) DNB Bank ASA and Skandinaviska Enskilda Banken AB (publ) as swap providers (the
“Swap Providers”), (4) DNB Bank ASA as mandated lead arranger and bookrunner and Skandinaviska Enskilda Banken AB (publ) as mandated lead arranger, (5) DNB Bank ASA as agent and (6) DNB Bank ASA as security trustee
(as the same may from time to time be amended or varied). 

  

	2.	Terms defined in the Loan Agreement shall, unless otherwise defined herein, have the same meanings when used in this Transfer Certificate. 

 

	3.	In this Transfer Certificate: 

 “Relevant Party” means each Obligor and each
Bank (other than the Transferor Lender and the Transferee Lender); 
 “Transferor Lender” means [full name] of [lending
office]; and 
 “Transferee Lender” means [full name] of [lending office]. 

 

	4.	The Transferor Lender as beneficial owner hereby transfers to the Transferee Lender absolutely in accordance with Clause 25 of the Loan Agreement all its rights and benefit (present, future or contingent) under the Loan
Agreement and the other Finance Documents to the extent of [—]% of its Contribution, which percentage represents $[—]. 

 

	5.	By virtue of this Transfer Certificate and Clause 25 of the Loan Agreement the Transferor Lender is discharged [entirely from its Commitment which amounts to
$[—]][from [—]% of its Commitment which percentage represents $[—]] and the Transferee Lender
acquires a Commitment of $[—]]. 

  

	6.	The Transferee Lender hereby requests the Agent and the other Banks to accept the executed copies of this Transfer Certificate as being delivered pursuant to and for the purposes of Clause 25 of the Loan Agreement so as
to take effect in accordance with the terms thereof on [—]. 

  
 92 

	7.	The Transferee Lender: 

  

	 	7.1	confirms that it has received copies of the Loan Agreement and the other Finance Documents together with such other documents and information as it has required in connection with the transaction contemplated thereby;

  

	 	7.2	confirms that it has not relied and will not hereafter rely on the Transferor Lender or any other Bank to check or enquire on its behalf into the legality, validity, effectiveness, adequacy, accuracy or completeness of
the Loan Agreement, any of the other Finance Documents or any such other documents or information; 

  

	 	7.3	agrees that it has not relied and will not rely on the Transferor Lender or any other Bank to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of
the Borrower or any other party to the Loan Agreement or any of the other Finance Documents (save as otherwise expressly provided therein); 

  

	 	7.4	warrants to the Transferor Lender and each Relevant Party that it has power and authority to become a party to the Loan Agreement and has taken all necessary action to authorise execution of this Transfer Certificate
and to obtain all necessary approvals and consents to the assumption of its obligations under the Loan Agreement and the other Finance Documents; 

  

	 	7.5	if not already a Lender, appoints the Agent to act as its agent as provided in the Loan Agreement and the other Finance Documents and agrees to be bound by the terms thereof; and 

 

	 	7.6	confirms the accuracy of the administrative details set out in the Schedule to this Transfer Certificate. 

  

	8.	The Transferor Lender: 

  

	 	8.1	warrants to the Transferee Lender and each Relevant Party that it has full power to enter into this Transfer Certificate and has taken all corporate action necessary to authorise it to do so; and 

 

	 	8.2	undertakes with the Transferee Lender that it will, at its own expense, execute any documents which the Transferee Lender reasonably requests for perfecting in any relevant jurisdiction the Transferee Lender’s
title under this Transfer Certificate or for a similar purpose. 

  

	9.	The Transferee Lender hereby undertakes with the Transferor Lender and each Relevant Party that it will perform all those obligations which by the terms of the Loan Agreement will be assumed by it after this Transfer
Certificate takes effect. 

  

	10.	 If this Transfer Certificate takes effect during an Interest Period, the Agent shall make all payments which would have become due to the Transferor
Lender under the Loan Agreement during that Interest Period if no such transfer had been effected to the Transferor Lender and 

  
 93 

	 	
the Transferee Lender according to the percentages of the Transferor Lender’s Contributions and Commitments transferred and retained pursuant to Clauses 4 and 5 of this Transfer Certificate,
and the Transferor Lender and the Transferee Lender shall be responsible for paying to each other pro rata all amounts (if any) due to them from each other for that Interest Period. On and from the commencement of the immediately succeeding Interest
Period, the Agent shall make all payments due under the Loan Agreement for the account of the Transferor Lender to the Transferor Lender and shall make all payments due under the Loan Agreement for the account of the Transferee Lender to the
Transferee Lender. This provision is for administrative convenience only and shall not affect the rights of the Transferor Lender and the Transferee Lender under the Loan Agreement. 

 

	11.	Neither the Transferor Lender nor any other Bank: 

  

	 	11.1	makes any representation or warranty nor assumes any responsibility with respect to the legality, validity, effectiveness, adequacy or enforceability of the Loan Agreement or any of the other Finance Documents or any
other document relating thereto; 

  

	 	11.2	assumes any responsibility for the financial condition of the Borrower or any other party to the Loan Agreement or any of the other Finance Documents or any other document relating thereto or for the performance and
observance thereof by (save as otherwise expressly provided therein) and any and all such conditions and warranties, whether expressed or implied by law or otherwise, are hereby excluded (except as aforesaid). 

 

	12.	The Transferor Lender and the Transferee Lender undertake that they will on demand fully indemnify the Agent and the Security Trustee in respect of any claim, proceeding, liability or expense which relates to or results
from this Transfer Certificate or any matter connected with or arising out of it unless caused by the Agent’s or Security Trustee’s gross negligence or wilful misconduct, as the case may be. 

 

	13.	The agreements and undertaking of the Transferee Lender in this Transfer Certificate are given to and for the benefit of and made with each of the Relevant Parties. 

 

	14.	This Transfer Certificate shall be governed by, and construed in accordance with, English law. 

 WARNING:
This Transfer Certificate may not operate to transfer the Transferor Lender’s interest in all of the security created by the Finance Documents (for example, the Mortgage) and the Transferee Lender should check that all deeds of assignment and
other documents necessary to transfer such security to it are signed by the Transferor Lender and, where appropriate, registered. 
  

					
		 	Transferor Lender	 	Transferee Lender
			
		 	By: [—]	 	By: [—]
			
		 	Dated: [—]	 	Dated: [—]

  
 94 

			
		 	Agent (for and on behalf of itself and for every other Relevant Party)
		
		 	By: [—]
		
		 	Dated: [—]

 Schedule 

Administrative Details of Transferee Lender 

Name of Transferee Lender: 
 Lending Office: 

Contact Person 
 (Loan Administration Department): 

Telephone: 
 Fax: 

Contact Person 
 (Credit Administration Department): 

Telephone: 
 Fax: 

Account for Payments: 

  
 95 

 SCHEDULE 6 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	DNB Bank ASA 

 20 St. Dunstan’s Hill 

London 
 EC3R 8HY 

 

	Attn:	Shipping Department 

 Date: [—] 201[—] 
 Dear Sirs 

Compliance Certificate - $65,000,000 Loan Agreement 
 We
refer to the loan agreement dated [—] 2011 (the “Loan Agreement”) made between (1) ourselves as Borrower, (2) the banks and financial institutions listed in Schedule 1
thereto as Original Lenders, (3) the banks and financial institutions listed in Schedule 2 thereto as Original Swap Providers, (4) yourselves as Mandated Lead Arranger and Bookrunner and Skandinaviska Enskilda Banken AB (publ) as Mandated
Lead Arranger, (5) yourselves as Agent and (6) yourselves as Security Trustee providing for the making available to us of a term loan facility in the amount of $65,000,000. 

Expressions defined in the Loan Agreement shall have the same meanings when used in this certificate. 

I, the Chief Financial Officer of the Borrower, hereby certify that: 
  

	1.	Attached to this certificate are the latest audited consolidated accounts of the Group for the financial [year][half-year] ending on [—] 201[—] (the “Accounts”). 

  

	2.	Set out below are the respective amounts, in Dollars, of the Current Assets, Current Liabilities, Free Liquid Assets (including the respective amounts of cash, cash equivalents and Available Facilities),
Stockholders’ Equity, Total Assets and Total Indebtedness of the Group as at [—] 201[—]: 

 

					
	 Current Assets
	  	$	[—	] 
		
	 Current Liabilities
	  	$	[—	] 
		
	 Free Liquid Assets
	  	$	[—	] 
		
	 Cash
	  	$	[—	] 
		
	 Cash equivalents
	  	$	[—	] 
		
	 Available Facilities
	  	$	[—	] 
		
	 Stockholders’ Equity
	  	$	[—	] 
		
	 Total Assets
	  	$	[—	] 
		
	 Total Indebtedness
	  	$	[—	] 

  
 96 

	3.	Accordingly, as at the date of this certificate the financial covenants set out in Clause 14.1 of the Loan Agreement [are] [are not] complied with, in that as at [—]
201[—]: 

  

	 	3.1	Current Assets exceed Current Liabilities by $[—]; 

  

	 	3.2	Free Liquid Assets are $[—]; 

  

	 	3.3	the aggregate amount of cash is $[—]; 

  

	 	3.4	the ratio of Stockholders’ Equity to Total Assets is [—] per cent; 

[or, as the case may be, specify in what respect any of the financial covenants are not complied with.] 

 

	4.	As at [—] 201[—] no Event of Default has occurred and is continuing. 

[or, specify/identify any Event of Default] 

The Borrower is in compliance with Clause 17.1 of the Loan Agreement. 

[If not, specify this and what is proposed as regards Clause 17.2] 

The Fair Market Value of the Vessel as at [—] 201[—]
is $[—] based on valuations as at that date as follows from the following Approved Shipbrokers: 
  

									
	 Name of first

shipbroker providing

valuation
	  	 Name of second

shipbroker providing

valuation
	  	 Name of third

shipbroker providing

valuation (if

applicable)
	  	Average market
value	 
				
	 [—]
	  	[—]	  	[—][Not applicable]	  	$	[—	] 

  

	
	Yours faithfully
	
	  

	Chief Financial Officer
	EURONAV N.V.

  
 97 

 SCHEDULE 7 

MANDATORY COSTS FORMULA 
  

	1.	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial Services Authority (or, in either case,
any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 

  

	2.	On the first day of each Interest Period (or as soon as possible after it) the Agent shall calculate, as a percentage rate per annum, a rate (the “Additional Cost Rate”) for each Lender, in accordance
with the paragraphs set out below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage participation of each Lender in the Loan) and will be
expressed as a percentage rate per annum. 

  

	3.	The Additional Cost Rate for any Lender lending from a Lending Office in a Participating Member State will be the percentage notified by that Lender to the Agent. This percentage will be certified by that Lender in its
notice to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in the Loan made from that Lending Office) of complying with the minimum reserve requirements of the European Central
Bank in respect of loans made from that Lending Office. 

  

	4.	The Additional Cost Rate for any Lender lending from a Lending Office in the United Kingdom will be calculated by the Agent as follows: 

 

			
	 E x 0.01
	 	
	300	 	per cent. per annum.

 Where: 
  

	 	E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent as being the average of the most recent rates of charge supplied by the Reference Banks to the Agent pursuant to
paragraph 7 below and expressed in pounds per £1,000,000. 

  

	5.	For the purposes of this Schedule: 

  

	 	5.1	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank
of England; 

  

	 	5.2	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in respect of the payment of fees for the
acceptance of deposits; 

  
 98 

	 	5.3	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking
into account any applicable discount rate); 

  

	 	5.4	“Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to
European Monetary Union; and 

  

	 	5.5	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

  

	6.	If requested by the Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the Agent, the rate of charge payable by that Reference Bank to the Financial
Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank
for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank. 

  

	7.	Each Lender shall supply any information required by the Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each Lender shall supply the following information in
writing on or prior to the date on which it becomes a Lender: 

  

	 	7.1	the jurisdiction of its Lending Office; and 

  

	 	7.2	any other information that the Agent may reasonably require for such purpose. 

 Each Lender
shall promptly notify the Agent in writing of any change to the information provided by it pursuant to this paragraph. 
  

	8.	The rates of charge of each Reference Bank for the purpose of E above shall be determined by the Agent based upon the information supplied to it pursuant to paragraph 6 above and on the assumption that, unless a Lender
notifies the Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a Lending Office in the same jurisdiction
as its Lending Office. 

  

	9.	The Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume that the information provided by any
Lender or Reference Bank pursuant to paragraphs 3, 6 and 7 above is true and correct in all respects. 

  

	10.	The Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based on the information provided by each Lender and
each Reference Bank pursuant to paragraphs 3, 6 and 7 above. 

  
 99 

	11.	Any determination by the Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence of manifest error, be conclusive and
binding on all parties. 

  

	12.	The Agent may from time to time, after consultation with the Borrower and the Lenders, determine and notify to all Parties any amendments which are required to be made to this Schedule in order to comply with any change
in law, regulation or any requirements from time to time imposed by the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination shall, in
the absence of manifest error, be conclusive and binding on all Parties. 

  
 100 

 EXECUTION PAGE 
  

							
	THE BORROWER	  		    	 

	  	
	  
 SIGNED
	  	)	    	  	
	by	  	)	    	  	Ian Hughes
	duly authorised for and on behalf of	  	)	    	  	Attorney-in-fact
		  		    	  

	EURONAV N.V.	  	)	    		  	
				
	THE BANKS	  		    		  	
				
	SIGNED	  	)	    	 

	  	
	by	  	)	    	  	Katherine Noble
	duly authorised for and on behalf of	  	)	    	  	Attorney-in-fact
		  		    	  

	DNB BANK ASA	  	)	    		  	
	as Original Lender, Original Swap	  	)	    		  	
	Provider, Mandated Lead Arranger,	  	)	    		  	
	Bookrunner, Agent and Security	  	)	    		  	
	Trustee	  	)	    		  	
				
	SIGNED	  	)	    		  	
	by	  	)	    	 

	  	
	duly authorised for and on behalf of	  	)	    	  	Katherine Noble
	SKANDINAVISKA ENSKILDA	  	)	    	  	Attorney-in-fact
		  		    	  

	BANKEN AB (publ)	  	)	    		  	
	as Original Lender, Original Swap	  	)	    		  	
	Provider and Mandated Lead Arranger	  	)	    		  	

  
 101EX-10.5

 EXHIBIT 10.5 

Execution version 

Date 25 March 2014 

EURONAV SHIPPING NV 

EURONAV TANKERS NV 
 as joint
and several Initial Borrowers 
 – and – 

EURONAV NV 
 as guarantor

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

as Lenders 
 – and – 

THE BANKS AND FINANCIAL INSTITUTIONS 

listed in Schedule 2 
 as
Swap Banks 
 – and – 

ABN AMRO BANK N.V. 

DANISH SHIP FINANCE A/S (DANMARKS SKIBSKREDIT A/S) 

DNB BANK ASA 
 ING BANK
N.V. 
 NORDEA BANK NORGE ASA 

MERCHANT BANKING, SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) 

as Lead Arrangers 
 – and
– 
 BNP PARIBAS FORTIS SA/NV 

KBC BANK NV 
 SCOTIABANK
EUROPE PLC 
 as Co-Arrangers 

– and – 
 DNB BANK
ASA 
 NORDEA BANK NORGE ASA 

MERCHANT BANKING, SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) 

as Bookrunners 
 – and –

 NORDEA BANK NORGE ASA 

as Agent 
 and as Security Trustee

 LOAN AGREEMENT 

relating to a $500,000,000 term loan facility 

Watson, Parley & Williams 

 INDEX 
  

							
	Clause	 	 	  	Page	 
			
	 1
	 	 Interpretation
	  	 	1	  
	 2
	 	 Facility
	  	 	21	  
	 3
	 	 Position of the Lenders and Swap Banks
	  	 	21	  
	 4
	 	 Drawdown
	  	 	23	  
	 5
	 	 Interest
	  	 	24	  
	 6
	 	 Interest Periods
	  	 	26	  
	 7
	 	 Default Interest
	  	 	27	  
	 8
	 	 Repayment and Prepayment and Cancellation
	  	 	28	  
	 9
	 	 Conditions Precedent
	  	 	30	  
	 10
	 	 Representations and Warranties
	  	 	31	  
	 11
	 	 General Undertakings
	  	 	34	  
	 12
	 	 Corporate Undertakings
	  	 	39	  
	 13
	 	 Insurance
	  	 	42	  
	 14
	 	 Ship Covenants
	  	 	46	  
	 15
	 	 Security Cover
	  	 	51	  
	 16
	 	 Payments and Calculations
	  	 	53	  
	 17
	 	 Application of Receipts
	  	 	55	  
	 18
	 	 Application of Earnings
	  	 	56	  
	 19
	 	 Events of Default
	  	 	57	  
	 20
	 	 Fees and Expenses
	  	 	61	  
	 21
	 	 Indemnities
	  	 	62	  
	 22
	 	 No Set-Off or Tax Deduction
	  	 	64	  
	 23
	 	 Illegality, etc.
	  	 	68	  
	 24
	 	 Increased Costs
	  	 	69	  
	 25
	 	 Set-Off
	  	 	71	  
	 26
	 	 Transfers and Changes in Lending Offices
	  	 	71	  
	 27
	 	 Variations and Waivers
	  	 	77	  
	 28
	 	 Notices
	  	 	78	  
	 29
	 	 Joint and Several Liability
	  	 	80	  
	 30
	 	 Guarantee
	  	 	81	  
	 31
	 	 Liability as Principal and Independent Debtor
	  	 	83	  
	 32
	 	 Adjustment of Transactions
	  	 	83	  
	 33
	 	 Interest in Relation to Guarantee
	  	 	83	  
	 34
	 	 Enforcement of Guarantee
	  	 	84	  
	 35
	 	 Judgments
	  	 	84	  
	 36
	 	 Supplemental Provisions in Relation to Guarantee
	  	 	84	  
	 37
	 	 Invalidity of Other Provisions of This Agreement
	  	 	85	  
	 38
	 	 Supplemental
	  	 	86	  
	 39
	 	 Law and Jurisdiction
	  	 	86	  
		
	 Schedules
	  			
		
	 Schedule 1 Lenders and Commitments
	  	 	88	  
	 Schedule 2 Swap Banks
	  	 	94	  
	 Schedule 3 Drawdown Notice
	  	 	97	  
	 Schedule 4 Condition Precedent Documents
	  	 	98	  
	 Part A
	 		  	 	98	  
	 Part B
	 		  	 	99	  
	 Schedule 5 Transfer Certificate
	  	 	101	  
	 Schedule 6 Details of Ships
	  	 	105	  
	 Schedule 7 Designation Notice
	  	 	107	  
	 Schedule 8 Form of Certificate of Compliance
	  	 	108	  

							
	 Execution
	  			
		
	 Execution Pages
	  	 	110	  

 THIS AGREEMENT is made on 25 March 2014 

BETWEEN 
  

	(1)	EURONAV SHIPPING NV and EURONAV TANKERS NV, as joint and several Initial Borrowers 

  

	(2)	EURONAV NV as guarantor 

  

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

  

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

  

	(5)	ABN AMRO BANK N.V., DANISH SHIPFINANCE A/S (DANMARKS SKIBSKREDIT A/S), DNB BANK ASA, ING BANK N.V., NORDEA BANK NORGE ASA and MERCHANT BANKING, SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), as Lead
Arrangers 

  

	(6)	BNP PARIBAS FORTIS SA/NV, KBC BANK NV and SCOTIABANK EUROPE PLC, as Co-Arrangers 

  

	(7)	DNB BANK ASA, NORDEA BANK NORGE ASA and MERCHANT BANKING, SKANDINAVISKA ENSKILDA BANKEN AB, as Bookrunners 

  

	(8)	NORDEA BANK NORGE ASA, as Agent 

  

	(9)	NORDEA BANK NORGE ASA, as Security Trustee 

 BACKGROUND 

 

	(A)	The Lenders have agreed to make available to the Borrowers a term loan facility of $500,000,000 for the purpose of part financing the acquisition cost of the vessels listed in Schedule 6 (Details of Ships) or
reimbursing the Borrowers (in part) for the acquisition cost of any of those vessels acquired by either of the Borrowers prior to the first Drawdown Date. 

  

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

 

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

IT IS AGREED as follows: 
  

	1	INTERPRETATION 

  

	1.1	Definitions 

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

 “Account Pledge” means, in respect of an Owner, a deed or pledge creating security in respect of the Earnings Account in
the name of that Owner to be executed by that Owner in favour of the Security Trustee in the Agreed Form. 
 “Advance” means
the principal amount of each borrowing by the Borrowers under this Agreement. 
 “Affected Lender” has the meaning given in
Clause 5.7 (Market disruption). 

 “Agency and Trust Deed” means the agency and trust deed dated the same date as
this Agreement and entered into between the same parties as are parties to this Agreement. 
 “Agent” means Nordea Bank
Norge ASA, acting in such capacity through its office at Middelthunsgate 17, 0368 Oslo, Norway, or any successor of it appointed under clause 5 of the Agency and Trust Deed. 

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

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

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

 

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

  

	 	(i)	Euronav Shipmanagement SAS of De Gerlachekaai 20, B 2000 Antwerp 1, Belgium; or 

  

	 	(ii)	Maersk Tankers Singapore Pte Ltd. of 200 Cantonment Road, 10-00 Southpoint, 089763, Singapore; and 

  

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

  

	 	(i)	the Owner which owns that Ship (as the case may be); 

  

	 	(ii)	Euronav; or 

  

	 	(iii)	any wholly owned subsidiary of Euronav, 

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

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

“Arrangers” means, together, the Lead Arrangers and the Co-Arrangers. 

“Available Commitment” means, in relation to a Lender and at any time, its Commitment less its Contribution at that time (and
“Total Available Commitments” means the aggregate of the Available Commitments of all the Lenders. 
 “Availability
Period” means the period commencing on the date of this Agreement and ending on the earlier of: 
  

	 	(a)	in relation to the Advance in connection with MAERSK SANDRA, 31 March 2015; or 

  
 2 

	 	(b)	in relation to each other Advance, the first anniversary of this Agreement; or 

  

	 	(c)	if earlier in either case, the date on which the Total Commitments are fully cancelled or terminated. 

“Base III” means, together: 
  

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

  

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

  

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

“Borrower A” means Euronav Tankers NV, a company incorporated in Belgium whose Belgium registered office is at De Gerlachekaai
20, B-2000 Antwerp 1, Belgium. 
 “Borrower B” means Euronav Shipping NV, a company incorporated in Belgium whose Belgium
registered office is at De Gerlachekaai 20, B-2000 Antwerp 1, Belgium. 
 “Borrower” means: 

 

	 	(a)	from the date of this Agreement until the First Release Date, each of the Initial Borrowers; 

  

	 	(b)	from the First Release Date until the Second Release Date, each of Euronav and the Continuing Initial Borrower; and 

  

	 	(c)	from the Second Release Date, Euronav. 

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

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

exceeds 
  

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

 “Business
Day” means a day on which banks are open in London, Oslo, Antwerp and Stockholm and, in respect of a day on which a payment is required to be made under a Finance Document, also in New York City. 

  
 3 

 “Change of Control” means, in relation to Euronav, if 2 or more persons acting
in concert or any individual person in each case other than the Permitted Holders: 
  

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

 

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

“Co-Arrangers” means BNP Paribas Fortis SA/NV, KBC Bank NV and Scotiabank Europe plc. 

“Code” means the United States Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated
and rulings issued thereunder. 
 “Commitment” means, in relation to a Lender, the amount set opposite its name in
Schedule 1 (Lenders and Commitments), or, as the case may require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and “Total
Commitments” means the aggregate of the Commitments of all the Lenders). 
 “Confidential Information” means all
information relating to any Obligor, the Euronav Group, the Finance Documents or the Loan of which a Creditor Party becomes aware in its capacity as, or for the purpose of becoming, a Creditor Party or which is received by a Creditor Party in
relation to, or for the purpose of becoming a Creditor Party under, the Finance Documents or the Loan from either: 
  

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

  

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

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

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 26.13 (Disclosure of information); or 

 

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

  

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

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

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

 “Continuing Initial Borrower” means the Initial Borrower which remains as a Borrower together with Euronav with effect
from the release of the other Initial Borrower from its obligations under the Finance Documents pursuant to Clause 14.16 (Accession of Euronav and release of Initial Borrowers). 

  
 4 

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

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

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

 “Defaulting Lender” means any Lender: 
  

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

  

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

  

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

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

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

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

 

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

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

 

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

  

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

  

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

  
 5 

 “Disruption Event” means either or both of: 

 

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

 

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

 

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

  

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

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

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

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

 

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

  

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

  

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

 “Earnings Account” means, in respect of each Owner,
an account in the name of that Owner with the Agent in Oslo designated “[Name of Borrower] - Earnings Account”, or any other account (with that or another office of the Agent or with a bank or financial institution other than the Agent)
which is agreed by the Agent and the Obligors as the Earnings Account for the purposes of this Agreement. 

  
 6 

 “Environmental Claim” means: 

 

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

 

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

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

“Environmental Incident” means: 
  

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

  

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

  

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

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

“Euronav” means Euronav NV, a company incorporated in Belgium whose Belgium registered office is at De Gerlachekaai 20, B-2000
Antwerp 1, Belgium. 
 “Euronav Group” means Euronav and each of its subsidiaries. 

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

“FATCA” means 
  

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

  

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

  

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

  
 7 

 “FATCA Deduction” means a deduction or withholding from a payment under a
Finance Document required by or under FATCA. 
 “FATCA Exempt Party” means a party to a Finance Document that is entitled to
receive payments free from any FATCA Deduction. 
 “FATCA FFI” means a foreign financial institution as defined in section
1471(d)(4) of the Code which could be required to make a FATCA Deduction. 
 “FATCA Non-Exempt Lender” means any Lender who
is not a FATCA Exempt Party. 
 “Fair Market Value” means, in relation to a Ship, a valuation of its market price as
determined in accordance with Clause 15.3 (Valuation of Ships). 
 “Finance Documents” means: 

 

	 	(a)	this Agreement; 

  

	 	(b)	the Agency and Trust Deed; 

  

	 	(c)	the Mortgages; 

  

	 	(d)	the Deeds of Covenant; 

  

	 	(e)	the General Assignments; 

  

	 	(f)	the Account Pledges; 

  

	 	(g)	the Master Agreement Assignments; 

  

	 	(h)	the Manager’s Undertakings; and 

  

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

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

 

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

  

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

  

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

  

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

  
 8 

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

  

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

 “First Release Date” means the date on which all the Ships owned by the first of the
Initial Borrowers have been transferred to Euronav in accordance with Clause 14.15 (Transfer of Ships). 
 “Framework
Agreement” means the agreement dated 3 January 2014 entered into between the Seller and Euronav in relation to the sale of the Ships by the Seller to, and purchase of the Ships by, Euronav or its nominee company. 

“General Assignment” means, in relation to each Ship, a deed to be executed by the Owner of that Ship in favour of the
Security Trustee creating security in respect of the Earnings, the Insurances and any Requisition Compensation relating to that Ship and any charter in excess of 24 months in relation to that Ship and any guarantee of such charter in the Agreed
Form. 
 “Guarantee” means each of the guarantees contained within Clause 30 (Guarantee) of this Agreement. 

“IFRS” means International Financial Reporting Standards in effect from time to time save that all accounting terms relating
to operating leases shall be construed in accordance with IFRS as at the date of this Agreement. 
 “Impaired Agent” means
the Agent at any time when: 
  

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

 

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

  

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

 

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

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

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

  

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

  

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

“Initial Borrower” means each of Borrower A and Borrower B. 

  
 9 

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

 

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

  

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

 

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

  

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

  

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

  

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

 

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

  

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

 

	 	(g)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than,
for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph (d) above); 

 

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

 

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

  

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

“Insurances” means, in relation to a Ship: 
  

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

  

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

  
 10 

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

“ISPS Code” means the International Ship and Port Facility Security Code constituted pursuant to resolution A.924(22) of the
International Maritime Organisation (“IMO”) adopted by a Diplomatic conference of the IMO on Maritime Security on 13 December 2002 and now set out in Chapter XI-2 of the Safety of Life at Sea Convention (SOLAS) 1974 (as
amended) to take effect on 1 July 2004. 
 “ISSC” means a valid and current International Ship Security Certificate
issued under the ISPS Code. 
 “Lead Arrangers” means ABN AMRO Bank N.V., Danish Shipfinance A/S (Danmarks Skibskredit A/S),
DNB Bank ASA, ING Bank N.V., Nordea Bank Norge ASA and Merchant Banking, Skandinaviska Enskilda Banken AB (publ). 

“Lender” means a bank or financial institution listed in Schedule 1 (Lenders and Commitments) and acting through its
branch indicated in Schedule 1 (Lenders and Commitments) (or through another branch notified to the Borrowers under Clause 26.14 (Change of lending office) or its transferee, successor or assign. 

“LIBOR” means, for an Interest Period: 
  

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

  

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

and if any such rate is below zero, LIBOR will be deemed to be zero. References above to ICE Benchmark Administration Limited shall be
construed to include any other person who takes over the administration of the London interbank offered rate. 
 “Loan”
means the principal amount for the time being outstanding under this Agreement. 

  
 11 

 “Manager’s Undertaking” means, in relation to a Ship, the undertaking to be
given by the Approved Manager in favour of the Security Trustee in the Agreed Form. 
 “Major Casualty” means, in relation
to a Ship, any casualty to that Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $5,000,000 or the equivalent in any other currency. 

“Majority Lenders” means: 
  

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

  

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

 “Margin” means 2.75 per cent. per annum. 

“Master Agreement” means each master agreement (on the 1992 or 2002 (as the case may be) ISDA (Multicurrency-Crossborder)
form) in an agreed form made or to be made between Euronav and a Swap Bank and includes all Designated Transactions from time to time entered into and Confirmations from time to time exchanged under such master agreement. 

“Master Agreement Assignment” means an assignment or assignments of Euronav’s rights under each of the Master Agreements
executed by Euronav in favour of the Security Trustee in Agreed Form. 
 “Maturity Date” means the sixth anniversary of the
date of this Agreement. 
 “MOA” means, in relation to a Ship, the Memorandum of Agreement dated 3 January 2014 entered
into between the relevant Seller and Euronav pursuant to the Framework Agreement in respect of the sale of that Ship. 

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

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

 

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

  

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

 “Notifying Lender” has the meaning given in Clause 23.1 (Illegality) or Clause
24.1 (Increased costs) as the context requires. 

  
 12 

 “Obligors” means each Initial Borrower (unless it has been released from its
obligations as a Borrower pursuant to Clause 14.16 (Accession of Euronav and release of Initial Borrowers)) and Euronav. 

“Owner” means, at the relevant date, the relevant Obligor which is the registered owner of the particular Ship or Ships. 

“Payment Currency” has the meaning given in Clause 21.4 (Currency indemnity). 

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

 

	 	(a)	Security Interests created by the Finance Documents; 

  

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

  

	 	(c)	liens for salvage; 

  

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

 

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

 

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

 

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

 “Pertinent Document” means: 

 

	 	(a)	any Finance Document; 

  

	 	(b)	any Master Agreement; 

  

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

 

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

  

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

  
 13 

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

 

	 	(a)	England and Wales; 

  

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

  

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

 

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

  

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

  

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

“Pertinent Matter” means: 
  

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

  

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

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

“Prohibited Person” means any person (whether designated by name or by reason of being included in a class of persons and
whether or not having a separate legal personality) that is: 
  

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

  

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

  

	 	(c)	otherwise a target of Sanctions (“target of Sanctions” signifying a person with whom a US person or other national of a Sanctions Authority would be prohibited or restricted by law from engaging in
trade, business or other activities or against whom Sanctions are otherwise directed). 

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

	 	(a)	issue date 17 January 2014; 

  

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

  
 14 

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

  

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

 Provided that such notes are
subordinated notes that: 
  

	 	(a)	are non-amortizing; 

  

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

  

	 	(c)	have a coupon not exceeding: 

  

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

  

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

  

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

 

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

  

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

“Quotation Date” means, in relation to any Interest Period (or any other period for which an interest rate is to be determined
under any provision of a Finance Document), 3 Business days before the first day of that period or the day on which quotations would ordinarily be given by leading banks in the London Interbank Market for deposits in the currency in relation to
which such rate is to be determined for delivery on the first day of that Interest Period or other period. 
 “Replacement Finance
Documents” means, in relation to a Ship, a Mortgage, Deed of Covenant (if applicable) and General Assignment in relation to the relevant Ship executed by Euronav. 

“Reference Banks” means, subject to Clause 26.16 (Replacement of Reference Bank), each of Nordea Bank Norge ASA, DNB
Bank ASA and Skandinaviska Enskilda Banken AB (publ). 
 “Relevant Person” has the meaning given in Clause 19.9 (Relevant
Persons). 
 “Repayment Date” means a date on which a repayment is required to be made under Clause 8 (Repayment
and Prepayment and Cancellation). 
 “Requisition Compensation” includes all compensation or other moneys payable by
reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”. 

“Restricted Party” means a person that: 
  

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

 

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

 

	 	(c)	 is located in, organised or incorporated under the laws of, or owned or controlled by, or acting on behalf of, a person located in or organised under
the laws of a 

  
 15 

	 	
country or territory that is the target of Sanctions (including, without limitation, at the date of this agreement Cuba, Iran, Myanmar (Burma), North Korea, Syria and Sudan) or a person that is
otherwise the target of Sanctions; 

  

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

  

	 	(e)	owns or controls a person referred to in (a) and/or (b) and/or (c) above; or 

  

	 	(f)	is otherwise the target of Sanctions. 

 “Samsung Seller’s Credit” means
the seller’s credit provided by Samsung Heavy Industries Co. Ltd. to (inter alia) Euronav pursuant to an agreement dated 9 January 2012. 

“Sanctioned Country” means any country or territory which is subject to general trade, economic or financial sanctions
embargoes imposed, administered or enforced by a Sanctions Authority. 
 “Sanctions” means the economic or financial
sanctions laws and/or regulations or trade embargoes imposed by any Sanctions Authority or any law or regulation enacted, promulgated or issued by any Sanctions Authority after the date of this Agreement. 

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

“Saverco” means Saverco NV, a company incorporated in Belgium whose registered office is at de Gerlachekaai 20, B-2000
Antwerp, Belgium. 
 “Second Release Date” means the date on which all the Ships owned by the each of the Initial Borrowers
have been transferred to Euronav in accordance with Clause 14.15 (Transfer of Ships). 
 “Secured Liabilities” means
all liabilities which the Initial Borrowers, the Security Parties or any of them have, at the date of this Agreement or at any later time or times, under or in connection with any Finance Document or the Master Agreements or any judgment relating to
any Finance Document or the Master Agreements; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy,
liquidation, arrangement or other procedure under the insolvency laws of any country. 
 “Security Interest” means: 

 

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

  

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

  

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

  
 16 

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

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

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

 

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

 

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

  

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

 “Security Trustee” means Nordea
Bank Norge ASA, acting in such capacity through its office at Middelthunsgate 17, 0368 Oslo, Norway, or any successor of it appointed under clause 5 of the Agency and Trust Deed. 

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

“Seller” means Maersk Tankers Singapore Pte. Ltd., a company incorporated in Singapore with its registered office at 200
Cantonment Road, 10-00 Southpoint, 089763, Singapore. 
 “Ship” means each of the 15 VLCC type vessels listed in Schedule 6
(Details of Ships) which are to be acquired by the Initial Borrowers (and which are also sometimes referred to in this Agreement by their individual names listed in Schedule 6 (Details of Ships)). 

“Swap Bank” means a bank or financial institution listed in Schedule 2 (Swap Banks) and acting through its branch
indicated in that Schedule. 
 “Swap Counterparty” means, at any relevant time and in relation to a continuing Designated
Transaction, the Swap Bank which enters into that Designated Transaction. 
 “Tankers International Pool” means the Tankers
International tanker pool governed by a pooling agreement entered into in January 2000 (as amended and supplemented from time to time) made between the participants in the pool and Tankers International LLC of Libra Tower, 23 Olympion Street, 3306
Limassol, Cyprus. 
 “Tanklog” means Tanklog Holdings Ltd., a company incorporated in Cyprus whose registered office is at 1
C. Pantelides Avenue, Nicosia 1010, Cyprus. 

  
 17 

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

 

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

  

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

  

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

  

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

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

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

 

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

  

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

  

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

 

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

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

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

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

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

“US Tax Obligor” means 
  

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

  

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

“VAT” means: 
  

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

 

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

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

  
 18 

	1.2	Construction of certain terms 

 In this Agreement: 

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

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

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

“consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and
legalisation. 
 “contingent liability” means a liability which is not certain to arise and/or the amount of which remains
unascertained. 
 “document” includes a deed; also a letter or fax. 

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

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

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

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

  
 19 

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

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

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

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

	1.3	Meaning of “month” 

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

 

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

  

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

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

 

	1.4	Meaning of “subsidiary” 

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

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

  

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

  

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

  

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

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

  
 20 

	1.5	General Interpretation 

 In this Agreement: 

 

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

  

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

 

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

 

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

  

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

  

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

  

	1.6	Headings 

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

	2	FACILITY 

  

	2.1	Amount of facility 

 Subject to the other provisions of this Agreement, the Lenders shall
make available to the Borrowers a Dollar term loan facility not exceeding $500,000,000. 
  

	2.2	Lenders’ participations 

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

	2.3	Purpose of Advances 

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

	3	POSITION OF THE LENDERS AND SWAP BANKS 

  

	3.1	Interests several 

 The rights of the Lenders and the Swap Banks under this Agreement are
several. 

  
 21 

	3.2	Individual right of action 

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

	3.3	Proceedings requiring Majority Lender consent 

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

	3.4	Obligations several 

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

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

  

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

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

	3.5	Security Trustee as joint and several creditor 

  

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

  

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

  

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

  
 22 

	4	DRAWDOWN 

  

	4.1	Request for Advance 

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

	4.2	Availability 

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

	(a)	a Drawdown Date has to be a Business Day during the Availability Period and the first Drawdown Date will be on or before 30 May 2014; 

 

	(b)	there shall be no more than one Advance in relation to each Ship; 

  

	(c)	the amount of each Advance shall not exceed the amount set forth opposite the name of the Ship to which that Advance relates in Schedule 6 (Details of Ships); and 

 

	(d)	the aggregate amount of the Advances outstanding at any time shall not exceed the Total Commitments at that time. 

  

	4.3	Notification to Lenders of receipt of a Drawdown Notice 

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

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

  

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

  

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

  

	4.4	Drawdown Notice irrevocable 

 A Drawdown Notice must be signed by a duly authorised
person on behalf of each of the Borrowers; and once served, a Drawdown Notice cannot be revoked without the prior consent of the Agent, acting with the authorisation of the Majority Lenders. 

 

	4.5	Lenders to make available Contributions 

 Subject to the provisions of this Agreement,
each Lender shall, on and with value on each Drawdown Date, make available to the Agent for the account of the Borrowers the amount due from that Lender on that Drawdown Date under Clause 2.2 (Lenders’ participations). 

 

	4.6	Disbursement of Advances 

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

	4.7	Disbursement of Advances to third party 

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

  
 23 

	5	INTEREST 

  

	5.1	Payment of normal interest 

 Subject to the provisions of this Agreement, interest on
each Advance in respect of an Interest Period shall be paid by the Borrowers on the last date of that Interest Period. 
  

	5.2	Normal rate of interest 

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

	5.3	Payment of accrued interest 

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

	5.4	Notification of rates of normal interest 

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

	5.5	Obligation of Reference Banks to quote 

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

	5.6	Quotations by Reference Banks 

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

	5.7	Market disruption 

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

  

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

  

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

  

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

  
 24 

	5.8	Notification of market disruption 

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

	5.9	Suspension of drawdown 

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

  

	5.10	Negotiation of alternative rate of interest 

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

	5.11	Application of agreed alternative rate of interest 

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

	5.12	Alternative rate of interest in absence of agreement 

 If an alternative interest rate or
alternative basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing at the end of the Negotiation Period, then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender,
set an interest period and interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender in Dollars or in any available currency of their or its Contribution plus the Margin; and the procedure provided for
by this Clause 5.12 (Alternative rate of interest in absence of agreement) shall be repeated if the relevant circumstances are continuing at the end of the interest period so set by the Agent. 

 

	5.13	Notice of prepayment 

 If the Borrowers do not agree with an interest rate set by the
Agent under Clause 5.12 (Alternative rate of interest in absence of agreement), the Borrowers may give the Agent not less than 10 Business Days’ notice of its intention to prepay the relevant Advance at the end of the interest period set
by the Agent. 
  

	5.14	Prepayment 

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

	5.15	Application of prepayment 

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

  
 25 

	6	INTEREST PERIODS 

  

	6.1	Commencement of Interest Periods 

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

	6.2	Duration of normal Interest Periods 

 Subject to Clauses 6.3 (Duration of Interest
Periods for repayment instalments) and 6.4 (No Interest Period to extend beyond final Maturity Date), each Interest Period shall be: 
  

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

 

	(b)	in the case of the first Interest Period applicable to the second and any subsequent Advance and if the Borrowers notify the Agent not later than 11.00 a.m. (London time) 5 Business Days before the commencement of that
Interest Period, a period ending on the last day of the Interest Period applicable to the first Advance then current, whereupon that Advance and the first Advance shall be consolidated and treated as a single Advance and if more than 1 Advance has
been made at the time the Borrowers notify the Agent that they wish to consolidate the Interest Periods of the Advances the relevant Interest Periods shall be consolidated with the Interest Period applicable to the first Advance on the expiry of the
relevant Interest Period so that the next Interest Period for that Advance expires on the same date as the Interest Period for the first Advance; 

  

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

  

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

  

	6.3	Duration of Interest Periods for repayment instalments 

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

	6.4	No Interest Period to extend beyond final Maturity Date 

 No Interest Period shall end
after the Maturity Date and any Interest Period which would otherwise extend beyond the Maturity Date shall instead end on the Maturity Date. 
  

	6.5	Non-availability of matching deposits for Interest Period selected 

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

  
 26 

	7	DEFAULT INTEREST 

  

	7.1	Payment of default interest on overdue amounts 

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

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

  

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

  

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

 

	7.2	Default rate of interest 

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

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

  

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

  

	7.3	Calculation of default rate of interest 

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

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

 

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

 

	 	(i)	LIBOR; or 

  

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

  

	7.4	Notification of interest periods and default rates 

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

  
 27 

	7.5	Payment of accrued default interest 

 Subject to the other provisions of this Agreement,
any interest due under this Clause 7.5 (Payment of accrued default interest) shall be payable on demand; and the payment shall be made to the Agent for the account of the Creditor Party to which the overdue amount is due. 

 

	7.6	Compounding of default interest 

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

	8	REPAYMENT AND PREPAYMENT AND CANCELLATION 

  

	8.1	Amount of repayment instalments 

 The Borrowers shall repay the Loan by 11 equal
consecutive six-monthly instalments of $24,000,000 each and a 12th and final instalment of $236,000,000 payable on the Maturity Date. 
  

	8.2	Repayment Dates 

 The first instalment shall be repaid on the earlier of (i) the
date falling 9 months after the first Drawdown Date and (ii) 31 December 2014 and the last instalment shall be payable on the Maturity Date. 
  

	8.3	Maturity Date 

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

	8.4	Voluntary prepayment 

 Subject to the following conditions in Clauses 8.5 (Conditions
for voluntary prepayment), 8.6 (Effect of notice of prepayment) and 8.7 (Notification of notice of prepayment), the Borrowers may prepay the whole or any part of the Loan. 

 

	8.5	Conditions for voluntary prepayment 

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

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

  

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

 

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

  

	8.6	Effect of notice of prepayment 

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

  
 28 

	8.7	Notification of notice of prepayment 

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

 

	8.8	Mandatory prepayment on sale or Total Loss 

 The Borrowers shall be obliged to prepay the
relevant amount of the Loan if a Ship is sold or becomes a Total Loss: 
  

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

  

	(b)	in the case of a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date and the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss;

 Provided that the Borrowers shall not be required to make any prepayment pursuant to this Clause 8.8 (Mandatory
prepayment on sale or total loss) in connection with the sale of a Ship by an Initial Borrower to Euronav made pursuant to (and in accordance with) Clause 14.15 (Transfer of Ships). 

In this Clause 8.8 (Mandatory prepayment on sale or Total Loss), “relevant amount” means the amount of the Loan
multiplied by a fraction: 
  

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

  

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

  

	8.9	Mandatory prepayment and cancellation on Change of Control 

 If there is a Change of
Control, the Borrowers shall be obliged to prepay the Loan in full and the Commitments shall terminate not later than 60 days following the occurrence of the Change of Control. 

 

	8.10	Mandatory prepayment and cancellation on breach of financial covenants 

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

	8.11	Amounts payable on prepayment 

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

  
 29 

	8.12	Application of partial prepayment 

 Each partial prepayment shall be applied pro-rata
against the repayment instalments specified in Clause 8.1 (Amount of repayment instalments). 
  

	8.13	Reborrowing 

 No amount of the Loan repaid or prepaid may be reborrowed. 

 

	8.14	Voluntary cancellation of Commitments 

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

	8.15	Conditions for cancellation of Commitments 

 The conditions referred to in Clause 8.14
(Voluntary cancellation of Commitments) are that: 
  

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

  

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

  

	8.16	Effect of notice of cancellation 

 The service of a cancellation notice given under
Clause 8.15 (Conditions for cancellation of Commitments) shall cause the amount of the Total Commitments specified in the notice to be permanently cancelled and any partial cancellation shall be applied against the Commitment of each Lender
pro rata and also on a pro rata basis against the future instalments repayable pursuant to Clause 8.1 (Amount of repayment instalments). 
  

	8.17	Unwinding of Designated Transactions 

 On or prior to any repayment or prepayment of the
Loan under this Clause 8 (Repayment and Prepayment and Cancellation) or any other provision of this Agreement, the Borrowers shall at their sole discretion have the right to wholly or partially reverse, offset, unwind or otherwise terminate
one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed
the amount of the Loan as reducing from time to time thereafter pursuant to Clause 8.1 (Amount of repayment instalments). 
  

	9	CONDITIONS PRECEDENT 

  

	9.1	Documents, fees and no default 

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

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

  

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

  
 30 

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

  

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

 

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

  

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

  

	 	(iv)	during the period from 30 June 2013 to the date of the Drawdown Notice and the relevant Drawdown Date, nothing shall have occurred (and neither the Agent nor any of the Lenders shall have become aware of any
condition or circumstance not previously known to it or them) which the Agent or the Lenders shall determine has had, or could reasonably be expected to have, a material adverse effect (A) on the rights or remedies of the Lenders, (B) on
the performance of the Borrowers or Euronav and its subsidiaries of their respective obligations to the Lenders, (C) with respect to the Loan or (D) on the property, assets, nature of assets, operations, liabilities or condition (financial
or otherwise) of the Borrowers or Euronav and its subsidiaries; 

  

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

  

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

  

	9.2	Waiver of conditions precedent 

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

	10	REPRESENTATIONS AND WARRANTIES 

  

	10.1	General 

 Each Obligor represents and warrants to each Creditor Party as follows. 

 

	10.2	Status 

  

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

 

	(b)	No Obligor is a FATCA FFI or a US Tax Obligor. 

  
 31 

	10.3	Corporate power 

 Each Obligor has the corporate capacity, and has taken all corporate
action and obtained all consents necessary for it: 
  

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

  

	(b)	to execute the Finance Documents and the Master Agreements to which that Obligor is a party; and 

  

	(c)	to borrow under this Agreement, to enter into Designated Transactions under the Master Agreements to which that Obligor is a party and to make all the payments contemplated by, and to comply with, those Finance
Documents and those Master Agreements. 

  

	10.4	Consents in force 

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

	10.5	Legal validity; effective Security Interests 

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

 

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

 

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

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

 

	10.6	No third party Security Interests 

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

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

  

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

  

	10.7	No conflicts 

 The execution by the Obligors of each Finance Document and each Master
Agreement to which it is a party, and the borrowing by the Borrowers of the Loan, and each Obligor’s compliance with each Finance Document and each Master Agreement to which it is a party will not involve or lead to a contravention of: 

 

	(a)	any law or regulation; or 

  
 32 

	(b)	the constitutional documents of that Obligor; or 

  

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

 

	10.8	No default 

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

	10.9	Information 

 All information which has been provided in writing by or on behalf of any
Obligor or any Security Party to the Arrangers or any other Creditor Party in connection with any Finance Document satisfied the requirements of Clause 11.5 (Information provided to be accurate); all audited and unaudited accounts which have
been so provided satisfied the requirements of Clause 11.7 (Form of financial statements); and there has been no material adverse change in the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise)
of Euronav and its subsidiaries since 30 June 2013. 
  

	10.10	No litigation 

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

 

	10.11	Validity and completeness of Framework Agreement and MOAs 

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

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

 

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

  

	10.12	No rebates etc. 

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

	10.13	Compliance with certain undertakings 

 At the date of this Agreement, the Obligors are in
compliance with Clauses 11.2 (Title; negative pledge) and 11.14 (Principal place of business). 
  

	10.14	Taxes paid 

 Each Obligor has paid all taxes applicable to, or imposed on or in relation
to, that Obligor and its business. 

  
 33 

	10.15	No money laundering 

 Without prejudice to the generality of Clause 2.3 (Purpose of
Advances), in relation to the borrowing by the Borrowers of the Loan, the performance and discharge of each Obligor’s obligations and liabilities under the Finance Documents to which each Obligor is a party, and the transactions and other
arrangements effected or contemplated by the Finance Documents to which it is a party, each Obligor confirms that it is acting for its own account and that the foregoing will not involve or lead to contravention of any law, official requirement or
other regulatory measure or procedure implemented to combat “money laundering” (as defined in Article 1 of the Directive (205/60/EEC) of the European Parliament and of the Council of the European Union of 26 October 2005). 

 

	10.16	ISM Code and ISPS Code compliance 

 All requirements of the ISM Code and the ISPS Code as
they relate to any Obligor, the Approved Manager and the Ships have been, or will be, complied with at the time of the Drawdown Date relating to each Ship. 
  

	10.17	Sanctions 

  

	(a)	Each Obligor and their respective directors, officers, employees, agents or representatives and each member of the Euronav Group has been and is in compliance with all Sanctions. 

 

	(b)	No Obligor and their respective directors, officers, employees, agents or representatives: 

  

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

 

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

  

	 	(iii)	owns or controls a Restricted Party. 

  

	(c)	No Obligor nor any member of the Euronav Group (i) is using or will use the proceeds of the Loan for the purpose of financing or making funds available directly or indirectly to any person or entity which is
currently listed on any Sanctions List or currently located in a Sanctioned Country, to the extent such financing or provision of funds would be prohibited by Sanctions or would otherwise cause any person to be in breach of Sanctions, or
(ii) is contributing or will contribute or otherwise make available the proceeds of the Loan to any other person or entity for the purpose of financing the activities of any person or entity which is currently listed on a Sanctions List or
currently located (or ordinarily resident) in a Sanctioned Country, to the extent such contribution or provision of proceeds would currently be prohibited by Sanctions or would otherwise cause any person to be in breach of Sanctions.

  

	11	GENERAL UNDERTAKINGS 

  

	11.1	General 

 Each Obligor undertakes with each Creditor Party to comply with the following
provisions of this Clause 11 (General Undertakings) at all times during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit. 

 

	11.2	Title; negative pledge 

 Each Obligor shall hold the legal title to, and own the entire
beneficial interest in any Ship owned by that Obligor, its Earnings and Insurances, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents and

  
 34 

 
the effect of assignments contained in the Finance Documents and except for Permitted Security Interests Provided that an Initial Borrower may transfer any Ship owned by it to Euronav
subject to the provisions of Clause 14.15 (Transfer of Ships). 
  

	11.3	Disposal of assets 

 No Obligor will transfer, lease or otherwise dispose of all or a
substantial part of its assets, whether by one transaction or a number of transactions, whether related or not except in the usual course of its business and for fair market value. 

 

	11.4	Maintenance of ownership of Borrowers 

 Euronav shall remain the legal and beneficial
owner (directly or indirectly) of the entire issued and allotted share capital of each Initial Borrower free of any Security Interest other than Security Interests created by the Finance Documents. At the date of this Agreement, each of the Initial
Borrowers has issued 10,000 shares, 9,999 of such shares are registered in the ownership of Euronav and 1 such share is registered in the ownership of Euronav Ship Management SAS of Nantes, France, acting through its Antwerp branch. Euronav is, and
shall remain, the direct legal and beneficial owner of the entire issued and allotted share capital of Euronav Ship Management SAS free of any Security Interest unless and until both the Initial Borrowers cease to be Borrowers pursuant to the terms
of this Agreement. For the avoidance of doubt, Euronav shall procure that Euronav Ship Management SAS shall not create any Security Interest over the share that it holds, or any other shares it may from time to time hold, in each Initial Borrower.

  

	11.5	Information provided to be accurate 

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

 

	11.6	Provision of financial statements 

 The Obligors will send to the Agent: 

 

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

  

	(b)	as soon as possible, but in no event later than 75 days after the end of each financial half- year of the Obligors (which half-year end shall, for the avoidance of doubt, occur annually), the audited consolidated
balance sheet of the Euronav Group certified as to its correctness by the chief financial officer of Euronav and the audited individual balance sheet of each Obligor certified as to its correctness by an officer or director of that Obligor;

  

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

  

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

  

	(e)	together with the annual audited consolidated accounts and with each balance sheet of the Euronav Group referred to in paragraphs (a) and (b), a compliance certificate (together with supporting schedules, if any)
signed by the chief financial officer of Euronav in the form attached as Schedule 8 (Form of Certificate of Compliance) (or in any other format which the Agent may approve and with such other information as the Agent may require) evidencing
compliance with the financial undertakings in Clause 12.5 (Financial Covenants) and also listing the Fair Market Value of each of the Ships which are subject to a Mortgage at that time. 

  
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	11.7	Form of financial statements 

 The audited accounts delivered under Clause 11.6
(Provision of financial statements) will: 
  

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

  

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

  

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

  

	11.8	Provision of further information 

  

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

  

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

  

	11.9	Creditor notices 

 Each Obligor will send the Agent, at the same time as they are
despatched, copies of all material communications which are despatched to all of that Obligor’s shareholders or creditors or to the whole of any class of them. 
  

	11.10	Consents 

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

	(a)	for that Obligor to perform its obligations under any Finance Document and any Master Agreement to which it is a party; 

  

	(b)	for the validity or enforceability of any Finance Document and any Master Agreement to which it is a party; 

and that Obligor will comply with the terms of all such consents. 

  
 36 

	11.11	Maintenance of Security Interests 

 Each Obligor will: 

 

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

 

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

 

	11.12	No amendment to Framework Agreement or MOAs. 

 No Obligor will agree to any material
amendment or supplement to, or waive or fail to enforce, any of the Framework Agreement or the MOAs or any of their provisions. 
  

	11.13	Notification of litigation 

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

	11.14	Principal place of business 

 Each Obligor will notify the Agent if it has a place of
business in any jurisdiction which would require a Finance Document to which it is a party to be registered, filed or recorded with any court or authority in that jurisdiction or if the centre of its main interests changes. 

 

	11.15	Notification of default 

 Each Obligor will notify the Agent as soon as that Obligor
becomes aware of: 
  

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

  

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

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

	11.16	Access to books and records 

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

 

	11.17	Press releases 

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

  
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	11.18	Notification of flag 

 The Obligors shall advise the Agent: 

 

	(a)	on which Approved Flag each Ship will be registered following its delivery under the relevant MOA not later than 10 Business Days before the relevant Drawdown Date; 

 

	(b)	on which Approved Flag each Ship will be registered following its transfer to Euronav pursuant to Clause 14.15 (Transfer of Ships) not later than 10 Business Days before the date of such transfer.

  

	11.19	Pari passu ranking 

 Each Obligor’s payment obligations under this Agreement and any
other Finance Document to which it is a party shall rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 

 

	11.20	Application of FATCA 

 No Obligor shall become a FATCA FFI or a US Tax Obligor. 

 

	11.21	Know your customer requirements 

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

 

	11.22	Use of proceeds 

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

 

	11.23	Documents to be provided following execution of a Master Agreement 

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

 

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

 

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

  

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

  

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

  
 38 

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

  

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

  

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

 

	12	CORPORATE UNDERTAKINGS 

  

	12.1	General 

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

 

	12.2	Maintenance of status 

 Each Obligor will maintain its separate corporate existence under
the laws of, and the centre of its main interests in, Belgium and Euronav shall maintain its listing on the First Market of Euronext Brussels, the New York Stock Exchange or such other reputable international stock exchange approved by the Agent
(acting on the instructions of the Majority Lenders) in writing, such approval not to be unreasonably withheld or delayed. 
  

	12.3	No change of business 

 No Obligor will operate outside the scope of its Articles of
Association as at the date of this Agreement. 
  

	12.4	No merger etc. 

 No Obligor will, and each Obligor will procure that none of its
subsidiaries will, enter into any form of merger, sub-division, amalgamation or other reorganisation which may, in the reasonable opinion of the Majority Lenders, have a material adverse effect on the financial position that Obligor. 

 

	12.5	Financial Covenants 

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

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

  

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

  

	 	(i)	$50,000,000; 

  

	 	(ii)	5 per cent. of Total Indebtedness; 

  

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

  

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

  
 39 

 In this Clause 12.5 (Financial Covenants): 

“Cash” means, at any date of determination under this Agreement, the aggregate value of the Euronav Group’s credit
balances on any deposit, savings or current account and cash in hand with recognised and reputable banks or financial institutions but excluding any such credit balances and cash subject to a Security Interest at any time; 

“Consolidated Current Assets” means, at any date of determination under this Agreement, the amount of the current assets of
the Euronav Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet and including any amounts available under committed credit lines having remaining maturities of more than 12 months; 

“Consolidated Current Liabilities” means, at any date of determination under this Agreement, the amount of the current
liabilities of the Euronav Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet; 

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

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

“Latest Balance Sheet” means, at any date, the consolidated balance sheet of the Euronav Group most recently delivered to the
Agent pursuant to Clause 11.6 (Provision of financial statements) and/or most recently made publicly available; 

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

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

 

	12.6	Change in IFRS 

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

	(a)	 a description of the change and what adjustments would need to be made to the financial statements of the Euronav Group following that change in order
to reverse the effects of 

  
 40 

	 	
that change so that the values of “Cash”, “Consolidated Current Assets”, “Consolidated Current Liabilities”, “Consolidated Working Capital”, “Free
Liquid Assets”, “Stockholders’ Equity”, “Total Assets” and/or “Total Indebtedness” will be the same as if calculated in accordance with IFRS and all applicable laws in effect at the date of this Agreement; and

  

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

  

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

  

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

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

 

	12.7	Change of accounting period 

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

	12.8	Restrictions on dividends 

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

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

  

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

 

	12.9	Payment of taxes 

 Each Obligor shall pay when due all taxes applicable to, or imposed on
or in relation to that Obligor, its business or any Ship to be owned by it. 
  

	12.10	Negative undertakings 

 No Obligor will: 

 

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

  

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

  

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

  
 41 

	12.11	Restrictions on repayment of Qualifying Notes 

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

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

  

	(b)	proceeds from other subordinated debt; or 

  

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

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

	12.12	Sanctions 

 Each Obligor shall ensure that none of their, nor any of their subsidiaries,
respective directors, officers, employees, agents or representatives or any other persons acting on any of their behalf, is a person listed on any Sanctions List. 
  

	12.13	Incurrence of Financial Indebtedness 

 No Obligor shall, without the prior consent of the
Majority Lenders, incur any Financial Indebtedness or grant any guarantee in respect of Financial Indebtedness if, as a result of incurring that Financial Indebtedness or incurring the contingent liability under that guarantee (as assessed in
accordance with IFRS), an Event of Default would occur, or one or more of the financial covenants in respect of Euronav set out in Clause 12.5 (Financial covenants) would be breached, on the date of such incurrence. 

 

	13	INSURANCE 

  

	13.1	General 

 Each Owner also undertakes with each Creditor Party to comply with the
following provisions of Clause 13 (Insurance) at all times during the Security Period (in the case of any Ships owned by that Owner) (in the case of each Ship after the Drawdown Date applicable to it) except as the Agent may, with the
authorisation of the Majority Lenders, otherwise permit. 
  

	13.2	Maintenance of obligatory insurances 

 Each Owner shall keep each Ship owned by it
insured at the expense of that Owner against: 
  

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

 

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

  

	13.3	Terms of obligatory insurances 

 Each Owner shall, effect such insurances in respect of
each Ship owned by it: 
  

	(a)	in Dollars; 

  
 42 

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

 

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

 

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

  

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

  

	(f)	on approved terms; and 

  

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

  

	13.4	Further protections for the Creditor Parties 

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

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

  

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

  

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

 

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

 

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

  

	13.5	Renewals 

 The Owners shall ensure that: 

 

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

  

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

  
 43 

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

	13.6	Letters of undertaking 

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

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

 

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

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

 

	13.7	Copies of certificates of entry 

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

	13.8	Deposit of original policies 

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

	13.9	Payment of premiums 

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

 

	13.10	Guarantees 

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

	13.11	Compliance with terms of insurances 

 No Owner shall do nor omit to do (nor permit to be
done or not to be done) any act or thing which would or might render any obligatory insurance in relation to any Ship invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part;
and, in particular: 
  

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

  
 44 

	(b)	no Owner shall (in the case of any Ships owned by that Owner) make any changes relating to the classification or classification society or manager or operator of any Ship approved by the underwriters of the obligatory
insurances; 

  

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

  

	(d)	no Owner shall (in the case of any Ships owned by that Owner) employ any Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first
obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

  

	13.12	Alteration to terms of insurances 

 The Owners will procure that: 

 

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

  

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

  

	13.13	Settlement of claims 

 No Owner shall (in the case of any Ships owned by that Owner)
settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and each Owner shall do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect
or recover any moneys which at any time become payable in respect of the obligatory insurances. 
  

	13.14	Provision of information 

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

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

 

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

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

  
 45 

	13.15	Mortgagee’s interest and additional perils insurances 

 The Agent for the benefit of
the Security Trustee, or the Security Trustee itself, shall effect, maintain and renew a mortgagee’s interest additional perils insurance and a mortgagee’s interest marine insurance in such amounts, on such terms reasonably available in
the market, through such insurers and generally in such manner as the Security Trustee may from time to time consider appropriate and the Borrowers shall upon demand fully indemnify the Agent or the Security Trustee (as the case may be) in respect
of all reasonable premiums and other reasonable expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance
Provided that the cover in respect of the mortgagee’s interest marine insurance shall not exceed 110 per cent. of the Loan. 

Notwithstanding the above, if at any time the Agent or Security Trustee proposes to effect any insurances of the nature referred to in this
Clause, it shall first notify the Borrowers of the insurance which it proposes to effect, the terms on which it requires it to be effected and the date from which it requires it to be so effected. If, before the date on which the Agent or Security
Trustee (as the case may be) requires that insurance to be effected, the Borrowers can demonstrate to the Agent or Security Trustee (as the case may be) that a firm of insurance brokers with a reputation acceptable to the Agent or the Security
Trustee (as the case may be) is able to arrange that insurance upon the same terms, before that date, for a price lower than that for which any firm of insurance brokers nominated by the Agent or Security Trustee is prepared to arrange that
insurance and with underwriters acceptable to the Agent or Security Trustee (as the case may be), and if that firm of insurance brokers will enter into such agreements with the Agent or Security Trustee (as the case may be) as it may require taking
into account the identity of that firm of insurance brokers, the Agent or Security Trustee (as the case may be) shall not unreasonably refuse to effect that insurance through that firm of insurance brokers so nominated by the Borrowers. 

 

	14	SHIP COVENANTS 

  

	14.1	General 

 Each Owner also undertakes with each Creditor Party to comply with the
provisions of this Clause 14 (Ship Covenants) at all times during the Security Period (in the case of any Ships owned by that Owner) (in the case of each Ship after the Drawdown Date applicable to it or, in the case of Euronav, after the
transfer of that Ship to Euronav pursuant to Clause 14.15 (Transfer of Ships)) except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit (such permission not to be unreasonably withheld in the case of Clause
14.2 (Ship’s name and registration), 14.12 (Restrictions on chartering, appointment of managers etc.) and 14.14 (Sharing of Earnings). 
  

	14.2	Ship’s name and registration 

 Subject to Clause 14.15 (Transfer of Ships),
each Owner shall (in the case of any Ships owned by that Owner) keep each Ship owned by it registered in its name on an Approved Flag; and shall not do or allow to be done anything as a result of which such registration might be cancelled or
imperilled and shall not change the name or country of registry of any Ship Provided that an Owner may change the registry of a Ship owned by it to any Approved Flag without the consent of the Lenders subject to the relevant Owner, as the
case may be, providing the Creditor Parties with replacement security at the time of such transfer (in form and substance satisfactory to the Agent) so that the Creditor Parties have the same security on that Ship and subject to any appropriate
consequential amendments to the Finance Documents. 

  
 46 

	14.3	Repair and classification 

 Each Owner shall (in the case of any Ships owned by that
Owner) keep each Ship owned by it in a good safe condition and state of repair: 
  

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

  

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

  

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

  

	14.4	Modification 

 No Owner shall (in the case of any Ships owned by that Owner) make any
modification or repairs to, or replacement of, any Ship or equipment installed on it which would or might materially and adversely alter the structure, type or performance characteristics of any Ship or reduce its value. 

 

	14.5	Removal of parts 

 No Owner shall (in the case of any Ships owned by that Owner) remove
any material part of any Ship, or any item of equipment installed on any Ship, except in the normal course of maintenance and repair, unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition
as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security Trustee and becomes on installation on the Ship the property of the relevant Owner and subject to
the security constituted by the relevant Mortgage Provided that the Owner owning the relevant Ship may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship concerned. 

 

	14.6	Surveys 

 Each Owner shall (in the case of any Ships owned by that Owner) submit each
Ship regularly to such periodical or other surveys which may be required for that Ship’s classification purposes and shall comply with all conditions and recommendations affecting that Ship’s class of the relevant classification society in
accordance with their terms unless waived. 
  

	14.7	Inspection 

 Each Owner shall (in the case of any Ships owned by that Owner) permit the
Agent (by surveyors or other persons appointed by it for that purpose, at the Borrowers’ expense once per year) to board any Ship at all reasonable times to inspect its condition (without interfering with that Ship’s operation) or to
satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections. 
  

	14.8	Prevention of and release from arrest 

 Each Owner shall (in the case of any Ships owned
by that Owner) promptly discharge: 
  

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

 

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

 

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

  
 47 

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

	14.9	Compliance with laws etc. 

 Each Owner shall: 

 

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

  

	 	(i)	relating to its business generally; and 

  

	 	(ii)	relating to each Ship owned by that Owner, its ownership, employment, operation, management and registration, 

including the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag in relation to each Ship owned
by that Owner; 
  

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

 

	(c)	without limiting paragraph (a) above, not employ any Ship owned by that Owner nor allow its employment, operation or management in any manner contrary to any law or regulation including but not limited to the ISM
Code, the ISPS Code, all Environmental Laws and all Sanctions; and 

  

	(d)	procure that no Obligor nor any member of the Euronav Group is or becomes a Restricted Person. 

  

	14.10	Provision of information 

 Each Owner shall (in the case of any Ship owned by that Owner)
promptly provide the Agent with any information which it reasonably requests regarding: 
  

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

  

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

  

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

 

	(d)	any towages and salvages; 

  

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

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

	14.11	Notification of certain events 

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

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

  
 48 

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

  

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

 

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

 

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

  

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

  

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

 

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

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

	14.12	Restrictions on chartering, appointment of managers etc. 

 No Owner shall (in the case of
any Ships owned by that Owner): 
  

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

  

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

  

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

  

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

 

	(e)	put any Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $5,000,000 (or the equivalent in any other currency) unless either: 

 

	 	(i)	that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason; or

  

	 	(ii)	the cost of such work is covered by insurances; or 

  

	 	(iii)	the Owner owning the relevant Ship establishes to the reasonable satisfaction of the Agent that it has sufficient funds to pay for the cost of such work. 

 

	14.13	Notice of Mortgage 

 Each Owner shall (in the case of any Ships owned by that Owner) keep
each Mortgage registered against the relevant Ship as a valid first priority mortgage, carry on board each 

  
 49 

 
Ship a certified copy of the relevant Mortgage and place and maintain in a conspicuous place in the navigation room and the Master’s cabin of each Ship a framed printed notice stating that
that Ship is mortgaged by the relevant Owner to the Security Trustee. 
  

	14.14	Sharing of Earnings 

 No Owner will (in the case of any Ships owned by that Owner) enter
into any agreement or arrangement for the sharing of any Earnings other than pursuant to a pooling agreement relating to the Tankers International Pool. 
  

	14.15	Transfer of Ships 

 Notwithstanding Clause 14.2 (Ship’s name and
registration), an Initial Borrower may transfer the ownership of a Ship owned by it to Euronav Provided that on or before the date of such transfer the Agent has received the following documents in form and substance satisfactory to the
Agent and its lawyers: 
  

	(a)	a duly executed original of the Replacement Finance Documents in relation to the relevant Ship (and of each document required to be delivered by their respective terms); 

 

	(b)	on or before the first such transfer, a duly executed original of the Account Pledge in relation to the Earnings Account in the name of Euronav (and of each document required to be delivered by its terms);

  

	(c)	in each case if required for the provisions of the legal opinions referred to in paragraph (h), copies of the resolutions of the directors of Euronav authorising the execution of each of the Replacement Finance
Documents in relation to the relevant Ship; 

  

	(d)	the original of any power of attorney under which any of the Replacement Finance Documents in relation to the relevant Ship are to be executed on behalf of Euronav; 

 

	(e)	the originals of any mandates or other documents required in connection with the opening or operation of the Earnings Account in the name of Euronav; 

 

	(f)	documentary evidence that the relevant Ship: 

  

	 	(i)	is definitively and permanently registered in the name of Euronav under the relevant Approved Flag; 

  

	 	(ii)	is in the absolute and unencumbered ownership of Euronav save as contemplated by the Finance Documents; 

  

	 	(iii)	the Mortgage granted by Euronav in relation to it has been duly registered against that Ship as valid first priority or preferred (as the case may be) ship mortgage in accordance with the laws of the relevant Approved
Flag; and 

  

	 	(iv)	notwithstanding the transfer of ownership to Euronav, it is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with. 

 

	(g)	documents establishing that the Ship will, as from the date of such transfer, be managed by the Approved Manager on terms acceptable to the Lenders, together with: 

 

	 	(i)	a Manager’s Undertaking in respect of the Ship and in relation to the management of the Ship on behalf of Euronav; and 

  

	 	(ii)	copies of the relevant Approved Manager’s Document of Compliance and of that Ship’s Safety Management Certificate (together with any other details of the applicable safety management system which the Agent
requires) and ISSC (in the name of Euronav where applicable); 

  
 50 

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

  

	(i)	A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances for the relevant Ship as the Agent may require; 

 

	(j)	if required by the Agent, a duly executed original of a supplemental agreement to this Agreement specifying such consequential amendments to the Loan Agreement and other Finance Documents as may be required as a
consequence of: 

  

	 	(i)	the transfer of ownership of the relevant Ship; 

  

	 	(ii)	the execution of the Replacement Finance Documents in relation to the relevant Ship; and 

  

	 	(iii)	if such transfer results in the occurrence of the First Release Date, the accession of Euronav as a Borrower pursuant to paragraph (a)(ii) of Clause 14.16 (Accession of Euronav and release of Initial Borrowers);
and 

  

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

 

	14.16	Accession of Euronav and release of Initial Borrowers 

  

	(a)	From the First Release Date: 

  

	 	(i)	Euronav shall cease to guarantee the obligations of the Initial Borrowers and Euronav shall be a Borrower under this Agreement and be bound by the terms of this Agreement and the other relevant Finance Documents as a
Borrower in place of the Initial Borrower being released from its obligations under the Loan Agreement and the other Finance Documents; 

  

	 	(ii)	provided that no Event of Default has occurred and is continuing, the Initial Borrower that is no longer an Owner shall be released from its obligations under the Loan Agreement and the other Finance Documents and shall
no longer be a Borrower; 

  

	(b)	From the Second Release Date and provided that no Event of Default has occurred and is continuing, the Initial Borrower that remained a Borrower after the release of the first Initial Borrower pursuant to paragraph
(a)(i) shall be released from its obligations under the Loan Agreement and the Finance Documents and shall no longer be considered a Borrower. 

  

	15	SECURITY COVER 

  

	15.1	Minimum required security cover 

 Clause 15.2 (Provision of additional security;
prepayment) applies if the Agent notifies the Borrowers that: 
  

	(a)	the aggregate of the Fair Market Values (determined as provided in Clause 15.3 (Valuation of Ships) of each Ship subject to a Mortgage; plus 

 

	(b)	the net realisable value of any additional security previously provided under this Clause 15 (Security Cover); 

is below 125 per cent. of the Loan. 

  
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	15.2	Provision of additional security; prepayment 

 If the Agent serves a notice on the
Borrowers under Clause 15.1 (Minimum required security cover), the Borrowers shall, within 30 days after the date on which the Agent’s notice is served: 
  

	(a)	provide, or ensure that a third party provides, acceptable additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value (taking into account the amount of any prepayment made
pursuant to Clause 15.2(b) in response to the same notice) at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require and, for this purpose, it is agreed that
acceptable additional security shall include cash collateral in Dollars valued at par; and/or 

  

	(b)	prepay such part of the Loan as will eliminate the shortfall (taking into account the net realisable value of any additional security provided pursuant to Clause 15.2(a) in response to the same notice).

  

	15.3	Valuation of Ships 

 The Fair Market Value of a Ship at any date is that shown by the
average of 2 valuations: 
  

	(a)	as at a date not more than 30 days previously; 

  

	(b)	by an Approved Shipbroker; 

  

	(c)	without physical inspection of that Ship; 

  

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

  

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

The Borrowers shall provide (at their own cost) the valuations of each Ship which are required to determine its Fair Market Value pursuant to
this Clause 15.3 (Valuation of Ships) at the same time as Euronav provides to the Agent the compliance certificates pursuant to paragraph (e) of Clause 11.6 (Provision of financial statements) and, after the occurrence of an Event
of Default which is continuing, whenever requested by the Agent. 
  

	15.4	Value of additional vessel security 

 The net realisable value of any additional security
which is provided under Clause 15.2 (Provision of additional security; prepayment) and which consists of a Security Interest over a vessel shall be that shown by a valuation complying with the requirements of Clause 15.3 (Valuation of
Ships). 
  

	15.5	Valuations binding 

 Any valuation under Clause 15.2 (Provision of additional
security; prepayment), 15.3 (Valuation of Ships) or 15.4 (Value of additional vessel security) shall be binding and conclusive as regards the Borrowers and the Lenders, as shall be any valuation which the Majority Lenders make of
any additional security which does not consist of or include a Security Interest over a vessel. 

  
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	15.6	Provision of information 

 The Borrowers shall promptly provide the Agent and any
shipbroker or expert acting under Clause 15.3 (Valuation of Ships) or 15.4 (Value of additional vessel security) with any information which the Agent or the shipbroker or expert may reasonably request for the purposes of its valuation.

  

	15.7	Payment of valuation expenses 

 Without prejudice to the generality of the
Borrowers’ obligations under Clauses 20.2 (Costs of negotiation, preparation etc.), 20.3 (Costs of variations, amendments, enforcement etc.) and 21.3 (Miscellaneous indemnities), the Borrowers shall, on demand, pay the
Agent the amount of the fees and expenses of any shipbroker or expert instructed by the Agent under this Clause and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause. 

 

	15.8	Application of prepayment 

 Clause 8 (Repayment and Prepayment and Cancellation)
shall apply in relation to any prepayment pursuant to Clause 15.2(b). 
  

	16	PAYMENTS AND CALCULATIONS 

  

	16.1	Currency and method of payments 

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

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

  

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

  

	(c)	in the case of an amount payable by a Lender to the Agent or by any Obligor to the Agent or any Lender, to such account with such bank as the Agent may from time to time notify to the Obligors and the other Creditor
Parties; and 

  

	(d)	in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to the Obligors and the other Creditor Parties. 

 

	16.2	Payment on non-Business Day 

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

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

  

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

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

  
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	16.3	Basis for calculation of periodic payments 

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

 

	16.4	Distribution of payments to Creditor Parties 

 Subject to Clause 16.5 (Permitted
deductions by Agent), Clause 16.6 (Agent only obliged to pay when monies received) and Clause 16.7 (Refund to Agent of monies not received): 
  

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

  

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

  

	16.5	Permitted deductions by Agent 

 Notwithstanding any other provision of this Agreement or
any other Finance Document, the Agent may, before making an amount available to a Lender or a Swap Counterparty, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender or that Swap Counterparty under
any Finance Document or any sum which the Agent is then entitled under any Finance Document to require that Lender or that Swap Counterparty to pay on demand. 
  

	16.6	Agent only obliged to pay when monies received 

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

	16.7	Refund to Agent of monies not received 

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

 

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

  

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

  

	16.8	Agent may assume receipt 

 Clause 16.7 (Refund to Agent of monies not received)
shall not affect any claim which the Agent has under the law of restitution, and applies irrespective of whether the Agent had any form of notice that it had not received the sum which it made available. 

  
 54 

	16.9	Creditor Party accounts 

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

	16.10	Agent’s memorandum account 

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

  

	16.11	Accounts prima facie evidence 

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

	16.12	Impaired Agent 

  

	(a)	If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 16.1 (Currency and method of
payments) may instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt
obligations of A or higher by S&P or Fitch or A2 or higher by Moody’s or a comparable rating from an internationally recognised credit rating agency and in relation to which no Insolvency Event has occurred and is continuing, in the name of
the Obligor or the Lender making the payment and designated as a trust account for the benefit of the Creditor Party or Creditor Parties beneficially entitled to that payment under the Finance Documents. In each case such payments must be made on
the due date for payment under the Finance Documents. 

  

	(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that trust account pro rata to their respective entitlements. 

 

	(c)	Where an Obligor or a Lender has made a payment in accordance with this Clause 16.12 (Impaired Agent) it shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any
credit risk with respect to the amounts standing to the credit of the trust account. 

  

	(d)	Promptly upon the appointment of a successor Agent in accordance with clause 5.5 (Replacement of Agent) of the Agency and Trust Deed, the Obligors and each party which has made a payment to a trust account in
accordance with this Clause 16.12 (Impaired Agent) shall give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution
in accordance with Clause 16.4 (Distribution of payments to Creditor Parties). 

  

	17	APPLICATION OF RECEIPTS 

  

	17.1	Normal order of application 

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

	(a)	FIRST: in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and the Security Trustee under the Finance Documents; 

  
 55 

	(b)	SECONDLY: in or towards satisfaction of any amounts then due and payable to the Creditor Parties (other than the Swap Banks) under the Finance Documents (or any of them) in such order of application and/or such
proportions as the Agent, acting with the authorisation of the Lenders, may specify by notice to the Borrowers, the Security Parties and the other Creditor Parties, 

 

	(c)	THIRDLY: in retention of an amount equal to any amount not then due and payable to the Creditor Parties (other than the Swap Banks) under any Finance Document but which the Agent, by notice to the Borrowers, the
Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause
(b); 

  

	(d)	FOURTHLY: in or towards satisfaction pro rata of any amount then due and payable under any Master Agreement which relates to a Designated Transaction; 

 

	(e)	FIFTHLY: in retention of an amount equal to any amount not then due and payable under any Master Agreement which relates to a Designated Transactions but which the Agent, by notice to the Borrowers, the Security Parties
and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause (d); and

  

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

  

	17.2	Variation of order of application 

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

	17.3	Notice of variation of order of application 

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

	17.4	Appropriation rights overridden 

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

 

	18	APPLICATION OF EARNINGS 

  

	18.1	Earnings 

 Each Owner undertakes with each Creditor Party to ensure that throughout the
Security Period (and subject only to the provisions of the General Assignments) all the Earnings of each Ship owned by it and proceeds under any Insurances in relation to any Ship owned by is are paid to the Earnings Account in relation to that
Owner without delay or deductions Provided that the Earnings in respect of each Ship shall be available to the Owners unless an Event of Default has occurred and is continuing. 

  
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	18.2	Location of accounts 

 Each Owner shall promptly: 

 

	(a)	comply with any requirement of the Agent as to the location or re-location of the Earnings Account in relation to that Owner; and 

 

	(b)	execute any documents which the Agent reasonably specifies to create or maintain in favour of the Security Trustee a Security Interest over (and/or rights of set-off, consolidation or other rights in relation to) the
Earnings Account in relation to that Owner. 

  

	19	EVENTS OF DEFAULT 

  

	19.1	Events of Default 

 An Event of Default occurs if: 

 

	(a)	any Borrower or any Security Party fails to pay within 3 Business Days of the date when due or, if payable on demand, within 3 Business Days of such demand, any sum payable under a Finance Document or under any document
relating to a Finance Document; or 

  

	(b)	any breach occurs of Clause 9.2 (Waiver of conditions precedent), Clause 11.2 (Title; negative pledge), Clause 11.3 (Disposal of assets), Clause 11.4 (Maintenance of ownership of Borrowers),
Clause 12.2 (Maintenance of status), Clause 12.3 (No change of business), Clause 12.4 (No merger etc.), Clause 12.8 (Restrictions on dividends), Clause 12.11 (Restrictions on repayment of Qualifying Notes), Clause
12.12 (Sanctions), Clause 13 (Insurance), or Clause 15.2 (Provision of additional security; prepayment) or paragraph (c) of Clause 14.9 (Compliance with laws etc.); or 

 

	(c)	(subject to any applicable grace period in the relevant Finance Documents) any breach by any Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs
(a) or (b)) and if, in the opinion of the Majority Lenders, such default is capable of remedy, such default continues unremedied 30 days after written notice from the Agent requesting action to remedy the same; or 

 

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

  

	(e)	any of the following occurs in relation to the Qualifying Notes or any other Financial Indebtedness of a Relevant Person in respect of $10,000,000 or more (other than in relation to the Samsung Seller’s Credit) or,
as regards Financial Indebtedness arising under different documents or transactions, an aggregate amount of $10,000,000 or more (or the equivalent in another currency) excluding Financial Indebtedness in relation to the Samsung Seller’s Credit:

  

	 	(i)	any Financial Indebtedness of a Relevant Person is not paid when due or, if so payable, on demand nor within any applicable grace period; or 

 

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

 

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

  
 57 

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

  

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

  

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

  

	 	(i)	a Relevant Person becomes, in the opinion of the Majority Lenders, unable to pay its debts as they fall due; or 

  

	 	(ii)	a Relevant Person fails to comply with or pay any sum due from it under any final judgment or any final order made or given by any court of competent jurisdiction or any assets of a Relevant Person are subject to any
form of execution, attachment, arrest, sequestration or distress in respect of a sum of, or sums aggregating, $10,000,000 or more or the equivalent in another currency; or 

 

	 	(iii)	an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person or any administrative or other receiver is appointed over any asset of a Relevant Person; or 

 

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

  

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

  

	 	(vi)	a Relevant Person petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of its debt (or certain of its debt) or arrangement with all or
a substantial proportion (by number or value) of its creditors or of any class of them or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise; or 

 

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

  

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

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

 

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

  

	 	(i)	for any Borrower or any Security Party to discharge any liability under a Finance Document or to comply with any other obligation which the Majority Lenders consider material under a Finance Document; or

  

	 	(ii)	for the Agent, the Security Trustee or the Lenders to exercise or enforce any right under, or to enforce any Security Interest created by, a Finance Document; or 

 

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

 

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

 

	 	(i)	the ability of any Obligor to perform its obligations under the Finance Documents; or 

  

	 	(ii)	the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of any Obligor or any of their respective subsidiaries; or 

 

	(k)	at any time, any Obligor is not in compliance with all material Environmental Laws relating to each Ship, its ownership, operation and management or to the business of the relevant Obligor. 

 

	19.2	Actions following an Event of Default 

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

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

  

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

 

	 	(ii)	serve on the Borrowers a notice stating that the Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or

  

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

  

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

 

	19.3	Termination of Commitments 

 On the service of a notice under Clause 19.2(a)(i), the
Commitments and all other obligations of each Lender to the Borrowers under this Agreement shall terminate. 

  
 59 

	19.4	Acceleration of Loan 

 On the service of a notice under Clause 19.2(a)(ii), the Loan, all
accrued interest and all other amounts accrued or owing from any Borrower or any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand. 

 

	19.5	Multiple notices; action without notice 

 The Agent may serve notices under Clauses
19.2(a)(i) and (ii) simultaneously or on different dates and it and/or the Security Trustee may take any action referred to in Clause 19.2 (Actions following an Event of Default) if no such notice is served or simultaneously with or at
any time after the service of both or either of such notices. 
  

	19.6	Notification of Creditor Parties and Security Parties 

 The Agent shall send to each
Lender, the Security Trustee and each Security Party a copy or the text of any notice which the Agent serves on the Borrowers under Clause 19.2 (Actions following an Event of Default); but the notice shall become effective when it is served
on the Borrowers, and no failure or delay by the Agent to send a copy or the text of the notice to any other person shall invalidate the notice or provide any Borrower or any Security Party with any form of claim or defence. 

 

	19.7	Creditor Party rights unimpaired 

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

  

	19.8	Exclusion of Creditor Party liability 

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

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

  

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

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

In no event shall any Creditor Party be liable on any theory of liability for any special, indirect, consequential or punitive damages and each
Obligor hereby waives, releases and agrees not to sue upon any such claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favour. 

 

	19.9	Relevant Persons 

 In this Clause 19 (Events of Default) a “Relevant
Person” means a Borrower, a Security Party or any of either Borrower’s or Euronav’s subsidiaries, but excluding any company which is dormant and the value of whose gross assets is $5,000,000 or less. 

  
 60 

	19.10	Interpretation 

 In Clause 19.1(e) references to an event of default or a termination
event include any event, howsoever described, which is similar to an event of default in a facility agreement or a termination event in a finance lease; and in Clause 19.1(f) “petition” includes an application. 

 

	19.11	Position of Swap Counterparties 

 Neither the Agent nor the Security Trustee shall be
obliged, in connection with any action taken or proposed to be taken under or pursuant to the foregoing provisions of this Clause 19 (Events of Default), to have any regard to the requirements of a Swap Counterparty except to the extent that
such Swap Counterparty is also a Lender. 
  

	20	FEES AND EXPENSES 

  

	20.1	Fees 

 The Borrowers shall pay to the Agent: 

 

	(a)	on the date of this Agreement or as otherwise agreed, the fees in amounts previously agreed in writing between the Agent and the Borrowers; and 

 

	(b)	quarterly in arrears on each 31 March, 30 June, 30 September and 31 December and on the first Drawdown Date (or, if earlier, the date on which this Agreement is terminated) during the period from the
date of this Agreement to the last day of the Availability Period (or, if earlier, the date on which this Agreement is terminated), for the account of the Lenders, a commitment fee at the rate of 40 per cent. of the Margin per annum on the
Total Available Commitments, for distribution among the Lenders pro rata to their Commitments. 

  

	20.2	Costs of negotiation, preparation etc. 

 The Obligors shall pay to the Agent on its
demand the amount of all expenses incurred by the Agent or the Security Trustee in connection with the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction contemplated by a
Finance Document or a related document. 
  

	20.3	Costs of variations, amendments, enforcement etc. 

 The Obligors shall pay to the Agent,
on the Agent’s demand, for the account of the Creditor Party concerned the amount of all expenses incurred by a Creditor Party in connection with: 
  

	(a)	any amendment or supplement to a Finance Document or any proposal for such an amendment to be made; 

  

	(b)	any consent or waiver by the Lenders, the Swap Banks, the Majority Lenders or the Creditor Party concerned under or in connection with a Finance Document, or any request for such a consent or waiver; 

 

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

 

	(d)	any step taken by the Creditor Party concerned with a view to the protection, exercise or enforcement of any right or Security Interest created by a Finance Document or for any similar purpose. 

There shall be recoverable under paragraph (d) the full amount of all legal expenses, whether or not such as would be allowed under rules
of court or any taxation or other procedure carried out under such rules. 

  
 61 

	20.4	Documentary taxes 

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

 

	20.5	Certification of amounts 

 A notice which is signed by 2 officers of a Creditor Party,
which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 20 (Fees and Expenses) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the
amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due. 
  

	21	INDEMNITIES 

  

	21.1	Indemnities regarding borrowing and repayment of Loan 

 The Obligors shall fully
indemnify the Agent and each Lender on the Agent’s demand and the Security Trustee on its demand in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party as a result of or
in connection with: 
  

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

 

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

 

	(c)	any failure (for whatever reason) by the Obligors to make payment of any amount due under a Finance Document on the due date or, if so payable, on demand (after giving credit for any default interest paid by the
Obligors on the amount concerned under Clause 7 (Default Interest)); 

  

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

and in respect of any tax (other than tax on its overall net income) for which a Creditor Party is liable in connection with any amount paid or
payable to that Creditor Party (whether for its own account or otherwise) under any Finance Document. 
  

	21.2	Breakage costs 

 Without limiting its generality, Clause 21.1 (Indemnities regarding
borrowing and repayment of Loan) covers any Break Costs. 
  

	21.3	Miscellaneous indemnities 

 The Obligors shall fully indemnify each Creditor Party
severally on their respective demands in respect of all claims, expenses, liabilities and losses which may be made or brought against or incurred by a Creditor Party, in any country, as a result of or in connection with: 

 

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

  
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	(b)	any civil penalty or fine against, and all reasonable costs and expenses (including reasonable fees of counsel and disbursements) incurred in connection with or the defence thereof by, the Agent or any other Creditor
Party as a result of conduct of any Obligor or any of their partners, directors, officers, employees, agents or advisors, that violates any Sanctions; or 

  

	(c)	any other Pertinent Matter; 

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

Without prejudice to its generality, this Clause 21.3 (Miscellaneous indemnities) covers any claims, expenses, liabilities and losses
which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, any Environmental Law or any Sanctions. 
  

	21.4	Currency indemnity 

 If any sum due from any Borrower or any Security Party to a Creditor
Party under a Finance Document or under any order or judgment relating to a Finance Document has to be converted from the currency in which the Finance Document provided for the sum to be paid (the “Contractual Currency”) into
another currency (the “Payment Currency”) for the purpose of: 
  

	(a)	making or lodging any claim or proof against any Borrower or any Security Party, whether in its liquidation, any arrangement involving it or otherwise; or 

 

	(b)	obtaining an order or judgment from any court or other tribunal; or 

  

	(c)	enforcing any such order or judgment; 

 the Obligors shall indemnify within 3 Business Days of
demand the Creditor Party concerned against the loss arising when the amount of the payment actually received by that Creditor Party is converted at the available rate of exchange into the Contractual Currency. 

In this Clause 21.4 (Currency indemnity), the “available rate of exchange” means the rate at which the Creditor Party
concerned is able at the opening of business (London time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency. 

This Clause 21.4 (Currency indemnity) creates a separate liability of the Obligors which is distinct from their other liabilities under
the Finance Documents and which shall not be merged in any judgment or order relating to those other liabilities. 
  

	21.5	Application to Master Agreements 

 For the avoidance of doubt, Clause 21.4 (Currency
indemnity) does not apply in respect of sums due from Euronav to a Swap Counterparty under or in connection with a Master Agreement as to which sums the provisions of section 8 (Contractual Currency) of that Master Agreement shall apply.

  

	21.6	Certification of amounts 

 A notice which is signed by 2 officers of a Creditor Party,
which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 21 (Indemnities) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount,
or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due. 

  
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	21.7	Sums deemed due to a Lender 

 For the purposes of this Clause 21 (Indemnities), a
sum payable by the Obligors to the Agent or the Security Trustee for distribution to a Lender shall be treated as a sum due to that Lender. 
  

	22	NO SET-OFF OR TAX DEDUCTION 

  

	22.1	No deductions 

 All amounts due from the Obligors (or any of them) under a Finance
Document shall be paid: 
  

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

  

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

  

	22.2	Grossing-up for taxes 

 Subject as provided in Clause 26.18 (Tax indemnity, tax
gross-up and increased costs on assignment, transfer and change of lending office), if an Obligor is required by law to make a tax deduction from any payment: 
  

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

  

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

 

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

  

	(d)	that Obligor shall, as soon as reasonably practicable after making the relevant tax deduction, deliver to the Agent a copy of the receipt from the relevant taxation authority evidencing that the tax had been paid to
that authority. 

  

	22.3	Evidence of payment of taxes 

 Promptly, and in any event within 1 month after making any
tax deduction, the Obligor concerned shall deliver to the Agent for the Creditor Party entitled to the payment an original receipt (or certified copy thereof) satisfactory to that Creditor Party evidencing that the tax had been paid to the
appropriate taxation authority. 
  

	22.4	Tax credit 

 A Creditor Party which has obtained (and has derived full use and benefit,
on an affiliated group basis, of) a repayment or credit in respect of tax on account of which the Obligors (or any of them) have made an increased payment under Clause 22.2 (Grossing-up for taxes) shall pay to the relevant Obligors a sum
equal to the proportion of the repayment or credit which that Creditor Party allocates to the amount due from the relevant Obligors in respect of which the relevant Obligors made the increased payment Provided that: 

 

	(a)	the Creditor Party shall not be obliged to allocate to this transaction any part of a tax repayment or credit which is referable to a class or number of transactions; 

  
 64 

	(b)	nothing in this Clause 22.4 (Tax credit) shall oblige a Creditor Party to arrange its tax affairs in any particular manner, to claim any type of relief, credit, allowance or deduction instead of, or in priority
to, another or to make any such claim within any particular time; 

  

	(c)	nothing in this Clause 22.4 (Tax credit) shall oblige a Creditor Party to make a payment which would leave it in a worse position than it would have been in if the Obligors had not been required to make a tax
deduction from a payment; 

  

	(d)	any allocation or determination made by a Creditor Party under or in connection with this Clause 22.4 (Tax credit) shall be conclusive and binding on the Obligors and the other Creditor Parties;

  

	(e)	nothing in this Clause 22.4 (Tax credit) shall oblige any Creditor Party to disclose any information relating to its affairs (tax or otherwise) or those of its ultimate parent company (or any subsidiary thereof)
or any computations in respect of tax; and 

  

	(f)	the Creditor Party’s tax affairs for its tax year in respect of which such credit or repayment was obtained have been finally settled. 

 

	22.5	Exclusion of tax on overall net income 

 In this Clause 22 (No Set-Off or Tax
Deduction) “tax deduction” means any deduction or withholding for or on account of any present or future tax except tax on a Creditor Party’s overall net income. 

 

	22.6	Value Added Tax 

  

	(a)	All amounts expressed to be payable under a Finance Document by any party to a Creditor Party shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by any Creditor Party to any part in
connection with a Finance Document, that party shall pay to the Creditor Party (in additional to and at the same time as paying the consideration) an amount equal to the amount of the VAT. 

 

	(b)	Where a Finance Document requires any party to reimburse a Creditor Party for any costs or expenses, that party shall also at the same time pay and indemnify the Creditor Party against all VAT incurred by the Creditor
Party in respect of the costs or expenses to the extent that the Finance Party reasonably determines that it is not entitled to credit or repayment of the VAT. 

  

	22.7	Application to Master Agreements 

 For the avoidance of doubt, Clause 22 (No Set-Off
or Tax Deduction) does not apply in respect of sums due from Euronav to a Swap Counterparty under or in connection with a Master Agreement as to which sums the provisions of section 2(d) (Deduction or Withholding for Tax) of that Master
Agreement shall apply. 
  

	22.8	FATCA 

  

	(a)	FATCA Information 

  

	 	(i)	Subject to paragraph (iii) below, each party to a Finance Document shall, within 10 Business Days of a reasonable request by another party to the Finance Documents: 

 

	 	(A)	confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and 

  

	 	(B)	 supply to the requesting party such forms, documentation and other information relating to its status under FATCA (including its applicable

  
 65 

	 	
“passthru percentage” or other information required under the U.S. Treasury regulations or other official guidance including intergovernmental agreements or treaties) as the requesting
party reasonably requests for the purposes of such requesting party’s compliance with FATCA. 

  

	 	(ii)	If a party to any Finance Document confirms to another party pursuant to Clause 22.8(a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt
Party, that party shall notify that other party and the Agent reasonably promptly. 

  

	 	(iii)	Subclause (i) above shall not oblige any Creditor Party to do anything which would or might in its reasonable opinion constitute a breach of any law or regulation, any policy of that Creditor Party, any fiduciary
duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that information required (or equivalent to the information so required) by United
States Internal Revenue Service Forms W-8 or W-9 (or any successor forms) shall not be treated as confidential information of such Creditor Party for purposes of this subclause (iii). 

 

	 	(iv)	If a party to any Finance Document fails to confirm its status or to supply forms, documentation or other information requested in accordance with subclause (i) above (including, for the avoidance of doubt, where
subclause (iii) above applies), then 

  

	 	(A)	if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party; and 

 

	 	(B)	if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of the Finance Documents (and payments made thereunder) as if its applicable passthru percentage is
100%, 

 until (in each case) such time as the party in question provides the requested confirmation, forms, documentation or
other information. 
  

	(b)	FATCA Gross-Up 

  

	 	(i)	If any Obligor making a payment under a Finance Document is required to make a FATCA Deduction, that Obligor shall make that FATCA Deduction and shall make a payment to the IRS (or such other taxing authority as
required under FATCA or any intergovernmental agreement entered into thereunder) within the time allowed and in the amount required by FATCA. 

  

	 	(ii)	If a FATCA Deduction is required to be made by any Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any FATCA Deductions) leaves an amount equal to the payment
which would have been due if no FATCA Deduction had been required. 

  

	 	(iii)	The Obligors shall promptly upon becoming aware that a FATCA Deduction is required (or that there is any change in the rate or basis of a FATCA Deduction) notify the Agent accordingly. Similarly, a Creditor Party shall
notify the Agent on becoming aware that a FATCA Deduction (or that a change in the rate or basis of a FATCA Deduction) may be required on a payment to such Creditor Party. 

 

	 	(iv)	As soon as possible and no later than within 15 days of making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Obligors shall deliver to the Agent for the Creditor Party
entitled to the payment 

  
 66 

	 	
evidence reasonably satisfactory to that Creditor Party that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the IRS (or other taxing authority as
applicable). 

  

	 	(v)	Each Creditor Party may make any FATCA Deduction it is required to make under FATCA, and any payment required in connection with that FATCA Deduction, and no Creditor Party shall be required to increase any payment in
respect of which it makes such a FATCA Deduction. A Creditor Party which becomes aware that it must make a FATCA Deduction in respect of a payment to another party (or that there is any change in the rate or basis of such FATCA Deduction) shall
notify that party and the Agent. 

  

	 	(vi)	If the Agent is required to make a FATCA Deduction in respect of a payment to a Creditor Party which relates to a payment by any of the Obligors, the amount of the payment due from that Obligor, shall be increased to an
amount which (after the Agent has made such FATCA Deduction), leaves the Agent with an amount equal to the payment which would have been made by the Agent if no FATCA Deduction had been required. 

 

	 	(vii)	The Agent shall promptly upon becoming aware that it must make a FATCA Deduction in respect of a payment to a Creditor Party which relates to a payment by any of the Obligors, as the case may be (or that there is any
change in the rate or the basis of such a FATCA Deduction) notify the relevant Obligor and the relevant Creditor Party. 

  

	(c)	FATCA Indemnity 

  

	 	(i)	The Obligors shall, (within 3 Business Days of demand by the Agent) indemnify each Creditor Party and pay to each such Creditor Party an amount equal to the taxes, losses, liabilities or costs which such Creditor Party
determines will be or has been (directly or indirectly) suffered by such Creditor Party as a result of (1) any of the Obligors or any Creditor Party making a FATCA Deduction from any amounts due to such Creditor Party under the Finance
Documents or (2) any taxes, penalties, interest or other amounts being asserted against or imposed on such Creditor Party by any taxing or governmental authority under FATCA in connection with any payment under the Finance Documents. This
paragraph shall not apply to the extent a tax, loss, liability or cost is compensated for by an increased payment under Clause 22.8(b)(ii) or 22.8(b)(vi) above. 

  

	 	(ii)	A Creditor Party making, or intending to make, a claim under subclause (i) above shall promptly notify the Agent of the FATCA Deduction which will give, or has given, rise to the claim, following which the Agent
shall notify the Obligors. 

  

	(d)	No Double FATCA Indemnity 

 Any amount actually paid by any of the Obligors under Clause
22.8(b)(ii) or (vi) or Clause 22.8(c)(i) shall not also be paid or indemnified under Clauses 22.2 (Grossing-up for taxes), 22.4 (Tax credit) or 24.4 (Payment of increased costs). 

  
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	(e)	FATCA Mitigation 

  

	 	(i)	If a FATCA Deduction is or will be required to be made by any of the Obligors or the Agent under Clause 22.8(b) in respect of a payment to any FATCA Non-Exempt Lender, the relevant Obligor may (but shall not be required
to), in addition to making any FATCA Deductions already required and any associated gross-up and indemnity payments under this Clause 22.8 (FATCA), not later than the second Repayment Date following a notice given under Clauses 22.8(b)(iii)
or 22.8(c)(i) elect to either: 

  

	 	(A)	prepay in full the Contribution of the FATCA Non-Exempt Lender in accordance with and subject to the conditions of Clauses 8.11 (Amounts payable on prepayment) and 8.13 (Reborrowing) upon 30 days’
written notice to the Agent and such FATCA Non-Exempt Lender, specifying the amount to be prepaid, the date on which the prepayment is to be made and the basis for the FATCA Deduction, or 

 

	 	(B)	if no Event of Default or Potential Event of Default has occurred, nominate one or more Transferee Lenders who would meet the requirements of Clause 26.2 (Transfer by a Lender) of the Loan Agreement and who upon
becoming a Lender would be an Exempt FATCA Party, by notice in writing to the Agent and the FATCA Non-Exempt Lender specifying the terms of the proposed transfer, and, subject to subclause (ii) below, cause such Transferee Lender(s) to
purchase, in accordance with Clause 26 (Transfers and Changes in Lending Offices), all of the FATCA Non-Exempt Lender’s Contribution and Commitment. 

  

	 	(ii)	If any of the Obligors elects to nominate one or more Transferee Lenders under Clause 22.8(e)(i)(B), the relevant FATCA Non-Exempt Lender shall transfer its Contribution and Commitment to such Transferee Lender(s), but
only after such FATCA Non-Exempt Lender has received one or more payments from any Obligor and such Transferee Lender(s) in an aggregate amount at least equal to the aggregate outstanding Contribution of such FATCA Non-Exempt Lender, together with
accrued interest thereon to the date of payment of such Contribution and all other amounts payable to such FATCA Non-Exempt Lender under the Loan Agreement. 

  

	23	ILLEGALITY, ETC. 

  

	23.1	Illegality 

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

	(a)	unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an existing law is or will be interpreted or applied; or 

 

	(b)	contrary to, or inconsistent with, any regulation and/or contrary to or declared by any Sanctions Authority to be contrary to Sanctions, 

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

	23.2	Notification of illegality 

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

	23.3	Prepayment; termination of Commitment 

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

  
 68 

	23.4	Mitigation 

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

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

  

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

 

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

  

	24	INCREASED COSTS 

  

	24.1	Increased costs 

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

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

  

	(b)	complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Notifying Lender allocates capital resources to its obligations under this
Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Agreement; or 

  

	(c)	compliance with the implementation by the applicable authorities of the matters set out in Basel III, CRD IV or CRR and the continuing application of the same, 

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

 

	24.2	Meaning of “increased cost” 

 In this Clause 24 (Increased Costs),
“increased cost” means, in relation to a Notifying Lender: 
  

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

  

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

 

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

  
 69 

	(d)	a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or receivable by the Notifying Lender under this Agreement; 

but not an item attributable to a change in the rate of tax on the overall net income of the Notifying Lender (or a parent company of it) or an
item covered by the indemnity for tax in Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) or by Clause 22 (No Set-Off or Tax Deduction) or an item arising directly out of the implementation or application of or
compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004, substantially in the form existing on the date of this
Agreement (“Basel II”) or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Creditor Party or any of its affiliates) Provided that the
exclusion in this paragraph shall not include Base III irrespective of whether this is implemented or applied pursuant to Basel II. 
 For
the purposes of this Clause 24.2 (Meaning of “increased cost”) the Notifying Lender may in good faith allocate or spread costs and/or losses among its assets and liabilities (or any class of its assets and liabilities) on such basis
as it considers appropriate. 
  

	24.3	Notification to Borrowers of claim for increased costs 

 The Agent shall promptly notify
the Borrowers and the Security Parties of the notice which the Agent received from the Notifying Lender under Clause 24.1 (Increased costs) and there shall then be a 60 day consultation period for the Borrowers and Notifying Lender to discuss
the particular increased cost and amount to be paid to the Notifying Lender. 
  

	24.4	Payment of increased costs 

 Unless something to the contrary is agreed by the Borrowers
and the Notifying Lender during the 60 day consultation period referred to in 24.3 (Notification to Borrowers of claim for increased costs), the Borrowers shall pay to the Agent, on the Agent’s demand, for the account of the Notifying
Lender the amounts which the Agent from time to time notifies the Borrowers that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 

 

	24.5	Notice of prepayment 

 If the Borrowers are not willing to continue to compensate the
Notifying Lender for the increased cost under Clause 24.4 (Payment of increased costs), the Borrowers may give the Agent not less than 5 Business Days’ notice of their intention to prepay the Notifying Lender’s Contribution or to
procure a Transferee Lender. 
  

	24.6	Prepayment; termination of Commitment 

 A notice of prepayment under Clause 24.5
(Notice of prepayment) shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrowers’ notice of intended prepayment; and: 
  

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

  

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

  
 70 

	24.7	Application of prepayment 

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

	25	SET-OFF 

  

	25.1	Application of credit balances 

 Each Creditor Party may, at any time after the
occurrence of an Event of Default which is continuing, without prior notice: 
  

	(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of an Obligor at any office in any country of that Creditor Party in or towards satisfaction of any sum then
due from that Obligor to that Creditor Party under any of the Finance Documents; and 

  

	(b)	for that purpose: 

  

	 	(i)	break, or alter the maturity of, all or any part of a deposit of that Obligor; 

  

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

  

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

 

	25.2	Existing rights unaffected 

 No Creditor Party shall be obliged to exercise any of its
rights under Clause 25.1 (Application of credit balances); and those rights shall be without prejudice and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is
entitled (whether under the general law or any document). 
  

	25.3	Sums deemed due to a Lender 

 For the purposes of this Clause 25 (Set-Off), a sum
payable by any Obligor to the Agent or the Security Trustee for distribution to, or for the account of, a Lender shall be treated as a sum due to that Lender; and each Lender’s proportion of a sum so payable for distribution to, or for the
account of, the Lenders shall be treated as a sum due to such Lender. 
  

	25.4	No Security Interest 

 This Clause 25 (Set-Off) gives the Creditor Parties a
contractual right of set-off only and does not create any equitable charge or other Security Interest over any credit balance of any Borrower. 
  

	26	TRANSFERS AND CHANGES IN LENDING OFFICES 

  

	26.1	Transfer by Obligors 

 No Obligor may, without the consent of the Agent given on the
instructions of all the Lenders, transfer any of its rights, liabilities or obligations under any Finance Document. 
  

	26.2	Transfer by a Lender 

 Subject to Clause 26.4 (Effective Date of Transfer
Certificate), a Lender (the “Transferor Lender”) may, at its own cost, with the prior written consent of the Borrowers (not to be unreasonably withheld or delayed) and the Agent or without the consent of the Borrowers if an
Event of Default has occurred and is continuing, cause: 
  

	(a)	its rights in respect of all or pro rata parts of its Contribution; or 

  
 71 

	(b)	its obligations in respect of all or pro rata parts of its Commitment; or 

  

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

 to be (in the case of its rights) transferred to, or (in
the case of its obligations) assumed by, another bank (a “Transferee Lender”) by delivering to the Agent a completed certificate in the form set out in Schedule 5 (Transfer Certificate) with any modifications approved or
required by the Agent (a “Transfer Certificate”) executed by the Transferor Lender and the Transferee Lender Provided that a Lender may make such transfer to any wholly owned subsidiary of it, to its parent company or to
another subsidiary of its parent company without the consent of the Borrowers or the Agent and the fee referred to in Clause 26.11 (Registration fee) shall not apply in relation to any such transfer. 

Without prejudice to the foregoing, any such transfer by a Lender shall be subject to the following further conditions: 

 

	 	(i)	the amount of the Contribution and/or Commitment of the Lender which is to be transferred shall not be less than $10,000,000 or, if less, the remaining amount of its Contribution and Commitment, unless the Agent agrees
otherwise; 

  

	 	(ii)	where no Event of Default has occurred and is continuing, the Agent shall approve the transfer (such approval not to be unreasonably withheld); 

 

	 	(iii)	payment of the fee in accordance with Clause 26.11 (Registration fee). 

 However any
rights and obligations of the Transferor Lender in its capacity as Agent or Security Trustee will have to be dealt with separately in accordance with the Agency and Trust Deed. 

 

	26.3	Transfer Certificate, delivery and notification 

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

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

 

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

 

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

  

	26.4	Effective Date of Transfer Certificate 

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

 

	26.5	No transfer without Transfer Certificate 

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

  
 72 

	26.6	Lender re-organisation; waiver of Transfer Certificate 

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

 

	26.7	Effect of Transfer Certificate 

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

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

 

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

  

	(c)	the Transferee Lender becomes a Lender with a Contribution and Commitment of the amounts specified in the Transfer Certificate; 

  

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

  

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

 

	(f)	the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to the Lenders generally, including but not limited to those relating to the Majority Lenders and those under
Clause 5.7 (Market disruption) and Clause 20 (Fees and Expenses), and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and 

 

	(g)	in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled
to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the original Lender would have incurred a loss of that kind or amount. 

The rights and equities of any Borrower or any Security Party referred to above include, but are not limited to, any right of set off and any
other kind of cross-claim. 

  
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	26.8	Maintenance of register of Lenders 

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

	26.9	Reliance on register of Lenders 

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

	26.10	Authorisation of Agent to sign Transfer Certificates 

 Each Obligor, the Security
Trustee, each Lender and each Swap Bank irrevocably authorise the Agent to sign Transfer Certificates on its behalf. 
  

	26.11	Registration fee 

 In respect of any Transfer Certificate, the Agent shall be entitled to
recover a registration fee of $3,500 from the Transferor Lender or (at the Agent’s option) the Transferee Lender. 
  

	26.12	Sub-participation; subrogation assignment 

  

	(a)	A Lender may sub-participate all or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any notice to, any Security Party, the Agent or the Security
Trustee and (where an Event of Default has occurred and is continuing) any Borrower. Where no Event of Default has occurred and is continuing the Borrowers’ consent to such sub-participation shall be required, such consent not to be
unreasonably withheld or delayed. 

  

	(b)	The Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them.

  

	26.13	Disclosure of information 

 A Lender may disclose to a potential Transferee Lender or
sub-participant any information which that Lender has received in relation to any Borrower, any Security Party or their affairs under or in connection with any Finance Document, unless the information is clearly Confidential Information. Without
prejudice to the foregoing, a Lender may disclose any Confidential Information delivered by any Obligor hereunder and such other information in relation to any Borrower, Euronav and their respective subsidiaries which it may obtain pursuant to this
Agreement: 
  

	(a)	to authorities in any other countries where that Lender, its subsidiaries, branches and representative officers or any other entity of that Lender are represented: 

 

	 	(i)	where such authority has requested information from the relevant entity of that Lender; and 

  

	 	(ii)	such disclosure is required by law, regulation or administrative order in order for that Lender to meet its legal requirements relating to reduction and/or prevention of money laundering, terrorism or corruption; or

  
 74 

	(b)	to a potential Transferee Lender or sub-participant if such person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a
Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information. 

 

	26.14	Change of lending office 

 A Lender may change its lending office by giving notice to the
Agent and the change shall become effective on the later of: 
  

	(a)	the date on which the Agent receives the notice; and 

  

	(b)	the date, if any, specified in the notice as the date on which the change will come into effect. 

  

	26.15	Notification 

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

 

	26.16	Replacement of Reference Bank 

 If any Reference Bank ceases to be a Lender or is unable
on a continuing basis to supply quotations for the purposes of Clause 5 (Interest) then, unless the Borrowers, the Agent and the Majority Lenders otherwise agree, the Agent, acting on the instructions of the Majority Lenders, and after
consulting the Borrowers, shall appoint another bank (whether or not a Lender) to be a replacement Reference Bank; and, when that appointment comes into effect, the first-mentioned Reference Bank’s appointment shall cease to be effective. 

 

	26.17	Security over Lenders’ rights 

 In addition to the other rights provided to Lenders
under this Clause 26 (Transfers and Changes in Lending Offices), each Lender may without consulting with or obtaining consent from any Borrower or any Security Party, at any time charge, assign or otherwise create a Security Interest in or
over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: 
  

	(a)	any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and 

  

	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as
security for those obligations or securities; 

 except that no such charge, assignment or Security Interest shall: 

 

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents;
or 

  

	 	(ii)	require any payments to be made by any Borrower or any Security Party or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents.

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

If: 
  

	(a)	a Lender assigns or transfers any rights or obligations under the Finance Documents pursuant to Clause 26.2 (Transfer by a Lender) or changes its lending office; and 

 

	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs the Borrowers would be obliged to make a payment to the Transferee Lender or Lender acting through its new lending office under
Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) in respect of any tax, Clause 22 (No Set-Off or Tax Deduction) or Clause 24 (Increased Costs), 

then the Transferee Lender or the Lender acting through its new lending office is only entitled to receive payment under those Clauses to the
same extent as the Transferor Lender or the Lender acting through its previous lending office would have been if the assignment, transfer or change had not occurred. 
  

	26.19	Replacement of Lender by Borrowers 

 The Borrowers may, at any time unless a Potential
Event of Default or Event of Default has occurred and is continuing in respect of: 
  

	(a)	a Lender whose costs of funds charged to the Borrowers are (in the Borrowers’ reasonable opinion) materially higher than those of the other Lenders generally; 

 

	(b)	a Lender which is a Defaulting Lender; or 

  

	(c)	a Lender which is a Non-Consenting Lender, 

 by giving 10 Business Days’ notice to the
Agent and that Lender (the “Outgoing Lender”) replace the Outgoing Lender by requiring it to (and the Outgoing Lender must) transfer in accordance with Clause 26 (Transfers and Changes in Lending Offices) all (and not part
only) of its rights and obligations under this Agreement to a Lender or other bank (a “Replacement Lender”) selected by the Borrowers and (unless the Agent is an Impaired Agent) which is acceptable to the Agent (acting reasonably)
for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of the Outgoing Lender’s Contribution and all accrued interest, break costs and other amounts payable in relation to that Contribution under
this Agreement and the other Finance Documents. 
 Any transfer of rights and obligations of an Outgoing Lender under this Clause is subject
to the following conditions: 
  

	 	(i)	neither the Agent nor the Outgoing Lender will have any obligation to the Borrowers to find a Replacement Lender; 

  

	 	(ii)	the transfer must take place no later than 10 Business Days after the Borrowers’ notice referred to above; 

  

	 	(iii)	in no event will the Outgoing Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Outgoing Lender under this Agreement and the other Finance Documents; and 

  
 76 

	 	(iv)	the Outgoing Lender shall only be obliged to transfer its rights and obligations under this Clause once it is satisfied that it has complied with all necessary “know your customer” or other similar checks
under all applicable laws and regulations in relation to that transfer and the Outgoing Lender shall perform the checks described in this paragraph (iv) above as soon as reasonably practicable following delivery of a notice referred to in this
Clause and shall notify the Agent and the Borrowers when it is satisfied that it has complied with those checks. 

  

	27	VARIATIONS AND WAIVERS 

  

	27.1	Variations, waivers etc. by Majority Lenders 

 Subject to Clause 27.2 (Variations,
waivers etc. requiring agreement of all Lenders), a document shall be effective to vary, waive, suspend or limit any provision of a Finance Document, or any Creditor Party’s rights or remedies under such a provision or the general law, only
if the document is signed, or specifically agreed to by fax, by the Obligors, by the Agent on behalf of the Majority Lenders, by the Agent and the Security Trustee in their own rights, and, if the document relates to a Finance Document to which a
Security Party is party, by that Security Party. 
 The consent of the Borrowers or any Security Party shall not be required to any amendment
or variation to a Finance Document if such amendment or variation does not, in the opinion of the Agent (acting reasonably), materially and adversely affect the rights or interests of the Borrowers or the Security Parties. 

 

	27.2	Variations, waivers etc. requiring agreement of all Lenders 

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

 

	(a)	a reduction in the Margin or change to the definition of LIBOR; 

  

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

  

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

  

	(d)	a change to the definition of “Majority Lenders” or “Finance Documents”; 

  

	(e)	a change to the preamble or to Clause 2 (Facility), Clause 3 (Position of the Lenders and Swap Banks), Clause 4 (Drawdown), Clause 5.1 (Payment of normal interest), paragraph (b) of
Clause 16.1 (Currency and method of payments), Clause 17 (Application of Receipts), Clause 18 (Application of Earnings) or Clause 39 (Law and Jurisdiction); 

 

	(f)	any amendment or waiver if the Agent or a Lender in its sole discretion believes that it may constitute a “material modification” within the meaning of FATCA that may result (directly or indirectly) in any
party to any Finance Document being required to make a FATCA Deduction; 

  

	(g)	a change to this Clause 27 (Variations and Waivers); 

  

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

 

	(i)	a change to the identity of the Borrowers (or either of them); and 

  

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

  
 77 

	27.3	Exclusion of other or implied variations 

 Except for a document which satisfies the
requirements of Clauses 27.1 (Variations, waivers etc. by Majority Lenders) and 27.2 (Variations, waivers etc. requiring agreement of all Lenders), no document, and no act, course of conduct, failure or neglect to act, delay or
acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have varied, waived,
suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising: 
  

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

  

	(b)	an Event of Default; or 

  

	(c)	a breach by a Borrower or a Security Party of an obligation under a Finance Document or the general law; or 

  

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

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

 

	28	NOTICES 

  

	28.1	General 

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

 

	28.2	Addresses for communications 

 A notice shall be sent: 

 

					
	(a)	    	to the Obligors:	  	de Gerlachekaai 20
		    		  	B-2000 Antwerp
		    		  	Belgium
			
		    		  	Fax No: 32 3 247 4409
		    		  	Attn: Finance Director
			
	(b)	    	to a Lender:	  	At the address below its name in Schedule 1 (Lenders and Commitments) or (as the case may require) in the relevant Transfer Certificate.
			
	(c)	    	to a Swap Bank:	  	At the address below its name in Schedule 2 (Swap Banks).
			
	(d)	    	to the Agent and	  	Middelthunsgate 17
		    	the Security Trustee:    	  	 P.O. Box 1166, Sentrum
 0107 Oslo

		    		  	Norway
			
		    		  	Loan administration matters:
		    		  	Fax No: (47) 22 48 66 88
			
		    		  	Attn: International Loans Administration
		    		  	Credit matters:
			
		    		  	Fax No: (47) 22 48 44 91
		    		  	Attn: Shipping, Offshore and Oil Services

  
 78 

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

	28.3	Effective date of notices 

 Subject to Clauses 28.4 (Service outside business
hours) and 28.5 (Illegible notices): 
  

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

 

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

  

	28.4	Service outside business hours 

 However, if under Clause 28.3 (Effective date of
notices) a notice would be deemed to be served: 
  

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

  

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

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

	28.5	Illegible notices 

 Clauses 28.3 (Effective date of notices) and 28.4 (Service
outside business hours) do not apply if the recipient of a notice notifies the sender within 1 hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a form which is illegible in a
material respect. 
  

	28.6	Valid notices 

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

 

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

 

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

 

	28.7	Validity of demands 

 A demand under the Guarantee shall be valid notwithstanding that it
is served: 
  

	(a)	on the date on which the amount to which it relates is payable by the Initial Borrowers under a Finance Document or by Euronav under a Master Agreement; 

  
 79 

	(b)	at the same time as the service of a notice under Clause 19.2 (Events of Default) or the equivalent clauses of a Master Agreement; 

and a demand under the Guarantee may refer to all amounts payable under or in connection with the Finance Documents and/or the Master
Agreements (or either of them) without specifying a particular sum or aggregate sum. 
  

	28.8	Electronic communication 

 Any communication to be made between the Agent and another
Creditor Party or any Obligor under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including by way of the Agent’s Intralinks system), if the Agent and the relevant Creditor Party or
Obligor: 
  

	(a)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	(b)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and 

 

	(c)	notify each other of any change to their respective addresses or any other such information supplied to them. 

Any electronic communication made between the Agent and another Creditor Party or any Obligor will be effective only when actually received in
readable form and, in the case of any electronic communication made by a Creditor Party or an Obligor to the Agent, only if it is addressed in such a manner as the Agent shall specify for this purpose. 

All Creditor Parties confirm that they have consented to the use of the Agent’s Intralinks systems as an accepted method of communication
under or in connection with the Finance Documents and agree that the Intralinks system (or another electronic collaborative website) will be the primary method of communication between the Agent and the other Creditor Parties. The Creditor Parties
acknowledge that a communication via Intralinks (or such other electronic collaborative website) will be effective once the communication is posted (in a readable form) to Intralinks (or such other electronic collaborative website) by the Agent.

  

	28.9	English language 

 Any notice under or in connection with a Finance Document shall be in
English. 
  

	28.10	Meaning of “notice” 

 In this Clause 28 (Notices),
“notice” includes any demand, consent, authorisation, approval, instruction, waiver or other communication. 
  

	29	JOINT AND SEVERAL LIABILITY 

  

	29.1	General 

 All liabilities and obligations of the Borrowers under this Agreement shall,
whether expressed to be so or not, be several and, if and to the extent consistent with Clause 29.2 (No impairment of Borrower’s obligations), joint. 
  

	29.2	No impairment of Borrower’s obligations 

 The liabilities and obligations of a
Borrower shall not be impaired by: 
  

	(a)	this Agreement being or later becoming void, unenforceable or illegal as regards any other Borrower; 

  
 80 

	(b)	any Lender or the Security Trustee entering into any rescheduling, refinancing or other arrangement of any kind with any other Borrower; 

 

	(c)	any Lender or the Security Trustee releasing any other Borrower or any Security Interest created by a Finance Document; or 

  

	(d)	any combination of the foregoing. 

  

	29.3	Principal debtors 

 Each Borrower declares that it is and will, throughout the Security
Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and no Borrower shall in any circumstances be construed to be a surety for the obligations of any other Borrower under this Agreement. 

 

	29.4	Subordination 

 Subject to Clause 29.5, during the Security Period, no Obligor shall:

  

	(a)	claim any amount which may be due to it from any other Obligor whether in respect of a payment made, or matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this Agreement or any
Finance Document; or 

  

	(b)	take or enforce any form of security from any other Obligor for such an amount, or in any other way seek to have recourse in respect of such an amount against any asset of any other Borrower; or 

 

	(c)	set off such an amount against any sum due from it to any other Obligor; or 

  

	(d)	prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving any other Obligor or other Security Party; or 

 

	(e)	claim any subrogation or other right in respect of any Finance Document or any Master Agreement or any sum received or recovered by any Creditor Party under a Finance Document or a Master Agreement; or

  

	(f)	exercise or assert any combination of the foregoing. 

  

	29.5	Borrower’s required action 

 If during the Security Period, the Agent, by notice to
an Obligor, requires it to take any action referred to in paragraphs (a) to (d) of 29.4 (Subordination), in relation to any other Obligor, that Obligor shall take that action as soon as practicable after receiving the Agent’s
notice. 
  

	30	GUARANTEE 

  

	30.1	Guarantee and indemnity of Initial Borrowers’ obligations 

 Euronav unconditionally
and irrevocably: 
  

	(a)	guarantees the due payment of all amounts payable by the Initial Borrowers (or either of them) under or in connection with this Agreement and every other Finance Document; 

 

	(b)	undertakes to pay to the Security Trustee, on the Security Trustee’s demand, any such amount which is not paid by the Initial Borrowers (or either of them) when payable; and 

  
 81 

	(c)	agrees to indemnify the Security Trustee and each of the other Creditor Parties on the Security Trustee’s demand in respect of all claims, expenses, liabilities and losses which are made or brought against or
incurred by the Security Trustee or the Creditor Party concerned: 

  

	 	(i)	as a result of or in connection with any obligation or liability guaranteed by Euronav under this Agreement being or becoming unenforceable, invalid, void or illegal; or 

 

	 	(ii)	by operation of law; 

 and the amount recoverable under this indemnity shall be equal to the
amount which the Security Trustee or the Creditor Party concerned would otherwise have been entitled to recover. 
  

	30.2	Guarantee and indemnity of Euronav’s obligations 

 Each Initial Borrower
unconditionally and irrevocably: 
  

	(a)	guarantees the due payment of all amounts payable by Euronav under or in connection with each Master Agreement; 

  

	(b)	undertakes to pay to the Security Trustee, on the Security Trustee’s demand, any such amount which is not paid by Euronav when payable; and 

 

	(c)	agrees to indemnify the Security Trustee and each of the other Creditor Parties on the Security Trustee’s demand in respect of all claims, expenses, liabilities and losses which are made or brought against or
incurred by the Security Trustee or the Creditor Party concerned: 

  

	 	(i)	as a result of or in connection with any obligation or liability guaranteed by the Initial Borrowers (or either of them) under this Agreement being or becoming unenforceable, invalid, void or illegal; or

  

	 	(ii)	by operation of law; 

 and the amount recoverable under this indemnity shall be equal to the
amount which the Security Trustee or the Creditor Party concerned would otherwise have been entitled to recover. 
  

	30.3	No limit on number of demands 

 The Security Trustee may serve more than one demand under
Clause 30.1 (Guarantee and indemnity of Initial Borrowers’ obligations) and 30.2 (Guarantee and indemnity of Euronav’s obligations). 
  

	30.4	Subordination of guarantee by Initial Borrowers 

 For the avoidance of doubt, the
guarantee by each Initial Borrower of Euronav’s obligations in connection with the Master Agreements in Clause 30.2 (Guarantee and indemnity of Euronav’s obligations) is subordinate to the rights of the Creditor Parties (other than
the Swap Banks) under this Agreement and the other Finance Documents and Clause 17 (Application of Receipts) shall apply to any amounts received pursuant to the guarantee under Clause 30.2 (Guarantee and indemnity of Euronav’s
obligations). 

  
 82 

	31	LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR 

  

	31.1	Principal and independent debtor 

 Each Obligor shall be liable under this Agreement as a
principal and independent debtor and accordingly it shall not have, as regards this Agreement and the Guarantee, any of the rights or defences of a surety. 
  

	31.2	Waiver of rights and defences 

 Without limiting the generality of Clause 31.1
(Principal and independent debtor), no Obligor shall be discharged by, nor have any claim against any Creditor Party in respect of: 
  

	(a)	any amendment or supplement being made to the Finance Documents or the Master Agreements; 

  

	(b)	any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to, or affecting, the Finance Documents or the Master Agreements; 

 

	(c)	any release or loss of any right or Security Interest created by the Finance Documents or the Master Agreements; 

  

	(d)	any failure promptly or properly to exercise or enforce any such right or Security Interest, including a failure to realise for its full market value an asset covered by such a Security Interest; or 

 

	(e)	any other Finance Document or the Master Agreements or any Security Interest now being or later becoming void, unenforceable, illegal or invalid or otherwise defective for any reason, including a neglect to register it.

  

	32	ADJUSTMENT OF TRANSACTIONS 

  

	32.1	Reinstatement of obligation to pay 

  

	(a)	Euronav shall pay to the Security Trustee on its demand any amount which any Creditor Party is required, or agrees, to pay pursuant to any claim by, or settlement with, a trustee in bankruptcy of either Initial Borrower
or of another Security Party (or similar person) on the ground that any other provision of this Agreement or a payment by either Initial Borrower or of another Security Party, was invalid or on any similar ground. 

 

	(b)	The Initial Borrowers shall pay to the Security Trustee on its demand any amount which any Creditor Party is required, or agrees, to pay pursuant to any claim by, or settlement with, a trustee in bankruptcy of Euronav
on the ground that any provision any Master Agreement or a payment by Euronav pursuant to any Master Agreement, was invalid or on any similar ground. 

  

	33	INTEREST IN RELATION TO GUARANTEE 

  

	33.1	Accrual of interest 

 Any amount due under the Guarantee shall carry interest after the
date on which the Security Trustee demands payment of it until it is actually paid, unless interest on that same amount also accrues under the other provisions of this Agreement. 

 

	33.2	Calculation of interest 

 Interest under the Guarantee shall be calculated and accrue in
the same way as interest under Clause 7 (Default Interest) save that, for the avoidance of doubt, this Clause 33.2 

  
 83 

 
(Calculation of interest) does not apply to any amount payable under a Master Agreement in respect of any continuing Designated Transaction as to which section 2(e) (Default Interest;
Other Amounts) of that Master Agreement shall apply. 
  

	33.3	Guarantee extends to interest payable under this Agreement 

 For the avoidance of doubt,
it is confirmed that the Guarantee by Euronav in Clause 30.1 (Guarantee and indemnity of Initial Borrowers’ obligations) covers all interest payable by the Initial Borrowers under this Agreement, including that payable under Clause 7
(Default Interest). 
  

	34	ENFORCEMENT OF GUARANTEE 

  

	34.1	No requirement to commence proceedings against Borrowers 

 Neither the Security Trustee
nor any other Creditor Party will need to commence any proceedings under, or enforce any Security Interest created by, (i) the provisions of this Agreement other than the Guarantee, (ii) any other Finance Document or (iii) any Master
Agreement before claiming or commencing proceedings under the Guarantee. 
  

	34.2	Suspense account 

 The Security Trustee and any Creditor Party may, for the purpose of
claiming or proving in a bankruptcy of an Initial Borrower or any other Security Party, place any sum received or recovered under or by virtue of the Guarantee or any Security Interest connected with it on a separate interest bearing suspense or
other nominal account without applying it in satisfaction of the Borrowers’ obligations under this Agreement or Euronav’s obligations under the Master Agreements. 
  

	35	JUDGMENTS 

  

	35.1	Judgments relating to this Agreement 

  

	(a)	The Guarantee by Euronav in Clause 30.1 (Guarantee and indemnity of Initial Borrowers’ obligations) shall cover any amount payable by either Initial Borrower under or in connection with any judgment relating
to any Finance Document. 

  

	(b)	The Guarantee by each Initial Borrower in Clause 30.2 (Guarantee and indemnity of Euronav’s obligations) shall cover any amount payable by Euronav under or in connection with any judgment relating to any
Master Agreement. 

  

	36	SUPPLEMENTAL PROVISIONS IN RELATION TO GUARANTEE 

  

	36.1	Continuing guarantee 

  

	(a)	The Guarantee by Euronav in Clause 30.1 (Guarantee and indemnity of Initial Borrowers’ obligations) shall remain in force as a continuing security at all times during the Security Period until Euronav has
become a Borrower pursuant to Clause 14.16 (Accession of Euronav and release of Initial Borrowers). 

  

	(b)	The Guarantee by each Initial Borrower in Clause 30.2 (Guarantee and indemnity of Euronav’s obligations) shall remain in force as a continuing security at all times during the Security Period until that
Initial Borrower has been released from its obligations under the Loan Agreement pursuant to Clause 14.16 (Accession of Euronav and release of Initial Borrowers). 

  
 84 

	36.2	Rights cumulative, non-exclusive 

 The Security Trustee’s rights under and in
connection with the Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken to exclude or limit any right or remedy conferred by law. 
  

	36.3	No impairment of rights under Guarantee 

 If the Security Trustee omits to exercise,
delays in exercising or invalidly exercises any of its rights under the Guarantee, that shall not impair that or any other right of the Security Trustee under the Guarantee. 
  

	36.4	Guarantee not affected by other security 

 The Guarantee shall not impair, nor be
impaired by, any other guarantee, any Security Interest or any right of set-off or netting or to combine accounts which the Security Trustee or any other Creditor Party may now or later hold in connection with the Agreement or the Master Agreements.

  

	36.5	Applicability of provisions in relation to Guarantee to other Security Interests 

 Any
Security Interest which an Obligor creates (whether at the time at which it signs this Agreement or at any later time) to secure any liability under the Guarantee shall be a principal and independent security, and Clause 31 (Liability as
Principal and Independent Debtor) and Clause 37 (Invalidity of Other Provisions of This Agreement) shall, with any necessary modifications, apply to it, notwithstanding that the document creating the Security Interest neither describes it
as a principal or independent security nor includes provisions similar to Clause 31 (Liability as Principal and Independent Debtor) and Clause 37 (Invalidity of Other Provisions of This Agreement). 

 

	36.6	Applicability of provisions in relation to Guarantee to other rights 

 Clauses 31
(Liability as Principal and Independent Debtor) and Clause 37 (Invalidity of Other Provisions of This Agreement) shall also apply to any right of set-off or netting or to combine accounts which an Obligor creates by an agreement
entered into at the time of this Agreement or at any later time (notwithstanding that the agreement does not include provisions similar to Clauses 31 (Liability as Principal and Independent Debtor) and Clause 37 (Invalidity of Other
Provisions of This Agreement)), being an agreement referring to this Agreement. 
  

	37	INVALIDITY OF OTHER PROVISIONS OF THIS AGREEMENT 

  

	37.1	Invalidity of this Agreement 

 In the event of: 

 

	(a)	any provision of this Agreement other than the Guarantee or this Clause 37 (Invalidity of Other Provisions of This Agreement) now being or later becoming void, illegal, unenforceable or otherwise invalid for any
reason whatsoever; or 

  

	(b)	without limiting the scope of paragraph (a), a bankruptcy of the Obligors (or any of them), the introduction of any law or any other matter resulting in the Obligors (or any of them) being discharged from liability
under this Agreement, or any provision of this Agreement other than the Guarantee or this Clause 37 (Invalidity of Other Provisions of This Agreement) ceasing to operate (for example, by interest ceasing to accrue); 

the Guarantee in respect on an Obligor shall cover any amount which would have been or become payable under or in connection with this
Agreement if this Agreement had been and 

  
 85 

 
remained entirely valid, legal and enforceable, or the Obligors (or any of them) had not suffered bankruptcy, or any combination of such events or circumstances, as the case may be, and the
Obligors had remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Agreement to amounts payable by the Obligors (or any of them) under or in
connection with this Agreement shall include references to any amount which would have so been or become payable as aforesaid. 
  

	37.2	Invalidity of Finance Documents or Master Agreements 

 Clause 37.1 (Invalidity of this
Agreement) also applies to each of the other Finance Documents to which the Borrower is a party and the Master Agreements. 
  

	38	SUPPLEMENTAL 

  

	38.1	Rights cumulative, non-exclusive 

 The rights and remedies which the Finance Documents
give to each Creditor Party are: 
  

	(a)	cumulative; 

  

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

  

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

 

	38.2	Severability of provisions 

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

 

	38.3	Counterparts 

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

 

	38.4	Third Party rights 

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

	39	LAW AND JURISDICTION 

  

	39.1	English law 

 This Agreement (other than Clause 3.5 (Security Trustee as joint and
several creditor) and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law. Clause 3.5 (Security Trustee as joint and several creditor) shall be
governed by, and construed in accordance with, Belgian law. 
  

	39.2	Exclusive English jurisdiction 

 Subject to Clause 39.3 (Choice of forum for the
exclusive benefit of the Creditor Parties), the courts of England shall have exclusive jurisdiction to settle any Dispute. 

  
 86 

	39.3	Choice of forum for the exclusive benefit of the Creditor Parties 

 Clause 39.2
(Exclusive English jurisdiction) is for the exclusive benefit of the Creditor Parties, each of which reserves the right: 
  

	(a)	to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction to that Dispute; and 

 

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

No Obligor shall commence any proceedings in any country other than England in relation to a Dispute. 

 

	39.4	Process agent 

 Each Obligor irrevocably appoints Euronav (UK) Agencies Limited at its
registered office for the time being, presently at Moreau House, 3rd Floor, 116 Brompton Road, London SW3 1JJ, to act as its agent to receive and accept on its behalf any process or other document
relating to any proceedings in the English courts which are connected with this Agreement. 
  

	39.5	Creditor Party rights unaffected 

 Nothing in this Clause 39 (Law and
Jurisdiction) shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition
or enforcement of a judgment or any similar or related matter in any jurisdiction. 
  

	39.6	Meaning of “proceedings” 

 In this Clause 39 (Law and Jurisdiction),
“proceedings” means proceedings of any kind, including an application for a provisional or protective measure and a “Dispute” means any dispute arising out of or in connection with this Agreement (including a
dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement. 

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

  
 87 

 SCHEDULE 1 

LENDERS AND COMMITMENTS 
  

							
	Lender	  	Lending Office	  	Total Commitment
($)	 
			
	 ABN AMRO Bank N.V.
	  	 Coolsingel 93
 3012 AE

The Netherlands
  

Credit Matters:
  

Kees Tiemstra
 Coolsingel 93, GL1610

3012 AE
 The Netherlands

 
 Tel: +31 10 4015192

Fax: +31 10 4015323
 Email:
kees.tiemstra@nl.abnamro.com
  
 Operations/Adminstrations:

 
 Peter van Wijk / Martin van den Berg

OPS NL Credits / Mid-Office
 Coolsingel 93, GL0914/GL1610

3012 AE
 The Netherlands

 
 Tel: +31 10 4016254 / +31 10 4016876

Fax: +31 10 4016118 / +31 10 4015323
 Email:
pieter.van.wijk@nl.abnamro.com / martijn.m.van.den.berg@nl.abnamro.com / loket.leningenadministratie.ccs@nl.abnamro.com
	  	 	55,000,000	  
			
	 Belfius Bank SA/NV
	  	 Pachecolaan 44,
 1000 Brussels,

Belgium
  

Tel: +32 2 222 11 11
  

Credit Matters:
  

Mr Koen Vinck
 Pachecolaan 44, PA 04/02

1000 Brussels,
 Belgium

 
 Tel: +32 2 222 38 47

Fax: +32 2 222 23 11
 Email: koen.vinck@belfius.be
	  	 	22,000,000	  

  
 88 

							
	Lender	  	Lending Office	  	Total Commitment
($)	 
			
		  	 Mr Bart Ferrand
 Pachecolaan 44,
PA 04/02
 1000 Brussels,
 Belgium

 
 Tel: +32 2 222 20 58

Fax: +32 2 222 23 11
 Email: bart.ferrand@belfius.be

 
 Operations / Administrations

 
 Mr Niek Poppe / Mrs Katrien De Schepper

Pachecolaan 44, RT 20/03
 1000 Brussels,

Belgium
  

Tel: +32 2 222 76 20 / +32 2 222 20 69
 Fax: 32 2 222 79 80

Email: nikolas.poppe@belfius.be /

katrien.deschepper@belfius.be
	  			
		  	  
		  	  
		  	  
		  	  
			
	 BNP Paribas Fortis SA/NV
	  	 3, Montagne du Parc/1KB1A,
 1000
Brussels,
 Belgium
	  	 	35,000,000	  
			
		  	 Geert Sterck
 Tel: +32 2 656 2355

Fax: +32 2 565 3403
 Email:
geert.sterck@bnpparibasfortis.com
	  			
			
		  	 Laura Falzone
 Tel: +32 2 312 07 30

Fax: +32 2 565 3403
 Email:
laura.falzone@bnpparibasfortis.com
  
 Credit Matters:
	  			
			
		  	 Paul Barnes
 16 Rue de Hanovre,

75078 Paris CEDEX 2
 France
	  			
			
		  	 Tel: +33 1 43 16 81 20
 Fax: +33 1 42 98 61
66
 Email: paul.p.barnes@bnpparibas.com
	  			
			
		  	 Valérie Du Bois
 3, Montagne du
Parc/1KB3D,
 1000 Brussels,
 Belgium
	  			

  
 89 

							
	Lender	  	Lending Office	  	Total Commitment
($)	 
			
		  	 Tel: +32 2 565 2510
 Fax: +32 2 565
9593
 Email:
 valerie.du.bois@bnpparibasfortis.com

 
 Operations / Administrations:

 
 Geert Sterck

3, Montagne du Parc/1KB1A,
 1000 Brussels,

Belgium
  

Tel: +32 2 565 2355
 Fax: +32 2 565 3403

Email: geert.sterck@bnpparibasfortis.com
  

Laura Falzone
 3, Montagne du Parc/1KB1A,

1000 Brussels,
 Belgium

 
 Tel: +32 2 312 07 30

Fax: +32 2 565 3403
 Email:
laura.falzone@bnpparibasfortis.com /
 bruxelles bo export project finance.cib@bnpparibasfortis.com

 
	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
			
	Danish Shipfinance A/S	  	Sankt Annae Plads 3,	  	 	55,000,000	  
	(Danmarks Skibskredit A/S)	  	DK-1250 Copenhagen K,	  			
		  	Denmark	  			
			
		  	Tel: +45 33 33 93 33	  			
			
		  	Credit Matters:	  			
			
		  	Morten Müller	  			
		  	Sankt Annae Plads 3,	  			
		  	DK-1250 Copenhagen K,	  			
		  	Denmark	  			
			
		  	Tel: +45 33 33 93 33	  			
		  	Fax: +45 33 33 96 66	  			
		  	Email: mul@shipfinance.dk	  			
			
		  	Operations/Administrations:	  			
			
		  	Morten Müller / Tabita Falk Thorsen, Loan	  			
		  	Admin	  			
		  	Sankt Annae Plads 3,	  			
		  	DK-1250 Copenhagen K,	  			
		  	Denmark	  			
			
		  	Tel: +45 33 33 93 33	  			
		  	 Email: mul@shipfinance.dk / 

tft@shipfinance.dk /

loanadmin@shipfinance.dk
	  			

  
 90 

							
	Lender	  	Lending Office	  	Total Commitment
($)	 
			
	 DNB Bank ASA
	  	 20 St. Dunstan’s Hill

London EC3R 8HY
 UK

 
 Tel +44 207 621 1111

 
 Credit Matters:
  

Hugues Calmert
 Tel: +44 207 621 6116

Fax +44 207 283 6931
 Email: hugues.calmert@dnb.no

 
 Operations/Administrations:

 
 Sarah Sanders

Tel: +44 207 621 6092
 Email: sarah.sanders@dnb.no
	  	 	71,000,000	  
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
			
	 ING Bank N.V.
	  	Bijlmerplein 888	  	 	55,000,000	  
		  	1000BV	  			
		  	Amsterdam	  			
		  	 The Netherlands
  

Tel: +31 20 56 39102
	  			
			
		  	Credit Matters:	  			
			
		  	H.Schuil	  			
		  	AMPD06.007	  			
		  	Bijlmerplein 888	  			
		  	1000 BV	  			
		  	Amsterdam	  			
		  	The Netherlands	  			
			
		  	Tel: +31 20 56 39102	  			
		  	Fax: +31 20 56 58211	  			
		  	Email: harrv.schuil@ingbank.com	  			
			
		  	Operations/administrations:	  			
			
		  	C.D. van der Laan / L.R.M. Wester	  			
		  	Tel: +31 20 576 8152 / +31 20 576 0234	  			
		  	Email: execution.sf.team1@ingbank.com	  			
			
	 KBC Bank NV
	  	 Havenlaan 2
 1080 Brussels

Belgium
  

Credit Matters:
 Koen Sruyf / Dennis Ideler

Tel: +32 3 202 90 81 / +32 3 202 92 33
 Fax: +32 3 202 92
72
	  	 	35,000,000	  
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			

  
 91 

							
	Lender	  	Lending Office	  	Total Commitment
($)	 
			
		  	Email: koen.struyf@kbc.be /	  			
		  	dennis.ideler@kbc.be	  			
		  	  
 Operations / Administrations:
	  			
		  	Tamara Demarrez / Guido Lenaerts	  			
		  	  
 Tel: +32 2 429 08 20 / +32 2 429 42 76
	  			
		  	Email: creditadmin.br2@kbc.be	  			
			
	Nordea Bank Norge ASA	  	 Middelthunsgate 17
 P.O. Box 1166,
Sentrum
 0107 Oslo
 Norway

 
 Credit Matters:
  

Tel: +47 22 48 50 00
 Fax: +47 22 48 66 68

Attn: Shipping, Offshore and Oil Services
  

Administration Matters:
  

Tel: (47) 22 48 50 00
 Fax: (47) 22 48 42 78

Attn: International Loan Administration
	  	 	71,000,000	  
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
			
	Scotiabank Europe plc	  	201 Bishopsgate, 6th Floor,	  	 	30,000,000	  
		  	London EC2M 3NS,	  			
		  	 United Kingdom
  
	  			
		  	 Tel: +44 20 7638 5644
  
	  			
		  	 Credit Matters:
  
	  			
		  	Alex Papavassiliou / Graeme Stark	  			
		  	Tel: +44 20 7826 5687 / +44 20 7826 5793	  			
		  	Fax: +44 20 7826 5707	  			
		  	Email:	  			
		  	alexios.papavassiliou@scotiabank.com /	  			
		  	 graeme.stark@scotiabank.com
  
	  			
		  	 Operations / Administrations:
  
	  			
		  	Tony Sposato / Savi Rampat	  			
		  	Tel: +44 207 826 5660	  			
		  	Fax: +44 207 826 5666	  			
		  	Email: tony.sposato@scotiabank.com /	  			
		  	savi.rampat@scotiabank.com /	  			
		  	gwsloansops.uk.gtb@scotiabank.com	  			

  
 92 

							
	Lender	  	Lending Office	  	Total Commitment
($)	 
			
	 Skandinaviska Enskilda
	  	 SE-106 40 Stockholm,
 Sweden

 
 Tel:+46 7 71 62 10 00

 
 Credit Matters:
  

Egil Aarrestad / Trine von Erpecom
 P.O. Box 1843, Vika,

Filipstad Brygge 1
 NO-0123 Oslo

Norway
  

Tel: +47 22827021 / +47 22827008
 Email: egil.aarrestad@seb.no
/ trine.von-
 erpecom@seb.no
  

Operations / Administrations:
  

Structured Credits Operations
 Risneleden 110,106 40,
Stockholm,
 Sweden
  

Tel: +46-8-7638141
 Email: sco@seb.se
	  	 	71,000,000	  
	 Banken AB (publ)
	  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			
		  	  			

  
 93 

 SCHEDULE 2 

SWAP BANKS 
  

			
	Swap Bank	 	Booking Office
		
	Belfius Bank SA/NV	 	Pachecolaan 44,
		 	1000 Brussels,
		 	Belgium
		
		 	Tel: +32 2 222 11 11
		
		 	Credit Matters:
		
		 	Mr Koen Vinck
		 	Pachecolaan 44, PA 04/02
		 	1000 Brussels,
		 	Belgium
		
		 	Tel: +32 2 222 38 47
		
		 	Fax: +32 2 222 23 11
		
		 	Email: koen.vinck@belfius.be
		
		 	Mr Bart Ferrand
		 	Pachecolaan 44, PA 04/02
		 	1000 Brussels,
		 	Belgium
		
		 	Tel: +32 2 222 20 58
		
		 	Fax: +32 2 222 23 11
		
		 	Email: bart.ferrand@belfius.be
		
		 	Operations / Administrations
		
		 	Mr Niek Poppe / Mrs Katrien De Schepper
		 	Pachecolaan 44, RT 20/03
		 	1000 Brussels,
		 	Belgium
		
		 	Tel: +32 2 222 76 20 / +32 2 222 20 69
		
		 	Fax: 32 2 222 79 80
		
		 	 Email: nikolas.poppe@belfius.be / 

katrien.deschepper@belfius.be

		
	DNB Bank ASA	 	20 St. Dunstan’s Hill
		 	London EC3R 8HY
		 	UK
		
		 	Tel +44 207 621 1111
		 	Fax +44 207 626 5956
		 	Attn: Shipping, Offshore & Logistics Department

  
 94 

			
	ING Bank N.V.	 	ING Commercial Banking/Financial Markets
		 	 Avenue Marnix 24
 B-1000 Brussels

		 	Belgium
		
		 	Tel. +32 2 557 15 71
		
		 	Fax +32 2 557 19 72
		
		 	Attn: Kurt Lemaire
		
	KBC Bank NV	 	Havenlaan 2
		 	1080 Brussels
		 	Belgium
		
		 	Attn: Mr. Joris Vermeulen
		
		 	Tel: +32 2 417 49 61
		
	Nordea Bank Finland Plc	 	Aleksanterinkatu 36
		 	(FIN – 00020 NORDEA)
		 	01000 Helsinki
		 	Finland
		
	Scotiabank Europe plc	 	201 Bishopsgate, 6th Floor,
		 	London EC2M 3NS,
		 	United Kingdom
		
		 	Tel: +44 20 7638 5644
		
		 	Credit Matters:
		
		 	Alex Papavassiliou / Graeme Stark
		
		 	Tel: +44 20 7826 5687 / +44 20 7826 5793
		
		 	Fax: +44 20 7826 5707
		
		 	Email: alexios.papavassiliou@scotiabank.com / graeme.stark@scotiabank.com
		
		 	Operations / Administrations:
		
		 	Tony Sposato / Savi Rampat
		
		 	Tel: +44 207 826 5660
		
		 	Fax: +44 207 826 5666
		
		 	Email: tony.sposato@scotiabank.com / savi.rampat@scotiabank.com / gwsloansops.uk.gtb@scotiabank.com

  
 95 

			
	Skandinaviska Enskilda Banken AB (publ)	 	Kungstradgardsgatan 8
		 	SE-106 40 Stockholm
		 	Sweden
		
		 	Credit Matters:
		
		 	Tel: +47 22 82 70 21
		
		 	Attn: Egil Aarrestad
		
		 	Administration Matters:
		
		 	Tel: +46 8 763 8551
		 	Fax: +46 8 611 0384
		
		 	Attn: Structured Credits Operations

  
 96 

 SCHEDULE 3 

DRAWDOWN NOTICE 
  

	To:	Nordea Bank Norge ASA 

 Middelthunsgate 17 

P.O. Box 1166, Sentrum 
 0107 Oslo

 Norway 
  

	Attn:	Loans Administration 

 [—] 

DRAWDOWN NOTICE 
  

	1	We refer to the loan agreement (the “Loan Agreement”) dated [—] 2014 and made between ourselves, as joint and several Borrowers, Euronav NV as
guarantor, the Lenders referred to therein, the Swap Banks referred to therein, the Lead Arrangers, Co-Arrangers and Bookrunners referred to therein, yourselves as Agent and Security Trustee in connection with a term loan facility of US$500,000,000.
Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice. 

  

	2	We request to borrow the Advance in relation to m.v. [—] as follows: 

  

	(a)	Amount: US$[—]; 

  

	(b)	Drawdown Date: [—]; 

  

	(c)	Duration of the [first] Interest Period shall be [—] months; 

  

	(d)	Payment instructions: account of [—] and numbered [—] with [—]
of [—]. 

  

	3	We represent and warrant that: 

  

	(a)	the representations and warranties in Clause 10 (Representations and Warranties) of the Loan Agreement would remain true and not misleading if repeated on the date of this notice with reference to the
circumstances now existing; 

  

	(b)	no Event of Default or Potential Event of Default has occurred or will result from the borrowing of the Advance. 

  

	4	This notice cannot be revoked without the prior consent of the Majority Lenders. 

 [Name of
Signatory] 
  

	
	  

	
	 for and on behalf of

[—]

[—]

  
 97 

 SCHEDULE 4 

CONDITION PRECEDENT DOCUMENTS 

PART A 
 The following are the documents
and fees referred to in Clause 9.1(a). 
  

	1	A duly executed original of this Agreement and the Agency and Trust Deed. 

  

	2	Copies of the certificate of incorporation and constitutional documents of each Borrower and each Security Party. 

  

	3	In each case if required for the provisions of the legal opinions referred to in paragraph 13, copies of the resolutions of the directors and shareholders of each Borrower and each Security Party authorising the
execution of each of the Finance Documents to which that Borrower or Security Party (as the case may be) is a party. 

  

	4	The original of any power of attorney under which any Finance Document is to be executed on behalf of a Borrower or Security Party. 

  

	5	The originals of any mandates or other documents required in connection with the opening or operation of the Earnings Accounts. 

  

	6	Copies of all consents which any Borrower or Security Party requires to enter into, or make any payment under, any Finance Document or the Framework Agreement or any MOA. 

 

	7	Copies of each MOA and the Framework Agreement and of all documents signed or issued by any Borrower, the Security Party or the Seller (or any of them) under or in connection with any of them. 

 

	8	Such documentary evidence as the Agent and its legal advisers may require in relation to the due authorisation and execution by the relevant Seller of each MOA and the Framework Agreement and of all documents to be
executed by the Seller under the MOA and the Framework Agreement. 

  

	9	Valuations of each Ship to determine its Fair Market Value, addressed to the Agent and the Lenders, stated to be for the purposes of this Agreement and dated not earlier than the date falling 30 days prior to the date
of this Agreement and obtained in accordance with Clause 15 (Security Cover) and showing that the aggregate Fair Market Value of the Ships is equal to or greater than 125 per cent. of the Total Commitments. 

 

	10	Documentary evidence that the agent for service of process named in Clause 39 (Law and Jurisdiction) has accepted its appointment. 

 

	11	The Agent and Lenders have been provided with all information and documentation they have requested in order to carry out and be reasonably satisfied with all necessary “know your customer” or other similar
checks under all applicable laws and regulations pursuant to the transactions contemplated by this Agreement and to satisfy all internal compliance policies of the Agent and the Lenders in relation to “know you customer” requirements.

  

	12	The Agent has received all fees pursuant to the fee letter or letters separately agreed between the Borrowers and the Agent. 

  

	13	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of England, Belgium and such other relevant jurisdictions as the Agent may require. 

  
 98 

 PART B 

The following are the documents referred to in Clause 9.1(b). The “Ship” means the particular Ship to which the Advance relates and the
“Owner” means the particular Borrower which owns that Ship. 
  

	1	A duly executed original of the Mortgage, the Deed of Covenant (if applicable), the Account Pledge in relation to each Obligor and the General Assignment in relation to the relevant Ship and of the Master Agreement
Assignment in relation to any Master Agreement executed on or prior to the relevant Drawdown Date (and of each document required to be delivered by their respective terms). 

 

	2	In each case if required for the provisions of the legal opinions referred to in paragraph 9, copies of the resolutions of the directors and shareholders of the Owner authorising the execution of each of the Finance
Documents to which the Owner is a party and of Euronav authorising execution of each Master Agreement Assignment. 

  

	3	The original of any power of attorney under which any Finance Document is to be executed on behalf of the Owner or Euronav. 

  

	4	The Agent and Lenders have been provided with all information and documentation they have requested in order to carry out and be reasonably satisfied with all further necessary “know your customer” or other
similar checks under all applicable laws and regulations pursuant to the transactions contemplated by this Agreement and to satisfy all internal compliance policies of the Agent and the Lenders in relation to “know you customer”
requirements. 

  

	5	Documentary evidence that Euronav has received net cash proceeds of $350,000,000 from the issuance of common stock of Euronav during the period 1 January 2014 to the first Drawdown Date (such evidence being
required to be provided prior to the first Drawdown Date only). 

  

	6	Documentary evidence that Euronav has issued Qualifying Notes in an amount of at least $200,000,000. 

  

	7	Documentary evidence that the relevant Ship: 

  

	(a)	is definitively and permanently registered in the name of the Owner under the relevant Approved Flag; 

  

	(b)	is in the absolute and unencumbered ownership of the Owner save as contemplated by the Finance Documents; 

  

	(c)	maintains class acceptable to the Agent free of all overdue recommendations and conditions of an Approved Classification Society; 

  

	(d)	the Mortgage in relation to it has been duly registered against that Ship as valid first priority or preferred (as the case may be) ship mortgage in accordance with the laws of the relevant Approved Flag; and

  

	(e)	it is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with. 

 

	8	Documents establishing that the Ship will, as from the relevant Drawdown Date, be managed by the Approved Manager on terms acceptable to the Lenders, together with: 

 

	(a)	the Manager’s Undertaking in respect of the Ship; and 

  
 99 

	(b)	copies of the relevant Approved Manager’s Document of Compliance and of that Ship’s Safety Management Certificate (together with any other details of the applicable safety management system which the Agent
requires) and ISSC. 

  

	9	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of England, Belgium, Norway and, if a different jurisdiction, the country where the relevant Owner is incorporated and
the country where the Ship is registered and such other relevant jurisdictions as the Agent may require. 

  

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

 

	11	If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent. 

Each of the documents specified in paragraphs 3, 6 and 7 of Part A and every other copy document delivered under this Schedule 4 (Condition Precedent
Documents) shall be certified as a true and up to date copy by a director or secretary (or equivalent officer) of the relevant Obligor. 

  
 100 

 SCHEDULE 5 

TRANSFER CERTIFICATE 
 The Transferor
and the Transferee accept exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory requirements applicable to them respectively. 

 

	To:	[Name of Agent] for itself and for and on behalf of each Borrower, each Security Party, the Security Trustee, each Lender, each Swap Bank and each Arranger, as defined in the Loan Agreement referred to below.

  

	1	This Certificate relates to a loan agreement (the “Loan Agreement”) dated [—] 2014 and made between
(1) [—] and [—] (the “Borrowers”), (2) Euronav NV as guarantor (“Euronav”), (3) the banks and
financial institutions named therein as Lenders, (4) the banks and financial institutions named therein as Swap Banks, (5) the Lead Arrangers and Co-Arrangers as defined therein, (6) DNB Bank ASA, Nordea Bank Norge ASA and
Skandinaviska Enskilda Banken AB (publ) as Bookrunners and (7) Nordea Bank Norge ASA as Agent and Security Trustee for a term loan facility of US$500,000,000. 

 

	2	In this Certificate, terms defined in the Loan Agreement shall, unless the contrary intention appears, have the same meanings and: 

“Relevant Parties” means the Agent, each Borrower, Euronav, each Security Party, the Security Trustee, each Arranger and each
Lender and each Swap Bank; 
 “Transferor” means [full name] of [lending office]; and 

“Transferee” means [full name] of [lending office]. 
  

	3	The effective date of this Certificate is [—] Provided that this Certificate shall not come into effect unless it is signed by the Agent on or before that date.

  

	4	The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent) which the Transferor has as Lender under or by virtue of the Loan Agreement and every other Finance Document
in relation to [—] per cent. of its Contribution, which percentage represent $[—]. 

 

	5	By virtue of this Transfer Certificate and Clause 26 (Transfers and Changes in Lending Offices) of the Loan Agreement, the Transferor is discharged [entirely from its Commitment which amount to $[—] [from [—] per cent. of its Commitment, which percentage represent $[—]], and the Transferee
acquires a Commitment of $[—]. 

  

	6	The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will observe and perform all the obligations under the Finance Documents which Clause 26 (Transfers and Changes in
Lending Offices) of the Loan Agreement provides will become binding on it upon this Certificate taking effect. 

  

	7	The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself and for and on behalf of every other Relevant Party, this Certificate as a Transfer Certificate taking effect in
accordance with Clause 26 (Transfers and Changes in Lending Offices) of the Loan Agreement. 

  
 101 

	8	The Transferor: 

  

	(a)	warrants to the Transferee and each Relevant Party that: 

  

	 	(i)	the Transferor has full capacity to enter into this transaction and has taken all corporate action and obtained ail consents which are required in connection with this transaction; and 

 

	 	(ii)	this Certificate is valid and binding as regards the Transferor; 

  

	(b)	warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to all the rights and interests covered by the assignment in paragraph 4; and 

 

	(c)	undertakes with the Transferee that the Transferor will, at its own expense, execute any documents which the Transferee reasonably requests for perfecting in any relevant jurisdiction the Transferee’s title under
this Certificate or for a similar purpose. 

  

	9	The Transferee: 

  

	(a)	confirms that it has received a copy of the Loan Agreement and each other Finance Document; 

  

	(b)	agrees that it will have no rights of recourse on any ground against either the Transferor, the Agent, the Security Trustee, any Arranger, any Lender or any Swap Bank in the event that: 

 

	 	(i)	any of the Finance Documents prove to be invalid or ineffective, 

  

	 	(ii)	any Borrower or any Security Party fails to observe or perform its obligations, or to discharge its liabilities, under any of the Finance Documents; 

 

	 	(iii)	it proves impossible to realise any asset covered by a Security Interest created by a Finance Document, or the proceeds of such assets are insufficient to discharge the liabilities of any Borrower or Security Party
under the Finance Documents; 

  

	(c)	agrees that it will have no rights of recourse on any ground against the Agent, the Security Trustee, any Arranger, any Lender or any Swap Bank in the event that this Certificate proves to be invalid or ineffective;

  

	(d)	warrants to the Transferor and each Relevant Party that: 

  

	 	(i)	it has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which it needs to take or obtain in connection with this transaction; and 

 

	 	(ii)	this Certificate is valid and binding as regards the Transferee; and 

  

	(e)	confirms the accuracy of the administrative details set out below regarding the Transferee. 

  

	10	The Transferor and the Transferee each undertake with the Agent and the Security Trustee severally, on demand, fully to indemnify the Agent and/or the Security Trustee in respect of any claim, proceeding, liability or
expense (including all legal expenses) which they or either of them may incur in connection with this Certificate or any matter arising out of it, except such as are shown to have been mainly and directly caused by the gross and culpable negligence
or dishonesty of the Agent’s or the Security Trustee’s own officers or employees. 

  

	11	The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor under paragraph 10 as exceeds one-half of the amount demanded by the Agent or the Security Trustee in respect of a claim,
proceeding, liability or expense which was not reasonably foreseeable at the date of this Certificate; but nothing in this paragraph shall affect the liability of each of the Transferor and the Transferee to the Agent or the Security Trustee for the
full amount demanded by it. 

  
 102 

	12	The Transferee confirms to the Transferor and each of the Creditor Parties that it: 

  

	(a)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in the Loan and
has not relied exclusively on any information provided to it by the Transferor or any other Creditor Party in connection with any Finance Document or the Security Interests created by the Finance Documents; and 

 

	(b)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities throughout the Security Period. 

 

	13	The Transferor makes no representation or warranty and assumes no responsibility to the Transferee for the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any
other document and any representations or warranties implied by law are excluded. 

  

			
	[Name of Transferor]	  	[Name of Transferee]
		
	By:	  	By:
		
	Date:	  	Date:

 Agent 
  

	
	 Signed for itself and for and on behalf of itself

as Agent and for every other Relevant Party

	
	[Name of Agent]
	
	By:
	
	Date:

  
 103 

 Administrative Details of Transferee 

Name of Transferee: 
 Lending Office: 

Contact Person 
 (Loan Administration Department): 

Telephone: 
 Telex: 

Fax: 
 Contact Person 

(Credit Administration Department): 
 Telephone: 

Telex: 
 Fax: 

Account for payments: 
  

	Note:	This Transfer Certificate alone may not be sufficient to transfer a proportionate share of the Transferor’s interest in the security constituted by the Finance Documents in the Transferor’s or
Transferee’s jurisdiction. It is the responsibility of each Lender to ascertain whether any other documents are required for this purpose. 

  
 104 

 SCHEDULE 6 

DETAILS OF SHIPS 
  

																			
	 	  	 Ship name
	  	 	 	  	 	 	  	 	  	Maximum Advance	 
	 Borrower
	  	 Prior to acquisition by Borrowers
	  	To be renamed	  	DWT	 	  	Built	 	  	 Shipyard
	  	amount	 
	 Borrower A
	  	 MAERSK ILMA
	  	ILMA	  	 	318,477	  	  	 	2012	  	  	 Hyundai Heavy Industries Co., Ltd. (“Hyundai”)
	  	$	42,857,144	  
	 Borrower A
	  	 MAERSK INGRID
	  	INGRID	  	 	318,478	  	  	 	2012	  	  	 Hyundai
	  	$	42,857,143	  
	 Borrower A
	  	 MAERSK ISABELLA
	  	IRIS	  	 	318,478	  	  	 	2012	  	  	 Hyundai
	  	$	42,857,143	  
	 Borrower B
	  	 MAERSK NAUTICA
	  	NAUTICA	  	 	307,284	  	  	 	2008	  	  	 Dalian Shipbuilding Industry Co., ltd (“Dalian”)
	  	$	27,551,020	  
	 Borrower B
	  	 MAERSK NAUTILUS
	  	NAUTILUS	  	 	307,284	  	  	 	2006	  	  	 Dalian
	  	$	20,918,367	  
	 Borrower B
	  	 MAERSK NAVARIN
	  	NAVARIN	  	 	307,284	  	  	 	2008	  	  	 Dalian
	  	$	23,979,592	  
	 Borrower B
	  	 MAERSK NECTAR
	  	NECTAR	  	 	307,284	  	  	 	2008	  	  	 Dalian
	  	$	27,551,020	  
	 Borrower B
	  	 MAERSK NEPTUNE
	  	NEPTUNE	  	 	307,284	  	  	 	2007	  	  	 Dalian
	  	$	23,979,592	  
	 Borrower B
	  	 MAERSK NEWTON
	  	NEWTON	  	 	307 284	  	  	 	2009	  	  	 Dalian
	  	$	30,612,245	  
	 Borrower B
	  	 MAERSK NOBLE
	  	NOBLE	  	 	307,284	  	  	 	2008	  	  	 Dalian
	  	$	27,551,020	  
	 Borrower B
	  	 MAERSK NUCLEUS
	  	NUCLEUS	  	 	307,284	  	  	 	2007	  	  	 Dalian
	  	$	23,979,592	  
	 Borrower A
	  	 MAERSK SARA
	  	SARA	  	 	323,183	  	  	 	2011	  	  	 STX Offshore & Shipbuilding Co., Ltd. (“STX”)
	  	$	39,795,918	  

  
 105 

																			
	 	  	 Ship name
	  	 	 	  	 	 	  	 	  	Maximum Advance	 
	 Borrower
	  	 Prior to acquisition by Borrowers
	  	To be renamed	  	DWT	 	  	Built	 	  	 Shipyard
	  	amount	 
	 Borrower A
	  	 MAERSK SIMONE
	  	SIMONE	  	 	323,182	  	  	 	2012	  	  	 STX
	  	$	42,857,143	  
	 Borrower A
	  	 MAERSK SONIA
	  	SONIA	  	 	322,000	  	  	 	2012	  	  	 STX
	  	$	42,857,143	  
	 Borrower A
	  	 MAERSK SANDRA
	  	SANDRA	  	 	323,527	  	  	 	2011	  	  	 STX
	  	$	39,795,918	  

  
 106 

 SCHEDULE 7 

DESIGNATION NOTICE 
  

	To:	Nordea Bank Norge ASA 

	 	Middelthunsgate 17 

	 	P.O. Box 1166, Sentrum 

	 	0107 Oslo 

	 	Norway 

 [date] 

Dear Sirs 
 Loan Agreement dated [—] 2014 made between (i) [—] and [—] as joint and
several Borrowers, (ii) Euronav NV as guarantor (iii) the Lenders as referred to therein, (iv) the Swap Banks as referred to therein, (v) the Lead Arrangers and the Co-Arrangers as referred to therein and (vi) yourselves as Agent
and Security Trustee for a loan facility of up to US$500,000,000 (the “Loan Agreement”) 
 We refer to: 

 

	1	the Loan Agreement; 

  

	2	the Master Agreement dated as of [—] made between [—] [and
[—]]; and 

  

	3	a Confirmation delivered pursuant to the said Master Agreement dated [—] and addressed by [—] to [—]. 

 In accordance with the terms of the Loan Agreement, we hereby give you notice of the said
Confirmation and hereby confirm that the Transaction evidenced by it will be designated as a “Designated Transaction” for the purposes of the Loan Agreement and the Finance Documents. 

Yours faithfully 
  

					
	  
	 		 	  

	for and on behalf of	 		 	for and on behalf of
	EURONAV NV	 		 	[SWAP BANK]

  
 107 

 SCHEDULE 8 

FORM OF CERTIFICATE OF COMPLIANCE 
  

	To:	Nordea Bank Norge ASA 

	 	Middelthunsgate 17 

	 	P.O. Box 1166, Sentrum 

	 	0107 Oslo 

	 	Norway 

  

	From:	Euronav NV 

 [Date] 

OFFICER’S CERTIFICATE 
 This
Certificate is rendered pursuant to clause 11.6(e) of the loan agreement dated [—] 2014 (the “Loan Agreement”) and entered into between (i) [—] and [—], as joint and several Borrowers, (ii) Euronav NV as guarantor (“Euronav”), (iii) the banks and financial
institutions listed in Schedule 1 therein as Lenders, (iv) the banks and financial institutions listed in Schedule 2 therein as Swap Banks, (v) the Lead Arrangers as referred to therein, (vi) the Co-Arrangers as referred to therein,
and (vii) Nordea Bank Norge ASA as Agent and Security Trustee, relating to a term loan facility of US$500,000,000. Words and expressions defined in the Loan Agreement shall have the same meanings when used herein. 

I, the Chief Financial Officer of Euronav, hereby certify that: 
  

	1	Attached to this Certificate [are] [is] the latest [audited consolidated accounts of the Euronav Group and audited individual accounts of Euronav for the financial year ending on
[—]] [unaudited consolidated balance sheet of the Euronav Group and the unaudited individual balance sheet of Euronav in relation to the [first] [second] six months of the financial year ending on
[—]] (the “Accounts”). 

  

	2	Set out below are the respective amounts, in US Dollars, of the Cash, Consolidated Current Assets, Consolidated Current Liabilities, Free Liquid Assets, Stockholders’ Equity, Total Assets and Total Indebtedness of
the Euronav Group as at [—]: 

  

					
	 	  	US Dollars	 
		
	 Cash
	  	 	[—	] 
		
	 Consolidated Current Assets
	  	 	[—	] 
		
	 Consolidated Current Liabilities
	  	 	[—	] 
		
	 Free Liquid Assets
	  	 	[—	] 
		
	 Stockholders’ Equity
	  	 	[—	] 
		
	 Total Assets
	  	 	[—	] 
		
	 Total Indebtedness
	  	 	[—	] 

  
 108 

	3	Accordingly, as at the date of this Certificate the financial covenants set out in clause 12.5 of the Loan Agreement [are] [are not] complied with, in that as at [—]:

  

	(a)	Consolidated Working Capital is US$[—]; 

  

	(b)	Free Liquid Assets are US$[—]; 

  

	(c)	Cash is US$[—]; and 

  

	(d)	the ratio of Stockholders’ Equity to Total Assets is [—] per cent.; 

[or, as the case may be, specify in what respect any of the financial covenants are not complied with.] 

 

	4	As at [—] no Event of Default has occurred and is continuing. 

[or, specify/identify any Event of Default] 

The Borrowers are in compliance with clause 15.1 of the Loan Agreement. 

[If not, specify this and what is proposed as regards Clause 15.2] 

The Fair Market Value of the Ships which are subject to a Mortgage is as follows as at [date]: 

 

							
	Name of Ship	  	 Name of first shipbroker

providing valuation
	  	 Name of second shipbroker

providing valuation
	  	Average market value
				
	 [—]
	  	[—]	  	[—]	  	[—]

  

	
	  

	
	Chief Financial Officer
	EURONAV NV

  

	Note:	Supporting Schedules to be attached. 

  
 109 

 EXECUTION PAGES 
  

									
	BORROWERS	  		 		 		  	
					
	SIGNED by	  		 	)	 		  	
		  		 	)	 		  	
	for and on behalf of	  		 	)	 		  	
	EURONAV SHIPPING NV	  		 	)	 		  	
	in the presence of:	  		 	)	 		  	
					
	SIGNED by	  		 	)	 		  	
		  		 	)	 		  	
	for and on behalf of	  		 	)	 		  	
	EURONAV TANKERS NV	  		 	)	 		  	
	in the presence of:	  		 	)	 		  	
					
	GUARANTOR	  		 		 		  	
					
	SIGNED by	  		 	)	 		  	
		  		 	)	 		  	
	for and on behalf of	  		 	)	 		  	
	EURONAV NV	  		 	)	 		  	
	in the presence of:	  		 	)	 		  	
					
	LENDERS	  		 		 		  	
					
	SIGNED by	  		 	)	 	

	  	Nigel Willis
		  		 	)	 	  	Attorney-in-Fact
	for and on behalf of	  		 	)	 	  	
	ABN AMRO BANK N.V.	  		 	)	 	  	
	in the presence of:	  		 	)	 	  	
	

	  	Meryl Rowlands	 		 		  	
		  	Trainee Solicitor	 		 		  	
		  	London EC2A 2HB	 		 		  	
					
	SIGNED by	  		 	)	 	

	  	
		  		 	)	 	  	Nigel Willis
	for and on behalf of	  		 	)	 	  	Attorney-in-Fact
	BELFIUS BANK SA/NV	  		 	)	 	  	
	in the presence of:	  		 	)	 	  	
					
	

	  	 Meryl Rowlands
 Trainee Solicitor

London EC2A 2HB
	 		 		  	
		  		 		 		  	

  
 110 

					
	Execution Pages	 		    	
			
	BORROWERS	 		    	
			
	SIGNED by Hugo De Stoop	 	)	    	/s/ Hugo De Stoop
		 	)	    	
	for and on behalf of	 	)	    	
	EURONAV SHIPPING NV	 	)	    	
	in the presence of: /s/ Maxime Van Eelke	 	)	    	
			
	SIGNED by Hugo De Stoop	 	)	    	/s/ Hugo De Stoop
		 	)	    	
	for and on behalf of	 	)	    	
	EURONAV TANKERS NV	 	)	    	
	in the presence of: /s/ Maxime Van Eelke	 	)	    	
			
	GUARANTOR	 		    	
			
	SIGNED by Hugo De Stoop	 	)	    	/s/ Hugo De Stoop
		 	)	    	
	for and on behalf of	 	)	    	
	EURONAV NV	 	)	    	
	in the presence of: /s/ Maxime Van Eelke	 	)	    	
			
	LENDERS	 		    	
			
	SIGNED by	 	)	    	/s/ Nigel Willis
		 	)	    	Attorney-in-Fact
	for and on behalf of	 	)	    	
	ABN AMRO BANK N.V.	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	/s/ Nigel Willis
		 	)	    	Attorney-in-Fact
	for and on behalf of	 	)	    	
	BELFIUS BANK SA/NV	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	

  
 110 

					
	SIGNED by	 	)	    	/s/ Nigel Willis
		 	)	    	Attorney-in-Fact
	for and on behalf of	 	)	    	
	BNP PARIBAS FORTIS SA/NV	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	/s/ Nigel Willis
		 	)	    	Attorney-in-Fact
	for and on behalf of	 	)	    	
	DANISH SHIPFINANCE A/S (DANMARKS	 	)	    	
	SKIBSKREDIT A/S)	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	/s/ Nigel Willis
		 	)	    	Attorney-in-Fact
	for and on behalf of	 	)	    	
	DNB BANK ASA	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	ING BANK N.V.	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	/s/ Nigel Willis
		 	)	    	Attorney-in-Fact
	for and on behalf of	 	)	    	
	KBC BANK NV	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	NORDEA BANK NORGE ASA	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	

  
 111 

					
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	SCOTIABANK EUROPE PLC	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	SKANDINAVISKA ENSKILDA	 	)	    	
	BANKEN AB (PUBL)	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SWAP BANKS	 		    	
			
	SIGNED by	 	)	    	/s/ Nigel Willis
		 	)	    	Attorney-in-Fact
	for and on behalf of	 	)	    	
	BELFIUS BANK SA/NV	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	/s/ Nigel Willis
		 	)	    	Attorney-in-Fact
	for and on behalf of	 	)	    	
	DNB BANK ASA	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	ING BANK N.V.	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	KBC BANK NV	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	

  
 112 

					
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	NORDEA BANK FINLAND PLC	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	/s/ Nigel Willis
		 	)	    	Attorney-in-Fact
	for and on behalf of	 	)	    	
	SCOTIABANK EUROPE PLC	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	SKANDINAVISKA ENSKILDA	 	)	    	
	BANKEN AB (PUBL)	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	LEAD ARRANGERS	 		    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	ABN AMRO BANK N.V.	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	DANISH SHIPFINANCE A/S (DANMARKS	 	)	    	
	SKIBSKREDIT A/S)	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	DNB BANK ASA	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	

  
 113 

					
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	ING BANK N.V.	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	NORDEA BANK NORGE ASA	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	MERCHANT BANKING, SKANDINAVISKA	 	)	    	
	ENSKILDA BANKEN AB (PUBL)	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	CO-ARRANGERS	 		    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	BNP PARIBAS FORTIS SA/NV	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	KBC BANK NV	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	SCOTIABANK EUROPE PLC	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	

  
 114 

					
	BOOKRUNNERS	 		    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	DNB BANK ASA	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	NORDEA BANK NORGE ASA	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	MERCHANT BANKING, SKANDINAVISKA	 	)	    	
	ENSKILDA BANKEN AB (PUBL)	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	AGENT	 		    	
			
	SIGNED by	 	)	    	/s/ Nigel Willis
		 	)	    	Attorney-in-Fact
	for and on behalf of	 	)	    	
	NORDEA BANK NORGE ASA	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	
			
	SECURITY TRUSTEE	 		    	
			
	SIGNED by	 	)	    	
		 	)	    	/s/ Nigel Willis
	for and on behalf of	 	)	    	Attorney-in-Fact
	NORDEA BANK NORGE ASA	 	)	    	
	in the presence of: /s/ Meryl Rowlands	 	)	    	

  
 115

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